Efora Energy (JSE:EEL) Beneish M-Score: 0.00 (As of Jul. 08, 2026)

What is Efora Energy Beneish M-Score?

Efora Energy JSE:EEL 11 Beneish M-Score is 0.00 as of Jul. 08, 2026. GuruFocus rates JSE:EEL with a GF Score™ of 11/100.

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 Efora Energy's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Efora Energy was 0.00. The lowest was 0.00. And the median was 0.00.

Efora Energy Beneish M-Score Related Terms

Efora Energy Beneish M-Score Historical Data

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The historical data trend for Efora Energy'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.

Efora Energy Beneish M-Score Chart

Efora Energy Annual Data

Trend

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

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-2.97

-14.56

16.25

0.00

1.02

Efora Energy Semi-Annual Data
	Feb15	Aug15	Feb16	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	1.02	0.00

JSE:EEL vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Efora Energy'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.

Efora Energy Beneish M-Score vs Oil & Gas Industry

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

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

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Efora Energy Ltd JSE:EEL

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

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Efora Energy 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 Efora Energy 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 * 0.0728

0.528 * 2.0572

0.404 * 0.9516

0.892 * 5.2489

0.115 * 1.0379

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.044686

0.327 * 1.5798

1.02

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was R0.90 Mil.
Revenue was R41.94 Mil.
Gross Profit was R1.14 Mil.
Total Current Assets was R39.63 Mil.
Total Assets was R41.27 Mil.
Property, Plant and Equipment(Net PPE) was R1.58 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.82 Mil.
Selling, General, & Admin. Expense(SGA) was R0.00 Mil.
Total Current Liabilities was R7.20 Mil.
Long-Term Debt & Capital Lease Obligation was R0.17 Mil.
Net Income was R-19.00 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-20.85 Mil.

Total Receivables was R2.36 Mil.
Revenue was R7.99 Mil.
Gross Profit was R0.45 Mil.
Total Current Assets was R63.65 Mil.
Total Assets was R64.78 Mil.
Property, Plant and Equipment(Net PPE) was R1.03 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.57 Mil.
Selling, General, & Admin. Expense(SGA) was R0.00 Mil.
Total Current Liabilities was R6.74 Mil.
Long-Term Debt & Capital Lease Obligation was R0.57 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)
	=	(0.903 / 41.944)	/	(2.363 / 7.991)
	=	0.021529	/	0.295708
	=	0.0728

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)
	=	(0.446 / 7.991)	/	(1.138 / 41.944)
	=	0.055813	/	0.027131
	=	2.0572

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 - (39.627 + 1.579) / 41.266)	/	(1 - (63.653 + 1.032) / 64.784)
	=	0.001454	/	0.001528
	=	0.9516

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
	=	41.944	/	7.991
	=	5.2489

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))
	=	(0.566 / (0.566 + 1.032))	/	(0.818 / (0.818 + 1.579))
	=	0.354193	/	0.34126
	=	1.0379

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)
	=	(0 / 41.944)	/	(0 / 7.991)
	=	0	/	0
	=	1

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)
	=	((0.166 + 7.198) / 41.266)	/	((0.574 + 6.744) / 64.784)
	=	0.178452	/	0.11296
	=	1.5798

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
	=	(-19.002 - 0	-	-20.846)	/	41.266
	=	0.044686

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.

Efora Energy has a M-score of 1.02 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?

Efora Energy (JSE:EEL) has a Beneish M-Score of 0.00 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Efora Energy and its competitors.

Is Efora Energy's Beneish M-Score too high?

Efora Energy's current Beneish M-Score is 0.00. Overall, Efora Energy has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.

How does Efora Energy's Beneish M-Score compare to COP and EOG?

Efora Energy's Beneish M-Score of 0.00 can be compared against companies in the Oil & Gas 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 Efora Energy and its competitors. Efora Energy'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 Efora Energy stock overvalued right now?

Efora Energy (JSE:EEL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Efora Energy's overall GF Score™ is 11/100. 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 Efora Energy (JSE:EEL), the current Beneish M-Score is 0.00 as of Jul. 08, 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.

Efora Energy Business Description

Industry Energy Oil & Gas

Comparable Companies COP HKSE:00883 EOG TSX:CNQ MIC:NVTK OXY FANG ASX:WDS EQT EXE DVN TPL TSE:1605 CTRA ASX:STO TSX:TOU OSL:AKRBP BKK:PTTEP TSX:ARX OVV

Address Leslie Avenue, 2nd Floor, Building 11, Design Quarter District, Fourways, Johannesburg, GT, ZAF, 2191

Website https://www.eforaenergy.com

Efora Energy Ltd is an African oil and gas company. It has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi, and Botswana; and midstream projects including a crude trading allocation in Nigeria and a terminal project in Equatorial Guinea. The operations of the Group comprise oil and gas exploration and production, crude trading, and the sale of petroleum products. It derives the majority of its revenue from the sale of petroleum products.

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