AXG (Solowin Holdings) Beneish M-Score: -0.24 (As of Jul. 04, 2026)


AXG Solowin Holdings Ltd AXG
12 GF Score
Price $3.26
! 7 Warning Signs
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What is Solowin Holdings Beneish M-Score?

Solowin Holdings AXG 12 Beneish M-Score is -0.24 as of Jul. 04, 2026. GuruFocus rates AXG with a GF Score™ of 12/100. The stock has 7 warning signs investors should review. Among 705 Capital Markets companies, Solowin Holdings ranks worse than 83.12% 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 -0.24 higher than -1.78, which implies that the company might have manipulated its financial results.

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

AXG' s Beneish M-Score Range Over the Past 10 Years
Min: -1.22   Med: -0.24   Max: 0.12
Current: -0.24

During the past 5 years, the highest Beneish M-Score of Solowin Holdings was 0.12. The lowest was -1.22. And the median was -0.24.

Solowin Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Solowin 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.

Solowin Holdings Beneish M-Score Chart

Solowin Holdings Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.22 0.12 -0.24

Solowin Holdings Semi-Annual Data
Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.12 0.00 -0.24 0.00

AXG vs BTGO, BTBT, RHNO: Beneish M-Score Comparison

For the Capital Markets subindustry, Solowin 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.

Solowin Holdings Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Solowin Holdings's Beneish M-Score distribution charts can be found below:

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


AXG
12GF Score
Solowin Holdings Ltd AXG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Solowin 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 Solowin 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 * 0.0991+0.528 * 12.8909+0.404 * 1.6305+0.892 * 0.6632+0.115 * 0.2271
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.766+4.679 * -0.596685-0.327 * 1.4638
=-0.24

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $0.27 Mil.
Revenue was $2.87 Mil.
Gross Profit was $0.16 Mil.
Total Current Assets was $9.66 Mil.
Total Assets was $12.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.10 Mil.
Selling, General, & Admin. Expense(SGA) was $6.84 Mil.
Total Current Liabilities was $7.49 Mil.
Long-Term Debt & Capital Lease Obligation was $0.08 Mil.
Net Income was $-8.54 Mil.
Gross Profit was $-0.14 Mil.
Cash Flow from Operations was $-1.06 Mil.
 Total Receivables was $4.15 Mil.
Revenue was $4.32 Mil.
Gross Profit was $3.11 Mil.
Total Current Assets was $12.80 Mil.
Total Assets was $15.40 Mil.
Property, Plant and Equipment(Net PPE) was $1.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $5.84 Mil.
Total Current Liabilities was $6.04 Mil.
Long-Term Debt & Capital Lease Obligation was $0.44 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)
=(0.273 / 2.865) / (4.152 / 4.32)
=0.095288 / 0.961111
=0.0991

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)
=(3.11 / 4.32) / (0.16 / 2.865)
=0.719907 / 0.055846
=12.8909

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 - (9.657 + 0.828) / 12.308) / (1 - (12.795 + 1.207) / 15.401)
=0.148115 / 0.090838
=1.6305

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
=2.865 / 4.32
=0.6632

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))
=(0.03 / (0.03 + 1.207)) / (0.099 / (0.099 + 0.828))
=0.024252 / 0.106796
=0.2271

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)
=(6.84 / 2.865) / (5.84 / 4.32)
=2.387435 / 1.351852
=1.766

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)
=((0.083 + 7.494) / 12.308) / ((0.439 + 6.038) / 15.401)
=0.615616 / 0.420557
=1.4638

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
=(-8.538 - -0.137 - -1.057) / 12.308
=-0.596685

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.

Solowin Holdings has a M-score of -0.24 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 -0.24 mean?
Solowin Holdings (AXG) has a Beneish M-Score of -0.24 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Solowin Holdings and its competitors. According to the industry distribution chart, Solowin Holdings ranks #586 out of 705 companies in the Capital Markets industry, placing it in the top 83.1%.
Is Solowin Holdings' Beneish M-Score too high?
Solowin Holdings' current Beneish M-Score is -0.24. Based on the distribution chart, Solowin Holdings ranks #586 out of 705 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Solowin Holdings has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Solowin Holdings' Beneish M-Score compare to BTGO and BTBT?
According to the Capital Markets industry distribution chart, Solowin Holdings ranks #586 out of 705 companies for Beneish M-Score. This places Solowin Holdings 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Solowin Holdings and its competitors. Solowin Holdings's current Beneish M-Score is -0.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Solowin Holdings stock overvalued right now?
Solowin Holdings (AXG) has a current Beneish M-Score of -0.24. The current Beneish M-Score is -0.24. Solowin Holdings' overall GF Score™ is 12/100 with 7 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 Solowin Holdings (AXG), the current Beneish M-Score is -0.24 as of Jul. 04, 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.

Solowin Holdings Business Description

Address 33 Canton Road, Room 1910-1912A, Tower 3, Tsim Sha Tsui, Kowloon, Hong Kong, HKG
Solowin Holdings Ltd is an investor-focused, versatile securities brokerage company in Hong Kong. It offers a wide spectrum of products and services through its secure one-stop electronic platform. It is engaged in providing securities-related services, investment advisory services, and asset management services to customers. The operations were organized into four reportable segments: Corporate Finance Services, Wealth Management Services, Asset Management Services and Virtual Assets. It derives maximum revenue from Wealth Management Services.
12GF 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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