KDA Group (TSXV:KDA) Beneish M-Score: -5.45 (As of Jun. 24, 2026)


What is KDA Group Beneish M-Score?

KDA Group TSXV:KDA Beneish M-Score is -5.45 as of Jun. 24, 2026. The stock has 3 warning signs investors should review. Among 632 Healthcare Providers & Services companies, KDA Group ranks better than 96.36% 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 -5.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSXV:KDA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.88   Med: -2.69   Max: 157.51
Current: -5.45

During the past 13 years, the highest Beneish M-Score of KDA Group was 157.51. The lowest was -5.88. And the median was -2.69.

KDA Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KDA Group'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.

KDA Group Beneish M-Score Chart

KDA Group Annual Data
Trend Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23 Jul24 Jul25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.10 -2.73 17.65 -4.62 -2.64

KDA Group Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26
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 Premium Member Only Premium Member Only Premium Member Only -4.86 -5.88 -2.64 -3.77 -5.45

TSXV:KDA vs VEEV, BTSG, TEM: Beneish M-Score Comparison

For the Health Information Services subindustry, KDA Group'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.

KDA Group Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, KDA Group's Beneish M-Score distribution charts can be found below:

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


KDA Group 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 KDA Group 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 * 0.3089+0.528 * 1.3907+0.404 * 1.0148+0.892 * 1.4744+0.115 * 0.9791
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7081+4.679 * -0.596219-0.327 * 1.693
=-5.45

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was C$0.09 Mil.
Revenue was 0.144 + 0.119 + 0.041 + 0.013 = C$0.32 Mil.
Gross Profit was -0.763 + -0.749 + -0.625 + -0.75 = C$-2.89 Mil.
Total Current Assets was C$0.60 Mil.
Total Assets was C$9.20 Mil.
Property, Plant and Equipment(Net PPE) was C$0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was C$3.33 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.55 Mil.
Total Current Liabilities was C$1.98 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.
Net Income was -1.347 + -1.312 + -2.285 + -1.722 = C$-6.67 Mil.
Non Operating Income was 0 + 0.015 + 0 + 0.118 = C$0.13 Mil.
Cash Flow from Operations was -0.062 + 0.231 + -0.974 + -0.507 = C$-1.31 Mil.
 Total Receivables was C$0.20 Mil.
Revenue was 0.079 + 0.032 + 0.086 + 0.018 = C$0.22 Mil.
Gross Profit was -0.679 + -0.714 + -1.348 + 0.018 = C$-2.72 Mil.
Total Current Assets was C$0.83 Mil.
Total Assets was C$11.54 Mil.
Property, Plant and Equipment(Net PPE) was C$0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was C$3.97 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.35 Mil.
Total Current Liabilities was C$1.39 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.07 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)
=(0.092 / 0.317) / (0.202 / 0.215)
=0.290221 / 0.939535
=0.3089

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)
=(-2.723 / 0.215) / (-2.887 / 0.317)
=-12.665116 / -9.107256
=1.3907

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 - (0.603 + 0.015) / 9.203) / (1 - (0.829 + 0.103) / 11.536)
=0.932848 / 0.919209
=1.0148

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
=0.317 / 0.215
=1.4744

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))
=(3.965 / (3.965 + 0.103)) / (3.325 / (3.325 + 0.015))
=0.97468 / 0.995509
=0.9791

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)
=(4.545 / 0.317) / (4.353 / 0.215)
=14.337539 / 20.246512
=0.7081

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)
=((0 + 1.98) / 9.203) / ((0.072 + 1.394) / 11.536)
=0.215147 / 0.12708
=1.693

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
=(-6.666 - 0.133 - -1.312) / 9.203
=-0.596219

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.

KDA Group has a M-score of -5.45 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 -5.45 mean?
KDA Group (TSXV:KDA) has a Beneish M-Score of -5.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KDA Group and its competitors. According to the industry distribution chart, KDA Group ranks #23 out of 632 companies in the Healthcare Providers & Services industry, placing it in the top 3.6%.
Is KDA Group's Beneish M-Score too high?
KDA Group's current Beneish M-Score is -5.45. Based on the distribution chart, KDA Group ranks #23 out of 632 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers.
How does KDA Group's Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, KDA Group ranks #23 out of 632 companies for Beneish M-Score. This places KDA Group in the top 4% 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 KDA Group and its competitors. KDA Group's current Beneish M-Score is -5.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KDA Group stock overvalued right now?
KDA Group (TSXV:KDA) has a current Beneish M-Score of -5.45. The current Beneish M-Score is -5.45. 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 KDA Group (TSXV:KDA), the current Beneish M-Score is -5.45 as of Jun. 24, 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.

KDA Group Business Description

Other Exchanges KDAGF:USAO1M:Germany
Address 1351 Notre-Dame East, Suite 300, Thetford Mines, QC, CAN, G6G 0G5
KDA Group Inc provides technological and operational efficiency solutions for general and specialized health sectors through its technology platform, which includes electronic prescription platforms for Canada and the United States and Adherize and Medherize functionalities for pharmaceutical adherence and oncology-focused therapeutic monitoring. The company operates through two segments: Pharmaceutical Technology and Corporate.