NAOS Small Cap Opportunities Co (ASX:NSC) Beneish M-Score: 0.00 (As of Jul. 05, 2026)


ASX:NSC NAOS Small Cap Opportunities Co Ltd ASX:NSC
35 GF Score
Price A$0.35
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What is NAOS Small Cap Opportunities Co Beneish M-Score?

NAOS Small Cap Opportunities Co ASX:NSC +9.38% 35 Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus rates ASX:NSC with a GF Score™ of 35/100. Among 953 Asset Management companies, NAOS Small Cap Opportunities Co ranks worse than 104931.69% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 NAOS Small Cap Opportunities Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of NAOS Small Cap Opportunities Co was 11.88. The lowest was 2.15. And the median was 7.02.

ASX:NSC
35GF Score
NAOS Small Cap Opportunities Co Ltd ASX:NSC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NAOS Small Cap Opportunities Co 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 NAOS Small Cap Opportunities Co 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$0.06 Mil.
Revenue was A$-7.36 Mil.
Gross Profit was A$-7.36 Mil.
Total Current Assets was A$0.00 Mil.
Total Assets was A$75.95 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.11 Mil.
Total Current Liabilities was A$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-9.07 Mil.
Gross Profit was A$0.00 Mil.
Cash Flow from Operations was A$26.69 Mil.
 Total Receivables was A$0.05 Mil.
Revenue was A$-31.90 Mil.
Gross Profit was A$-31.90 Mil.
Total Current Assets was A$0.00 Mil.
Total Assets was A$111.57 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.11 Mil.
Total Current Liabilities was A$0.00 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)
=(0.06 / -7.362) / (0.045 / -31.9)
= /
=

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)
=(-31.9 / -31.9) / (-7.362 / -7.362)
= /
=

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 + 0) / 75.945) / (1 - (0 + 0) / 111.572)
=1 / 1
=

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
=-7.362 / -31.9
=

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))
= /
=

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)
=(0.11 / -7.362) / (0.11 / -31.9)
= /
=

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) / 75.945) / ((0 + 0) / 111.572)
=0 / 0
=

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
=(-9.071 - 0 - 26.694) / 75.945
=-0.470933

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?
NAOS Small Cap Opportunities Co (ASX:NSC) has a Beneish M-Score of 0.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NAOS Small Cap Opportunities Co and its competitors. Over the past decade, NAOS Small Cap Opportunities Co's Beneish M-Score has ranged from 2.15 to 11.88. According to the industry distribution chart, NAOS Small Cap Opportunities Co ranks #999999 out of 953 companies in the Asset Management industry.
Is NAOS Small Cap Opportunities Co's Beneish M-Score too high?
NAOS Small Cap Opportunities Co's current Beneish M-Score is 0.00. Over the past 10 years, this metric has ranged from a low of 2.15 to a high of 11.88. Based on the distribution chart, NAOS Small Cap Opportunities Co ranks #999999 out of 953 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, NAOS Small Cap Opportunities Co has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does NAOS Small Cap Opportunities Co's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, NAOS Small Cap Opportunities Co ranks #999999 out of 953 companies for Beneish M-Score. This places NAOS Small Cap Opportunities Co in the lower half of its industry. Historically, NAOS Small Cap Opportunities Co's own Beneish M-Score has ranged from 2.15 to 11.88 over the past decade. 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 NAOS Small Cap Opportunities Co and its competitors. NAOS Small Cap Opportunities Co'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 NAOS Small Cap Opportunities Co stock overvalued right now?
NAOS Small Cap Opportunities Co (ASX:NSC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. NAOS Small Cap Opportunities Co's overall GF Score™ is 35/100. 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 NAOS Small Cap Opportunities Co (ASX:NSC), the current Beneish M-Score is 0.00 as of Jul. 05, 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.

NAOS Small Cap Opportunities Co Business Description

Address 25 Martin Place, Level 34, Sydney, NSW, AUS, 2000
NAOS Small Cap Opportunities Co Ltd is an investment company. The company invests in a concentrated portfolio of small-cap Australian listed equities that are outside the S&P/ASX100 Accumulation Index. The Company invests mainly in a concentrated portfolio of listed equities with the objective of providing investors with a long-term, concentrated exposure to Australian emerging companies It operates predominantly in Australia and one industry being the securities industry. The company derives revenue from dividend income, interest income and income from the investment portfolio.
35GF Score

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

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