TLSI (TriSalus Life Sciences) Beneish M-Score: -3.43 (As of Jul. 09, 2026)


TLSI TriSalus Life Sciences Inc TLSI
29 GF Score
Price $3.84
GF Value $4.31
Valuation Modestly Undervalued
! 4 Warning Signs
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What is TriSalus Life Sciences Beneish M-Score?

TriSalus Life Sciences TLSI +4.35% 29 Beneish M-Score is -3.43 as of Jul. 09, 2026. GuruFocus rates TLSI with a GF Score™ of 29/100 and a GF Value™ of $4.31 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 762 Medical Devices & Instruments companies, TriSalus Life Sciences ranks better than 87.66% 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 -3.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TLSI' s Beneish M-Score Range Over the Past 10 Years
Min: -4.28   Med: -3.18   Max: -2.03
Current: -3.43

During the past 5 years, the highest Beneish M-Score of TriSalus Life Sciences was -2.03. The lowest was -4.28. And the median was -3.18.

TriSalus Life Sciences Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TriSalus Life Sciences'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.

TriSalus Life Sciences Beneish M-Score Chart

TriSalus Life Sciences Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -2.03 -4.04

TriSalus Life Sciences Quarterly Data
Dec21 Mar22 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 -2.93 -3.28 -4.28 -4.04 -3.43

TLSI vs TMCI, LAB, SENS: Beneish M-Score Comparison

For the Medical Devices subindustry, TriSalus Life Sciences'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.

TriSalus Life Sciences Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, TriSalus Life Sciences's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TriSalus Life Sciences's Beneish M-Score falls into.


TLSI
29GF Score
TriSalus Life Sciences Inc TLSI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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TriSalus Life Sciences 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 TriSalus Life Sciences 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 * 0.6849+0.528 * 1.0063+0.404 * 0.0656+0.892 * 1.3964+0.115 * 1.0994
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8265+4.679 * -0.185506-0.327 * 0.415
=-3.43

* 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 $5.22 Mil.
Revenue was 8.899 + 13.205 + 11.566 + 11.213 = $44.88 Mil.
Gross Profit was 7.669 + 11.443 + 9.66 + 9.411 = $38.18 Mil.
Total Current Assets was $68.14 Mil.
Total Assets was $70.98 Mil.
Property, Plant and Equipment(Net PPE) was $2.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.59 Mil.
Selling, General, & Admin. Expense(SGA) was $51.33 Mil.
Total Current Liabilities was $11.79 Mil.
Long-Term Debt & Capital Lease Obligation was $34.27 Mil.
Net Income was 1.539 + -9.753 + -10.811 + -8.288 = $-27.31 Mil.
Non Operating Income was 11.226 + -5.207 + -0.502 + 0.33 = $5.85 Mil.
Cash Flow from Operations was -6.48 + -2.484 + -3.709 + -7.32 = $-19.99 Mil.
 Total Receivables was $5.45 Mil.
Revenue was 9.167 + 8.261 + 7.349 + 7.364 = $32.14 Mil.
Gross Profit was 7.672 + 7.045 + 6.345 + 6.452 = $27.51 Mil.
Total Current Assets was $25.10 Mil.
Total Assets was $28.63 Mil.
Property, Plant and Equipment(Net PPE) was $3.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.74 Mil.
Selling, General, & Admin. Expense(SGA) was $44.47 Mil.
Total Current Liabilities was $11.75 Mil.
Long-Term Debt & Capital Lease Obligation was $33.00 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)
=(5.215 / 44.883) / (5.453 / 32.141)
=0.116191 / 0.169659
=0.6849

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)
=(27.514 / 32.141) / (38.183 / 44.883)
=0.856041 / 0.850723
=1.0063

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 - (68.138 + 2.772) / 70.979) / (1 - (25.096 + 3.105) / 28.625)
=0.000972 / 0.014812
=0.0656

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
=44.883 / 32.141
=1.3964

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))
=(0.741 / (0.741 + 3.105)) / (0.589 / (0.589 + 2.772))
=0.192668 / 0.175245
=1.0994

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)
=(51.326 / 44.883) / (44.471 / 32.141)
=1.143551 / 1.383622
=0.8265

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)
=((34.269 + 11.786) / 70.979) / ((32.998 + 11.753) / 28.625)
=0.648854 / 1.563354
=0.415

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
=(-27.313 - 5.847 - -19.993) / 70.979
=-0.185506

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.

TriSalus Life Sciences has a M-score of -3.43 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.43 mean?
TriSalus Life Sciences (TLSI) has a Beneish M-Score of -3.43 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TriSalus Life Sciences and its competitors. According to the industry distribution chart, TriSalus Life Sciences ranks #94 out of 762 companies in the Medical Devices & Instruments industry, placing it in the top 12.3%.
Is TriSalus Life Sciences' Beneish M-Score too high?
TriSalus Life Sciences' current Beneish M-Score is -3.43. Based on the distribution chart, TriSalus Life Sciences ranks #94 out of 762 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, TriSalus Life Sciences has a GF Score™ of 29/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TriSalus Life Sciences' Beneish M-Score compare to TMCI and LAB?
According to the Medical Devices & Instruments industry distribution chart, TriSalus Life Sciences ranks #94 out of 762 companies for Beneish M-Score. This places TriSalus Life Sciences in the top 12% of its industry — outperforming the majority of peers. 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 TriSalus Life Sciences and its competitors. TriSalus Life Sciences's current Beneish M-Score is -3.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TriSalus Life Sciences stock overvalued right now?
Based on GuruFocus' analysis, TriSalus Life Sciences (TLSI) is currently considered Modestly Undervalued. The stock's GF Value™ is $4.31, compared to a current price of $3.84 — trading 10.9% below its estimated fair value. The current Beneish M-Score is -3.43. TriSalus Life Sciences' overall GF Score™ is 29/100 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 TriSalus Life Sciences (TLSI), the current Beneish M-Score is -3.43 as of Jul. 09, 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 TriSalus Life Sciences (TLSI) Overvalued in 2026?

Based on GuruFocus' analysis, TriSalus Life Sciences stock appears to be undervalued. The current stock price of $3.84 is trading 10.9% below its estimated GF Value™ of $4.31. GuruFocus considers TriSalus Life Sciences to be Modestly Undervalued.

Key valuation signals for TLSI:

  • Beneish M-Score: -3.43
  • GF Value™: $4.31 vs. price of $3.84 (10.9% below fair value)
  • GF Score™: 29/100 with 4 warning signs

No single metric tells the full story. See the TLSI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TriSalus Life Sciences Business Description

Address 6272 W. 91st Avenue, Westminster, CO, USA, 80031
TriSalus Life Sciences Inc is an oncology-focused medical technology business integrating its delivery technology with standard-of-care therapies and its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 (TRL9) agonist, for patients with solid tumors. The company developed Pressure-Enabled Drug Delivery (PEDD) to overcome high intratumoral pressure and off-target delivery. Its 510(k) cleared device, the TriNav Infusion System using PEDD technology, is used for interventional radiology procedures including transarterial radioembolization (TARE) and transarterial chemoembolization (TACE) in patients with primary liver cancer or liver metastases. It has one reportable segment and generates revenue from sales of PEDD infusion systems, principally related to TriNav.
29GF Score

Get the complete analysis for TLSI

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

$3.84
Price
$4.31
GF Value