Heidmar Maritime Holdings (FRA:AW4) Beneish M-Score: -3.42 (As of Jul. 13, 2026)


FRA:AW4 Heidmar Maritime Holdings Corp FRA:AW4
25 GF Score
Price €0.90
! 4 Warning Signs
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What is Heidmar Maritime Holdings Beneish M-Score?

Heidmar Maritime Holdings FRA:AW4 25 Beneish M-Score is -3.42 as of Jul. 13, 2026. GuruFocus rates FRA:AW4 with a GF Score™ of 25/100. The stock has 4 warning signs investors should review. Among 964 Transportation companies, Heidmar Maritime Holdings ranks better than 93.78% 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 -3.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:AW4' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: 0.32   Max: 4.06
Current: -3.42

During the past 4 years, the highest Beneish M-Score of Heidmar Maritime Holdings was 4.06. The lowest was -3.42. And the median was 0.32.

Heidmar Maritime Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Heidmar Maritime 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.

Heidmar Maritime Holdings Beneish M-Score Chart

Heidmar Maritime Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 4.06 -3.42

Heidmar Maritime Holdings Quarterly Data
Dec22 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 4.06 0.00 0.00 -3.42 0.00

FRA:AW4 vs EDRY, GLBS, HTCO: Beneish M-Score Comparison

For the Marine Shipping subindustry, Heidmar Maritime 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.

Heidmar Maritime Holdings Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Heidmar Maritime Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Heidmar Maritime Holdings's Beneish M-Score falls into.


FRA:AW4
25GF Score
Heidmar Maritime Holdings Corp FRA:AW4
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Heidmar Maritime Holdings 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 Heidmar Maritime 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 * 0.4144+0.528 * 2.2886+0.404 * 0.2281+0.892 * 1.7253+0.115 * 6.4328
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7738+4.679 * -0.440808-0.327 * 1.6377
=-3.61

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €6.31 Mil.
Revenue was €47.70 Mil.
Gross Profit was €12.23 Mil.
Total Current Assets was €23.38 Mil.
Total Assets was €61.61 Mil.
Property, Plant and Equipment(Net PPE) was €37.30 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €16.45 Mil.
Total Current Liabilities was €24.96 Mil.
Long-Term Debt & Capital Lease Obligation was €27.50 Mil.
Net Income was €-19.27 Mil.
Gross Profit was €-3.39 Mil.
Cash Flow from Operations was €11.28 Mil.
 Total Receivables was €8.83 Mil.
Revenue was €27.65 Mil.
Gross Profit was €16.23 Mil.
Total Current Assets was €28.89 Mil.
Total Assets was €36.41 Mil.
Property, Plant and Equipment(Net PPE) was €5.12 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.06 Mil.
Selling, General, & Admin. Expense(SGA) was €12.32 Mil.
Total Current Liabilities was €18.76 Mil.
Long-Term Debt & Capital Lease Obligation was €0.17 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)
=(6.311 / 47.698) / (8.828 / 27.647)
=0.132312 / 0.319311
=0.4144

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)
=(16.225 / 27.647) / (12.231 / 47.698)
=0.586863 / 0.256426
=2.2886

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 - (23.384 + 37.298) / 61.605) / (1 - (28.891 + 5.124) / 36.406)
=0.014983 / 0.065676
=0.2281

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
=47.698 / 27.647
=1.7253

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))
=(0.058 / (0.058 + 5.124)) / (0.065 / (0.065 + 37.298))
=0.011193 / 0.00174
=6.4328

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)
=(16.448 / 47.698) / (12.32 / 27.647)
=0.344836 / 0.445618
=0.7738

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)
=((27.499 + 24.96) / 61.605) / ((0.172 + 18.758) / 36.406)
=0.851538 / 0.519969
=1.6377

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
=(-19.267 - -3.389 - 11.278) / 61.605
=-0.440808

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.

Heidmar Maritime Holdings has a M-score of -3.61 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 -3.42 mean?
Heidmar Maritime Holdings (FRA:AW4) has a Beneish M-Score of -3.42 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heidmar Maritime Holdings and its competitors. According to the industry distribution chart, Heidmar Maritime Holdings ranks #60 out of 964 companies in the Transportation industry, placing it in the top 6.2%.
Is Heidmar Maritime Holdings' Beneish M-Score too high?
Heidmar Maritime Holdings' current Beneish M-Score is -3.42. Based on the distribution chart, Heidmar Maritime Holdings ranks #60 out of 964 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Heidmar Maritime Holdings has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Heidmar Maritime Holdings' Beneish M-Score compare to EDRY and GLBS?
According to the Transportation industry distribution chart, Heidmar Maritime Holdings ranks #60 out of 964 companies for Beneish M-Score. This places Heidmar Maritime Holdings in the top 6% 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Heidmar Maritime Holdings and its competitors. Heidmar Maritime Holdings's current Beneish M-Score is -3.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heidmar Maritime Holdings stock overvalued right now?
Heidmar Maritime Holdings (FRA:AW4) has a current Beneish M-Score of -3.42. The current Beneish M-Score is -3.42. Heidmar Maritime Holdings' overall GF Score™ is 25/100 with 4 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 Heidmar Maritime Holdings (FRA:AW4), the current Beneish M-Score is -3.42 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.

Heidmar Maritime Holdings Business Description

Other Exchanges HMR:USA
Address 89 Akti Miaouli, Piraeus, GRC, 18538
Heidmar Maritime Holdings Corp is a commercial and technical management company that operates tanker and dry-bulk vessel pools. The group, along with its subsidiaries, operates as a growing tanker pool company engaged in the commercial management and chartering of crude oil and refined petroleum product tankers. Its lines of business currently include asset management, tanker pooling, commercial and time charters, assisting clients with the buying and selling of ships, and technical management services for individual vessels, which include assistance in technical operations and crewing of the vessel. Its geographic areas are Singapore, the USA, the Marshall Islands, the United Arab Emirates, Germany, Switzerland, and Other.
25GF 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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