Bonyf NV (XPAR:MLBON) Beneish M-Score: 3.23 (As of Aug. 02, 2026) — Near Median

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XPAR:MLBON Bonyf NV XPAR:MLBON
12 GF Score
Price €2.48
GF Value €8.61
Valuation Possible Value Trap
! 2 Warning Signs
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What is Bonyf NV Beneish M-Score?

Bonyf NV XPAR:MLBON 12 Beneish M-Score is 3.23 as of Aug. 02, 2026, which is at its 10-year median of 3.23. GuruFocus rates XPAR:MLBON with a GF Score™ of 12/100 and a GF Value™ of €8.61 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 762 Medical Devices & Instruments companies, Bonyf NV ranks worse than 96.98% 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 3.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XPAR:MLBON' s Beneish M-Score Range Over the Past 10 Years
Min: -5   Med: 3.23   Max: 10.9
Current: 3.23

During the past 5 years, the highest Beneish M-Score of Bonyf NV was 10.90. The lowest was -5.00. And the median was 3.23.

Bonyf NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bonyf NV'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.

Bonyf NV Beneish M-Score Chart

Bonyf NV Annual Data
Trend Dec19 Dec20 Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 10.90 -5.00 3.23

Bonyf NV Semi-Annual Data
Dec19 Dec20 Dec22 Dec23 Dec24
Beneish M-Score 0.00 0.00 10.90 -5.00 3.23

XPAR:MLBON vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Bonyf NV'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.

Bonyf NV Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Bonyf NV's Beneish M-Score distribution charts can be found below:

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


XPAR:MLBON
12GF Score
Bonyf NV XPAR:MLBON
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bonyf NV 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 Bonyf NV 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 * 7.5541+0.528 * 1.028+0.404 * 0.9258+0.892 * 0.9094+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.011075-0.327 * 1.5167
=3.23

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €0.32 Mil.
Revenue was €0.28 Mil.
Gross Profit was €0.02 Mil.
Total Current Assets was €0.34 Mil.
Total Assets was €3.34 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.68 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.04 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.
 Total Receivables was €0.05 Mil.
Revenue was €0.31 Mil.
Gross Profit was €0.03 Mil.
Total Current Assets was €0.09 Mil.
Total Assets was €3.09 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.41 Mil.
Long-Term Debt & Capital Lease Obligation was €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)
=(0.316 / 0.281) / (0.046 / 0.309)
=1.124555 / 0.148867
=7.5541

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)
=(0.026 / 0.309) / (0.023 / 0.281)
=0.084142 / 0.081851
=1.028

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 - (0.341 + 0) / 3.341) / (1 - (0.093 + 0) / 3.093)
=0.897935 / 0.969932
=0.9258

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
=0.281 / 0.309
=0.9094

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0 / 0.281) / (0 / 0.309)
=0 / 0
=1

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 + 0.675) / 3.341) / ((0 + 0.412) / 3.093)
=0.202035 / 0.133204
=1.5167

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
=(-0.037 - 0 - 0) / 3.341
=-0.011075

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.

Bonyf NV has a M-score of 3.23 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 3.23 mean?
Bonyf NV (XPAR:MLBON) has a Beneish M-Score of 3.23 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bonyf NV and its competitors. This is near median its historical median of 3.23. According to the industry distribution chart, Bonyf NV ranks #739 out of 762 companies in the Medical Devices & Instruments industry, placing it in the top 97%.
Is Bonyf NV's Beneish M-Score too high?
Bonyf NV's current Beneish M-Score of 3.23 is near median its 10-year median of 3.23. Based on the distribution chart, Bonyf NV ranks #739 out of 762 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Bonyf NV has a GF Score™ of 12/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bonyf NV's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Bonyf NV ranks #739 out of 762 companies for Beneish M-Score. This places Bonyf NV 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Bonyf NV and its competitors. Bonyf NV's current Beneish M-Score is 3.23, which is near median its own 10-year median of 3.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bonyf NV stock overvalued right now?
Based on GuruFocus' analysis, Bonyf NV (XPAR:MLBON) is currently considered Possible Value Trap. The stock's GF Value™ is €8.61, compared to a current price of €2.48 — trading 71.2% below its estimated fair value. The current Beneish M-Score is 3.23, which is near median its 10-year median of 3.23. Bonyf NV's overall GF Score™ is 12/100 with 2 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 Bonyf NV (XPAR:MLBON), the current Beneish M-Score is 3.23 as of Aug. 02, 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 Bonyf NV (XPAR:MLBON) Overvalued in 2026?

Based on GuruFocus' analysis, Bonyf NV stock appears to be undervalued. The current stock price of €2.48 is trading 71.2% below its estimated GF Value™ of €8.61. GuruFocus considers Bonyf NV to be Possible Value Trap.

Key valuation signals for XPAR:MLBON:

  • Beneish M-Score: 3.23 (near median its 10-year median of 3.23)
  • GF Value™: €8.61 vs. price of €2.48 (71.2% below fair value)
  • GF Score™: 12/100 with 2 warning signs

No single metric tells the full story. See the XPAR:MLBON stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bonyf NV Business Description

Address Kalvekeetdijk 179, box 105, Knokke-Heist, BEL, 8300
Bonyf NV specializes in developing, producing and selling cutting-edge oral & dental care products. It is a forward-thinking company committed to revolutionizing oral care through innovation and research.
12GF Score

Get the complete analysis for XPAR:MLBON

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

€2.48
Price
€8.61
GF Value