DFDV (DeFi Development) Beneish M-Score: 1.46 (As of Jun. 26, 2026)

What is DeFi Development Beneish M-Score?

DeFi Development DFDV +10.98% 38 Beneish M-Score is 1.46 as of Jun. 26, 2026. GuruFocus rates DFDV with a GF Score™ of 38/100 and a GF Value™ of $2.69 (Fairly Valued). The stock has 6 warning signs investors should review. Among 954 Asset Management companies, DeFi Development ranks worse than 89.73% 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 1.46 higher than -1.78, which implies that the company might have manipulated its financial results.

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

DFDV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -1.2 Max: 28.56
Current: 1.46

During the past 6 years, the highest Beneish M-Score of DeFi Development was 28.56. The lowest was -3.44. And the median was -1.20.

DeFi Development Beneish M-Score Related Terms

DeFi Development Beneish M-Score Historical Data

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The historical data trend for DeFi Development'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.

DeFi Development Beneish M-Score Chart

DeFi Development Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-2.21

-1.91

-0.06

DeFi Development Quarterly Data
	Dec20	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															-0.59	1.99	-1.80	-0.06	1.46

DFDV vs JHI, NIM, GLU: Beneish M-Score Comparison

For the Asset Management subindustry, DeFi Development'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.

DeFi Development Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, DeFi Development's Beneish M-Score distribution charts can be found below:

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

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38GF Score

DeFi Development Corp DFDV

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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DeFi Development 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 DeFi Development 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 * 0

0.528 * 1.0097

0.404 * 1.8546

0.892 * 6.9651

0.115 * 0.7245

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7949

4.679 * 0.019568

0.327 * 3.7592

1.46

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.00 Mil.
Revenue was 2.664 + 4.488 + 4.625 + 1.986 = $13.76 Mil.
Gross Profit was 2.561 + 4.361 + 4.537 + 1.958 = $13.42 Mil.
Total Current Assets was $127.77 Mil.
Total Assets was $229.72 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.35 Mil.
Selling, General, & Admin. Expense(SGA) was $21.83 Mil.
Total Current Liabilities was $91.74 Mil.
Long-Term Debt & Capital Lease Obligation was $127.78 Mil.
Net Income was -83.39 + -144.468 + 56.026 + 15.432 = $-156.40 Mil.
Non Operating Income was -76.504 + -156.023 + 77.218 + 21.413 = $-133.90 Mil.
Cash Flow from Operations was -9.817 + -10.926 + -4.984 + -1.272 = $-27.00 Mil.

Total Receivables was $0.63 Mil.
Revenue was 0.287 + 0.629 + 0.619 + 0.441 = $1.98 Mil.
Gross Profit was 0.28 + 0.621 + 0.611 + 0.433 = $1.95 Mil.
Total Current Assets was $3.06 Mil.
Total Assets was $4.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $3.94 Mil.
Total Current Liabilities was $1.06 Mil.
Long-Term Debt & Capital Lease Obligation was $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)
	=	(0 / 13.763)	/	(0.631 / 1.976)
	=	0	/	0.319332
	=	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)
	=	(1.945 / 1.976)	/	(13.417 / 13.763)
	=	0.984312	/	0.97486
	=	1.0097

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 - (127.768 + 0) / 229.716)	/	(1 - (3.055 + 0.108) / 4.158)
	=	0.4438	/	0.239298
	=	1.8546

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
	=	13.763	/	1.976
	=	6.9651

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))
	=	(0.284 / (0.284 + 0.108))	/	(1.346 / (1.346 + 0))
	=	0.72449	/	1
	=	0.7245

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)
	=	(21.825 / 13.763)	/	(3.942 / 1.976)
	=	1.585773	/	1.994939
	=	0.7949

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)
	=	((127.779 + 91.743) / 229.716)	/	((0 + 1.057) / 4.158)
	=	0.955623	/	0.254209
	=	3.7592

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
	=	(-156.4 - -133.896	-	-26.999)	/	229.716
	=	0.019568

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.

DeFi Development has a M-score of 1.46 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 1.46 mean?

DeFi Development (DFDV) has a Beneish M-Score of 1.46 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DeFi Development and its competitors. According to the industry distribution chart, DeFi Development ranks #856 out of 954 companies in the Asset Management industry, placing it in the top 89.7%.

Is DeFi Development's Beneish M-Score too high?

DeFi Development's current Beneish M-Score is 1.46. Based on the distribution chart, DeFi Development ranks #856 out of 954 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, DeFi Development has a GF Score™ of 38/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does DeFi Development's Beneish M-Score compare to JHI and NIM?

According to the Asset Management industry distribution chart, DeFi Development ranks #856 out of 954 companies for Beneish M-Score. This places DeFi Development 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 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 DeFi Development and its competitors. DeFi Development's current Beneish M-Score is 1.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is DeFi Development stock overvalued right now?

Based on GuruFocus' analysis, DeFi Development (DFDV) is currently considered Fairly Valued. The stock's GF Value™ is $2.69, compared to a current price of $2.73 — trading 1.5% above its estimated fair value. The current Beneish M-Score is 1.46. DeFi Development's overall GF Score™ is 38/100 with 6 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 DeFi Development (DFDV), the current Beneish M-Score is 1.46 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.

Is DeFi Development (DFDV) Overvalued in 2026?

Based on GuruFocus' analysis, DeFi Development stock appears to be overvalued. The current stock price of $2.73 is trading 1.5% above its estimated GF Value™ of $2.69. GuruFocus considers DeFi Development to be Fairly Valued.

Key valuation signals for DFDV:

Beneish M-Score: 1.46
GF Value™: $2.69 vs. price of $2.73 (1.5% above fair value)
GF Score™: 38/100 with 6 warning signs

No single metric tells the full story. See the DFDV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DeFi Development Business Description

Industry Financial Services Asset Management

Comparable Companies JHI NIM GLU CXE PAI GGZ NMI CYPH PFO IAF BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT OSTO:EQT AMP

Other Exchanges F6S0:Germany

Address 6401 Congress Avenue, Suite 250, Boca Raton, FL, USA, 33487

Website https://www.defidevcorp.com

DeFi Development Corp is a U.S. company committed to building its treasury around Solana (SOL), a fast-growing blockchain infrastructure platform. This equity delivers shareholders tangible exposure to SOL price movement and staking rewards, making the firm a proxy for the Solana ecosystem. The treasury extends to running its own validator infrastructure, allowing DFDV to actively participate in and benefit from the Solana network expansion. The firm has two segments: Digital Asset Treasury ("Treasury") and Real Estate Platform ("Real Estate"). The company generates the majority of its revenue from the Treasury segment.

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

$2.73

Price

$2.69

GF Value

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