HZNFF (Horizon Oil) Beneish M-Score: -1.51 (As of Jun. 24, 2026)

What is Horizon Oil Beneish M-Score?

Horizon Oil HZNFF +61.33% 52 Beneish M-Score is -1.51 as of Jun. 24, 2026. GuruFocus rates HZNFF with a GF Score™ of 52/100 and a GF Value™ of $0.12 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, Horizon Oil ranks worse than 88.93% 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 -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HZNFF' s Beneish M-Score Range Over the Past 10 Years
Min: -9.32 Med: -3.08 Max: 7.6
Current: -1.51

During the past 13 years, the highest Beneish M-Score of Horizon Oil was 7.60. The lowest was -9.32. And the median was -3.08.

Horizon Oil Beneish M-Score Related Terms

Horizon Oil Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Horizon Oil'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.

Horizon Oil Beneish M-Score Chart

Horizon Oil Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-1.94

-2.92

-2.51

-3.97

-1.51

Horizon Oil 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															0.00	-3.97	0.00	-1.51	0.00

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

For the Oil & Gas E&P subindustry, Horizon Oil'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.

Horizon Oil Beneish M-Score vs Oil & Gas Industry

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

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

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52GF Score

Horizon Oil Ltd HZNFF

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

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Horizon Oil 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 Horizon Oil 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 * 2.1015

0.528 * 1.8813

0.404 * 1.6092

0.892 * 0.933

0.115 * 0.8295

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5101

4.679 * -0.133735

0.327 * 0.9338

-1.53

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $14.51 Mil.
Revenue was $104.13 Mil.
Gross Profit was $27.37 Mil.
Total Current Assets was $61.42 Mil.
Total Assets was $180.16 Mil.
Property, Plant and Equipment(Net PPE) was $98.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $3.70 Mil.
Total Current Liabilities was $26.64 Mil.
Long-Term Debt & Capital Lease Obligation was $17.42 Mil.
Net Income was $12.25 Mil.
Gross Profit was $0.45 Mil.
Cash Flow from Operations was $35.89 Mil.

Total Receivables was $7.40 Mil.
Revenue was $111.60 Mil.
Gross Profit was $55.19 Mil.
Total Current Assets was $70.88 Mil.
Total Assets was $205.28 Mil.
Property, Plant and Equipment(Net PPE) was $119.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $2.62 Mil.
Total Current Liabilities was $30.61 Mil.
Long-Term Debt & Capital Lease Obligation was $23.15 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)
	=	(14.507 / 104.126)	/	(7.399 / 111.604)
	=	0.139322	/	0.066297
	=	2.1015

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)
	=	(55.194 / 111.604)	/	(27.373 / 104.126)
	=	0.494552	/	0.262883
	=	1.8813

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 - (61.419 + 98.317) / 180.155)	/	(1 - (70.881 + 119.937) / 205.276)
	=	0.113341	/	0.070432
	=	1.6092

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
	=	104.126	/	111.604
	=	0.933

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))
	=	(0.177 / (0.177 + 119.937))	/	(0.175 / (0.175 + 98.317))
	=	0.001474	/	0.001777
	=	0.8295

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)
	=	(3.697 / 104.126)	/	(2.624 / 111.604)
	=	0.035505	/	0.023512
	=	1.5101

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)
	=	((17.419 + 26.641) / 180.155)	/	((23.152 + 30.609) / 205.276)
	=	0.244567	/	0.261896
	=	0.9338

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
	=	(12.247 - 0.454	-	35.886)	/	180.155
	=	-0.133735

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.

Horizon Oil has a M-score of -1.53 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 -1.51 mean?

Horizon Oil (HZNFF) has a Beneish M-Score of -1.51 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Horizon Oil and its competitors. According to the industry distribution chart, Horizon Oil ranks #731 out of 822 companies in the Oil & Gas industry, placing it in the top 88.9%.

Is Horizon Oil's Beneish M-Score too high?

Horizon Oil's current Beneish M-Score is -1.51. Based on the distribution chart, Horizon Oil ranks #731 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Horizon Oil has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Horizon Oil's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Horizon Oil ranks #731 out of 822 companies for Beneish M-Score. This places Horizon Oil 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 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 Horizon Oil and its competitors. Horizon Oil's current Beneish M-Score is -1.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Horizon Oil stock overvalued right now?

Based on GuruFocus' analysis, Horizon Oil (HZNFF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.12, compared to a current price of $0.19 — trading 61.3% above its estimated fair value. The current Beneish M-Score is -1.51. Horizon Oil's overall GF Score™ is 52/100 with 6 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 Horizon Oil (HZNFF), the current Beneish M-Score is -1.51 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.

Is Horizon Oil (HZNFF) Overvalued in 2026?

Based on GuruFocus' analysis, Horizon Oil stock appears to be overvalued. The current stock price of $0.19 is trading 61.3% above its estimated GF Value™ of $0.12. GuruFocus considers Horizon Oil to be Significantly Overvalued.

Key valuation signals for HZNFF:

Beneish M-Score: -1.51
GF Value™: $0.12 vs. price of $0.19 (61.3% above fair value)
GF Score™: 52/100 with 6 warning signs

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

Horizon Oil Business Description

Industry Energy Oil & Gas

Comparable Companies ASX:OMA ASX:BTL ASX:STX ASX:CVN ASX:AEL ASX:FDR ASX:EXR ASX:COI ASX:JGH ASX:ECH HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Other Exchanges HOJ:Germany HZN:Australia

Address 360 Kent Street, Level 4, Sydney, NSW, AUS, 2000

Website https://www.horizonoil.com.au

Horizon Oil Ltd is engaged in petroleum exploration, development, and production. The company operates in three segments: China development, New Zealand development, and Australia development. It generates maximum revenue from the China development segment, which is involved in developing and producing crude oil from the Block 22/12-WZ6-12, WZ12-8W and WZ12-8E oil field developments and in the exploration and evaluation of hydrocarbons within Block 22/12. The New Zealand development segment is currently involved in developing and producing crude oil from the Maari/Manaia oil field development, and the Australia development segment is engaged in developing and producing oil and gas from the Mereenie OL4 and OL5 oil and gas fields.

52GF Score

Get the complete analysis for HZNFF

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

$0.19

Price

$0.12

GF Value

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