XHLD (TEN Holdings) Beneish M-Score: 5.44 (As of Jun. 26, 2026) — 230% Above Median


XHLD TEN Holdings Inc XHLD
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Price $1.24
! 5 Warning Signs
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What is TEN Holdings Beneish M-Score?

TEN Holdings XHLD 4 Beneish M-Score is 5.44 as of Jun. 26, 2026, which is 230% above its 10-year median of 1.65. GuruFocus rates XHLD with a GF Score™ of 4/100. The stock has 5 warning signs investors should review. Among 989 Media - Diversified companies, TEN Holdings ranks worse than 97.47% 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 5.44 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XHLD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: 1.65   Max: 6.62
Current: 5.44

During the past 4 years, the highest Beneish M-Score of TEN Holdings was 6.62. The lowest was -2.91. And the median was 1.65.

TEN Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TEN 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.

TEN Holdings Beneish M-Score Chart

TEN Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 6.62

TEN Holdings Quarterly Data
Dec22 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.91 -2.14 6.62 5.44

XHLD vs TAAG, MDEX, CMLSQ: Beneish M-Score Comparison

For the Broadcasting subindustry, TEN 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.

TEN Holdings Beneish M-Score vs Media - Diversified Industry

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

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


XHLD
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TEN Holdings Inc XHLD
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TEN Holdings 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 TEN 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 * 14.9504+0.528 * 1.087+0.404 * 0+0.892 * 1.0331+0.115 * 0.7238
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3962+4.679 * -0.927569-0.327 * 1.4544
=5.44

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $4.90 Mil.
Revenue was 0.853 + 0.706 + 0.543 + 1.116 = $3.22 Mil.
Gross Profit was 0.546 + 0.542 + 0.405 + 0.941 = $2.43 Mil.
Total Current Assets was $7.38 Mil.
Total Assets was $7.98 Mil.
Property, Plant and Equipment(Net PPE) was $0.60 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.45 Mil.
Selling, General, & Admin. Expense(SGA) was $13.49 Mil.
Total Current Liabilities was $5.92 Mil.
Long-Term Debt & Capital Lease Obligation was $0.40 Mil.
Net Income was -2.903 + -9.902 + -1.987 + -2.784 = $-17.58 Mil.
Non Operating Income was 0.001 + -4.448 + -0.001 + -1.344 = $-5.79 Mil.
Cash Flow from Operations was -1.102 + -1.03 + -1.458 + -0.792 = $-4.38 Mil.
 Total Receivables was $0.32 Mil.
Revenue was 0.739 + 0.818 + 0.535 + 1.023 = $3.12 Mil.
Gross Profit was 0.553 + 0.7 + 0.426 + 0.882 = $2.56 Mil.
Total Current Assets was $2.89 Mil.
Total Assets was $10.79 Mil.
Property, Plant and Equipment(Net PPE) was $0.72 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.33 Mil.
Selling, General, & Admin. Expense(SGA) was $9.35 Mil.
Total Current Liabilities was $5.39 Mil.
Long-Term Debt & Capital Lease Obligation was $0.48 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)
=(4.896 / 3.218) / (0.317 / 3.115)
=1.521442 / 0.101766
=14.9504

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)
=(2.561 / 3.115) / (2.434 / 3.218)
=0.822151 / 0.75637
=1.087

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 - (7.383 + 0.597) / 7.98) / (1 - (2.888 + 0.718) / 10.794)
=0 / 0.665926
=0

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
=3.218 / 3.115
=1.0331

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))
=(0.326 / (0.326 + 0.718)) / (0.453 / (0.453 + 0.597))
=0.312261 / 0.431429
=0.7238

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)
=(13.488 / 3.218) / (9.351 / 3.115)
=4.191423 / 3.001926
=1.3962

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)
=((0.4 + 5.918) / 7.98) / ((0.482 + 5.394) / 10.794)
=0.791729 / 0.544377
=1.4544

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
=(-17.576 - -5.792 - -4.382) / 7.98
=-0.927569

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.

TEN Holdings has a M-score of 5.44 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 5.44 mean?
TEN Holdings (XHLD) has a Beneish M-Score of 5.44 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TEN Holdings and its competitors. This is 230% above median its historical median of 1.65. According to the industry distribution chart, TEN Holdings ranks #964 out of 989 companies in the Media - Diversified industry, placing it in the top 97.5%.
Is TEN Holdings' Beneish M-Score too high?
TEN Holdings' current Beneish M-Score of 5.44 is 230% above median its 10-year median of 1.65. Based on the distribution chart, TEN Holdings ranks #964 out of 989 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, TEN Holdings has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.
How does TEN Holdings' Beneish M-Score compare to TAAG and MDEX?
According to the Media - Diversified industry distribution chart, TEN Holdings ranks #964 out of 989 companies for Beneish M-Score. This places TEN Holdings 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 TEN Holdings and its competitors. TEN Holdings's current Beneish M-Score is 5.44, which is 230% above median its own 10-year median of 1.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TEN Holdings stock overvalued right now?
TEN Holdings (XHLD) has a current Beneish M-Score of 5.44. The current Beneish M-Score is 5.44, which is 230% above median its 10-year median of 1.65. TEN Holdings' overall GF Score™ is 4/100 with 5 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 TEN Holdings (XHLD), the current Beneish M-Score is 5.44 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.

TEN Holdings Business Description

Address 1170 Wheeler Way, Langhorne, PA, USA, 19047
TEN Holdings Inc is a provider of event planning, producing, and broadcasting virtual and hybrid events using its event platform, the Xyvid Pro Platform, and delivering physical events. Ten Events' platform provides a dynamic, interactive, and engaging virtual event experience to its clients and enables clients to engage and interact with their target audience anywhere in the world through event webcasting. The Company operates business as one operating segment, which includes two revenue types: Hybrid and Virtual Events and Physical Events.
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