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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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for IntegraFin Holdings's Beneish M-Score or its related term are showing as below:
FRA:84N'
s Beneish M-Score Range Over the Past 10 Years
Min: -233.93 Med: -2.5 Max: -1.95
Current: -2.5
During the past 11 years, the highest Beneish M-Score of IntegraFin Holdings was -1.95. The lowest was -233.93. And the median was -2.50.
IntegraFin Holdings Beneish M-Score Related Terms
IntegraFin Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for IntegraFin 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:84N vs BLK, BX, KKR: Beneish M-Score Comparison
For the Asset Management subindustry, IntegraFin 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.
IntegraFin Holdings Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, IntegraFin Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IntegraFin 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 IntegraFin 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 * 0.9187
+
0.528 * 1.001
+
0.404 * 0.6694
+
0.892 * 1.0454
+
0.115 * 2.2861
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9536
+
4.679 * -0.008182
-
0.327 * 1.0006
=
-2.53
* 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))
=
(2.622 / (2.622 + 4.886))
/
(3.799 / (3.799 + 21.07))
=
0.349227
/
0.15276
=
2.2861
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
=
(59.064 - 0
-
380.061)
/
39233.679
=
-0.008182
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.
IntegraFin Holdings has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
IntegraFin Holdings (FRA:84N) has a Beneish M-Score of -2.50 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IntegraFin Holdings and its competitors. According to the industry distribution chart, IntegraFin Holdings ranks #368 out of 953 companies in the Asset Management industry, placing it in the top 38.6%.
Is IntegraFin Holdings' Beneish M-Score too high?
IntegraFin Holdings' current Beneish M-Score is -2.50. Based on the distribution chart, IntegraFin Holdings ranks #368 out of 953 companies in the Asset Management industry, which is above the industry midpoint. Overall, IntegraFin Holdings has a GF Score™ of 90/100, reflecting its overall financial health beyond just this single metric.
How does IntegraFin Holdings' Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, IntegraFin Holdings ranks #368 out of 953 companies for Beneish M-Score. This puts IntegraFin 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 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 IntegraFin Holdings and its competitors. IntegraFin Holdings's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IntegraFin Holdings stock overvalued right now?
IntegraFin Holdings (FRA:84N) has a current Beneish M-Score of -2.50. The stock's GF Value™ is €4.34, compared to a current price of €4.36 — trading 0.5% above its estimated fair value. The current Beneish M-Score is -2.50. IntegraFin Holdings' overall GF Score™ is 90/100 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 IntegraFin Holdings (FRA:84N), the current Beneish M-Score is -2.50 as of Jul. 13, 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 IntegraFin Holdings (FRA:84N) Overvalued in 2026?
Based on GuruFocus' analysis, IntegraFin Holdings stock appears to be overvalued.
The current stock price of €4.36 is trading 0.5% above its estimated GF Value™ of €4.34.
Key valuation signals for FRA:84N:
Beneish M-Score: -2.50
GF Value™: €4.34 vs. price of €4.36 (0.5% above fair value)
No single metric tells the full story. See the FRA:84N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IntegraFin Holdings PLC is a United Kingdom-based holding company providing platform services to clients and financial advisers. Its segments include Investment administration services performed by IFAL, the provider of the Transact wrap service, offering general investment accounts (GIA), acting as a SIPP operator and ISA manager, and serving as custodian for platform assets, which generates the majority of revenue. The Insurance and life assurance business comprises ILUK and ILInt, which provide pension and bond products on the Transact platform, and Adviser back-office technology includes T4A, which provides financial planning technology through the CURO adviser support system. The company derives the majority of its revenue from the United Kingdom.
90GF Score
Get the complete analysis for FRA:84N
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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