Oaktree Specialty Lending (FRA:FFC) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


FRA:FFC Oaktree Specialty Lending Corp FRA:FFC
56 GF Score
Price €10.11
GF Value €12.12
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Oaktree Specialty Lending Beneish M-Score?

Oaktree Specialty Lending FRA:FFC +1.61% 56 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates FRA:FFC with a GF Score™ of 56/100 and a GF Value™ of €12.12 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 955 Asset Management companies, Oaktree Specialty Lending ranks worse than 104711.94% 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.

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

During the past 13 years, the highest Beneish M-Score of Oaktree Specialty Lending was 25.04. The lowest was -3.28. And the median was -1.41.

FRA:FFC
56GF Score
Oaktree Specialty Lending Corp FRA:FFC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Oaktree Specialty Lending 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 Oaktree Specialty Lending 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 €51.25 Mil.
Revenue was -13.231 + 7.369 + 21.852 + 31.548 = €47.54 Mil.
Gross Profit was -13.231 + 7.369 + 21.852 + 31.548 = €47.54 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,503.67 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 €10.36 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €1,281.63 Mil.
Net Income was -16.339 + 4.789 + 20.94 + 33.251 = €42.64 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 113.043 + -71.268 + 1.137 + 18.275 = €61.19 Mil.
 Total Receivables was €61.79 Mil.
Revenue was -37.175 + 2.964 + 32.855 + -0.857 = €-2.21 Mil.
Gross Profit was -37.175 + 2.964 + 32.855 + -0.857 = €-2.21 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,848.23 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 €9.25 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €1,339.85 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)
=(51.25 / 47.538) / (61.791 / -2.213)
=1.078085 /
=

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)
=(-2.213 / -2.213) / (47.538 / 47.538)
= / 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) / 2503.671) / (1 - (0 + 0) / 2848.229)
=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
=47.538 / -2.213
=

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))
= /
=

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)
=(10.356 / 47.538) / (9.247 / -2.213)
=0.217847 /
=

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)
=((1281.627 + 0) / 2503.671) / ((1339.85 + 0) / 2848.229)
=0.511899 / 0.470415
=

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
=(42.641 - 0 - 61.187) / 2503.671
=-0.007408

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Oaktree Specialty Lending (FRA:FFC) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oaktree Specialty Lending and its competitors. According to the industry distribution chart, Oaktree Specialty Lending ranks #999999 out of 955 companies in the Asset Management industry.
Is Oaktree Specialty Lending's Beneish M-Score too high?
Oaktree Specialty Lending's current Beneish M-Score is 0.00. Based on the distribution chart, Oaktree Specialty Lending ranks #999999 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Oaktree Specialty Lending has a GF Score™ of 56/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oaktree Specialty Lending's Beneish M-Score compare to CHY and CII?
According to the Asset Management industry distribution chart, Oaktree Specialty Lending ranks #999999 out of 955 companies for Beneish M-Score. This places Oaktree Specialty Lending 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 Oaktree Specialty Lending and its competitors. Oaktree Specialty Lending's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oaktree Specialty Lending stock overvalued right now?
Based on GuruFocus' analysis, Oaktree Specialty Lending (FRA:FFC) is currently considered Modestly Undervalued. The stock's GF Value™ is €12.12, compared to a current price of €10.11 — trading 16.6% below its estimated fair value. The current Beneish M-Score is 0.00. Oaktree Specialty Lending's overall GF Score™ is 56/100 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 Oaktree Specialty Lending (FRA:FFC), the current Beneish M-Score is 0.00 as of Jun. 25, 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 Oaktree Specialty Lending (FRA:FFC) Overvalued in 2026?

Based on GuruFocus' analysis, Oaktree Specialty Lending stock appears to be undervalued. The current stock price of €10.11 is trading 16.6% below its estimated GF Value™ of €12.12. GuruFocus considers Oaktree Specialty Lending to be Modestly Undervalued.

Key valuation signals for FRA:FFC:

  • Beneish M-Score: 0.00
  • GF Value™: €12.12 vs. price of €10.11 (16.6% below fair value)
  • GF Score™: 56/100 with 4 warning signs

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

Oaktree Specialty Lending Business Description

Other Exchanges OCSL:USA
Address 333 South Grand Avenue, 28th Floor, Los Angeles, CA, USA, 90071
Oaktree Specialty Lending Corp is a specialty finance company. The company provides lending services and invests in small and mid-sized companies. The company's investment objective is to maximize its portfolio's total return by generating current income from debt investments, and to a lesser extent, capital appreciation from equity investments. The company provides customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The company operates as a single reportable segment and derives revenues from investing in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.
56GF Score

Get the complete analysis for FRA:FFC

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

€10.11
Price
€12.12
GF Value