Cadogan Energy Solutions (LSE:CAD) Beneish M-Score: -1790.51 (As of Jun. 26, 2026)


What is Cadogan Energy Solutions Beneish M-Score?

Cadogan Energy Solutions LSE:CAD Beneish M-Score is -1790.51 as of Jun. 26, 2026. The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Cadogan Energy Solutions ranks better than 99.88% 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 -1790.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:CAD' s Beneish M-Score Range Over the Past 10 Years
Min: -1790.51   Med: -3.05   Max: 64.3
Current: -1790.51

During the past 13 years, the highest Beneish M-Score of Cadogan Energy Solutions was 64.30. The lowest was -1790.51. And the median was -3.05.

Cadogan Energy Solutions Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cadogan Energy Solutions'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.

Cadogan Energy Solutions Beneish M-Score Chart

Cadogan Energy Solutions Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 64.30 -2.75 -2.12 -4.46 -1,790.51

Cadogan Energy Solutions 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.12 0.00 -4.46 0.00 -1,790.51

LSE:CAD vs COP, EOG, OXY: Beneish M-Score Comparison

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

Cadogan Energy Solutions Beneish M-Score vs Oil & Gas Industry

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

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


Cadogan Energy Solutions 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 Cadogan Energy Solutions 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 * 0.0134+0.528 * 2.0914+0.404 * -4421.5366+0.892 * 0.5977+0.115 * 2.6599
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.2329+4.679 * 0.031532-0.327 * 3.3304
=-1,790.51

* 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 £0.07 Mil.
Revenue was £4.33 Mil.
Gross Profit was £0.93 Mil.
Total Current Assets was £11.00 Mil.
Total Assets was £26.67 Mil.
Property, Plant and Equipment(Net PPE) was £10.84 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.55 Mil.
Selling, General, & Admin. Expense(SGA) was £1.32 Mil.
Total Current Liabilities was £2.11 Mil.
Long-Term Debt & Capital Lease Obligation was £3.46 Mil.
Net Income was £-0.85 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.69 Mil.
 Total Receivables was £8.24 Mil.
Revenue was £7.24 Mil.
Gross Profit was £3.25 Mil.
Total Current Assets was £20.28 Mil.
Total Assets was £24.63 Mil.
Property, Plant and Equipment(Net PPE) was £4.35 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.64 Mil.
Selling, General, & Admin. Expense(SGA) was £0.99 Mil.
Total Current Liabilities was £1.49 Mil.
Long-Term Debt & Capital Lease Obligation was £0.06 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)
=(0.066 / 4.327) / (8.24 / 7.239)
=0.015253 / 1.138279
=0.0134

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)
=(3.247 / 7.239) / (0.928 / 4.327)
=0.448543 / 0.214467
=2.0914

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 - (10.996 + 10.84) / 26.671) / (1 - (20.28 + 4.346) / 24.625)
=0.181283 / -4.1E-5
=-4421.5366

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
=4.327 / 7.239
=0.5977

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))
=(0.643 / (0.643 + 4.346)) / (0.552 / (0.552 + 10.84))
=0.128884 / 0.048455
=2.6599

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)
=(1.316 / 4.327) / (0.986 / 7.239)
=0.304137 / 0.136207
=2.2329

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)
=((3.459 + 2.114) / 26.671) / ((0.059 + 1.486) / 24.625)
=0.208954 / 0.062741
=3.3304

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
=(-0.849 - 0 - -1.69) / 26.671
=0.031532

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.

Cadogan Energy Solutions has a M-score of -1,790.51 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 -1790.51 mean?
Cadogan Energy Solutions (LSE:CAD) has a Beneish M-Score of -1790.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cadogan Energy Solutions and its competitors. According to the industry distribution chart, Cadogan Energy Solutions ranks #1 out of 822 companies in the Oil & Gas industry, placing it in the top 0.099999999999994%.
Is Cadogan Energy Solutions' Beneish M-Score too high?
Cadogan Energy Solutions' current Beneish M-Score is -1790.51. Based on the distribution chart, Cadogan Energy Solutions ranks #1 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers.
How does Cadogan Energy Solutions' Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Cadogan Energy Solutions ranks #1 out of 822 companies for Beneish M-Score. This places Cadogan Energy Solutions in the top 0% of its industry — outperforming the majority of peers. 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 Cadogan Energy Solutions and its competitors. Cadogan Energy Solutions's current Beneish M-Score is -1790.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cadogan Energy Solutions stock overvalued right now?
Based on GuruFocus' analysis, Cadogan Energy Solutions (LSE:CAD) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.01, compared to a current price of £0.04 — trading 275% above its estimated fair value. The current Beneish M-Score is -1790.51. 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 Cadogan Energy Solutions (LSE:CAD), the current Beneish M-Score is -1790.51 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.

Cadogan Energy Solutions Business Description

Industry EnergyOil & Gas
Other Exchanges CPD:Germany
Address c/o Arch Law, 2nd Floor, 8 Bishopsgate, London, GBR, EC2N 4BQ
Cadogan Energy Solutions PLC is an independent energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. The objective of the company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact. It has two operating segments; the Exploration and Production segment includes E&P activities on the exploration and production licenses for natural gas, oil, and condensate, and the Trading segment includes the Import of natural gas from European countries and Local purchase and sales of natural gas operations with physical delivery of natural gas.