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iRay GroupSHSE:688301 -2.07%95 Beneish M-Score is -2.12 as of Sep. 11, 2026. GuruFocus rates SHSE:688301 with a GF Score™ of 95/100 and a GF Value™ of ¥109.99 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 771 Medical Devices & Instruments companies, iRay Group ranks worse than 75.23% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for iRay Group's Beneish M-Score or its related term are showing as below:
SHSE:688301'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -2.18 Max: 1.13
Current: -2.12
During the past 11 years, the highest Beneish M-Score of iRay Group was 1.13. The lowest was -4.42. And the median was -2.18.
The historical data trend for iRay Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SHSE:688301 vs ISRG, BDX, RMD: Beneish M-Score Comparison
For the Medical Instruments & Supplies subindustry, iRay Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
iRay Group Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, iRay Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where iRay Group's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of iRay Group for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.7798
+
0.528 * 1.0252
+
0.404 * 0.8717
+
0.892 * 1.5253
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.3837
+
4.679 * -0.010558
-
0.327 * 0.7547
=
-2.12
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(0 / (0 + 4819.016))
/
(0 / (0 + 6574.615))
=
0
/
0
=
1
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(721.103 - 0
-
862.236)
/
13367.689
=
-0.010558
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
iRay Group has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
iRay Group (SHSE:688301) has a Beneish M-Score of -2.12 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iRay Group and its competitors. According to the industry distribution chart, iRay Group ranks #580 out of 771 companies in the Medical Devices & Instruments industry, placing it in the top 75.2%.
Is iRay Group's Beneish M-Score too high?
iRay Group's current Beneish M-Score is -2.12. Based on the distribution chart, iRay Group ranks #580 out of 771 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, iRay Group has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does iRay Group's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, iRay Group ranks #580 out of 771 companies for Beneish M-Score. This places iRay Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iRay Group and its competitors. iRay Group's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iRay Group stock overvalued right now?
Based on GuruFocus' analysis, iRay Group (SHSE:688301) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥109.99, compared to a current price of ¥88.54 — trading 19.5% below its estimated fair value. The current Beneish M-Score is -2.12. iRay Group's overall GF Score™ is 95/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For iRay Group (SHSE:688301), the current Beneish M-Score is -2.12 as of Sep. 11, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is iRay Group (SHSE:688301) Overvalued in 2026?
Based on GuruFocus' analysis, iRay Group stock appears to be undervalued.
The current stock price of ¥88.54 is trading 19.5% below its estimated GF Value™ of ¥109.99.
GuruFocus considers iRay Group to be Modestly Undervalued.
Key valuation signals for SHSE:688301:
Beneish M-Score: -2.12
GF Value™: ¥109.99 vs. price of ¥88.54 (19.5% below fair value)
No single metric tells the full story. See the SHSE:688301 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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