Energy Focus (FRA:FI4A) Beneish M-Score: 0.00 (As of Jun. 30, 2026)

What is Energy Focus Beneish M-Score?

Energy Focus FRA:FI4A 39 Beneish M-Score is 0.00 as of Jun. 30, 2026. GuruFocus rates FRA:FI4A with a GF Score™ of 39/100 and a GF Value™ of €0.39. The stock has 2 warning signs investors should review. Among 415 Furnishings, Fixtures & Appliances companies, Energy Focus ranks worse than 240963.61% 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.

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

During the past 13 years, the highest Beneish M-Score of Energy Focus was -0.79. The lowest was -3.94. And the median was -2.50.

Energy Focus Beneish M-Score Related Terms

Energy Focus Beneish M-Score Historical Data

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The historical data trend for Energy Focus'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.

Energy Focus Beneish M-Score Chart

Energy Focus Annual Data

Trend

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Beneish M-Score

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0.00

Energy Focus Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

FRA:FI4A vs NTZ, MWYN, ATER: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Energy Focus'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.

Energy Focus Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Energy Focus's Beneish M-Score distribution charts can be found below:

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

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39GF Score

Energy Focus Inc FRA:FI4A

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Energy Focus 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 Energy Focus for today is based on a combination of the following eight different indices:

-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 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €0.42 Mil.
Revenue was 0.821 + 0.833 + 0.704 + 0.991 = €3.35 Mil.
Gross Profit was 0.191 + 0.157 + 0.125 + 0.127 = €0.60 Mil.
Total Current Assets was €4.79 Mil.
Total Assets was €5.15 Mil.
Property, Plant and Equipment(Net PPE) was €0.23 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.03 Mil.
Selling, General, & Admin. Expense(SGA) was €0.99 Mil.
Total Current Liabilities was €1.68 Mil.
Long-Term Debt & Capital Lease Obligation was €0.04 Mil.
Net Income was -0.121 + -0.304 + -0.147 + -0.2 = €-0.77 Mil.
Non Operating Income was 0 + 0 + 0.003 + -0.007 = €-0.00 Mil.
Cash Flow from Operations was 0.06 + -0.736 + -0.047 + -0.186 = €-0.91 Mil.

Total Receivables was €0.54 Mil.
Revenue was 0.57 + 1.22 + 1.078 + 1.443 = €4.31 Mil.
Gross Profit was 0.179 + 0.253 + 0.169 + 0.117 = €0.72 Mil.
Total Current Assets was €4.62 Mil.
Total Assets was €5.02 Mil.
Property, Plant and Equipment(Net PPE) was €0.40 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.04 Mil.
Selling, General, & Admin. Expense(SGA) was €1.70 Mil.
Total Current Liabilities was €2.19 Mil.
Long-Term Debt & Capital Lease Obligation was €0.20 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)
	=	(0.421 / 3.349)	/	(0.544 / 4.311)
	=	0.125709	/	0.126189
	=

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)
	=	(0.718 / 4.311)	/	(0.6 / 3.349)
	=	0.166551	/	0.179158
	=

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 - (4.786 + 0.228) / 5.148)	/	(1 - (4.618 + 0.403) / 5.021)
	=	0.02603	/	-0
	=

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
	=	3.349	/	4.311
	=

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))
	=	(0.035 / (0.035 + 0.403))	/	(0.032 / (0.032 + 0.228))
	=	0.079909	/	0.123077
	=

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)
	=	(0.994 / 3.349)	/	(1.704 / 4.311)
	=	0.296805	/	0.395268
	=

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)
	=	((0.035 + 1.681) / 5.148)	/	((0.2 + 2.191) / 5.021)
	=	0.333333	/	0.4762
	=

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
	=	(-0.772 - -0.004	-	-0.909)	/	5.148
	=	0.027389

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?

Energy Focus (FRA:FI4A) has a Beneish M-Score of 0.00 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Energy Focus and its competitors. According to the industry distribution chart, Energy Focus ranks #999999 out of 415 companies in the Furnishings, Fixtures & Appliances industry.

Is Energy Focus' Beneish M-Score too high?

Energy Focus' current Beneish M-Score is 0.00. Based on the distribution chart, Energy Focus ranks #999999 out of 415 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Energy Focus has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.

How does Energy Focus' Beneish M-Score compare to NTZ and MWYN?

According to the Furnishings, Fixtures & Appliances industry distribution chart, Energy Focus ranks #999999 out of 415 companies for Beneish M-Score. This places Energy Focus 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 Furnishings, Fixtures & Appliances company?

A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Energy Focus and its competitors. Energy Focus'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 Energy Focus stock overvalued right now?

Energy Focus (FRA:FI4A) has a current Beneish M-Score of 0.00. The stock's GF Value™ is €0.39, compared to a current price of €1.81 — trading 364.1% above its estimated fair value. The current Beneish M-Score is 0.00. Energy Focus' overall GF Score™ is 39/100 with 2 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 Energy Focus (FRA:FI4A), the current Beneish M-Score is 0.00 as of Jun. 30, 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 Energy Focus (FRA:FI4A) Overvalued in 2026?

Based on GuruFocus' analysis, Energy Focus stock appears to be overvalued. The current stock price of €1.81 is trading 364.1% above its estimated GF Value™ of €0.39.

Key valuation signals for FRA:FI4A:

Beneish M-Score: 0.00
GF Value™: €0.39 vs. price of €1.81 (364.1% above fair value)
GF Score™: 39/100 with 2 warning signs

No single metric tells the full story. See the FRA:FI4A stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Energy Focus Business Description

Industry Consumer Cyclical Furnishings, Fixtures & Appliances

Comparable Companies NTZ MWYN ATER SNTW NCL FGI CRWS LUVU SNBRQ LBRA SZSE:000333 SZSE:000651 SHSE:600690 TPE:2059 SHSE:603268 SN SGI TSE:9843 MHK LSE:HWDN

Other Exchanges EFOI:USA

Address 32000 Aurora Road, Suite B, Solon, OH, USA, 44139

Website https://www.energyfocus.com

Energy Focus Inc specializes in designing, developing, manufacturing, and selling energy-efficient lighting systems and controls. It provides LED lighting solutions for both commercial and military maritime markets (MMM). Its core products include robust lighting fixtures and lamps for navy and military applications, Energy Storage Systems (ESS), Uninterruptible Power Supply (UPS), and tubular LED (TLED) lighting products, including battery backup units as well as general commercial and maritime lighting fixtures. The company operates in a single business segment that includes the marketing and sale of commercial and MMM lighting products and controls. The company generates a majority of its revenue from the sales of military maritime products in the United States.

39GF Score

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

€1.81

Price

€0.39

GF Value

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