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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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Stadio Holdings's Beneish M-Score or its related term are showing as below:
FRA:0JX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.49 Max: 4.55
Current: -2.71
During the past 12 years, the highest Beneish M-Score of Stadio Holdings was 4.55. The lowest was -3.29. And the median was -2.49.
Stadio Holdings Beneish M-Score Related Terms
Stadio Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Stadio Holdings'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.
FRA:0JX vs EDU, TAL, LAUR: Beneish M-Score Comparison
For the Education & Training Services subindustry, Stadio Holdings'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.
Stadio Holdings Beneish M-Score vs Education Industry
For the Education industry and Consumer Defensive sector, Stadio Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stadio Holdings's Beneish M-Score falls into.
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 Stadio Holdings 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 * 0.9582
+
0.528 * 1
+
0.404 * 0.9071
+
0.892 * 1.1056
+
0.115 * 1.0902
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9963
+
4.679 * -0.038593
-
0.327 * 1.3512
=
-2.75
* 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.
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.
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))
=
(3.727 / (3.727 + 49.871))
/
(4.144 / (4.144 + 60.828))
=
0.069536
/
0.063781
=
1.0902
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
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
=
(16.618 - 0
-
21.855)
/
135.697
=
-0.038593
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.
Stadio Holdings has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
Stadio Holdings (FRA:0JX) has a Beneish M-Score of -2.71 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Stadio Holdings and its competitors. According to the industry distribution chart, Stadio Holdings ranks #91 out of 238 companies in the Education industry, placing it in the top 38.2%.
Is Stadio Holdings' Beneish M-Score too high?
Stadio Holdings' current Beneish M-Score is -2.71. Based on the distribution chart, Stadio Holdings ranks #91 out of 238 companies in the Education industry, which is above the industry midpoint. Overall, Stadio Holdings has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Stadio Holdings' Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Stadio Holdings ranks #91 out of 238 companies for Beneish M-Score. This puts Stadio Holdings 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 Education company?
A good Beneish M-Score depends on the Education 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 Stadio Holdings and its competitors. Stadio Holdings's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Stadio Holdings stock overvalued right now?
Stadio Holdings (FRA:0JX) has a current Beneish M-Score of -2.71. The stock's GF Value™ is €0.42, compared to a current price of €0.66 — trading 57.1% above its estimated fair value. The current Beneish M-Score is -2.71. Stadio Holdings' overall GF Score™ is 71/100 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 Stadio Holdings (FRA:0JX), the current Beneish M-Score is -2.71 as of Jul. 15, 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 Stadio Holdings (FRA:0JX) Overvalued in 2026?
Based on GuruFocus' analysis, Stadio Holdings stock appears to be overvalued.
The current stock price of €0.66 is trading 57.1% above its estimated GF Value™ of €0.42.
Key valuation signals for FRA:0JX:
Beneish M-Score: -2.71
GF Value™: €0.42 vs. price of €0.66 (57.1% above fair value)
No single metric tells the full story. See the FRA:0JX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Stadio Holdings Ltd facilitates the widening of access to quality and relevant higher education programmes in Southern Africa through its three prestigious higher education institutions, namely STADIO Higher Education, AFDA and Milpark Education. The institutions offer a diverse range of undergraduate and postgraduate programmes via the contact learning and distance learning modes of delivery. Geographically it operates in South Africa and Namibia with the majority of the revenue deriving from South Africa.
71GF Score
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