Xanadu Quantum Technologies (TSX:XNDU) Beneish M-Score: 0.00 (As of Aug. 18, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSX:XNDU Xanadu Quantum Technologies Ltd TSX:XNDU
11 GF Score
Price C$15.58
! 1 Warning Sign
View Full Analysis

What is Xanadu Quantum Technologies Beneish M-Score?

Xanadu Quantum Technologies TSX:XNDU -2.44% 11 Beneish M-Score is 0.00 as of Aug. 18, 2026. GuruFocus rates TSX:XNDU with a GF Score™ of 11/100. The stock has 1 warning sign investors should review. Among 2,634 Software companies, Xanadu Quantum Technologies ranks worse than 37965.03% 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.

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

During the past 3 years, the highest Beneish M-Score of Xanadu Quantum Technologies was 0.00. The lowest was 0.00. And the median was 0.00.

Xanadu Quantum Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Xanadu Quantum Technologies'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.

Xanadu Quantum Technologies Beneish M-Score Chart

Xanadu Quantum Technologies Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00

Xanadu Quantum Technologies Quarterly Data
Dec23 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

TSX:XNDU vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Xanadu Quantum Technologies'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.

Xanadu Quantum Technologies Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Xanadu Quantum Technologies's Beneish M-Score distribution charts can be found below:

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


TSX:XNDU
11GF Score
Xanadu Quantum Technologies Ltd TSX:XNDU
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Xanadu Quantum Technologies 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 Xanadu Quantum Technologies 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was C$4.81 Mil.
Revenue was 2.121 + 3.886 + 1.933 + 0.981 = C$8.92 Mil.
Gross Profit was 1.941 + 3.73 + 1.73 + 0.93 = C$8.33 Mil.
Total Current Assets was C$464.83 Mil.
Total Assets was C$538.92 Mil.
Property, Plant and Equipment(Net PPE) was C$59.80 Mil.
Depreciation, Depletion and Amortization(DDA) was C$7.90 Mil.
Selling, General, & Admin. Expense(SGA) was C$43.67 Mil.
Total Current Liabilities was C$18.20 Mil.
Long-Term Debt & Capital Lease Obligation was C$81.35 Mil.
Net Income was -59.014 + -28.269 + -23.952 + -20.177 = C$-131.41 Mil.
Non Operating Income was -20.179 + 3.914 + -2.685 + 0.064 = C$-18.89 Mil.
Cash Flow from Operations was -33.113 + -9.652 + -25.804 + -4.983 = C$-73.55 Mil.
 Total Receivables was C$0.00 Mil.
Revenue was 1.445 + 1.003 + 0.651 + 0.484 = C$3.58 Mil.
Gross Profit was 1.363 + 0.933 + 0.251 + 0.442 = C$2.99 Mil.
Total Current Assets was C$0.00 Mil.
Total Assets was C$0.00 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6.62 Mil.
Selling, General, & Admin. Expense(SGA) was C$10.04 Mil.
Total Current Liabilities was C$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 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)
=(4.814 / 8.921) / (0 / 3.583)
=0.539626 / 0
=

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)
=(2.989 / 3.583) / (8.331 / 8.921)
=0.834217 / 0.933864
=

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 - (464.834 + 59.799) / 538.918) / (1 - (0 + 0) / 0)
=0.026507 /
=

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
=8.921 / 3.583
=

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))
=(6.616 / (6.616 + 0)) / (7.895 / (7.895 + 59.799))
=1 / 0.116628
=

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)
=(43.67 / 8.921) / (10.043 / 3.583)
=4.895191 / 2.802958
=

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)
=((81.345 + 18.204) / 538.918) / ((0 + 0) / 0)
=0.18472 /
=

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
=(-131.412 - -18.886 - -73.552) / 538.918
=-0.072319

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Xanadu Quantum Technologies (TSX:XNDU) has a Beneish M-Score of 0.00 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xanadu Quantum Technologies and its competitors. According to the industry distribution chart, Xanadu Quantum Technologies ranks #999999 out of 2634 companies in the Software industry.
Is Xanadu Quantum Technologies' Beneish M-Score too high?
Xanadu Quantum Technologies' current Beneish M-Score is 0.00. Based on the distribution chart, Xanadu Quantum Technologies ranks #999999 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Xanadu Quantum Technologies has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Xanadu Quantum Technologies' Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Xanadu Quantum Technologies ranks #999999 out of 2634 companies for Beneish M-Score. This places Xanadu Quantum Technologies 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 Software company?
A good Beneish M-Score depends on the Software 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 Xanadu Quantum Technologies and its competitors. Xanadu Quantum Technologies's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xanadu Quantum Technologies stock overvalued right now?
Xanadu Quantum Technologies (TSX:XNDU) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Xanadu Quantum Technologies' overall GF Score™ is 11/100 with 1 warning sign 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 Xanadu Quantum Technologies (TSX:XNDU), the current Beneish M-Score is 0.00 as of Aug. 18, 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.

Xanadu Quantum Technologies Business Description

Other Exchanges XNDU:USA6B4:Germany
Address 777 Bay Street, Suite 2400, Toronto, ON, CAN, M5G 2C8
Xanadu Quantum Technologies Ltd specializes in designing photonic devices and the platforms around them, including the experimentation and development of quantum computers available on the cloud with supporting software, along with quantum simulators and other related products and offerings. Its products include: Aurora, PennyLane, Catalyst, Lightning, Catalyst and PennyLane Codebook. The company operates in industries such as automotive, aerospace, energy, materials, and semiconductor sectors.
11GF Score

Get the complete analysis for TSX:XNDU

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

C$15.58
Price