Dafora (BSE:DAFR) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is Dafora Beneish M-Score?

Dafora BSE:DAFR Beneish M-Score is 0.00 as of Jun. 26, 2026.

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 Dafora's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Dafora was 0.00. The lowest was 0.00. And the median was 0.00.

Dafora Beneish M-Score Related Terms

Dafora Beneish M-Score Historical Data

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The historical data trend for Dafora'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.

Dafora Beneish M-Score Chart

Dafora Annual Data

Trend

Dec12

Dec13

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-3.33

-2.70

-3.83

-1.44

3.32

Dafora Quarterly Data
	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Jun19	Dec19	Jun20	Dec20	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	3.32	0.00	0.00

BSE:DAFR vs NE, PTEN, RIG: Beneish M-Score Comparison

For the Oil & Gas Drilling subindustry, Dafora'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.

Dafora Beneish M-Score vs Oil & Gas Industry

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

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

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Dafora 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 Dafora 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 * 7.848

0.528 * 1.9506

0.404 * 1.2729

0.892 * 0.1425

0.115 * 0.697

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.056824

0.327 * 1.1364

3.32

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was lei37.37 Mil.
Revenue was lei11.91 Mil.
Gross Profit was lei4.78 Mil.
Total Current Assets was lei41.22 Mil.
Total Assets was lei61.98 Mil.
Property, Plant and Equipment(Net PPE) was lei10.88 Mil.
Depreciation, Depletion and Amortization(DDA) was lei2.67 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.00 Mil.
Total Current Liabilities was lei85.99 Mil.
Long-Term Debt & Capital Lease Obligation was lei13.42 Mil.
Net Income was lei-2.29 Mil.
Gross Profit was lei0.00 Mil.
Cash Flow from Operations was lei1.24 Mil.

Total Receivables was lei33.42 Mil.
Revenue was lei83.59 Mil.
Gross Profit was lei65.39 Mil.
Total Current Assets was lei42.46 Mil.
Total Assets was lei84.87 Mil.
Property, Plant and Equipment(Net PPE) was lei31.78 Mil.
Depreciation, Depletion and Amortization(DDA) was lei5.07 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.00 Mil.
Total Current Liabilities was lei79.93 Mil.
Long-Term Debt & Capital Lease Obligation was lei39.87 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)
	=	(37.366 / 11.909)	/	(33.419 / 83.589)
	=	3.137627	/	0.399801
	=	7.848

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)
	=	(65.388 / 83.589)	/	(4.776 / 11.909)
	=	0.782256	/	0.401041
	=	1.9506

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 - (41.221 + 10.876) / 61.981)	/	(1 - (42.461 + 31.778) / 84.872)
	=	0.159468	/	0.125283
	=	1.2729

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
	=	11.909	/	83.589
	=	0.1425

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))
	=	(5.068 / (5.068 + 31.778))	/	(2.674 / (2.674 + 10.876))
	=	0.137545	/	0.197343
	=	0.697

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 / 11.909)	/	(0 / 83.589)
	=	0	/	0
	=	1

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)
	=	((13.42 + 85.992) / 61.981)	/	((39.865 + 79.926) / 84.872)
	=	1.603911	/	1.411431
	=	1.1364

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
	=	(-2.286 - 0	-	1.236)	/	61.981
	=	-0.056824

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.

Dafora has a M-score of 3.32 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?

Dafora (BSE:DAFR) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dafora and its competitors.

Is Dafora's Beneish M-Score too high?

Dafora's current Beneish M-Score is 0.00.

How does Dafora's Beneish M-Score compare to NE and PTEN?

Dafora's Beneish M-Score of 0.00 can be compared against companies in the Oil & Gas 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 Dafora and its competitors. Dafora'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 Dafora stock overvalued right now?

Dafora (BSE:DAFR) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Dafora (BSE:DAFR), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

Dafora Business Description

Industry Energy Oil & Gas

Comparable Companies BSE:CAOR BSE:BCM BSE:CMP BSE:PREH BSE:CMF BSE:PTR BSE:TRANSI BSE:COTE BSE:VNC BSE:RMAH ADX:ADNOCDRILL NE PTEN RIG SAU:2381 SHSE:600871 HP SDRL OSL:BORR DO

Address Strada Regele Ferdinand I, No. 15, Sibiu, Medias, ROU, 551002

Website https://www.dafora.ro

Dafora SA provides drilling and construction services. The company's services include onshore drilling services for oil, natural gas and geothermal water, well testing and workover, transport and maintenance for drilling equipment. It provides services in South Africa, Tanzania, Uganda, Mozambique, Sudan, France, Bulgaria, Ukraine, Hungary, and Israel.