Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -3.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Treace Medical Concepts's Beneish M-Score or its related term are showing as below:
TMCI'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.66 Med: -3.06 Max: 40.68
Current: -3.62
During the past 7 years, the highest Beneish M-Score of Treace Medical Concepts was 40.68. The lowest was -3.66. And the median was -3.06.
* 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.
TMCI vs TLSI, SENS, SGHT: Beneish M-Score Comparison
For the Medical Devices subindustry, Treace Medical Concepts'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.
Treace Medical Concepts Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Treace Medical Concepts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Treace Medical Concepts's Beneish M-Score falls into.
Treace Medical Concepts 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 Treace Medical Concepts 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 * 0.9862
+
0.528 * 1.0084
+
0.404 * 1.1335
+
0.892 * 0.9605
+
0.115 * 1.1461
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0449
+
4.679 * -0.236724
-
0.327 * 1.1595
=
-3.62
* 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))
=
(9.431 / (9.431 + 37.75))
/
(8.373 / (8.373 + 39.635))
=
0.19989
/
0.174408
=
1.1461
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
=
(-59.516 - -2.08
-
-14.576)
/
181.055
=
-0.236724
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.
Treace Medical Concepts has a M-score of -3.62 suggests that the company is unlikely to be a manipulator.
Treace Medical Concepts (TMCI) has a Beneish M-Score of -3.62 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Treace Medical Concepts and its competitors. According to the industry distribution chart, Treace Medical Concepts ranks #73 out of 767 companies in the Medical Devices & Instruments industry, placing it in the top 9.5%.
Is Treace Medical Concepts' Beneish M-Score too high?
Treace Medical Concepts' current Beneish M-Score is -3.62. Based on the distribution chart, Treace Medical Concepts ranks #73 out of 767 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Treace Medical Concepts has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Treace Medical Concepts' Beneish M-Score compare to TLSI and SENS?
According to the Medical Devices & Instruments industry distribution chart, Treace Medical Concepts ranks #73 out of 767 companies for Beneish M-Score. This places Treace Medical Concepts in the top 10% 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 Treace Medical Concepts and its competitors. Treace Medical Concepts's current Beneish M-Score is -3.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Treace Medical Concepts stock overvalued right now?
Based on GuruFocus' analysis, Treace Medical Concepts (TMCI) is currently considered Modestly Undervalued. The stock's GF Value™ is $6.35, compared to a current price of $4.79 — trading 24.6% below its estimated fair value. The current Beneish M-Score is -3.62. Treace Medical Concepts' overall GF Score™ is 68/100 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 Treace Medical Concepts (TMCI), the current Beneish M-Score is -3.62 as of Aug. 15, 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 Treace Medical Concepts (TMCI) Overvalued in 2026?
Based on GuruFocus' analysis, Treace Medical Concepts stock appears to be undervalued.
The current stock price of $4.79 is trading 24.6% below its estimated GF Value™ of $6.35.
GuruFocus considers Treace Medical Concepts to be Modestly Undervalued.
Key valuation signals for TMCI:
Beneish M-Score: -3.62
GF Value™: $6.35 vs. price of $4.79 (24.6% below fair value)
No single metric tells the full story. See the TMCI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Treace Medical Concepts Inc is a commercial-stage orthopaedic medical device company. It is focused on advancing the standard of care for the surgical management of bunion deformities. The company's patented Lapiplasty 3D Bunion Correction procedure is designed to reproducibly correct all planes of the bunion deformity and address the root cause of the bunion, while allowing patients to return to their active lives quickly. The company operates and manages its business as a single segment: designing, manufacturing, and marketing medical devices for surgeons, ambulatory surgery centers, and hospitals related to the surgical management of bunion and related midfoot deformities.
68GF Score
Get the complete analysis for TMCI
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TMCI has been successfully added to your 
