ADXRF (ADX Energy) Beneish M-Score: -2.70 (As of Jun. 25, 2026)

What is ADX Energy Beneish M-Score?

ADX Energy ADXRF +2.08% Beneish M-Score is -2.70 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, ADX Energy ranks better than 52.55% 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.

Good Sign:

Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ADXRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.57 Max: 2.57
Current: -2.7

During the past 13 years, the highest Beneish M-Score of ADX Energy was 2.57. The lowest was -2.88. And the median was -2.57.

ADX Energy Beneish M-Score Related Terms

ADX Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ADX 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.

ADX Energy Beneish M-Score Chart

ADX Energy Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-2.78

-2.88

-2.43

-2.70

ADX Energy Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.88	0.00	-2.43	0.00	-2.70

ADXRF vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, ADX 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.

ADX Energy Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, ADX Energy's Beneish M-Score distribution charts can be found below:

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

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ADX 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 ADX Energy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4708

0.528 * -0.4817

0.404 * 1.2724

0.892 * 1.0758

0.115 * 16.423

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6124

4.679 * -0.198934

0.327 * 0.9579

-2.65

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $0.82 Mil.
Revenue was $7.17 Mil.
Gross Profit was $-1.64 Mil.
Total Current Assets was $6.45 Mil.
Total Assets was $29.09 Mil.
Property, Plant and Equipment(Net PPE) was $21.81 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General, & Admin. Expense(SGA) was $2.76 Mil.
Total Current Liabilities was $3.82 Mil.
Long-Term Debt & Capital Lease Obligation was $0.65 Mil.
Net Income was $-7.84 Mil.
Gross Profit was $0.26 Mil.
Cash Flow from Operations was $-2.31 Mil.

Total Receivables was $1.63 Mil.
Revenue was $6.66 Mil.
Gross Profit was $0.73 Mil.
Total Current Assets was $9.78 Mil.
Total Assets was $32.47 Mil.
Property, Plant and Equipment(Net PPE) was $21.97 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.59 Mil.
Selling, General, & Admin. Expense(SGA) was $4.19 Mil.
Total Current Liabilities was $4.55 Mil.
Long-Term Debt & Capital Lease Obligation was $0.66 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)
	=	(0.823 / 7.169)	/	(1.625 / 6.664)
	=	0.1148	/	0.243848
	=	0.4708

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)
	=	(0.733 / 6.664)	/	(-1.637 / 7.169)
	=	0.109994	/	-0.228344
	=	-0.4817

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 - (6.45 + 21.811) / 29.085)	/	(1 - (9.777 + 21.972) / 32.472)
	=	0.028331	/	0.022265
	=	1.2724

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
	=	7.169	/	6.664
	=	1.0758

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))
	=	(1.59 / (1.59 + 21.972))	/	(0.09 / (0.09 + 21.811))
	=	0.067482	/	0.004109
	=	16.423

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)
	=	(2.761 / 7.169)	/	(4.191 / 6.664)
	=	0.38513	/	0.628902
	=	0.6124

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)
	=	((0.649 + 3.816) / 29.085)	/	((0.656 + 4.548) / 32.472)
	=	0.153516	/	0.160261
	=	0.9579

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
	=	(-7.836 - 0.262	-	-2.312)	/	29.085
	=	-0.198934

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.

ADX Energy has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.70 mean?

ADX Energy (ADXRF) has a Beneish M-Score of -2.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ADX Energy and its competitors. According to the industry distribution chart, ADX Energy ranks #390 out of 822 companies in the Oil & Gas industry, placing it in the top 47.4%.

Is ADX Energy's Beneish M-Score too high?

ADX Energy's current Beneish M-Score is -2.70. Based on the distribution chart, ADX Energy ranks #390 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint.

How does ADX Energy's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, ADX Energy ranks #390 out of 822 companies for Beneish M-Score. This puts ADX Energy 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 ADX Energy and its competitors. ADX Energy's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ADX Energy stock overvalued right now?

Based on GuruFocus' analysis, ADX Energy (ADXRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.03, compared to a current price of $0.02 — trading 18.3% below its estimated fair value. The current Beneish M-Score is -2.70. 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 ADX Energy (ADXRF), the current Beneish M-Score is -2.70 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.

ADX Energy Business Description

Industry Energy Oil & Gas

Comparable Companies ASX:ATS ASX:GRV ASX:MNE ASX:P1E ASX:OEL ASX:BAS ASX:MAY ASX:FZR ASX:HYT ASX:LKO HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Other Exchanges GHU:Germany ADX:Australia

Address 29 Bay Road, Claremont, WA, AUS, 6010

Website https://www.adxenergy.com.au

ADX Energy Ltd is engaged in oil and gas production, appraisal, and exploration. The reportable operating segments of the company are Sicily Channel Offshore Exploration and Evaluation Segment; Romania Exploration and Appraisal/Development Segment; and Austria Production, Appraisal/Development and Exploration Segment. The company generates key revenue from the Austria Production Segment, which includes assets and activities that are associated with oil and gas production in that region. Geographically, the company has its operations in Austria, Italy and Romania.