CHI (CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND) Beneish M-Score: -2.30 (As of Jul. 26, 2026)

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CHI CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND CHI
35 GF Score
Price $12.64
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What is CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND Beneish M-Score?

CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND CHI -2.17% 35 Beneish M-Score is -2.30 as of Jul. 26, 2026. GuruFocus rates CHI with a GF Score™ of 35/100. The stock has 5 warning signs investors should review. Among 952 Asset Management companies, CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND ranks better than 51.79% 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.

Good Sign:

Beneish M-Score -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's Beneish M-Score or its related term are showing as below:

CHI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3   Med: -1.35   Max: 0.22
Current: -2.3

During the past 9 years, the highest Beneish M-Score of CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND was 0.22. The lowest was -2.30. And the median was -1.35.

CHI
35GF Score
CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND CHI
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CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND 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 CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND 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 * 0.6847+0.528 * 1+0.404 * 1+0.892 * 1.0516+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9457+4.679 * 0.079333-0.327 * 0.8767
=-2.30

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was $7.6 Mil.
Revenue was $173.2 Mil.
Gross Profit was $173.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $1,329.1 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $0.6 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $301.7 Mil.
Net Income was $172.6 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $67.1 Mil.
 Total Receivables was $10.6 Mil.
Revenue was $164.7 Mil.
Gross Profit was $164.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $1,215.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $0.6 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $314.7 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)
=(7.606 / 173.215) / (10.564 / 164.712)
=0.043911 / 0.064136
=0.6847

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)
=(164.712 / 164.712) / (173.215 / 173.215)
=1 / 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 - (0 + 0) / 1329.083) / (1 - (0 + 0) / 1215.431)
=1 / 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
=173.215 / 164.712
=1.0516

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))
= /
=1

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)
=(0.558 / 173.215) / (0.561 / 164.712)
=0.003221 / 0.003406
=0.9457

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)
=((301.65 + 0) / 1329.083) / ((314.65 + 0) / 1215.431)
=0.226961 / 0.258879
=0.8767

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
=(172.552 - 0 - 67.112) / 1329.083
=0.079333

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.

CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.30 mean?
CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND (CHI) has a Beneish M-Score of -2.30 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND and its competitors. According to the industry distribution chart, CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND ranks #459 out of 952 companies in the Asset Management industry, placing it in the top 48.2%.
Is CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's Beneish M-Score too high?
CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's current Beneish M-Score is -2.30. Based on the distribution chart, CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND ranks #459 out of 952 companies in the Asset Management industry, which is above the industry midpoint. Overall, CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's Beneish M-Score compare to PTA and CHY?
According to the Asset Management industry distribution chart, CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND ranks #459 out of 952 companies for Beneish M-Score. This puts CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND in the upper 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 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 CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND and its competitors. CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND stock overvalued right now?
CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND (CHI) has a current Beneish M-Score of -2.30. The current Beneish M-Score is -2.30. CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND's overall GF Score™ is 35/100 with 5 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 CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND (CHI), the current Beneish M-Score is -2.30 as of Jul. 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.

CALAMOS CONVERTIBLE OPPORTUNITIES &OME FUND Business Description

Address 2020 Calamos Court, Naperville, IL, USA, 60563-2787
CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND operates as a closed-end management investment company. Its investment objective is to provide total return through a combination of capital appreciation and current income. The Fund invests in convertible securities and high-yield securities.
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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