CRDL (Cardiol Therapeutics) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


CRDL Cardiol Therapeutics Inc CRDL
34 GF Score
Price $1.04
! 3 Warning Signs
View Full Analysis

What is Cardiol Therapeutics Beneish M-Score?

Cardiol Therapeutics CRDL -1.42% 34 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates CRDL with a GF Score™ of 34/100. The stock has 3 warning signs investors should review. Among 911 Drug Manufacturers companies, Cardiol Therapeutics ranks worse than 109769.37% 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.

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

During the past 9 years, the highest Beneish M-Score of Cardiol Therapeutics was 0.00. The lowest was 0.00. And the median was 0.00.

Cardiol Therapeutics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cardiol Therapeutics'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.

Cardiol Therapeutics Beneish M-Score Chart

Cardiol Therapeutics Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

Cardiol Therapeutics Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 0.00 0.00

CRDL vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Cardiol Therapeutics'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.

Cardiol Therapeutics Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Cardiol Therapeutics's Beneish M-Score distribution charts can be found below:

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


CRDL
34GF Score
Cardiol Therapeutics Inc CRDL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cardiol Therapeutics 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 Cardiol Therapeutics 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0.25 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $22.79 Mil.
Total Assets was $22.89 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $14.74 Mil.
Total Current Liabilities was $5.20 Mil.
Long-Term Debt & Capital Lease Obligation was $0.06 Mil.
Net Income was -7.886 + -5.229 + -7.203 + -6.112 = $-26.43 Mil.
Non Operating Income was -0.957 + 0.466 + 0.068 + -0.628 = $-1.05 Mil.
Cash Flow from Operations was -5.48 + -3.788 + -5.006 + -3.33 = $-17.60 Mil.
 Total Receivables was $0.24 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $17.60 Mil.
Total Assets was $17.73 Mil.
Property, Plant and Equipment(Net PPE) was $0.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General, & Admin. Expense(SGA) was $18.39 Mil.
Total Current Liabilities was $5.40 Mil.
Long-Term Debt & Capital Lease Obligation was $0.08 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)
=(0.248 / 0) / (0.242 / 0)
= /
=

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)
=(0 / 0) / (0 / 0)
= /
=

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 - (22.79 + 0.101) / 22.891) / (1 - (17.604 + 0.127) / 17.731)
=0 / 0
=

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
=0 / 0
=

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))
=(0.244 / (0.244 + 0.127)) / (0.076 / (0.076 + 0.101))
=0.657682 / 0.429379
=

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)
=(14.741 / 0) / (18.394 / 0)
= /
=

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)
=((0.056 + 5.195) / 22.891) / ((0.081 + 5.399) / 17.731)
=0.229391 / 0.309063
=

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
=(-26.43 - -1.051 - -17.604) / 22.891
=-0.339653

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?
Cardiol Therapeutics (CRDL) 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 Cardiol Therapeutics and its competitors. According to the industry distribution chart, Cardiol Therapeutics ranks #999999 out of 911 companies in the Drug Manufacturers industry.
Is Cardiol Therapeutics' Beneish M-Score too high?
Cardiol Therapeutics' current Beneish M-Score is 0.00. Based on the distribution chart, Cardiol Therapeutics ranks #999999 out of 911 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Cardiol Therapeutics has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does Cardiol Therapeutics' Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Cardiol Therapeutics ranks #999999 out of 911 companies for Beneish M-Score. This places Cardiol Therapeutics 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Cardiol Therapeutics and its competitors. Cardiol Therapeutics'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 Cardiol Therapeutics stock overvalued right now?
Cardiol Therapeutics (CRDL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Cardiol Therapeutics' overall GF Score™ is 34/100 with 3 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 Cardiol Therapeutics (CRDL), 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.

Cardiol Therapeutics Business Description

Other Exchanges CT9:GermanyCRDL:Canada
Address 2265 Upper Middle Road East, Suite 602, Oakville, ON, CAN, L6H 0G5
Cardiol Therapeutics Inc is a late-stage life sciences company focused on advancing the development of anti-inflammatory and anti-fibrotic therapies for heart disease. Its primary small-molecule candidate, CardiolRx, targets inflammasome pathway activation, which is involved in the development of inflammation and fibrosis in conditions such as pericarditis, myocarditis, and heart failure. The CardiolRx program includes the completed Phase II MAVERIC-Pilot study and the ongoing Phase III MAVERIC trial for the treatment of pericarditis. The ARCHER program evaluated CardiolRx in acute myocarditis through a completed Phase II study. The company is also developing CRD-38, a novel subcutaneous drug formulation for treating inflammatory heart conditions, including heart failure.
34GF Score

Get the complete analysis for CRDL

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

$1.04
Price