SLR Investment (FRA:ZSL) Beneish M-Score: -2.37 (As of Jun. 25, 2026)


FRA:ZSL SLR Investment Corp FRA:ZSL
58 GF Score
Price €10.89
GF Value €18.85
Valuation Significantly Undervalued
! 5 Warning Signs
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What is SLR Investment Beneish M-Score?

SLR Investment FRA:ZSL +2.06% 58 Beneish M-Score is -2.37 as of Jun. 25, 2026. GuruFocus rates FRA:ZSL with a GF Score™ of 58/100 and a GF Value™ of €18.85 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 955 Asset Management companies, SLR Investment ranks better than 55.08% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:ZSL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69   Med: -1.76   Max: 165.45
Current: -2.37

During the past 13 years, the highest Beneish M-Score of SLR Investment was 165.45. The lowest was -3.69. And the median was -1.76.

FRA:ZSL
58GF Score
SLR Investment Corp FRA:ZSL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SLR Investment 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 SLR Investment 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 * 0.8171+0.528 * 1+0.404 * 1+0.892 * 0.9654+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1825+4.679 * 0.064388-0.327 * 1.0789
=-2.44

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €22.19 Mil.
Revenue was 17.245 + 23.867 + 22.669 + 23.094 = €86.88 Mil.
Gross Profit was 17.245 + 23.867 + 22.669 + 23.094 = €86.88 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,197.46 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €9.84 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €984.55 Mil.
Net Income was 14.812 + 21.413 + 19.856 + 21.009 = €77.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 58.12 + -12.216 + 67.306 + -177.61 = €-64.40 Mil.
 Total Receivables was €28.12 Mil.
Revenue was 20.461 + 23.431 + 22.155 + 23.937 = €89.98 Mil.
Gross Profit was 20.461 + 23.431 + 22.155 + 23.937 = €89.98 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,315.25 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €8.62 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €961.46 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)
=(22.187 / 86.875) / (28.124 / 89.984)
=0.25539 / 0.312544
=0.8171

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)
=(89.984 / 89.984) / (86.875 / 86.875)
=1 / 1
=1

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 - (0 + 0) / 2197.456) / (1 - (0 + 0) / 2315.249)
=1 / 1
=1

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
=86.875 / 89.984
=0.9654

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(9.835 / 86.875) / (8.615 / 89.984)
=0.113209 / 0.095739
=1.1825

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)
=((984.549 + 0) / 2197.456) / ((961.456 + 0) / 2315.249)
=0.44804 / 0.415271
=1.0789

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
=(77.09 - 0 - -64.4) / 2197.456
=0.064388

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.

SLR Investment has a M-score of -2.44 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 -2.37 mean?
SLR Investment (FRA:ZSL) has a Beneish M-Score of -2.37 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SLR Investment and its competitors. According to the industry distribution chart, SLR Investment ranks #429 out of 955 companies in the Asset Management industry, placing it in the top 44.9%.
Is SLR Investment's Beneish M-Score too high?
SLR Investment's current Beneish M-Score is -2.37. Based on the distribution chart, SLR Investment ranks #429 out of 955 companies in the Asset Management industry, which is above the industry midpoint. Overall, SLR Investment has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SLR Investment's Beneish M-Score compare to JQC and OIO?
According to the Asset Management industry distribution chart, SLR Investment ranks #429 out of 955 companies for Beneish M-Score. This puts SLR Investment 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 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 SLR Investment and its competitors. SLR Investment's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SLR Investment stock overvalued right now?
Based on GuruFocus' analysis, SLR Investment (FRA:ZSL) is currently considered Significantly Undervalued. The stock's GF Value™ is €18.85, compared to a current price of €10.89 — trading 42.2% below its estimated fair value. The current Beneish M-Score is -2.37. SLR Investment's overall GF Score™ is 58/100 with 5 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 SLR Investment (FRA:ZSL), the current Beneish M-Score is -2.37 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 SLR Investment (FRA:ZSL) Overvalued in 2026?

Based on GuruFocus' analysis, SLR Investment stock appears to be undervalued. The current stock price of €10.89 is trading 42.2% below its estimated GF Value™ of €18.85. GuruFocus considers SLR Investment to be Significantly Undervalued.

Key valuation signals for FRA:ZSL:

  • Beneish M-Score: -2.37
  • GF Value™: €18.85 vs. price of €10.89 (42.2% below fair value)
  • GF Score™: 58/100 with 5 warning signs

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

SLR Investment Business Description

Other Exchanges SLRC:USA0L7O:UKZSL:Germany
Address 500 Park Avenue, 3rd Floor, New York, NY, USA, 10022
SLR Investment Corp is a closed-end externally managed, non-diversified management investment company that has elected to be treated as a business development company. It provides U.S. middle market businesses and intermediaries with bespoke debt financing solutions to fund working capital, acquisition, refinancing and growth capital requirements. The company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The company invests principally in leveraged middle-market companies in the form of senior secured loans, financing leases, and to a lesser extent, unsecured loans and equity securities.
58GF Score

Get the complete analysis for FRA:ZSL

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

€10.89
Price
€18.85
GF Value