IOTR (iOThree) Beneish M-Score: -2.84 (As of Jun. 26, 2026)


IOTR iOThree Ltd IOTR
18 GF Score
Price $2.59
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What is iOThree Beneish M-Score?

iOThree IOTR -4.43% 18 Beneish M-Score is -2.84 as of Jun. 26, 2026. GuruFocus rates IOTR with a GF Score™ of 18/100. Among 355 Telecommunication Services companies, iOThree ranks better than 53.8% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IOTR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63   Med: -3.24   Max: -2.84
Current: -2.84

During the past 4 years, the highest Beneish M-Score of iOThree was -2.84. The lowest was -3.63. And the median was -3.24.

iOThree Beneish M-Score Historical Data

* Premium members only.

The historical data trend for iOThree'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.

iOThree Beneish M-Score Chart

iOThree Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -3.63 -2.84

iOThree Semi-Annual Data
Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.63 0.00 -2.84 0.00

IOTR vs KTEL, IQST, ATGN: Beneish M-Score Comparison

For the Telecom Services subindustry, iOThree'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.

iOThree Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, iOThree's Beneish M-Score distribution charts can be found below:

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


IOTR
18GF Score
iOThree Ltd IOTR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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iOThree 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 iOThree 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 * 0.9696+0.528 * 1.2109+0.404 * 0.8847+0.892 * 1.2228+0.115 * 0.9447
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9031+4.679 * -0.126875-0.327 * 1.0445
=-2.84

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $3.00 Mil.
Revenue was $10.48 Mil.
Gross Profit was $1.86 Mil.
Total Current Assets was $4.13 Mil.
Total Assets was $5.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.55 Mil.
Selling, General, & Admin. Expense(SGA) was $2.05 Mil.
Total Current Liabilities was $3.67 Mil.
Long-Term Debt & Capital Lease Obligation was $0.25 Mil.
Net Income was $-0.23 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $0.49 Mil.
 Total Receivables was $2.53 Mil.
Revenue was $8.57 Mil.
Gross Profit was $1.85 Mil.
Total Current Assets was $4.44 Mil.
Total Assets was $5.85 Mil.
Property, Plant and Equipment(Net PPE) was $0.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.37 Mil.
Selling, General, & Admin. Expense(SGA) was $1.86 Mil.
Total Current Liabilities was $3.51 Mil.
Long-Term Debt & Capital Lease Obligation was $0.37 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)
=(2.996 / 10.479) / (2.527 / 8.57)
=0.285905 / 0.294866
=0.9696

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)
=(1.846 / 8.57) / (1.864 / 10.479)
=0.215403 / 0.17788
=1.2109

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 - (4.13 + 0.874) / 5.667) / (1 - (4.435 + 0.644) / 5.853)
=0.116993 / 0.13224
=0.8847

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
=10.479 / 8.57
=1.2228

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))
=(0.37 / (0.37 + 0.644)) / (0.55 / (0.55 + 0.874))
=0.364892 / 0.386236
=0.9447

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)
=(2.054 / 10.479) / (1.86 / 8.57)
=0.196011 / 0.217036
=0.9031

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)
=((0.253 + 3.668) / 5.667) / ((0.371 + 3.506) / 5.853)
=0.6919 / 0.662395
=1.0445

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
=(-0.231 - 0 - 0.488) / 5.667
=-0.126875

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.

iOThree has a M-score of -2.84 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 -2.84 mean?
iOThree (IOTR) has a Beneish M-Score of -2.84 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iOThree and its competitors. According to the industry distribution chart, iOThree ranks #164 out of 355 companies in the Telecommunication Services industry, placing it in the top 46.2%.
Is iOThree's Beneish M-Score too high?
iOThree's current Beneish M-Score is -2.84. Based on the distribution chart, iOThree ranks #164 out of 355 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, iOThree has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does iOThree's Beneish M-Score compare to KTEL and IQST?
According to the Telecommunication Services industry distribution chart, iOThree ranks #164 out of 355 companies for Beneish M-Score. This puts iOThree in the upper 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 a Telecommunication Services company?
A good Beneish M-Score depends on the Telecommunication Services 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 iOThree and its competitors. iOThree's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iOThree stock overvalued right now?
iOThree (IOTR) has a current Beneish M-Score of -2.84. The current Beneish M-Score is -2.84. iOThree's overall GF Score™ is 18/100. 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 iOThree (IOTR), the current Beneish M-Score is -2.84 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.

iOThree Business Description

Address 140 Paya Lebar Road, No. 07-02, AZ at Paya Lebar, Singapore, SGP, 409015
Website https://io3.sg
iOThree Ltd is a provider of maritime digital technologies, including satellite connectivity and digitalization solutions in Singapore, focused on facilitating the maritime industry towards digital transformation. It offers shipboard infrastructure to customers by designing and installing the necessary satellite connectivity solution, IT equipment, shipboard equipment (such as equipment relating to navigation systems, automatic identification system, etc.), and JARVISS, a digitalization platform on the vessels of customers. The group's operating segments are: Satellite connectivity solution, which generates key revenue, and Digitalization and other solution. Geographically, it generates maximum revenue from Singapore, and rest from Israel, Malaysia, Vietnam, Thailand, and other regions.
18GF Score

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

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