FRHLF (Freehold Royalties) Beneish M-Score: -2.89 (As of Jun. 25, 2026)

What is Freehold Royalties Beneish M-Score?

Freehold Royalties FRHLF -2.24% 75 Beneish M-Score is -2.89 as of Jun. 25, 2026. GuruFocus rates FRHLF with a GF Score™ of 75/100 and a GF Value™ of $8.90 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 822 Oil & Gas companies, Freehold Royalties ranks better than 65.57% 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRHLF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68 Med: -2.87 Max: -1.71
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Freehold Royalties was -1.71. The lowest was -3.68. And the median was -2.87.

Freehold Royalties Beneish M-Score Related Terms

Freehold Royalties Beneish M-Score Historical Data

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The historical data trend for Freehold Royalties'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.

Freehold Royalties Beneish M-Score Chart

Freehold Royalties Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.13

0.00

-2.84

-2.96

Freehold Royalties 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															-2.70	-2.95	-2.83	-2.96	-2.89

FRHLF vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Freehold Royalties'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.

Freehold Royalties Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Freehold Royalties's Beneish M-Score distribution charts can be found below:

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

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75GF Score

Freehold Royalties Ltd FRHLF

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

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Freehold Royalties 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 Freehold Royalties 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 * 1.1886

0.528 * 1.0651

0.404 * 1.056

0.892 * 0.9347

0.115 * 0.9567

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7312

4.679 * -0.08113

0.327 * 1.078

-2.84

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $45.1 Mil.
Revenue was 56.719 + 50.568 + 53.755 + 57.267 = $218.3 Mil.
Gross Profit was 36.653 + 28.895 + 32.237 + 35.302 = $133.1 Mil.
Total Current Assets was $45.1 Mil.
Total Assets was $1,015.3 Mil.
Property, Plant and Equipment(Net PPE) was $947.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $77.1 Mil.
Selling, General, & Admin. Expense(SGA) was $21.5 Mil.
Total Current Liabilities was $26.0 Mil.
Long-Term Debt & Capital Lease Obligation was $220.7 Mil.
Net Income was 25.593 + 10.207 + 24.688 + 4.562 = $65.1 Mil.
Non Operating Income was 6.081 + -5.781 + 7.319 + -19.148 = $-11.5 Mil.
Cash Flow from Operations was 33.688 + 39.88 + 43.394 + 41.992 = $159.0 Mil.

Total Receivables was $40.6 Mil.
Revenue was 63.433 + 53.949 + 54.536 + 61.635 = $233.6 Mil.
Gross Profit was 42.158 + 33.498 + 34.582 + 41.406 = $151.6 Mil.
Total Current Assets was $40.6 Mil.
Total Assets was $1,024.7 Mil.
Property, Plant and Equipment(Net PPE) was $962.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $74.7 Mil.
Selling, General, & Admin. Expense(SGA) was $13.3 Mil.
Total Current Liabilities was $25.2 Mil.
Long-Term Debt & Capital Lease Obligation was $205.8 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)
	=	(45.087 / 218.309)	/	(40.582 / 233.553)
	=	0.206528	/	0.173759
	=	1.1886

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)
	=	(151.644 / 233.553)	/	(133.087 / 218.309)
	=	0.649292	/	0.609627
	=	1.0651

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 - (45.087 + 947.765) / 1015.342)	/	(1 - (40.582 + 962.647) / 1024.723)
	=	0.02215	/	0.020975
	=	1.056

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
	=	218.309	/	233.553
	=	0.9347

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))
	=	(74.669 / (74.669 + 962.647))	/	(77.11 / (77.11 + 947.765))
	=	0.071983	/	0.075238
	=	0.9567

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)
	=	(21.508 / 218.309)	/	(13.291 / 233.553)
	=	0.098521	/	0.056908
	=	1.7312

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)
	=	((220.698 + 26.011) / 1015.342)	/	((205.79 + 25.189) / 1024.723)
	=	0.242981	/	0.225406
	=	1.078

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
	=	(65.05 - -11.529	-	158.954)	/	1015.342
	=	-0.08113

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.

Freehold Royalties has a M-score of -2.84 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 -2.89 mean?

Freehold Royalties (FRHLF) has a Beneish M-Score of -2.89 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Freehold Royalties and its competitors. According to the industry distribution chart, Freehold Royalties ranks #283 out of 822 companies in the Oil & Gas industry, placing it in the top 34.4%.

Is Freehold Royalties' Beneish M-Score too high?

Freehold Royalties' current Beneish M-Score is -2.89. Based on the distribution chart, Freehold Royalties ranks #283 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Freehold Royalties has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Freehold Royalties' Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Freehold Royalties ranks #283 out of 822 companies for Beneish M-Score. This puts Freehold Royalties 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 Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Freehold Royalties and its competitors. Freehold Royalties's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Freehold Royalties stock overvalued right now?

Based on GuruFocus' analysis, Freehold Royalties (FRHLF) is currently considered Modestly Overvalued. The stock's GF Value™ is $8.90, compared to a current price of $11.33 — trading 27.3% above its estimated fair value. The current Beneish M-Score is -2.89. Freehold Royalties' overall GF Score™ is 75/100 with 8 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 Freehold Royalties (FRHLF), the current Beneish M-Score is -2.89 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 Freehold Royalties (FRHLF) Overvalued in 2026?

Based on GuruFocus' analysis, Freehold Royalties stock appears to be overvalued. The current stock price of $11.33 is trading 27.3% above its estimated GF Value™ of $8.90. GuruFocus considers Freehold Royalties to be Modestly Overvalued.

Key valuation signals for FRHLF:

Beneish M-Score: -2.89
GF Value™: $8.90 vs. price of $11.33 (27.3% above fair value)
GF Score™: 75/100 with 8 warning signs

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

Freehold Royalties Business Description

Industry Energy Oil & Gas

Comparable Companies TSX:HWX TSX:SDE TSX:VET TSX:PXT TSX:CJ TSX:KEL TSX:BIR TSX:TNZ TSX:IPCO TSX:AAV HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Other Exchanges 0UWL:UK 1FH:Germany FRU:Canada

Address 517 - 10 Avenue SW, Suite 1000, Calgary, AB, CAN, T2R 0A8

Website https://www.freeholdroyalties.com

Freehold Royalties Ltd is in acquiring and managing Oil and Gas royalties. It operates in two segments: Canada, which includes exploration and evaluation assets and the petroleum and natural gas interests in Western Canada; and the United States, which includes petroleum and natural gas interests held in the Permian (Midland and Delaware), Eagle Ford, Haynesville, and Bakken basins located in the states of Texas, New Mexico, and North Dakota. The maximum revenue is generated from the Canada Segment.

75GF Score

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

$11.33

Price

$8.90

GF Value

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