Fidus Investment (FRA:8QP) Beneish M-Score: -1.63 (As of Jun. 27, 2026)


FRA:8QP Fidus Investment Corp FRA:8QP
64 GF Score
Price €15.97
GF Value €19.19
Valuation Modestly Undervalued
! 8 Warning Signs
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What is Fidus Investment Beneish M-Score?

Fidus Investment FRA:8QP +0.50% 64 Beneish M-Score is -1.63 as of Jun. 27, 2026. GuruFocus rates FRA:8QP with a GF Score™ of 64/100 and a GF Value™ of €19.19 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 954 Asset Management companies, Fidus Investment ranks worse than 69.71% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.63 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:8QP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -1.69   Max: -0.16
Current: -1.63

During the past 13 years, the highest Beneish M-Score of Fidus Investment was -0.16. The lowest was -2.59. And the median was -1.69.

FRA:8QP
64GF Score
Fidus Investment Corp FRA:8QP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fidus Investment 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 Fidus Investment 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 * 1.1636+0.528 * 1+0.404 * 1+0.892 * 0.9838+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0706+4.679 * 0.145178-0.327 * 1.0758
=-1.70

* 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 €20.23 Mil.
Revenue was 20.038 + 20.503 + 19.451 + 24.661 = €84.65 Mil.
Gross Profit was 20.038 + 20.503 + 19.451 + 24.661 = €84.65 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,249.24 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 €6.71 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €577.91 Mil.
Net Income was 17.2 + 15.647 + 16.306 + 21.921 = €71.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -28.195 + -89.519 + -27.199 + 34.625 = €-110.29 Mil.
 Total Receivables was €17.67 Mil.
Revenue was 22.243 + 20.518 + 17.136 + 26.149 = €86.05 Mil.
Gross Profit was 22.243 + 20.518 + 17.136 + 26.149 = €86.05 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,148.83 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 €6.37 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €494.02 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)
=(20.23 / 84.653) / (17.672 / 86.046)
=0.238976 / 0.205379
=1.1636

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)
=(86.046 / 86.046) / (84.653 / 84.653)
=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 - (0 + 0) / 1249.236) / (1 - (0 + 0) / 1148.833)
=1 / 1
=1

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
=84.653 / 86.046
=0.9838

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)
=(6.707 / 84.653) / (6.368 / 86.046)
=0.079229 / 0.074007
=1.0706

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)
=((577.909 + 0) / 1249.236) / ((494.024 + 0) / 1148.833)
=0.46261 / 0.430022
=1.0758

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
=(71.074 - 0 - -110.288) / 1249.236
=0.145178

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.

Fidus Investment has a M-score of -1.70 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 -1.63 mean?
Fidus Investment (FRA:8QP) has a Beneish M-Score of -1.63 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fidus Investment and its competitors. According to the industry distribution chart, Fidus Investment ranks #665 out of 954 companies in the Asset Management industry, placing it in the top 69.7%.
Is Fidus Investment's Beneish M-Score too high?
Fidus Investment's current Beneish M-Score is -1.63. Based on the distribution chart, Fidus Investment ranks #665 out of 954 companies in the Asset Management industry, which is below the industry midpoint. Overall, Fidus Investment has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fidus Investment's Beneish M-Score compare to BIT and JQC?
According to the Asset Management industry distribution chart, Fidus Investment ranks #665 out of 954 companies for Beneish M-Score. This places Fidus Investment 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 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 Fidus Investment and its competitors. Fidus Investment's current Beneish M-Score is -1.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fidus Investment stock overvalued right now?
Based on GuruFocus' analysis, Fidus Investment (FRA:8QP) is currently considered Modestly Undervalued. The stock's GF Value™ is €19.19, compared to a current price of €15.97 — trading 16.8% below its estimated fair value. The current Beneish M-Score is -1.63. Fidus Investment's overall GF Score™ is 64/100 with 8 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 Fidus Investment (FRA:8QP), the current Beneish M-Score is -1.63 as of Jun. 27, 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 Fidus Investment (FRA:8QP) Overvalued in 2026?

Based on GuruFocus' analysis, Fidus Investment stock appears to be undervalued. The current stock price of €15.97 is trading 16.8% below its estimated GF Value™ of €19.19. GuruFocus considers Fidus Investment to be Modestly Undervalued.

Key valuation signals for FRA:8QP:

  • Beneish M-Score: -1.63
  • GF Value™: €19.19 vs. price of €15.97 (16.8% below fair value)
  • GF Score™: 64/100 with 8 warning signs

No single metric tells the full story. See the FRA:8QP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fidus Investment Business Description

Other Exchanges FDUS:USA
Address 1603 Orrington Avenue, Suite 1005, Evanston, IL, USA, 60201
Fidus Investment Corp is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company. The company provides customized debt and equity financing solutions to lower middle-market companies. Its investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. The company's portfolio of investment is comprised of securities of companies from different industries such as, Information Technology Services, Business Services, Healthcare Products among others.
64GF Score

Get the complete analysis for FRA:8QP

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€15.97
Price
€19.19
GF Value