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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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for GameSquare Holdings's Beneish M-Score or its related term are showing as below:
FRA:MJ0'
s Beneish M-Score Range Over the Past 10 Years
Min: -153.02 Med: -1.58 Max: 99.75
Current: -2.96
During the past 13 years, the highest Beneish M-Score of GameSquare Holdings was 99.75. The lowest was -153.02. And the median was -1.58.
GameSquare Holdings Beneish M-Score Related Terms
GameSquare Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for GameSquare 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.
FRA:MJ0 vs SNAL, GMHS, MSGM: Beneish M-Score Comparison
For the Electronic Gaming & Multimedia subindustry, GameSquare 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.
GameSquare Holdings Beneish M-Score vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, GameSquare Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GameSquare Holdings'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 GameSquare 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 * 0.4027
+
0.528 * 0.764
+
0.404 * 0.7069
+
0.892 * 1.3221
+
0.115 * 1.0339
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.849
+
4.679 * -0.033454
-
0.327 * 0.7903
=
-3.04
* 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))
=
(3.405 / (3.405 + 2.461))
/
(1.558 / (1.558 + 1.217))
=
0.580464
/
0.561441
=
1.0339
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
=
(-45.195 - -29.329
-
-13.892)
/
59.006
=
-0.033454
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.
GameSquare Holdings has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
GameSquare Holdings (FRA:MJ0) has a Beneish M-Score of -2.96 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GameSquare Holdings and its competitors. According to the industry distribution chart, GameSquare Holdings ranks #187 out of 531 companies in the Interactive Media industry, placing it in the top 35.2%.
Is GameSquare Holdings' Beneish M-Score too high?
GameSquare Holdings' current Beneish M-Score is -2.96. Based on the distribution chart, GameSquare Holdings ranks #187 out of 531 companies in the Interactive Media industry, which is above the industry midpoint. Overall, GameSquare Holdings has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does GameSquare Holdings' Beneish M-Score compare to SNAL and GMHS?
According to the Interactive Media industry distribution chart, GameSquare Holdings ranks #187 out of 531 companies for Beneish M-Score. This puts GameSquare Holdings in the upper 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 Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 GameSquare Holdings and its competitors. GameSquare Holdings's current Beneish M-Score is -2.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GameSquare Holdings stock overvalued right now?
GameSquare Holdings (FRA:MJ0) has a current Beneish M-Score of -2.96. The stock's GF Value™ is €1.03, compared to a current price of €1.32 — trading 28.2% above its estimated fair value. The current Beneish M-Score is -2.96. GameSquare Holdings' 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 GameSquare Holdings (FRA:MJ0), the current Beneish M-Score is -2.96 as of Jul. 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 GameSquare Holdings (FRA:MJ0) Overvalued in 2026?
Based on GuruFocus' analysis, GameSquare Holdings stock appears to be overvalued.
The current stock price of €1.32 is trading 28.2% above its estimated GF Value™ of €1.03.
Key valuation signals for FRA:MJ0:
Beneish M-Score: -2.96
GF Value™: €1.03 vs. price of €1.32 (28.2% above fair value)
No single metric tells the full story. See the FRA:MJ0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GameSquare Holdings Inc is a vertically integrated digital media, entertainment, and technology company focused on gaming and youth culture audiences. The company operates through four reportable segments: Owned and Operated IP, Agency, SaaS and managed services, and Yield. It provides services including influencer marketing, esports talent management, creative production, merchandise and consumer products, live streaming analytics, and digital media solutions through its various brands and platforms. It generates the majority of its revenue from the Agency segment.
39GF Score
Get the complete analysis for FRA:MJ0
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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