Fortifai (ASX:FTI) Beneish M-Score: 0.00 (As of Jul. 02, 2026)


ASX:FTI Fortifai Ltd ASX:FTI
35 GF Score
Price A$1.10
GF Value A$0.02
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Fortifai Beneish M-Score?

Fortifai ASX:FTI +1.39% 35 Beneish M-Score is 0.00 as of Jul. 02, 2026. GuruFocus rates ASX:FTI with a GF Score™ of 35/100 and a GF Value™ of A$0.02 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 531 Interactive Media companies, Fortifai ranks worse than 188323.73% 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.

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

During the past 5 years, the highest Beneish M-Score of Fortifai was -4.82. The lowest was -6.24. And the median was -5.53.

Fortifai Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fortifai'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.

Fortifai Beneish M-Score Chart

Fortifai Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -4.82 -6.24 0.00

Fortifai Semi-Annual Data
Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 0.00 -6.24 0.00 0.00 0.00

ASX:FTI vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Fortifai'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.

Fortifai Beneish M-Score vs Interactive Media Industry

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

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


ASX:FTI
35GF Score
Fortifai Ltd ASX:FTI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fortifai 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 Fortifai 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$2.65 Mil.
Revenue was A$4.33 Mil.
Gross Profit was A$4.33 Mil.
Total Current Assets was A$5.77 Mil.
Total Assets was A$5.81 Mil.
Property, Plant and Equipment(Net PPE) was A$0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.06 Mil.
Selling, General, & Admin. Expense(SGA) was A$7.64 Mil.
Total Current Liabilities was A$1.27 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-1.99 Mil.
Gross Profit was A$1.97 Mil.
Cash Flow from Operations was A$-1.03 Mil.
 Total Receivables was A$2.54 Mil.
Revenue was A$5.10 Mil.
Gross Profit was A$5.10 Mil.
Total Current Assets was A$6.42 Mil.
Total Assets was A$6.56 Mil.
Property, Plant and Equipment(Net PPE) was A$0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.47 Mil.
Selling, General, & Admin. Expense(SGA) was A$12.81 Mil.
Total Current Liabilities was A$3.43 Mil.
Long-Term Debt & Capital Lease Obligation was A$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)
=(2.65 / 4.328) / (2.539 / 5.102)
=0.612292 / 0.497648
=

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)
=(5.102 / 5.102) / (4.328 / 4.328)
=1 / 1
=

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 - (5.773 + 0.041) / 5.814) / (1 - (6.42 + 0.14) / 6.56)
=0 / 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
=4.328 / 5.102
=

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))
=(0.47 / (0.47 + 0.14)) / (0.063 / (0.063 + 0.041))
=0.770492 / 0.605769
=

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)
=(7.639 / 4.328) / (12.812 / 5.102)
=1.765018 / 2.511172
=

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 + 1.27) / 5.814) / ((0 + 3.432) / 6.56)
=0.218438 / 0.523171
=

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
=(-1.99 - 1.969 - -1.029) / 5.814
=-0.503956

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Fortifai (ASX:FTI) has a Beneish M-Score of 0.00 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fortifai and its competitors. According to the industry distribution chart, Fortifai ranks #999999 out of 531 companies in the Interactive Media industry.
Is Fortifai's Beneish M-Score too high?
Fortifai's current Beneish M-Score is 0.00. Based on the distribution chart, Fortifai ranks #999999 out of 531 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Fortifai has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortifai's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Fortifai ranks #999999 out of 531 companies for Beneish M-Score. This places Fortifai 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 an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 Fortifai and its competitors. Fortifai's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortifai stock overvalued right now?
Based on GuruFocus' analysis, Fortifai (ASX:FTI) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.02, compared to a current price of A$1.10 — trading 5375% above its estimated fair value. The current Beneish M-Score is 0.00. Fortifai's overall GF Score™ is 35/100 with 6 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 Fortifai (ASX:FTI), the current Beneish M-Score is 0.00 as of Jul. 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 Fortifai (ASX:FTI) Overvalued in 2026?

Based on GuruFocus' analysis, Fortifai stock appears to be overvalued. The current stock price of A$1.10 is trading 5375% above its estimated GF Value™ of A$0.02. GuruFocus considers Fortifai to be Significantly Overvalued.

Key valuation signals for ASX:FTI:

  • Beneish M-Score: 0.00
  • GF Value™: A$0.02 vs. price of A$1.10 (5375% above fair value)
  • GF Score™: 35/100 with 6 warning signs

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

Fortifai Business Description

Other Exchanges 9UQ0:Germany
Address 169 Fullarton Road, Level 1, Dulwich, SA, AUS, 5065
Fortifai Ltd is engaged in developing and commercialising technology with a focus on AI. It has developed a broad portfolio of video games for console, PC, and mobile platforms. Mobile games and apps developed and/or published by the company are made available for customers on different app stores, including Apple's App Store, Google Play, and other platforms. The company uses AI to target efficiencies and expansion opportunities in technology. In addition to receiving fees for development work from clients, Fortifai monetises its games and apps through In-App purchases and advertising offered to consumers within games and apps for smartphones and tablets. It reports its business activities in one area: video games development.
35GF Score

Get the complete analysis for ASX:FTI

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

A$1.10
Price
A$0.02
GF Value