ECAOF (Eco (Atlantic) Oil & Gas) Beneish M-Score: 25.18 (As of Jun. 24, 2026) — 388% Above Median

What is Eco (Atlantic) Oil & Gas Beneish M-Score?

Eco (Atlantic) Oil & Gas ECAOF -3.67% 22 Beneish M-Score is 25.18 as of Jun. 24, 2026, which is 388% above its 10-year median of 5.16. GuruFocus rates ECAOF with a GF Score™ of 22/100. The stock has 1 warning sign investors should review. Among 822 Oil & Gas companies, Eco (Atlantic) Oil & Gas ranks worse than 98.91% 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 25.18 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Eco (Atlantic) Oil & Gas's Beneish M-Score or its related term are showing as below:

ECAOF' s Beneish M-Score Range Over the Past 10 Years
Min: -47.39 Med: 5.16 Max: 4372.29
Current: 25.18

During the past 13 years, the highest Beneish M-Score of Eco (Atlantic) Oil & Gas was 4372.29. The lowest was -47.39. And the median was 5.16.

Eco (Atlantic) Oil & Gas Beneish M-Score Related Terms

Eco (Atlantic) Oil & Gas Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eco (Atlantic) Oil & Gas'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.

Eco (Atlantic) Oil & Gas Beneish M-Score Chart

Eco (Atlantic) Oil & Gas Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

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61.55

0.00

Eco (Atlantic) Oil & Gas Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	8.35	-0.23	25.18

ECAOF vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Eco (Atlantic) Oil & Gas'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.

Eco (Atlantic) Oil & Gas Beneish M-Score vs Oil & Gas Industry

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

* The bar in red indicates where Eco (Atlantic) Oil & Gas's Beneish M-Score falls into.

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Eco (Atlantic) Oil & Gas Ltd ECAOF

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

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Eco (Atlantic) Oil & Gas 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 Eco (Atlantic) Oil & Gas 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 * 0.0122

0.528 * 1

0.404 * 1.0992

0.892 * 34.3509

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0543

4.679 * -0.098414

0.327 * 2.0815

25.75

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $0.08 Mil.
Revenue was 2 + 0.002 + 0.016 + -0.06 = $1.96 Mil.
Gross Profit was 2 + 0.002 + 0.016 + -0.06 = $1.96 Mil.
Total Current Assets was $3.10 Mil.
Total Assets was $19.93 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $2.42 Mil.
Total Current Liabilities was $1.27 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 0.903 + -1.655 + -1.555 + 1.395 = $-0.91 Mil.
Non Operating Income was 0.002 + -0.001 + 0.008 + 3.361 = $3.37 Mil.
Cash Flow from Operations was 1.052 + -1.542 + -0.88 + -0.951 = $-2.32 Mil.

Total Receivables was $0.20 Mil.
Revenue was 0.052 + 0.004 + 0.003 + -0.002 = $0.06 Mil.
Gross Profit was 0.052 + 0.004 + 0.003 + -0.002 = $0.06 Mil.
Total Current Assets was $6.30 Mil.
Total Assets was $27.18 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.30 Mil.
Total Current Liabilities was $0.83 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)
	=	(0.084 / 1.958)	/	(0.201 / 0.057)
	=	0.042901	/	3.526316
	=	0.0122

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)
	=	(0.057 / 0.057)	/	(1.958 / 1.958)
	=	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 - (3.104 + 0) / 19.926)	/	(1 - (6.304 + 0) / 27.18)
	=	0.844224	/	0.768065
	=	1.0992

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
	=	1.958	/	0.057
	=	34.3509

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)
	=	(2.419 / 1.958)	/	(1.297 / 0.057)
	=	1.235444	/	22.754386
	=	0.0543

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 + 1.265) / 19.926)	/	((0 + 0.829) / 27.18)
	=	0.063485	/	0.0305
	=	2.0815

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
	=	(-0.912 - 3.37	-	-2.321)	/	19.926
	=	-0.098414

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.

Eco (Atlantic) Oil & Gas has a M-score of 25.75 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 25.18 mean?

Eco (Atlantic) Oil & Gas (ECAOF) has a Beneish M-Score of 25.18 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eco (Atlantic) Oil & Gas and its competitors. This is 388% above median its historical median of 5.16. According to the industry distribution chart, Eco (Atlantic) Oil & Gas ranks #813 out of 822 companies in the Oil & Gas industry, placing it in the top 98.9%.

Is Eco (Atlantic) Oil & Gas' Beneish M-Score too high?

Eco (Atlantic) Oil & Gas' current Beneish M-Score of 25.18 is 388% above median its 10-year median of 5.16. Based on the distribution chart, Eco (Atlantic) Oil & Gas ranks #813 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Eco (Atlantic) Oil & Gas has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.

How does Eco (Atlantic) Oil & Gas' Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Eco (Atlantic) Oil & Gas ranks #813 out of 822 companies for Beneish M-Score. This places Eco (Atlantic) Oil & Gas 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 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 Eco (Atlantic) Oil & Gas and its competitors. Eco (Atlantic) Oil & Gas's current Beneish M-Score is 25.18, which is 388% above median its own 10-year median of 5.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Eco (Atlantic) Oil & Gas stock overvalued right now?

Eco (Atlantic) Oil & Gas (ECAOF) has a current Beneish M-Score of 25.18. The current Beneish M-Score is 25.18, which is 388% above median its 10-year median of 5.16. Eco (Atlantic) Oil & Gas' overall GF Score™ is 22/100 with 1 warning sign 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 Eco (Atlantic) Oil & Gas (ECAOF), the current Beneish M-Score is 25.18 as of Jun. 24, 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.

Eco (Atlantic) Oil & Gas Business Description

Industry Energy Oil & Gas

Comparable Companies TSX:JOY TSXV:FO TSXV:RECO TSX:IPO TSX:GASX TSXV:ALV TSX:RBY TSXV:HME TSX:CVVY TSX:PRQ HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Other Exchanges ECO:UK EOI:Germany EOG:Canada

Address 181 Bay Street, Suite 320, Toronto, ON, CAN, M5J 2T3

Website https://www.ecooilandgas.com

Eco (Atlantic) Oil & Gas Ltd is an oil and gas exploration and development company. The company focused on the identification, acquisition, and development of petroleum opportunities around the world. Its project includes Orinduik Block; Cooper Block (PEL 030); Sharon Block (PEL 033); Guy Block (PEL 034) and Tamar Block (PEL 050) in Guyana and Namibia.

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