ETOR (Etoro Group) Beneish M-Score: -2.76 (As of Jun. 28, 2026)


ETOR Etoro Group Ltd ETOR
44 GF Score
Price $40.73
! 3 Warning Signs
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What is Etoro Group Beneish M-Score?

Etoro Group ETOR +7.02% 44 Beneish M-Score is -2.76 as of Jun. 28, 2026. GuruFocus rates ETOR with a GF Score™ of 44/100. The stock has 3 warning signs investors should review. Among 704 Capital Markets companies, Etoro Group ranks better than 77.41% 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.

Good Sign:

Beneish M-Score -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ETOR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.92   Max: -2.76
Current: -2.76

During the past 6 years, the highest Beneish M-Score of Etoro Group was -2.76. The lowest was -3.08. And the median was -2.92.

Etoro Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Etoro Group'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.

Etoro Group Beneish M-Score Chart

Etoro Group Annual Data
Trend Dec19 Dec20 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -3.08

Etoro Group Quarterly Data
Dec19 Dec20 Jun21 Dec22 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 0.00 0.00 0.00 -3.08 -2.76

ETOR vs MRX, PJT, VIRT: Beneish M-Score Comparison

For the Capital Markets subindustry, Etoro Group'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.

Etoro Group Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Etoro Group's Beneish M-Score distribution charts can be found below:

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


ETOR
44GF Score
Etoro Group Ltd ETOR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Etoro Group 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 Etoro Group 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 * 1.2907+0.528 * 0.8421+0.404 * 0.6349+0.892 * 0.9609+0.115 * 0.7173
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2037+4.679 * -0.050973-0.327 * 0.9324
=-2.76

* 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 $75 Mil.
Revenue was 2430.429 + 3865.719 + 4104.125 + 2086.804 = $12,487 Mil.
Gross Profit was 259.302 + 110.786 + 214.979 + 209.715 = $795 Mil.
Total Current Assets was $1,759 Mil.
Total Assets was $1,859 Mil.
Property, Plant and Equipment(Net PPE) was $34 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $333 Mil.
Total Current Liabilities was $448 Mil.
Long-Term Debt & Capital Lease Obligation was $28 Mil.
Net Income was 82.404 + 68.742 + 56.817 + 30.185 = $238 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 104.396 + 125.654 + 41.913 + 60.946 = $333 Mil.
 Total Receivables was $61 Mil.
Revenue was 3751.217 + 5842.472 + 1556.344 + 1844.911 = $12,995 Mil.
Gross Profit was 222.364 + 130.179 + 171.748 + 172.185 = $696 Mil.
Total Current Assets was $1,138 Mil.
Total Assets was $1,256 Mil.
Property, Plant and Equipment(Net PPE) was $48 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $287 Mil.
Total Current Liabilities was $303 Mil.
Long-Term Debt & Capital Lease Obligation was $42 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)
=(75.29 / 12487.077) / (60.7 / 12994.944)
=0.006029 / 0.004671
=1.2907

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)
=(696.476 / 12994.944) / (794.782 / 12487.077)
=0.053596 / 0.063648
=0.8421

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 - (1758.857 + 34.376) / 1859.048) / (1 - (1137.682 + 48.019) / 1255.724)
=0.035403 / 0.055763
=0.6349

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
=12487.077 / 12994.944
=0.9609

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))
=(11.758 / (11.758 + 48.019)) / (12.988 / (12.988 + 34.376))
=0.196698 / 0.274217
=0.7173

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)
=(332.516 / 12487.077) / (287.493 / 12994.944)
=0.026629 / 0.022123
=1.2037

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)
=((28.207 + 448.25) / 1859.048) / ((42.447 + 302.716) / 1255.724)
=0.256291 / 0.274872
=0.9324

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
=(238.148 - 0 - 332.909) / 1859.048
=-0.050973

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.

Etoro Group has a M-score of -2.76 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 -2.76 mean?
Etoro Group (ETOR) has a Beneish M-Score of -2.76 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Etoro Group and its competitors. According to the industry distribution chart, Etoro Group ranks #159 out of 704 companies in the Capital Markets industry, placing it in the top 22.6%.
Is Etoro Group's Beneish M-Score too high?
Etoro Group's current Beneish M-Score is -2.76. Based on the distribution chart, Etoro Group ranks #159 out of 704 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Etoro Group has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Etoro Group's Beneish M-Score compare to MRX and PJT?
According to the Capital Markets industry distribution chart, Etoro Group ranks #159 out of 704 companies for Beneish M-Score. This places Etoro Group in the top 23% of its industry — outperforming the majority of peers. 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Etoro Group and its competitors. Etoro Group's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Etoro Group stock overvalued right now?
Etoro Group (ETOR) has a current Beneish M-Score of -2.76. The current Beneish M-Score is -2.76. Etoro Group's overall GF Score™ is 44/100 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 Etoro Group (ETOR), the current Beneish M-Score is -2.76 as of Jun. 28, 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.

Etoro Group Business Description

Other Exchanges KQ2:Germany
Address 30 Sheshet Hayamim Street, Bnei Brak, ISR, 5120261
Etoro Group Ltd is a multi-asset platform supporting trading and investing in equities, cryptoassets, commodities, currencies, and options traded either as an asset or as a derivative related to different underlying asset types. The Group is engaged in one operating segment of trading activity.
44GF 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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