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 -3.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Xtant Medical Holdings's Beneish M-Score or its related term are showing as below:
XTNT'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.98 Med: -2.78 Max: 0.29
Current: -3.52
During the past 13 years, the highest Beneish M-Score of Xtant Medical Holdings was 0.29. The lowest was -4.98. And the median was -2.78.
Xtant Medical Holdings Beneish M-Score Related Terms
Xtant Medical Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Xtant Medical 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.
XTNT vs MDAI, QTI, POSC: Beneish M-Score Comparison
For the Medical Devices subindustry, Xtant Medical 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.
Xtant Medical Holdings Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Xtant Medical Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xtant Medical Holdings's Beneish M-Score falls into.
Xtant Medical 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 Xtant Medical 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 * 0.7341
+
0.528 * 0.9333
+
0.404 * 0.5229
+
0.892 * 0.9968
+
0.115 * 0.7903
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9272
+
4.679 * -0.139077
-
0.327 * 0.6958
=
-3.52
* 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))
=
(4.293 / (4.293 + 11.462))
/
(4.683 / (4.683 + 8.899))
=
0.272485
/
0.344795
=
0.7903
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
=
(1.826 - 3.52
-
9.154)
/
78
=
-0.139077
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.
Xtant Medical Holdings has a M-score of -3.52 suggests that the company is unlikely to be a manipulator.
Xtant Medical Holdings (XTNT) has a Beneish M-Score of -3.52 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xtant Medical Holdings and its competitors. According to the industry distribution chart, Xtant Medical Holdings ranks #83 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 10.8%.
Is Xtant Medical Holdings' Beneish M-Score too high?
Xtant Medical Holdings' current Beneish M-Score is -3.52. Based on the distribution chart, Xtant Medical Holdings ranks #83 out of 766 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Xtant Medical Holdings has a GF Score™ of 31/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Xtant Medical Holdings' Beneish M-Score compare to MDAI and QTI?
According to the Medical Devices & Instruments industry distribution chart, Xtant Medical Holdings ranks #83 out of 766 companies for Beneish M-Score. This places Xtant Medical Holdings in the top 11% 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 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 Xtant Medical Holdings and its competitors. Xtant Medical Holdings's current Beneish M-Score is -3.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xtant Medical Holdings stock overvalued right now?
Based on GuruFocus' analysis, Xtant Medical Holdings (XTNT) is currently considered Possible Value Trap. The stock's GF Value™ is $0.62, compared to a current price of $0.43 — trading 31.5% below its estimated fair value. The current Beneish M-Score is -3.52. Xtant Medical Holdings' overall GF Score™ is 31/100 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 Xtant Medical Holdings (XTNT), the current Beneish M-Score is -3.52 as of Jun. 25, 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 Xtant Medical Holdings (XTNT) Overvalued in 2026?
Based on GuruFocus' analysis, Xtant Medical Holdings stock appears to be undervalued.
The current stock price of $0.43 is trading 31.5% below its estimated GF Value™ of $0.62.
GuruFocus considers Xtant Medical Holdings to be Possible Value Trap.
Key valuation signals for XTNT:
Beneish M-Score: -3.52
GF Value™: $0.62 vs. price of $0.43 (31.5% below fair value)
No single metric tells the full story. See the XTNT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Xtant Medical Holdings Inc is a medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and degenerative procedures. Its products are used by orthopedic spine surgeons and neurosurgeons to treat a variety of spinal disorders in the cervical, thoracolumbar, and interbody spine. The company's biomaterial products include OsteoSponge, OsteoSponge SC, OsteoSelect Plus DBM putty, OsteoWrap, and the line of 3Demin products, as well as other allografts. It generates a majority of its revenue from the U.S.
31GF Score
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