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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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Trio-Tech International's Beneish M-Score or its related term are showing as below:
TRT'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.67 Max: -2
Current: -2
During the past 13 years, the highest Beneish M-Score of Trio-Tech International was -2.00. The lowest was -3.35. And the median was -2.67.
* 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.
TRT vs SODI, GSTX, SCIA: Beneish M-Score Comparison
For the Semiconductor Equipment & Materials subindustry, Trio-Tech International'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.
Trio-Tech International Beneish M-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Trio-Tech International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trio-Tech International's Beneish M-Score falls into.
Trio-Tech International 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 Trio-Tech International 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 * 0.8596
+
0.528 * 1.471
+
0.404 * 0.9623
+
0.892 * 1.6413
+
0.115 * 1.4541
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6468
+
4.679 * -0.029252
-
0.327 * 1.5157
=
-2.00
* 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))
=
(2.781 / (2.781 + 6.636))
/
(2.259 / (2.259 + 8.864))
=
0.295317
/
0.203093
=
1.4541
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
=
(0.348 - 0.002
-
1.654)
/
44.715
=
-0.029252
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.
Trio-Tech International has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
Trio-Tech International (TRT) has a Beneish M-Score of -2.00 as of Aug. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trio-Tech International and its competitors. According to the industry distribution chart, Trio-Tech International ranks #667 out of 993 companies in the Semiconductors industry, placing it in the top 67.2%.
Is Trio-Tech International's Beneish M-Score too high?
Trio-Tech International's current Beneish M-Score is -2.00. Based on the distribution chart, Trio-Tech International ranks #667 out of 993 companies in the Semiconductors industry, which is below the industry midpoint. Overall, Trio-Tech International has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Trio-Tech International's Beneish M-Score compare to SODI and GSTX?
According to the Semiconductors industry distribution chart, Trio-Tech International ranks #667 out of 993 companies for Beneish M-Score. This places Trio-Tech International 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 Trio-Tech International and its competitors. Trio-Tech International's current Beneish M-Score is -2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Trio-Tech International stock overvalued right now?
Based on GuruFocus' analysis, Trio-Tech International (TRT) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.01, compared to a current price of $10.10 — trading 151.9% above its estimated fair value. The current Beneish M-Score is -2.00. Trio-Tech International's overall GF Score™ is 56/100 with 3 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 Trio-Tech International (TRT), the current Beneish M-Score is -2.00 as of Aug. 30, 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 Trio-Tech International (TRT) Overvalued in 2026?
Based on GuruFocus' analysis, Trio-Tech International stock appears to be overvalued.
The current stock price of $10.10 is trading 151.9% above its estimated GF Value™ of $4.01.
GuruFocus considers Trio-Tech International to be Significantly Overvalued.
Key valuation signals for TRT:
Beneish M-Score: -2.00
GF Value™: $4.01 vs. price of $10.10 (151.9% above fair value)
No single metric tells the full story. See the TRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Trio-Tech International is a provider of reliability test equipment and services to the semiconductor and other industries. Its customers are from automotive electronics, industrial electronics, computing and data storage, consumer electronics, and communication markets. The company operated its business in two segments: Semiconductor Back-end Solutions and Industrial Electronics. Geographically, the company operates in the United States (U.S), Singapore, Malaysia, Thailand and China.
56GF Score
Get the complete analysis for TRT
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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