Fineqia International (FRA:FNQA) Beneish M-Score: 2.14 (As of Jun. 25, 2026) — Near Median

What is Fineqia International Beneish M-Score?

Fineqia International FRA:FNQA Beneish M-Score is 2.14 as of Jun. 25, 2026, which is at its 10-year median of 2.14. The stock has 5 warning signs investors should review. Among 955 Asset Management companies, Fineqia International ranks worse than 90.58% 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.

Warning Sign:

Beneish M-Score 2.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:FNQA' s Beneish M-Score Range Over the Past 10 Years
Min: -8.43 Med: 2.14 Max: 337.14
Current: 2.14

During the past 13 years, the highest Beneish M-Score of Fineqia International was 337.14. The lowest was -8.43. And the median was 2.14.

Fineqia International Beneish M-Score Related Terms

Fineqia International Beneish M-Score Historical Data

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The historical data trend for Fineqia International'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.

Fineqia International Beneish M-Score Chart

Fineqia International Annual Data

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Dec25

Beneish M-Score

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-5.97

0.00

-5.04

Fineqia International Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	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	-5.04	2.14

FRA:FNQA vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Fineqia International'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.

Fineqia International Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Fineqia International's Beneish M-Score distribution charts can be found below:

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

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Fineqia International 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 Fineqia International 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 * 5.7966

0.528 * 2.153

0.404 * 4.3612

0.892 * 0.5472

0.115 * 0.7429

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0184

4.679 * -0.157511

0.327 * 2.3971

2.27

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €0.70 Mil.
Revenue was 0 + -0.035 + 0.187 + 0.103 = €0.26 Mil.
Gross Profit was -0.108 + 0.235 + -0.09 + -0.098 = €-0.06 Mil.
Total Current Assets was €1.42 Mil.
Total Assets was €1.78 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €-0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €0.54 Mil.
Total Current Liabilities was €4.43 Mil.
Long-Term Debt & Capital Lease Obligation was €0.16 Mil.
Net Income was -0.04 + -0.681 + -0.31 + -0.259 = €-1.29 Mil.
Non Operating Income was 0.243 + -0.747 + 0.002 + 0.097 = €-0.41 Mil.
Cash Flow from Operations was -0.078 + -0.086 + -0.285 + -0.155 = €-0.60 Mil.

Total Receivables was €0.22 Mil.
Revenue was 0.116 + 0.35 + 0 + 0 = €0.47 Mil.
Gross Profit was -0.021 + 0.17 + -0.148 + -0.241 = €-0.24 Mil.
Total Current Assets was €20.19 Mil.
Total Assets was €21.19 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €0.97 Mil.
Total Current Liabilities was €22.09 Mil.
Long-Term Debt & Capital Lease Obligation was €0.66 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)
	=	(0.701 / 0.255)	/	(0.221 / 0.466)
	=	2.74902	/	0.474249
	=	5.7966

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)
	=	(-0.24 / 0.466)	/	(-0.061 / 0.255)
	=	-0.515021	/	-0.239216
	=	2.153

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 - (1.418 + 0.001) / 1.784)	/	(1 - (20.192 + 0.002) / 21.188)
	=	0.204596	/	0.046913
	=	4.3612

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
	=	0.255	/	0.466
	=	0.5472

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))
	=	(0.013 / (0.013 + 0.002))	/	(-0.007 / (-0.007 + 0.001))
	=	0.866667	/	1.166667
	=	0.7429

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)
	=	(0.54 / 0.255)	/	(0.969 / 0.466)
	=	2.117647	/	2.079399
	=	1.0184

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)
	=	((0.163 + 4.428) / 1.784)	/	((0.656 + 22.091) / 21.188)
	=	2.57343	/	1.073579
	=	2.3971

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
	=	(-1.29 - -0.405	-	-0.604)	/	1.784
	=	-0.157511

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.

Fineqia International has a M-score of 2.27 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 2.14 mean?

Fineqia International (FRA:FNQA) has a Beneish M-Score of 2.14 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fineqia International and its competitors. This is near median its historical median of 2.14. According to the industry distribution chart, Fineqia International ranks #865 out of 955 companies in the Asset Management industry, placing it in the top 90.6%.

Is Fineqia International's Beneish M-Score too high?

Fineqia International's current Beneish M-Score of 2.14 is near median its 10-year median of 2.14. Based on the distribution chart, Fineqia International ranks #865 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers.

How does Fineqia International's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, Fineqia International ranks #865 out of 955 companies for Beneish M-Score. This places Fineqia International 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 Fineqia International and its competitors. Fineqia International's current Beneish M-Score is 2.14, which is near median its own 10-year median of 2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fineqia International stock overvalued right now?

Fineqia International (FRA:FNQA) has a current Beneish M-Score of 2.14. The current Beneish M-Score is 2.14, which is near median its 10-year median of 2.14. 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 Fineqia International (FRA:FNQA), the current Beneish M-Score is 2.14 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.

Fineqia International Business Description

Industry Financial Services Asset Management

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Other Exchanges FNQQF:USA FNQ:Canada

Address 27 Hill Street Third Floor, London, GBR, W1J 5LP

Website https://www.fineqia.com

Fineqia International Inc is engaged in providing investors with institutional-grade exposure to the emerging digital asset economy via a portfolio of companies, products, and projects at the convergence of blockchain-based Decentralized Finance (DeFi) and Traditional Finance (TradFi). The company is focused on developing a digital asset business that invests in early and growth-stage technology companies. The company provides a platform that facilitates the issuance, distribution, and marketing of debt securities in the UK securities for subscription by accredited investors, high net worth individuals, family offices, and fund managers.