RC Fornax (FRA:8AD) Beneish M-Score: -13.42 (As of Jul. 12, 2026)


FRA:8AD RC Fornax PLC FRA:8AD
23 GF Score
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What is RC Fornax Beneish M-Score?

RC Fornax FRA:8AD +5.22% 23 Beneish M-Score is -13.42 as of Jul. 12, 2026. GuruFocus rates FRA:8AD with a GF Score™ of 23/100. The stock has 5 warning signs investors should review. Among 1,021 Business Services companies, RC Fornax ranks better than 99.41% 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 -13.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:8AD' s Beneish M-Score Range Over the Past 10 Years
Min: -13.42   Med: -13.42   Max: -13.42
Current: -13.42

During the past 4 years, the highest Beneish M-Score of RC Fornax was -13.42. The lowest was -13.42. And the median was -13.42.

RC Fornax Beneish M-Score Historical Data

* Premium members only.

The historical data trend for RC Fornax'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.

RC Fornax Beneish M-Score Chart

RC Fornax Annual Data
Trend Aug22 Aug23 Aug24 Aug25
Beneish M-Score
0.00 0.00 0.00 -13.42

RC Fornax Semi-Annual Data
Aug22 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 -13.42 0.00

FRA:8AD vs VRSK, EFX, BAH: Beneish M-Score Comparison

For the Consulting Services subindustry, RC Fornax'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.

RC Fornax Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, RC Fornax's Beneish M-Score distribution charts can be found below:

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


FRA:8AD
23GF Score
RC Fornax PLC FRA:8AD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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RC Fornax 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 RC Fornax 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 * 1.6834+0.528 * 1.0387+0.404 * -15.9071+0.892 * 0.6217+0.115 * 2.2198
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 4.4906+4.679 * 0.109765-0.327 * 0.4863
=-8.78

* 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 (Aug25) TTM:Last Year (Aug24) TTM:
Total Receivables was €0.94 Mil.
Revenue was €4.70 Mil.
Gross Profit was €1.10 Mil.
Total Current Assets was €2.64 Mil.
Total Assets was €4.05 Mil.
Property, Plant and Equipment(Net PPE) was €1.33 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.20 Mil.
Selling, General, & Admin. Expense(SGA) was €2.56 Mil.
Total Current Liabilities was €1.55 Mil.
Long-Term Debt & Capital Lease Obligation was €0.34 Mil.
Net Income was €-1.60 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-2.04 Mil.
 Total Receivables was €0.90 Mil.
Revenue was €7.57 Mil.
Gross Profit was €1.84 Mil.
Total Current Assets was €1.70 Mil.
Total Assets was €1.79 Mil.
Property, Plant and Equipment(Net PPE) was €0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.04 Mil.
Selling, General, & Admin. Expense(SGA) was €0.92 Mil.
Total Current Liabilities was €1.67 Mil.
Long-Term Debt & Capital Lease Obligation was €0.05 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)
=(0.943 / 4.704) / (0.901 / 7.566)
=0.200468 / 0.119085
=1.6834

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)
=(1.836 / 7.566) / (1.099 / 4.704)
=0.242665 / 0.233631
=1.0387

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 - (2.641 + 1.332) / 4.045) / (1 - (1.698 + 0.092) / 1.788)
=0.0178 / -0.001119
=-15.9071

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
=4.704 / 7.566
=0.6217

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))
=(0.038 / (0.038 + 0.092)) / (0.202 / (0.202 + 1.332))
=0.292308 / 0.131682
=2.2198

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)
=(2.563 / 4.704) / (0.918 / 7.566)
=0.544855 / 0.121332
=4.4906

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)
=((0.336 + 1.554) / 4.045) / ((0.045 + 1.673) / 1.788)
=0.467244 / 0.96085
=0.4863

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
=(-1.599 - 0 - -2.043) / 4.045
=0.109765

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.

RC Fornax has a M-score of -8.78 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 -13.42 mean?
RC Fornax (FRA:8AD) has a Beneish M-Score of -13.42 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RC Fornax and its competitors. According to the industry distribution chart, RC Fornax ranks #6 out of 1021 companies in the Business Services industry, placing it in the top 0.59999999999999%.
Is RC Fornax's Beneish M-Score too high?
RC Fornax's current Beneish M-Score is -13.42. Based on the distribution chart, RC Fornax ranks #6 out of 1021 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, RC Fornax has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does RC Fornax's Beneish M-Score compare to VRSK and EFX?
According to the Business Services industry distribution chart, RC Fornax ranks #6 out of 1021 companies for Beneish M-Score. This places RC Fornax in the top 1% 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 RC Fornax and its competitors. RC Fornax's current Beneish M-Score is -13.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RC Fornax stock overvalued right now?
RC Fornax (FRA:8AD) has a current Beneish M-Score of -13.42. The current Beneish M-Score is -13.42. RC Fornax's overall GF Score™ is 23/100 with 5 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 RC Fornax (FRA:8AD), the current Beneish M-Score is -13.42 as of Jul. 12, 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.

RC Fornax Business Description

Other Exchanges RCFX:UK
Address Park Avenue, 220 Aztec Studios, Almondsbury, Bristol, GBR, BS32 4SY
RC Fornax PLC consultancy business providing efficient and bespoke project management solutions, with a focus on operations within the UK defence industry.
23GF 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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