Cliq Digital AG (HAM:CLIQ) Beneish M-Score: -5.09 (As of Jun. 26, 2026)


HAM:CLIQ Cliq Digital AG HAM:CLIQ
67 GF Score
Price €3.61
GF Value €2.89
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is Cliq Digital AG Beneish M-Score?

Cliq Digital AG HAM:CLIQ 67 Beneish M-Score is -5.09 as of Jun. 26, 2026. GuruFocus rates HAM:CLIQ with a GF Score™ of 67/100 and a GF Value™ of €2.89 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 989 Media - Diversified companies, Cliq Digital AG ranks better than 96.06% 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 -5.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HAM:CLIQ' s Beneish M-Score Range Over the Past 10 Years
Min: -5.09   Med: -2.5   Max: -1.88
Current: -5.09

During the past 13 years, the highest Beneish M-Score of Cliq Digital AG was -1.88. The lowest was -5.09. And the median was -2.50.

Cliq Digital AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cliq Digital AG'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.

Cliq Digital AG Beneish M-Score Chart

Cliq Digital AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.51 -1.88 -1.92 -3.92 -5.09

Cliq Digital AG Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.92 0.00 -3.92 0.00 -5.09

HAM:CLIQ vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, Cliq Digital AG'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.

Cliq Digital AG Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Cliq Digital AG's Beneish M-Score distribution charts can be found below:

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


HAM:CLIQ
67GF Score
Cliq Digital AG HAM:CLIQ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cliq Digital AG 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 Cliq Digital AG 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 * 0.9018+0.528 * 1.1446+0.404 * 1.0172+0.892 * 0.5428+0.115 * 0.8769
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.053+4.679 * -0.473933-0.327 * 0.8686
=-5.09

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €10.9 Mil.
Revenue was €131.9 Mil.
Gross Profit was €21.7 Mil.
Total Current Assets was €49.0 Mil.
Total Assets was €74.0 Mil.
Property, Plant and Equipment(Net PPE) was €1.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.1 Mil.
Selling, General, & Admin. Expense(SGA) was €2.2 Mil.
Total Current Liabilities was €11.5 Mil.
Long-Term Debt & Capital Lease Obligation was €1.0 Mil.
Net Income was €-12.4 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €22.6 Mil.
 Total Receivables was €22.3 Mil.
Revenue was €243.0 Mil.
Gross Profit was €45.7 Mil.
Total Current Assets was €63.7 Mil.
Total Assets was €98.1 Mil.
Property, Plant and Equipment(Net PPE) was €3.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €11.9 Mil.
Selling, General, & Admin. Expense(SGA) was €3.9 Mil.
Total Current Liabilities was €17.0 Mil.
Long-Term Debt & Capital Lease Obligation was €2.0 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)
=(10.934 / 131.916) / (22.336 / 243.017)
=0.082886 / 0.091911
=0.9018

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)
=(45.673 / 243.017) / (21.66 / 131.916)
=0.187942 / 0.164195
=1.1446

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 - (49.043 + 1.014) / 74.04) / (1 - (63.695 + 3.189) / 98.136)
=0.32392 / 0.318456
=1.0172

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
=131.916 / 243.017
=0.5428

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))
=(11.918 / (11.918 + 3.189)) / (9.092 / (9.092 + 1.014))
=0.788906 / 0.899664
=0.8769

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)
=(2.216 / 131.916) / (3.877 / 243.017)
=0.016799 / 0.015954
=1.053

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)
=((0.952 + 11.497) / 74.04) / ((1.981 + 17.016) / 98.136)
=0.168139 / 0.193578
=0.8686

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
=(-12.448 - 0 - 22.642) / 74.04
=-0.473933

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.

Cliq Digital AG has a M-score of -5.09 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 -5.09 mean?
Cliq Digital AG (HAM:CLIQ) has a Beneish M-Score of -5.09 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cliq Digital AG and its competitors. According to the industry distribution chart, Cliq Digital AG ranks #39 out of 989 companies in the Media - Diversified industry, placing it in the top 3.9%.
Is Cliq Digital AG's Beneish M-Score too high?
Cliq Digital AG's current Beneish M-Score is -5.09. Based on the distribution chart, Cliq Digital AG ranks #39 out of 989 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, Cliq Digital AG has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cliq Digital AG's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, Cliq Digital AG ranks #39 out of 989 companies for Beneish M-Score. This places Cliq Digital AG 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Cliq Digital AG and its competitors. Cliq Digital AG's current Beneish M-Score is -5.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cliq Digital AG stock overvalued right now?
Based on GuruFocus' analysis, Cliq Digital AG (HAM:CLIQ) is currently considered Modestly Overvalued. The stock's GF Value™ is €2.89, compared to a current price of €3.61 — trading 24.9% above its estimated fair value. The current Beneish M-Score is -5.09. Cliq Digital AG's overall GF Score™ is 67/100 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 Cliq Digital AG (HAM:CLIQ), the current Beneish M-Score is -5.09 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 Cliq Digital AG (HAM:CLIQ) Overvalued in 2026?

Based on GuruFocus' analysis, Cliq Digital AG stock appears to be overvalued. The current stock price of €3.61 is trading 24.9% above its estimated GF Value™ of €2.89. GuruFocus considers Cliq Digital AG to be Modestly Overvalued.

Key valuation signals for HAM:CLIQ:

  • Beneish M-Score: -5.09
  • GF Value™: €2.89 vs. price of €3.61 (24.9% above fair value)
  • GF Score™: 67/100 with 5 warning signs

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

Cliq Digital AG Business Description

Other Exchanges CLIQ:Germany
Address Grunstrabe 8, Dusseldorf, NW, DEU, 40212
Cliq Digital AG is a online performance marketing company selling subscription-based streaming services that bundle movies & series, music, audiobooks, sports and games to online consumers globally. The Group's principal focus is to increase the number of profitable conversions, i.e. new customer acquisitions, via online marketing. Whereby, CLIQ develops appropriate marketing tools to convert online consumers into paying members and thus monetizes various traffic sources.
67GF Score

Get the complete analysis for HAM:CLIQ

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

€3.61
Price
€2.89
GF Value