FUSE (Fusemachines) Beneish M-Score: -5.39 (As of Jun. 24, 2026)


FUSE Fusemachines Inc FUSE
8 GF Score
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What is Fusemachines Beneish M-Score?

Fusemachines FUSE +6.37% 8 Beneish M-Score is -5.39 as of Jun. 24, 2026. GuruFocus rates FUSE with a GF Score™ of 8/100. The stock has 3 warning signs investors should review. Among 2,633 Software companies, Fusemachines ranks better than 96.24% 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 -5.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FUSE' s Beneish M-Score Range Over the Past 10 Years
Min: -5.39   Med: -5.39   Max: -5.39
Current: -5.39

During the past 4 years, the highest Beneish M-Score of Fusemachines was -5.39. The lowest was -5.39. And the median was -5.39.

Fusemachines Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fusemachines'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.

Fusemachines Beneish M-Score Chart

Fusemachines Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00

Fusemachines Quarterly Data
Dec22 Dec23 Mar24 Sep24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -5.39

FUSE vs ILLR, PHUN, INVU: Beneish M-Score Comparison

For the Software - Application subindustry, Fusemachines'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.

Fusemachines Beneish M-Score vs Software Industry

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

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


FUSE
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Fusemachines Inc FUSE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fusemachines 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 Fusemachines 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 * 0.7788+0.528 * 0.9754+0.404 * 1.2638+0.892 * 1.0168+0.115 * 0.8892
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1002+4.679 * -0.61246-0.327 * 0.7567
=-5.39

* 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 (Dec24) TTM:
Total Receivables was $1.31 Mil.
Revenue was 1.879 + 0 + 2.033 + 1.954 = $5.87 Mil.
Gross Profit was 0.948 + 0 + 1.205 + 1.09 = $3.24 Mil.
Total Current Assets was $3.74 Mil.
Total Assets was $4.94 Mil.
Property, Plant and Equipment(Net PPE) was $0.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $7.83 Mil.
Total Current Liabilities was $18.13 Mil.
Long-Term Debt & Capital Lease Obligation was $0.69 Mil.
Net Income was -0.872 + 0 + -3.786 + -0.253 = $-4.91 Mil.
Non Operating Income was 2.221 + 0 + -2.86 + 1.129 = $0.49 Mil.
Cash Flow from Operations was -2.224 + 0 + 0.08 + -0.229 = $-2.37 Mil.
 Total Receivables was $1.66 Mil.
Revenue was 2.17 + 0 + 1.918 + 1.681 = $5.77 Mil.
Gross Profit was 1.223 + 0 + 1.011 + 0.877 = $3.11 Mil.
Total Current Assets was $4.12 Mil.
Total Assets was $5.55 Mil.
Property, Plant and Equipment(Net PPE) was $1.22 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.23 Mil.
Selling, General, & Admin. Expense(SGA) was $7.00 Mil.
Total Current Liabilities was $20.31 Mil.
Long-Term Debt & Capital Lease Obligation was $7.60 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)
=(1.313 / 5.866) / (1.658 / 5.769)
=0.223832 / 0.287398
=0.7788

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)
=(3.111 / 5.769) / (3.243 / 5.866)
=0.539262 / 0.552847
=0.9754

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 - (3.737 + 0.975) / 4.944) / (1 - (4.124 + 1.218) / 5.548)
=0.046926 / 0.03713
=1.2638

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
=5.866 / 5.769
=1.0168

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))
=(0.231 / (0.231 + 1.218)) / (0.213 / (0.213 + 0.975))
=0.15942 / 0.179293
=0.8892

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)
=(7.825 / 5.866) / (6.995 / 5.769)
=1.333958 / 1.212515
=1.1002

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)
=((0.689 + 18.13) / 4.944) / ((7.602 + 20.306) / 5.548)
=3.806432 / 5.030281
=0.7567

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
=(-4.911 - 0.49 - -2.373) / 4.944
=-0.61246

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.

Fusemachines has a M-score of -5.39 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 -5.39 mean?
Fusemachines (FUSE) has a Beneish M-Score of -5.39 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fusemachines and its competitors. According to the industry distribution chart, Fusemachines ranks #99 out of 2633 companies in the Software industry, placing it in the top 3.8%.
Is Fusemachines' Beneish M-Score too high?
Fusemachines' current Beneish M-Score is -5.39. Based on the distribution chart, Fusemachines ranks #99 out of 2633 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Fusemachines has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Fusemachines' Beneish M-Score compare to ILLR and PHUN?
According to the Software industry distribution chart, Fusemachines ranks #99 out of 2633 companies for Beneish M-Score. This places Fusemachines in the top 4% of its industry — outperforming the majority of peers. 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 Fusemachines and its competitors. Fusemachines's current Beneish M-Score is -5.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fusemachines stock overvalued right now?
Fusemachines (FUSE) has a current Beneish M-Score of -5.39. The current Beneish M-Score is -5.39. Fusemachines' overall GF Score™ is 8/100 with 3 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 Fusemachines (FUSE), the current Beneish M-Score is -5.39 as of Jun. 24, 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.

Fusemachines Business Description

Address 251 West 30th Street, 5th Floor, New York, NY, USA, 10001
Fusemachines Inc is a provider of enterprise AI solutions, offering products such as AI Studio, AI Engines, and AI Agents, along with supporting services across various industries. Its solutions are supported by a talent pool from underserved communities, enabling scalable and high-quality AI delivery while promoting access to AI. The Company serves clients across industries, including healthcare, media, technology, and government, helping address challenges such as improving forecasting accuracy, reducing data entry errors, automating recruitment, and detecting fraud. Its product suite includes AI Studio, AI Engines, and AI Agents, designed to build, deploy, and scale AI solutions, and it operates in Nepal and the United States.
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