IOND (Ionic Digital) Beneish M-Score: 0.00 (As of Jul. 30, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

IOND Ionic Digital Inc IOND
8 GF Score
Price $70.14
View Full Analysis

What is Ionic Digital Beneish M-Score?

Ionic Digital IOND +3.15% 8 Beneish M-Score is 0.00 as of Jul. 30, 2026. GuruFocus rates IOND with a GF Score™ of 8/100.

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.

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

During the past 5 years, the highest Beneish M-Score of Ionic Digital was 0.00. The lowest was 0.00. And the median was 0.00.

Ionic Digital Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ionic Digital'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.

Ionic Digital Beneish M-Score Chart

Ionic Digital Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

Ionic Digital Quarterly Data
Dec20 Dec21 Dec22 Sep23 Dec23 Dec24 Mar25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

IOND vs : Beneish M-Score Comparison

For the Capital Markets subindustry, Ionic Digital'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.

Ionic Digital Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Ionic Digital's Beneish M-Score distribution charts can be found below:

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


IOND
8GF Score
Ionic Digital Inc IOND
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ionic Digital 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 Ionic Digital 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 * 0.4848+0.528 * 0.5202+0.404 * 1.541+0.892 * 1.367+0.115 * 0.3278
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -8.4402+4.679 * 0.158638-0.327 * 3.4434
=-1.17

* 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 (Dec23) TTM:
Total Receivables was $8.52 Mil.
Revenue was 51.44 + 0 + 41.081 + 0 = $92.52 Mil.
Gross Profit was 45.372 + 0 + 15.868 + 0 = $61.24 Mil.
Total Current Assets was $246.60 Mil.
Total Assets was $554.03 Mil.
Property, Plant and Equipment(Net PPE) was $65.73 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.04 Mil.
Selling, General, & Admin. Expense(SGA) was $23.35 Mil.
Total Current Liabilities was $16.18 Mil.
Long-Term Debt & Capital Lease Obligation was $0.17 Mil.
Net Income was -12.984 + 0 + -28.031 + 0 = $-41.02 Mil.
Non Operating Income was -53.02 + 0 + -27.815 + 0 = $-80.84 Mil.
Cash Flow from Operations was -10.445 + 0 + -37.625 + 0 = $-48.07 Mil.
 Total Receivables was $12.85 Mil.
Revenue was 41.575 + 0 + 26.108 + 0 = $67.68 Mil.
Gross Profit was 17.29 + 0 + 6.014 + 0 = $23.30 Mil.
Total Current Assets was $270.31 Mil.
Total Assets was $745.24 Mil.
Property, Plant and Equipment(Net PPE) was $263.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.68 Mil.
Selling, General, & Admin. Expense(SGA) was $-2.02 Mil.
Total Current Liabilities was $6.17 Mil.
Long-Term Debt & Capital Lease Obligation was $0.22 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)
=(8.517 / 92.521) / (12.852 / 67.683)
=0.092055 / 0.189885
=0.4848

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)
=(23.304 / 67.683) / (61.24 / 92.521)
=0.344311 / 0.661904
=0.5202

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 - (246.599 + 65.729) / 554.03) / (1 - (270.306 + 263.959) / 745.244)
=0.436262 / 0.283101
=1.541

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
=92.521 / 67.683
=1.367

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))
=(23.678 / (23.678 + 263.959)) / (22.043 / (22.043 + 65.729))
=0.082319 / 0.251139
=0.3278

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)
=(23.352 / 92.521) / (-2.024 / 67.683)
=0.252397 / -0.029904
=-8.4402

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)
=((0.173 + 16.184) / 554.03) / ((0.217 + 6.173) / 745.244)
=0.029524 / 0.008574
=3.4434

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
=(-41.015 - -80.835 - -48.07) / 554.03
=0.158638

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.

Ionic Digital has a M-score of -1.17 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 0.00 mean?
Ionic Digital (IOND) has a Beneish M-Score of 0.00 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ionic Digital and its competitors.
Is Ionic Digital's Beneish M-Score too high?
Ionic Digital's current Beneish M-Score is 0.00. Overall, Ionic Digital has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Ionic Digital's Beneish M-Score compare to ?
Ionic Digital's Beneish M-Score of 0.00 can be compared against companies in the Capital Markets 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Ionic Digital and its competitors. Ionic Digital's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ionic Digital stock overvalued right now?
Ionic Digital (IOND) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Ionic Digital's overall GF Score™ is 8/100. 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 Ionic Digital (IOND), the current Beneish M-Score is 0.00 as of Jul. 30, 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.

Ionic Digital Business Description

Comparable Companies
Address 2332 Galiano Street, 2nd Floor, Coral Gables, FL, USA, 33134
Ionic Digital Inc intends to be a leading bitcoin mining company, as part of the digital assets ecosystem.
8GF Score

Get the complete analysis for IOND

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

$70.14
Price