Vinyl Group (ASX:VNL) Beneish M-Score: -1.51 (As of Jun. 24, 2026)


What is Vinyl Group Beneish M-Score?

Vinyl Group ASX:VNL -3.64% Beneish M-Score is -1.51 as of Jun. 24, 2026. The stock has 1 warning sign investors should review. Among 2,633 Software companies, Vinyl Group ranks worse than 84.54% 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 -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ASX:VNL' s Beneish M-Score Range Over the Past 10 Years
Min: -6.49   Med: -1.51   Max: 12.33
Current: -1.51

During the past 13 years, the highest Beneish M-Score of Vinyl Group was 12.33. The lowest was -6.49. And the median was -1.51.

Vinyl Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vinyl Group'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.

Vinyl Group Beneish M-Score Chart

Vinyl Group Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -6.49 12.33 6.84 3.72 -1.51

Vinyl Group 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 3.72 0.00 -1.51 0.00

ASX:VNL vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Vinyl Group'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.

Vinyl Group Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Vinyl Group's Beneish M-Score distribution charts can be found below:

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


Vinyl Group 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 Vinyl Group 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 * 0.6813+0.528 * 0.8934+0.404 * 1.104+0.892 * 2.8974+0.115 * 1.1434
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8937+4.679 * -0.138963-0.327 * 0.3733
=-1.51

* 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$3.80 Mil.
Revenue was A$14.40 Mil.
Gross Profit was A$5.59 Mil.
Total Current Assets was A$5.89 Mil.
Total Assets was A$23.22 Mil.
Property, Plant and Equipment(Net PPE) was A$0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.63 Mil.
Selling, General, & Admin. Expense(SGA) was A$11.94 Mil.
Total Current Liabilities was A$4.66 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-15.84 Mil.
Gross Profit was A$-3.66 Mil.
Cash Flow from Operations was A$-8.96 Mil.
 Total Receivables was A$1.92 Mil.
Revenue was A$4.97 Mil.
Gross Profit was A$1.72 Mil.
Total Current Assets was A$6.28 Mil.
Total Assets was A$19.22 Mil.
Property, Plant and Equipment(Net PPE) was A$-0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.32 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.61 Mil.
Total Current Liabilities was A$10.33 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)
=(3.798 / 14.403) / (1.924 / 4.971)
=0.263695 / 0.387045
=0.6813

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)
=(1.724 / 4.971) / (5.591 / 14.403)
=0.346812 / 0.388183
=0.8934

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 - (5.885 + 0.031) / 23.222) / (1 - (6.279 + -0.035) / 19.216)
=0.745242 / 0.675062
=1.104

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
=14.403 / 4.971
=2.8974

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))
=(0.322 / (0.322 + -0.035)) / (1.625 / (1.625 + 0.031))
=1.121951 / 0.98128
=1.1434

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)
=(11.942 / 14.403) / (4.612 / 4.971)
=0.829133 / 0.927781
=0.8937

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 + 4.661) / 23.222) / ((0 + 10.333) / 19.216)
=0.200715 / 0.537729
=0.3733

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
=(-15.843 - -3.655 - -8.961) / 23.222
=-0.138963

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.

Vinyl Group has a M-score of -1.51 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 -1.51 mean?
Vinyl Group (ASX:VNL) has a Beneish M-Score of -1.51 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vinyl Group and its competitors. According to the industry distribution chart, Vinyl Group ranks #2226 out of 2633 companies in the Software industry, placing it in the top 84.5%.
Is Vinyl Group's Beneish M-Score too high?
Vinyl Group's current Beneish M-Score is -1.51. Based on the distribution chart, Vinyl Group ranks #2226 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers.
How does Vinyl Group's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Vinyl Group ranks #2226 out of 2633 companies for Beneish M-Score. This places Vinyl Group 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 Software company?
A good Beneish M-Score depends on the Software 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 Vinyl Group and its competitors. Vinyl Group's current Beneish M-Score is -1.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vinyl Group stock overvalued right now?
Based on GuruFocus' analysis, Vinyl Group (ASX:VNL) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.27, compared to a current price of A$0.05 — trading 80.4% below its estimated fair value. The current Beneish M-Score is -1.51. 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 Vinyl Group (ASX:VNL), the current Beneish M-Score is -1.51 as of Jun. 24, 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.

Vinyl Group Business Description

Other Exchanges JAXAF:USA
Address 11 Wilson Street, South Yarra, VIC, AUS, 3141
Vinyl Group Ltd Formerly Jaxsta Ltd is a music technology company that carries on music database. It has developed an online platform named Jaxsta to hold official music metadata. Its database consists of official music information and is built to meet the needs of music professionals and enthusiasts seeking a comprehensive and authenticated source of music data. The company uses " Big Data" technology to ingest and translate information sourced directly from official channels including record labels, music publishers, royalty agencies and industry associations onto its Jaxsta platform ensuring optimum accuracy and reliability.