DeFi TechnologiesFRA:R9B -5.69%49 Beneish M-Score is 6.87 as of Jun. 26, 2026, which is 0% above its 10-year median of 6.86. GuruFocus rates FRA:R9B with a GF Score™ of 49/100 and a GF Value™ of €0.40 (Fairly Valued). The stock has 9 warning signs investors should review. Among 702 Capital Markets companies, DeFi Technologies ranks worse than 93.45% 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 6.87 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for DeFi Technologies's Beneish M-Score or its related term are showing as below:
FRA:R9B'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.63 Med: 6.86 Max: 40775.44
Current: 6.87
During the past 13 years, the highest Beneish M-Score of DeFi Technologies was 40775.44. The lowest was -2.63. And the median was 6.86.
DeFi Technologies Beneish M-Score Related Terms
DeFi Technologies Beneish M-Score Historical Data
* Premium members only.
The historical data trend for DeFi Technologies'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:R9B vs MS, GS, SCHW: Beneish M-Score Comparison
For the Capital Markets subindustry, DeFi Technologies'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.
DeFi Technologies Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, DeFi Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DeFi Technologies'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 DeFi Technologies 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 * 11.3106
+
0.528 * 1.9809
+
0.404 * 1.6632
+
0.892 * 0.2112
+
0.115 * 3.1285
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 6.5325
+
4.679 * 0.180614
-
0.327 * 0.8164
=
7.29
* 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))
=
(1.425 / (1.425 + 0))
/
(1.152 / (1.152 + 2.452))
=
1
/
0.319645
=
3.1285
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
=
(31.916 - -0.649
-
-66.514)
/
548.567
=
0.180614
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.
DeFi Technologies has a M-score of 7.29 signals that the company is likely to be a manipulator.
DeFi Technologies (FRA:R9B) has a Beneish M-Score of 6.87 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DeFi Technologies and its competitors. This is near median its historical median of 6.86. According to the industry distribution chart, DeFi Technologies ranks #656 out of 702 companies in the Capital Markets industry, placing it in the top 93.4%.
Is DeFi Technologies' Beneish M-Score too high?
DeFi Technologies' current Beneish M-Score of 6.87 is near median its 10-year median of 6.86. Based on the distribution chart, DeFi Technologies ranks #656 out of 702 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, DeFi Technologies has a GF Score™ of 49/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does DeFi Technologies' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, DeFi Technologies ranks #656 out of 702 companies for Beneish M-Score. This places DeFi Technologies 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 DeFi Technologies and its competitors. DeFi Technologies's current Beneish M-Score is 6.87, which is near median its own 10-year median of 6.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DeFi Technologies stock overvalued right now?
Based on GuruFocus' analysis, DeFi Technologies (FRA:R9B) is currently considered Fairly Valued. The stock's GF Value™ is €0.40, compared to a current price of €0.42 — trading 5.3% above its estimated fair value. The current Beneish M-Score is 6.87, which is near median its 10-year median of 6.86. DeFi Technologies' overall GF Score™ is 49/100 with 9 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 DeFi Technologies (FRA:R9B), the current Beneish M-Score is 6.87 as of Jun. 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 DeFi Technologies (FRA:R9B) Overvalued in 2026?
Based on GuruFocus' analysis, DeFi Technologies stock appears to be overvalued.
The current stock price of €0.42 is trading 5.3% above its estimated GF Value™ of €0.40.
GuruFocus considers DeFi Technologies to be Fairly Valued.
Key valuation signals for FRA:R9B:
Beneish M-Score: 6.87 (near median its 10-year median of 6.86)
GF Value™: €0.40 vs. price of €0.42 (5.3% above fair value)
No single metric tells the full story. See the FRA:R9B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
DeFi Technologies Inc is a Canadian technology company bridging the gap between traditional capital markets and decentralized finance. The Company generates revenues through the issuance of exchange-traded products that synthetically track the value of a single DeFi protocol, investments in various companies and protocols across the decentralized finance ecosystem to build a diversified portfolio of decentralized finance assets, providing premium membership for research reports to investors and offering node management of decentralized protocols to support governance, security and transaction validation.
49GF Score
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