iFOREX Financial Trading Holdings (LSE:IFRX) Beneish M-Score: -1.95 (As of Jul. 21, 2026)

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LSE:IFRX iFOREX Financial Trading Holdings Ltd LSE:IFRX
27 GF Score
Price £1.95
! 2 Warning Signs
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What is iFOREX Financial Trading Holdings Beneish M-Score?

iFOREX Financial Trading Holdings LSE:IFRX 27 Beneish M-Score is -1.95 as of Jul. 21, 2026. GuruFocus rates LSE:IFRX with a GF Score™ of 27/100. The stock has 2 warning signs investors should review. Among 705 Capital Markets companies, iFOREX Financial Trading Holdings ranks worse than 58.16% 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:IFRX' s Beneish M-Score Range Over the Past 10 Years
Min: -1.95   Med: 17.35   Max: 36.65
Current: -1.95

During the past 4 years, the highest Beneish M-Score of iFOREX Financial Trading Holdings was 36.65. The lowest was -1.95. And the median was 17.35.

iFOREX Financial Trading Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for iFOREX Financial Trading Holdings'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.

iFOREX Financial Trading Holdings Beneish M-Score Chart

iFOREX Financial Trading Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 36.65 -1.95

iFOREX Financial Trading Holdings Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 36.65 -1.95

LSE:IFRX vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, iFOREX Financial Trading Holdings'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.

iFOREX Financial Trading Holdings Beneish M-Score vs Capital Markets Industry

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

* The bar in red indicates where iFOREX Financial Trading Holdings's Beneish M-Score falls into.


LSE:IFRX
27GF Score
iFOREX Financial Trading Holdings Ltd LSE:IFRX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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iFOREX Financial Trading Holdings 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 iFOREX Financial Trading Holdings 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 * 0.4512+0.528 * 1.2533+0.404 * 7.3589+0.892 * 0.9254+0.115 * 0.7215
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1913+4.679 * -0.349351-0.327 * 0.6965
=-1.95

* 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 £2.35 Mil.
Revenue was £36.71 Mil.
Gross Profit was £20.37 Mil.
Total Current Assets was £10.15 Mil.
Total Assets was £11.86 Mil.
Property, Plant and Equipment(Net PPE) was £1.38 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.53 Mil.
Selling, General, & Admin. Expense(SGA) was £22.83 Mil.
Total Current Liabilities was £3.22 Mil.
Long-Term Debt & Capital Lease Obligation was £0.91 Mil.
Net Income was £-1.49 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £2.65 Mil.
 Total Receivables was £5.62 Mil.
Revenue was £39.67 Mil.
Gross Profit was £27.58 Mil.
Total Current Assets was £14.10 Mil.
Total Assets was £15.92 Mil.
Property, Plant and Equipment(Net PPE) was £1.75 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.44 Mil.
Selling, General, & Admin. Expense(SGA) was £20.71 Mil.
Total Current Liabilities was £6.85 Mil.
Long-Term Debt & Capital Lease Obligation was £1.12 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)
=(2.346 / 36.708) / (5.619 / 39.667)
=0.06391 / 0.141654
=0.4512

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)
=(27.583 / 39.667) / (20.367 / 36.708)
=0.695364 / 0.554838
=1.2533

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 - (10.147 + 1.375) / 11.862) / (1 - (14.103 + 1.752) / 15.917)
=0.028663 / 0.003895
=7.3589

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
=36.708 / 39.667
=0.9254

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))
=(0.437 / (0.437 + 1.752)) / (0.526 / (0.526 + 1.375))
=0.199635 / 0.276696
=0.7215

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)
=(22.831 / 36.708) / (20.71 / 39.667)
=0.621963 / 0.522096
=1.1913

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)
=((0.912 + 3.224) / 11.862) / ((1.116 + 6.852) / 15.917)
=0.348676 / 0.500597
=0.6965

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
=(-1.491 - 0 - 2.653) / 11.862
=-0.349351

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.

iFOREX Financial Trading Holdings has a M-score of -1.95 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 -1.95 mean?
iFOREX Financial Trading Holdings (LSE:IFRX) has a Beneish M-Score of -1.95 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iFOREX Financial Trading Holdings and its competitors. According to the industry distribution chart, iFOREX Financial Trading Holdings ranks #410 out of 705 companies in the Capital Markets industry, placing it in the top 58.2%.
Is iFOREX Financial Trading Holdings' Beneish M-Score too high?
iFOREX Financial Trading Holdings' current Beneish M-Score is -1.95. Based on the distribution chart, iFOREX Financial Trading Holdings ranks #410 out of 705 companies in the Capital Markets industry, which is below the industry midpoint. Overall, iFOREX Financial Trading Holdings has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does iFOREX Financial Trading Holdings' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, iFOREX Financial Trading Holdings ranks #410 out of 705 companies for Beneish M-Score. This places iFOREX Financial Trading Holdings 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 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 iFOREX Financial Trading Holdings and its competitors. iFOREX Financial Trading Holdings's current Beneish M-Score is -1.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iFOREX Financial Trading Holdings stock overvalued right now?
iFOREX Financial Trading Holdings (LSE:IFRX) has a current Beneish M-Score of -1.95. The current Beneish M-Score is -1.95. iFOREX Financial Trading Holdings' overall GF Score™ is 27/100 with 2 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 iFOREX Financial Trading Holdings (LSE:IFRX), the current Beneish M-Score is -1.95 as of Jul. 21, 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.

iFOREX Financial Trading Holdings Business Description

Address 85 Medinat Hayehudim, Herzliya, ISR, 4676670
iFOREX Financial Trading Holdings Ltd developed and operates a proprietary online and mobile CFD trading platform enabling its retail clients to trade CFDs across over 870 financial instruments comprising currencies, commodities, indices, stocks, cryptocurrencies and ETFs. It also offers educational resources to its clients allowing them to benefit from a wide variety of free training, support and educational resources to enhance their understanding of the world-wide markets, online trading and the available trading tools. It operates in one segment being from the online trading on CFDs through the Group's internally developed platform. Its revenues are generated from three sources: dealing spreads, overnight premiums, and gains (offset by losses) from client's trading positions.
27GF 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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