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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ultra Clean Holdings's Beneish M-Score or its related term are showing as below:
UCTT'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.42 Max: -1.8
Current: -2.46
During the past 13 years, the highest Beneish M-Score of Ultra Clean Holdings was -1.80. The lowest was -3.24. And the median was -2.42.
Ultra Clean Holdings Beneish M-Score Related Terms
Ultra Clean Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ultra Clean Holdings'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.
UCTT vs ACLS, IPGP, VECO: Beneish M-Score Comparison
For the Semiconductor Equipment & Materials subindustry, Ultra Clean Holdings'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.
Ultra Clean Holdings Beneish M-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Ultra Clean Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultra Clean Holdings's Beneish M-Score falls into.
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 Ultra Clean Holdings 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 * 0.9814
+
0.528 * 1.0286
+
0.404 * 0.8389
+
0.892 * 1.0253
+
0.115 * 0.9734
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9971
+
4.679 * 0.024034
-
0.327 * 1.1516
=
-2.46
* 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))
=
(75.8 / (75.8 + 490.6))
/
(76.8 / (76.8 + 481.8))
=
0.133828
/
0.137487
=
0.9734
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
=
(-23.4 - -3.3
-
-66.2)
/
1918.1
=
0.024034
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.
Ultra Clean Holdings has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Ultra Clean Holdings (UCTT) has a Beneish M-Score of -2.46 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ultra Clean Holdings and its competitors. According to the industry distribution chart, Ultra Clean Holdings ranks #454 out of 981 companies in the Semiconductors industry, placing it in the top 46.3%.
Is Ultra Clean Holdings' Beneish M-Score too high?
Ultra Clean Holdings' current Beneish M-Score is -2.46. Based on the distribution chart, Ultra Clean Holdings ranks #454 out of 981 companies in the Semiconductors industry, which is above the industry midpoint. Overall, Ultra Clean Holdings has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ultra Clean Holdings' Beneish M-Score compare to ACLS and IPGP?
According to the Semiconductors industry distribution chart, Ultra Clean Holdings ranks #454 out of 981 companies for Beneish M-Score. This puts Ultra Clean Holdings in the upper 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 Ultra Clean Holdings and its competitors. Ultra Clean Holdings's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ultra Clean Holdings stock overvalued right now?
Based on GuruFocus' analysis, Ultra Clean Holdings (UCTT) is currently considered Significantly Overvalued. The stock's GF Value™ is $42.19, compared to a current price of $87.25 — trading 106.8% above its estimated fair value. The current Beneish M-Score is -2.46. Ultra Clean Holdings' overall GF Score™ is 66/100 with 6 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 Ultra Clean Holdings (UCTT), the current Beneish M-Score is -2.46 as of Aug. 10, 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 Ultra Clean Holdings (UCTT) Overvalued in 2026?
Based on GuruFocus' analysis, Ultra Clean Holdings stock appears to be overvalued.
The current stock price of $87.25 is trading 106.8% above its estimated GF Value™ of $42.19.
GuruFocus considers Ultra Clean Holdings to be Significantly Overvalued.
Key valuation signals for UCTT:
Beneish M-Score: -2.46
GF Value™: $42.19 vs. price of $87.25 (106.8% above fair value)
No single metric tells the full story. See the UCTT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ultra Clean Holdings Inc, through its subsidiaries, manufactures and supplies production tools, modules, and subsystems for the semiconductor capital equipment industry. The product includes precision robotic solutions, gas delivery systems, and a variety of industrial and automation production equipment products; subsystems include wafer cleaning subsystems, chemical delivery modules, top-plate assemblies, frame assemblies, and process modules. Its customer base includes firms in the semiconductor capital equipment industry, medical, energy, industrial, flat panel, and research equipment industries. It has two segments: Products and Services. Its principal markets are the Americas, Asia Pacific, and EMEA.
66GF Score
Get the complete analysis for UCTT
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
UCTT has been successfully added to your 
