XE (X-Energy) Beneish M-Score: 37.13 (As of Jun. 26, 2026) — Near Median


XE X-Energy Inc XE
12 GF Score
Price $18.84
! 4 Warning Signs
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What is X-Energy Beneish M-Score?

X-Energy XE +2.16% 12 Beneish M-Score is 37.13 as of Jun. 26, 2026, which is at its 10-year median of 37.13. GuruFocus rates XE with a GF Score™ of 12/100. The stock has 4 warning signs investors should review. Among 2,926 Industrial Products companies, X-Energy ranks worse than 99.66% 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.

Warning Sign:

Beneish M-Score 37.13 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XE' s Beneish M-Score Range Over the Past 10 Years
Min: 37.13   Med: 37.13   Max: 37.13
Current: 37.13

During the past 4 years, the highest Beneish M-Score of X-Energy was 37.13. The lowest was 37.13. And the median was 37.13.

X-Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for X-Energy'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.

X-Energy Beneish M-Score Chart

X-Energy Annual Data
Trend Dec21 Dec22 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 37.13

X-Energy Semi-Annual Data
Dec21 Dec22 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.00 37.13

XE vs MIDD, JBTM, AOS: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, X-Energy'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.

X-Energy Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, X-Energy's Beneish M-Score distribution charts can be found below:

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


XE
12GF Score
X-Energy Inc XE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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X-Energy 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 X-Energy 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 * 1.5865+0.528 * 0.6839+0.404 * 96.7267+0.892 * 1.1223+0.115 * 2.7698
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.229+4.679 * 0.010878-0.327 * 0.2746
=37.13

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $79.05 Mil.
Revenue was $94.26 Mil.
Gross Profit was $-75.70 Mil.
Total Current Assets was $1,800.47 Mil.
Total Assets was $2,158.00 Mil.
Property, Plant and Equipment(Net PPE) was $73.43 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.39 Mil.
Selling, General, & Admin. Expense(SGA) was $154.33 Mil.
Total Current Liabilities was $55.88 Mil.
Long-Term Debt & Capital Lease Obligation was $20.89 Mil.
Net Income was $-142.16 Mil.
Gross Profit was $-15.77 Mil.
Cash Flow from Operations was $-149.86 Mil.
 Total Receivables was $44.40 Mil.
Revenue was $83.99 Mil.
Gross Profit was $-46.13 Mil.
Total Current Assets was $561.89 Mil.
Total Assets was $579.51 Mil.
Property, Plant and Equipment(Net PPE) was $16.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.91 Mil.
Selling, General, & Admin. Expense(SGA) was $111.89 Mil.
Total Current Liabilities was $64.72 Mil.
Long-Term Debt & Capital Lease Obligation was $10.34 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)
=(79.049 / 94.26) / (44.396 / 83.986)
=0.838627 / 0.528612
=1.5865

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)
=(-46.129 / 83.986) / (-75.704 / 94.26)
=-0.549246 / -0.80314
=0.6839

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 - (1800.473 + 73.434) / 2157.997) / (1 - (561.89 + 16.831) / 579.51)
=0.131645 / 0.001361
=96.7267

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
=94.26 / 83.986
=1.1223

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))
=(0.913 / (0.913 + 16.831)) / (1.39 / (1.39 + 73.434))
=0.051454 / 0.018577
=2.7698

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)
=(154.326 / 94.26) / (111.887 / 83.986)
=1.637237 / 1.33221
=1.229

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)
=((20.887 + 55.879) / 2157.997) / ((10.338 + 64.723) / 579.51)
=0.035573 / 0.129525
=0.2746

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
=(-142.155 - -15.769 - -149.86) / 2157.997
=0.010878

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.

X-Energy has a M-score of 37.13 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 37.13 mean?
X-Energy (XE) has a Beneish M-Score of 37.13 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on X-Energy and its competitors. This is near median its historical median of 37.13. Over the past decade, X-Energy's Beneish M-Score has ranged from 37.13 to 37.13. According to the industry distribution chart, X-Energy ranks #2916 out of 2926 companies in the Industrial Products industry, placing it in the top 99.7%.
Is X-Energy's Beneish M-Score too high?
X-Energy's current Beneish M-Score of 37.13 is near median its 10-year median of 37.13. Over the past 10 years, this metric has ranged from a low of 37.13 to a high of 37.13. Based on the distribution chart, X-Energy ranks #2916 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, X-Energy has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does X-Energy's Beneish M-Score compare to MIDD and JBTM?
According to the Industrial Products industry distribution chart, X-Energy ranks #2916 out of 2926 companies for Beneish M-Score. This places X-Energy in the lower half of its industry. Historically, X-Energy's own Beneish M-Score has ranged from 37.13 to 37.13 over the past decade. 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 X-Energy and its competitors. X-Energy's current Beneish M-Score is 37.13, which is near median its own 10-year median of 37.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is X-Energy stock overvalued right now?
X-Energy (XE) has a current Beneish M-Score of 37.13. The current Beneish M-Score is 37.13, which is near median its 10-year median of 37.13. X-Energy's overall GF Score™ is 12/100 with 4 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 X-Energy (XE), the current Beneish M-Score is 37.13 as of Jun. 26, 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.

X-Energy Business Description

Address 801 Thompson Avenue, Suite 400, Rockville, MD, USA, 20852-1627
X-Energy Inc is a leading developer of advanced SMR and fuel technology for clean energy generation. It is seeking to redefine the nuclear energy industry through its flagship product, the Xe-100, an advanced small modular HTGR designed to generate up to 80 megawatts of electric power and/or up to 200 megawatts of thermal output, depending on the configuration. X-energy's simple and intrinsically safe advanced SMR designs, like the Xe-100, significantly expand the applications and markets for nuclear technology with enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear energy sources and broader use cases when compared with other SMRs.
12GF Score

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

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