SMXT (SolarMax Technology) Beneish M-Score: 2.09 (As of Jun. 26, 2026)


SMXT SolarMax Technology Inc SMXT
17 GF Score
Price $0.31
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What is SolarMax Technology Beneish M-Score?

SolarMax Technology SMXT -0.06% 17 Beneish M-Score is 2.09 as of Jun. 26, 2026. GuruFocus rates SMXT with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 987 Semiconductors companies, SolarMax Technology ranks worse than 97.67% 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.

Warning Sign:

Beneish M-Score 2.09 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for SolarMax Technology's Beneish M-Score or its related term are showing as below:

SMXT' s Beneish M-Score Range Over the Past 10 Years
Min: -5.72   Med: -2.91   Max: 2.09
Current: 2.09

During the past 9 years, the highest Beneish M-Score of SolarMax Technology was 2.09. The lowest was -5.72. And the median was -2.91.

SolarMax Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SolarMax Technology'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.

SolarMax Technology Beneish M-Score Chart

SolarMax Technology Annual Data
Trend Dec16 Dec17 Dec18 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.59 -3.15 -3.25 -4.88 0.97

SolarMax Technology Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.17 -3.68 -1.79 0.97 2.09

SMXT vs ZEO, BEEM, SPRU: Beneish M-Score Comparison

For the Solar subindustry, SolarMax Technology'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.

SolarMax Technology Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, SolarMax Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SolarMax Technology's Beneish M-Score falls into.


SMXT
17GF Score
SolarMax Technology Inc SMXT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SolarMax Technology Beneish M-Score Calculation

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 SolarMax Technology 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 * 1.7527+0.528 * 2.9343+0.404 * 0.3571+0.892 * 4.0947+0.115 * 3.0893
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2197+4.679 * -0.016423-0.327 * 0.823
=2.09

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $69.34 Mil.
Revenue was 14.831 + 46.569 + 30.603 + 6.883 = $98.89 Mil.
Gross Profit was 3.047 + 1.25 + 0.956 + 0.605 = $5.86 Mil.
Total Current Assets was $80.46 Mil.
Total Assets was $106.19 Mil.
Property, Plant and Equipment(Net PPE) was $11.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.48 Mil.
Selling, General, & Admin. Expense(SGA) was $10.90 Mil.
Total Current Liabilities was $98.02 Mil.
Long-Term Debt & Capital Lease Obligation was $17.20 Mil.
Net Income was -0.307 + -0.872 + -2.258 + -1.899 = $-5.34 Mil.
Non Operating Income was -0.122 + 0.148 + -0.43 + -0.1 = $-0.50 Mil.
Cash Flow from Operations was -4.187 + -2.519 + 3.397 + 0.221 = $-3.09 Mil.
 Total Receivables was $9.66 Mil.
Revenue was 6.927 + 6.437 + 6.332 + 4.454 = $24.15 Mil.
Gross Profit was 1.419 + 0.934 + 1.257 + 0.588 = $4.20 Mil.
Total Current Assets was $21.55 Mil.
Total Assets was $38.59 Mil.
Property, Plant and Equipment(Net PPE) was $2.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.55 Mil.
Selling, General, & Admin. Expense(SGA) was $12.12 Mil.
Total Current Liabilities was $39.02 Mil.
Long-Term Debt & Capital Lease Obligation was $11.86 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(69.336 / 98.886) / (9.661 / 24.15)
=0.701171 / 0.400041
=1.7527

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(4.198 / 24.15) / (5.858 / 98.886)
=0.17383 / 0.05924
=2.9343

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (80.456 + 11.927) / 106.194) / (1 - (21.552 + 2.985) / 38.591)
=0.130054 / 0.364178
=0.3571

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=98.886 / 24.15
=4.0947

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(1.549 / (1.549 + 2.985)) / (1.483 / (1.483 + 11.927))
=0.341641 / 0.110589
=3.0893

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(10.901 / 98.886) / (12.115 / 24.15)
=0.110238 / 0.501656
=0.2197

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((17.196 + 98.018) / 106.194) / ((11.856 + 39.02) / 38.591)
=1.084939 / 1.318338
=0.823

8. TATA = Total Accruals to Total Assets

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
=(-5.336 - -0.504 - -3.088) / 106.194
=-0.016423

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.

SolarMax Technology has a M-score of 2.09 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 2.09 mean?
SolarMax Technology (SMXT) has a Beneish M-Score of 2.09 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SolarMax Technology and its competitors. According to the industry distribution chart, SolarMax Technology ranks #964 out of 987 companies in the Semiconductors industry, placing it in the top 97.7%.
Is SolarMax Technology's Beneish M-Score too high?
SolarMax Technology's current Beneish M-Score is 2.09. Based on the distribution chart, SolarMax Technology ranks #964 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, SolarMax Technology has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does SolarMax Technology's Beneish M-Score compare to ZEO and BEEM?
According to the Semiconductors industry distribution chart, SolarMax Technology ranks #964 out of 987 companies for Beneish M-Score. This places SolarMax Technology 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 SolarMax Technology and its competitors. SolarMax Technology's current Beneish M-Score is 2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SolarMax Technology stock overvalued right now?
SolarMax Technology (SMXT) has a current Beneish M-Score of 2.09. The current Beneish M-Score is 2.09. SolarMax Technology's overall GF Score™ is 17/100 with 5 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 SolarMax Technology (SMXT), the current Beneish M-Score is 2.09 as of Jun. 26, 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.

SolarMax Technology Business Description

Other Exchanges 6W1:Germany
Address 3080 12th Street, Riverside, CA, USA, 92507
SolarMax Technology Inc is an integrated solar and renewable energy company. The United States business includes the sale and installation of photovoltaic and battery backup systems. China operations consist of operating and maintaining solar farm projects and identifying and procuring solar farm projects for resale to third parties. Some of its products are LG Solar Panels, Q-CELL Solar Panels, Panasonic Solar Panels, and others. The company generates a majority of its revenue from solar energy systems.
17GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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