HTOO (Fusion Fuel Green) Beneish M-Score: 5.79 (As of Jul. 02, 2026)


HTOO Fusion Fuel Green PLC HTOO
28 GF Score
Price $2.69
! 5 Warning Signs
View Full Analysis

What is Fusion Fuel Green Beneish M-Score?

Fusion Fuel Green HTOO -3.93% 28 Beneish M-Score is 5.79 as of Jul. 02, 2026. GuruFocus rates HTOO with a GF Score™ of 28/100. The stock has 5 warning signs investors should review. Among 391 Utilities - Independent Power Producers companies, Fusion Fuel Green ranks worse than 96.68% 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.

Warning Sign:

Beneish M-Score 5.79 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HTOO' s Beneish M-Score Range Over the Past 10 Years
Min: -9.91   Med: -2.06   Max: 5.79
Current: 5.79

During the past 7 years, the highest Beneish M-Score of Fusion Fuel Green was 5.79. The lowest was -9.91. And the median was -2.06.

Fusion Fuel Green Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fusion Fuel Green'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.

Fusion Fuel Green Beneish M-Score Chart

Fusion Fuel Green Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 -9.91 5.79

Fusion Fuel Green Semi-Annual Data
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 0.00 0.00 -9.91 0.00 5.79

HTOO vs CLNV, CREG, BNRG: Beneish M-Score Comparison

For the Utilities - Renewable subindustry, Fusion Fuel Green'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.

Fusion Fuel Green Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Fusion Fuel Green's Beneish M-Score distribution charts can be found below:

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


HTOO
28GF Score
Fusion Fuel Green PLC HTOO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fusion Fuel Green 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 Fusion Fuel Green 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 * 0.1855+0.528 * 0.9406+0.404 * 0.9296+0.892 * 10.041+0.115 * 8.4149
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0874+4.679 * -0.008673-0.327 * 0.8677
=5.79

* 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 $5.88 Mil.
Revenue was $16.88 Mil.
Gross Profit was $4.89 Mil.
Total Current Assets was $7.53 Mil.
Total Assets was $42.20 Mil.
Property, Plant and Equipment(Net PPE) was $1.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.17 Mil.
Selling, General, & Admin. Expense(SGA) was $12.69 Mil.
Total Current Liabilities was $14.27 Mil.
Long-Term Debt & Capital Lease Obligation was $0.33 Mil.
Net Income was $-1.98 Mil.
Gross Profit was $8.03 Mil.
Cash Flow from Operations was $-9.65 Mil.
 Total Receivables was $3.16 Mil.
Revenue was $1.68 Mil.
Gross Profit was $0.46 Mil.
Total Current Assets was $5.46 Mil.
Total Assets was $37.78 Mil.
Property, Plant and Equipment(Net PPE) was $0.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.76 Mil.
Selling, General, & Admin. Expense(SGA) was $14.46 Mil.
Total Current Liabilities was $14.90 Mil.
Long-Term Debt & Capital Lease Obligation was $0.16 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)
=(5.878 / 16.879) / (3.156 / 1.681)
=0.348243 / 1.877454
=0.1855

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)
=(0.458 / 1.681) / (4.889 / 16.879)
=0.272457 / 0.28965
=0.9406

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 - (7.526 + 1.444) / 42.2) / (1 - (5.457 + 0.321) / 37.778)
=0.787441 / 0.847054
=0.9296

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
=16.879 / 1.681
=10.041

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))
=(2.755 / (2.755 + 0.321)) / (0.172 / (0.172 + 1.444))
=0.895644 / 0.106436
=8.4149

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)
=(12.687 / 16.879) / (14.462 / 1.681)
=0.751644 / 8.603212
=0.0874

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)
=((0.329 + 14.269) / 42.2) / ((0.162 + 14.898) / 37.778)
=0.345924 / 0.398645
=0.8677

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
=(-1.984 - 8.03 - -9.648) / 42.2
=-0.008673

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.

Fusion Fuel Green has a M-score of 5.79 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 5.79 mean?
Fusion Fuel Green (HTOO) has a Beneish M-Score of 5.79 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fusion Fuel Green and its competitors. According to the industry distribution chart, Fusion Fuel Green ranks #378 out of 391 companies in the Utilities - Independent Power Producers industry, placing it in the top 96.7%.
Is Fusion Fuel Green's Beneish M-Score too high?
Fusion Fuel Green's current Beneish M-Score is 5.79. Based on the distribution chart, Fusion Fuel Green ranks #378 out of 391 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Fusion Fuel Green has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Fusion Fuel Green's Beneish M-Score compare to CLNV and CREG?
According to the Utilities - Independent Power Producers industry distribution chart, Fusion Fuel Green ranks #378 out of 391 companies for Beneish M-Score. This places Fusion Fuel Green in the lower 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 Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Fusion Fuel Green and its competitors. Fusion Fuel Green's current Beneish M-Score is 5.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fusion Fuel Green stock overvalued right now?
Fusion Fuel Green (HTOO) has a current Beneish M-Score of 5.79. The current Beneish M-Score is 5.79. Fusion Fuel Green's overall GF Score™ is 28/100 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 Fusion Fuel Green (HTOO), the current Beneish M-Score is 5.79 as of Jul. 02, 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.

Fusion Fuel Green Business Description

Address 9 Pembroke Street Upper, Dublin 2, Dublin, IRL, D02 YX28
Fusion Fuel Green PLC is a provider of full-service energy engineering and advisory solutions, specializing in green hydrogen and industrial gas applications. It offers a broad portfolio of services, including the design, supply, installation and maintenance of energy systems, as well as the transport and distribution of liquefied petroleum gas. The company serves a diverse customer base spanning commercial buildings, mixed-use developments, heavy industries, and food service sectors. The group currently derives revenue by providing comprehensive solutions for the liquefied petroleum gas (LPG) industry, which includes the supply, installation, and maintenance of LPG systems, as well as transportation and delivery of LPG in both bulk and cylinder formats. It earns majority revenue from UAE.
28GF Score

Get the complete analysis for HTOO

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

$2.69
Price