Orion Digital (FRA:SGC0) Beneish M-Score: -2.72 (As of Jun. 25, 2026)

What is Orion Digital Beneish M-Score?

Orion Digital FRA:SGC0 -5.88% 48 Beneish M-Score is -2.72 as of Jun. 25, 2026. GuruFocus rates FRA:SGC0 with a GF Score™ of 48/100 and a GF Value™ of €1.20 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 2,633 Software companies, Orion Digital ranks better than 62.7% 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.

Good Sign:

Beneish M-Score -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:SGC0' s Beneish M-Score Range Over the Past 10 Years
Min: -5.39 Med: -2.56 Max: -0.29
Current: -2.72

During the past 12 years, the highest Beneish M-Score of Orion Digital was -0.29. The lowest was -5.39. And the median was -2.56.

Orion Digital Beneish M-Score Related Terms

Orion Digital Beneish M-Score Historical Data

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The historical data trend for Orion Digital'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.

Orion Digital Beneish M-Score Chart

Orion Digital Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.00

-2.93

-2.57

-2.80

-2.87

Orion Digital 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															-3.06	-3.01	-2.89	-2.87	-2.72

FRA:SGC0 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Orion Digital'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.

Orion Digital Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Orion Digital's Beneish M-Score distribution charts can be found below:

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

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48GF Score

Orion Digital Corp FRA:SGC0

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

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Orion Digital 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 Orion Digital 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 * 1.1662

0.528 * 0.9439

0.404 * 0.9019

0.892 * 0.9075

0.115 * 0.9514

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9713

4.679 * -0.053365

0.327 * 1.0124

-2.73

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €42.38 Mil.
Revenue was 10.627 + 10.766 + 10.447 + 10.741 = €42.58 Mil.
Gross Profit was 7.338 + 7.529 + 7.259 + 7.731 = €29.86 Mil.
Total Current Assets was €61.43 Mil.
Total Assets was €105.03 Mil.
Property, Plant and Equipment(Net PPE) was €0.50 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.04 Mil.
Selling, General, & Admin. Expense(SGA) was €11.97 Mil.
Total Current Liabilities was €42.49 Mil.
Long-Term Debt & Capital Lease Obligation was €20.38 Mil.
Net Income was -3.664 + -3.505 + -2.777 + 8.569 = €-1.38 Mil.
Non Operating Income was -1.85 + -2.083 + -1.065 + 10.409 = €5.41 Mil.
Cash Flow from Operations was -0.264 + 0.359 + -1.87 + 0.592 = €-1.18 Mil.

Total Receivables was €40.04 Mil.
Revenue was 11.166 + 12.095 + 11.763 + 11.898 = €46.92 Mil.
Gross Profit was 7.482 + 7.629 + 7.914 + 8.03 = €31.06 Mil.
Total Current Assets was €58.96 Mil.
Total Assets was €109.69 Mil.
Property, Plant and Equipment(Net PPE) was €0.82 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.32 Mil.
Selling, General, & Admin. Expense(SGA) was €13.58 Mil.
Total Current Liabilities was €42.35 Mil.
Long-Term Debt & Capital Lease Obligation was €22.51 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)
	=	(42.376 / 42.581)	/	(40.04 / 46.922)
	=	0.995186	/	0.853331
	=	1.1662

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)
	=	(31.055 / 46.922)	/	(29.857 / 42.581)
	=	0.661843	/	0.701181
	=	0.9439

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 - (61.431 + 0.495) / 105.032)	/	(1 - (58.957 + 0.82) / 109.691)
	=	0.410408	/	0.455042
	=	0.9019

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
	=	42.581	/	46.922
	=	0.9075

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))
	=	(5.316 / (5.316 + 0.82))	/	(5.044 / (5.044 + 0.495))
	=	0.866362	/	0.910634
	=	0.9514

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)
	=	(11.974 / 42.581)	/	(13.584 / 46.922)
	=	0.281205	/	0.289502
	=	0.9713

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)
	=	((20.384 + 42.485) / 105.032)	/	((22.505 + 42.347) / 109.691)
	=	0.59857	/	0.591224
	=	1.0124

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
	=	(-1.377 - 5.411	-	-1.183)	/	105.032
	=	-0.053365

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.

Orion Digital has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.72 mean?

Orion Digital (FRA:SGC0) has a Beneish M-Score of -2.72 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orion Digital and its competitors. According to the industry distribution chart, Orion Digital ranks #982 out of 2633 companies in the Software industry, placing it in the top 37.3%.

Is Orion Digital's Beneish M-Score too high?

Orion Digital's current Beneish M-Score is -2.72. Based on the distribution chart, Orion Digital ranks #982 out of 2633 companies in the Software industry, which is above the industry midpoint. Overall, Orion Digital has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Orion Digital's Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, Orion Digital ranks #982 out of 2633 companies for Beneish M-Score. This puts Orion Digital 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 a Software company?

A good Beneish M-Score depends on the Software 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 Orion Digital and its competitors. Orion Digital's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Orion Digital stock overvalued right now?

Based on GuruFocus' analysis, Orion Digital (FRA:SGC0) is currently considered Possible Value Trap. The stock's GF Value™ is €1.20, compared to a current price of €0.72 — trading 40% below its estimated fair value. The current Beneish M-Score is -2.72. Orion Digital's overall GF Score™ is 48/100 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 Orion Digital (FRA:SGC0), the current Beneish M-Score is -2.72 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 Orion Digital (FRA:SGC0) Overvalued in 2026?

Based on GuruFocus' analysis, Orion Digital stock appears to be undervalued. The current stock price of €0.72 is trading 40% below its estimated GF Value™ of €1.20. GuruFocus considers Orion Digital to be Possible Value Trap.

Key valuation signals for FRA:SGC0:

Beneish M-Score: -2.72
GF Value™: €1.20 vs. price of €0.72 (40% below fair value)
GF Score™: 48/100 with 4 warning signs

No single metric tells the full story. See the FRA:SGC0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Orion Digital Business Description

Industry Technology Software

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Other Exchanges ORIO:USA ORIO:Canada

Address 516-409 Granville Street, Vancouver, BC, CAN, V6C 1T2

Website https://www.orion-digital.com

Orion Digital Corp is a financial technology company operating digital platforms across wealth and payments, supported by a consumer lending business in Canada. The Company's Wealth platform, Intelligent Investing, provides long-term investment solutions to the Canadian market. It also operates a consumer lending business in Canada. Its Payments business is conducted through its wholly owned subsidiary, which provides issuer processing, program management, and regulated payment orchestration services across Europe. The Company operates in Canada and Europe, with Canada generating the majority of its revenue.

48GF Score

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

€0.72

Price

€1.20

GF Value

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