Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 1.62 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Metalpha Technology Holding's Beneish M-Score or its related term are showing as below:
FRA:D92'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.81 Med: 1.75 Max: 1032.31
Current: 1.62
During the past 12 years, the highest Beneish M-Score of Metalpha Technology Holding was 1032.31. The lowest was -3.81. And the median was 1.75.
* 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.
FRA:D92 vs GSIW, HGBL, USDE: Beneish M-Score Comparison
For the Capital Markets subindustry, Metalpha Technology Holding'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.
Metalpha Technology Holding Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Metalpha Technology Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Metalpha Technology Holding'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 Metalpha Technology Holding 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 * 5.9982
+
0.528 * 1.1533
+
0.404 * 1.0042
+
0.892 * 0.7792
+
0.115 * 1.2088
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 4.4712
+
4.679 * 0.032891
-
0.327 * 1.0458
=
1.57
* 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))
=
(0.15 / (0.15 + 0.22))
/
(0.218 / (0.218 + 0.432))
=
0.405405
/
0.335385
=
1.2088
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
=
(1.11 - 0.151
-
-12.856)
/
420.021
=
0.032891
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.
Metalpha Technology Holding has a M-score of 1.57 signals that the company is likely to be a manipulator.
Metalpha Technology Holding (FRA:D92) has a Beneish M-Score of 1.62 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Metalpha Technology Holding and its competitors. This is near median its historical median of 1.75. According to the industry distribution chart, Metalpha Technology Holding ranks #617 out of 701 companies in the Capital Markets industry, placing it in the top 88%.
Is Metalpha Technology Holding's Beneish M-Score too high?
Metalpha Technology Holding's current Beneish M-Score of 1.62 is near median its 10-year median of 1.75. Based on the distribution chart, Metalpha Technology Holding ranks #617 out of 701 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Metalpha Technology Holding has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does Metalpha Technology Holding's Beneish M-Score compare to GSIW and HGBL?
According to the Capital Markets industry distribution chart, Metalpha Technology Holding ranks #617 out of 701 companies for Beneish M-Score. This places Metalpha Technology Holding 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Metalpha Technology Holding and its competitors. Metalpha Technology Holding's current Beneish M-Score is 1.62, which is near median its own 10-year median of 1.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Metalpha Technology Holding stock overvalued right now?
Metalpha Technology Holding (FRA:D92) has a current Beneish M-Score of 1.62. The stock's GF Value™ is €1.87, compared to a current price of €0.55 — trading 70.9% below its estimated fair value. The current Beneish M-Score is 1.62, which is near median its 10-year median of 1.75. Metalpha Technology Holding's overall GF Score™ is 39/100 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 Metalpha Technology Holding (FRA:D92), the current Beneish M-Score is 1.62 as of Aug. 26, 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 Metalpha Technology Holding (FRA:D92) Overvalued in 2026?
Based on GuruFocus' analysis, Metalpha Technology Holding stock appears to be undervalued.
The current stock price of €0.55 is trading 70.9% below its estimated GF Value™ of €1.87.
Key valuation signals for FRA:D92:
Beneish M-Score: 1.62 (near median its 10-year median of 1.75)
GF Value™: €1.87 vs. price of €0.55 (70.9% below fair value)
No single metric tells the full story. See the FRA:D92 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Metalpha Technology Holding Ltd is a digital asset focused wealth management company. The company predominantly generates revenue from the execution of cryptocurrency-related transactions, which includes the issuance of derivative products to over-the-counter (OTC) clients and its proprietary trading activities. It has partnered with a crypto exchange to provide crypto derivative market-making services for its clients, facilitating the trading of crypto derivative products. In addition, the company also engages in providing traditional financial derivative products, and asset management services. It operates in a single segment which is the trading of proprietary digital assets and derivative contracts, and generates majority of its revenue from Hong Kong.
39GF Score
Get the complete analysis for FRA:D92
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:D92 has been successfully added to your 
