TRUE (TrueCar) Beneish M-Score: -3.75 (As of Jun. 25, 2026)

What is TrueCar Beneish M-Score?

TrueCar TRUE 52 Beneish M-Score is -3.75 as of Jun. 25, 2026. GuruFocus rates TRUE with a GF Score™ of 52/100 and a GF Value™ of $3.13. The stock has 7 warning signs investors should review.

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 -3.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TRUE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93 Med: -3.16 Max: -2.17
Current: -3.75

During the past 13 years, the highest Beneish M-Score of TrueCar was -2.17. The lowest was -3.93. And the median was -3.16.

TrueCar Beneish M-Score Related Terms

TrueCar Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TrueCar'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.

TrueCar Beneish M-Score Chart

TrueCar Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.17

-3.51

-3.56

-2.87

-3.93

TrueCar Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-3.06	-3.93	-3.68	-3.43	-3.75

TRUE vs ZIP, DIBS, CMCM: Beneish M-Score Comparison

For the Internet Content & Information subindustry, TrueCar'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.

TrueCar Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, TrueCar's Beneish M-Score distribution charts can be found below:

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

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52GF Score

TrueCar Inc TRUE

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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TrueCar 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 TrueCar for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7672

0.528 * 1.1022

0.404 * 1.0174

0.892 * 1.0618

0.115 * 1.0136

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9394

4.679 * -0.254676

0.327 * 0.9819

-3.75

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was $13.5 Mil.
Revenue was 43.207 + 46.998 + 44.81 + 46.207 = $181.2 Mil.
Gross Profit was 34.403 + 35.849 + 35.92 + 37.3 = $143.5 Mil.
Total Current Assets was $125.6 Mil.
Total Assets was $148.7 Mil.
Property, Plant and Equipment(Net PPE) was $15.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.6 Mil.
Selling, General, & Admin. Expense(SGA) was $134.4 Mil.
Total Current Liabilities was $28.0 Mil.
Long-Term Debt & Capital Lease Obligation was $6.2 Mil.
Net Income was 4.997 + -7.627 + -10.136 + -5.849 = $-18.6 Mil.
Non Operating Income was 11.397 + 0 + 0 + 0 = $11.4 Mil.
Cash Flow from Operations was 12.722 + -2.827 + -7.895 + 5.855 = $7.9 Mil.

Total Receivables was $16.5 Mil.
Revenue was 46.544 + 41.795 + 41.052 + 41.287 = $170.7 Mil.
Gross Profit was 38.808 + 36.311 + 36.791 + 37.021 = $148.9 Mil.
Total Current Assets was $140.3 Mil.
Total Assets was $167.5 Mil.
Property, Plant and Equipment(Net PPE) was $19.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.5 Mil.
Selling, General, & Admin. Expense(SGA) was $134.7 Mil.
Total Current Liabilities was $29.9 Mil.
Long-Term Debt & Capital Lease Obligation was $9.3 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)
	=	(13.458 / 181.222)	/	(16.522 / 170.678)
	=	0.074263	/	0.096802
	=	0.7672

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)
	=	(148.931 / 170.678)	/	(143.472 / 181.222)
	=	0.872585	/	0.791692
	=	1.1022

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 - (125.621 + 15.692) / 148.687)	/	(1 - (140.296 + 19.067) / 167.529)
	=	0.049594	/	0.048744
	=	1.0174

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
	=	181.222	/	170.678
	=	1.0618

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))
	=	(19.474 / (19.474 + 19.067))	/	(15.599 / (15.599 + 15.692))
	=	0.50528	/	0.498514
	=	1.0136

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)
	=	(134.383 / 181.222)	/	(134.733 / 170.678)
	=	0.741538	/	0.789399
	=	0.9394

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)
	=	((6.195 + 27.963) / 148.687)	/	((9.262 + 29.932) / 167.529)
	=	0.229731	/	0.233954
	=	0.9819

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
	=	(-18.615 - 11.397	-	7.855)	/	148.687
	=	-0.254676

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.

TrueCar has a M-score of -3.75 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 -3.75 mean?

TrueCar (TRUE) has a Beneish M-Score of -3.75 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TrueCar and its competitors.

Is TrueCar's Beneish M-Score too high?

TrueCar's current Beneish M-Score is -3.75. Overall, TrueCar has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.

How does TrueCar's Beneish M-Score compare to ZIP and DIBS?

TrueCar's Beneish M-Score of -3.75 can be compared against companies in the Interactive Media 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 an Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 TrueCar and its competitors. TrueCar's current Beneish M-Score is -3.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TrueCar stock overvalued right now?

TrueCar (TRUE) has a current Beneish M-Score of -3.75. The stock's GF Value™ is $3.13, compared to a current price of $2.54 — trading 18.8% below its estimated fair value. The current Beneish M-Score is -3.75. TrueCar's overall GF Score™ is 52/100 with 7 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 TrueCar (TRUE), the current Beneish M-Score is -3.75 as of Jun. 25, 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 TrueCar (TRUE) Overvalued in 2026?

Based on GuruFocus' analysis, TrueCar stock appears to be undervalued. The current stock price of $2.54 is trading 18.8% below its estimated GF Value™ of $3.13.

Key valuation signals for TRUE:

Beneish M-Score: -3.75
GF Value™: $3.13 vs. price of $2.54 (18.8% below fair value)
GF Score™: 52/100 with 7 warning signs

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

TrueCar Business Description

Industry Communication Services Interactive Media

Comparable Companies ZIP DIBS CMCM TRVG DOYU AREN UPXI ZH MSEZ BODI GOOGL META HKSE:00700 SPOT TSE:6098 BIDU HKSE:01024 RDDT XKRX:035420 TME

Address 225 Santa Monica Boulevard, 12th Floor, Santa Monica, CA, USA, 90401

Website https://www.truecar.com

TrueCar Inc is a data-driven online platform operating on common technology infrastructure, powered by proprietary data and analytics. It also customizes and operates its platform for affinity group marketing partners, including financial institutions like PenFed and American Express; membership-based organizations like Consumer Reports, AARP, Sam's Club, and AAA; and employee buying programs for large enterprises such as IBM and Walmart. The Company has one operating segment, with three distinct service offerings: Dealer products and services, OEM incentives, and other.

52GF Score

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

$2.54

Price

$3.13

GF Value

View TRUE Analysis

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