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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.
Warning Sign:
Beneish M-Score 0.25 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Forward Industries's Beneish M-Score or its related term are showing as below:
MEX:FORD1'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -2.79 Max: 77.38
Current: 0.25
During the past 13 years, the highest Beneish M-Score of Forward Industries was 77.38. The lowest was -4.15. And the median was -2.79.
Forward Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Forward Industries'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.
MEX:FORD1 vs DBI, RCKY, FOSL: Beneish M-Score Comparison
For the Footwear & Accessories subindustry, Forward Industries'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.
Forward Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Forward Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forward Industries's Beneish M-Score falls into.
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 Forward Industries 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 * 0.3852
+
0.528 * 0.1415
+
0.404 * 3.6967
+
0.892 * 3.1712
+
0.115 * 0.7855
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9351
+
4.679 * 0.048974
-
0.327 * 0.389
=
-0.06
* 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.
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.
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))
=
(6.667 / (6.667 + 48.41))
/
(2.772 / (2.772 + 15.216))
=
0.121049
/
0.154103
=
0.7855
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
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
=
(-19860.862 - -20045.731
-
-330.025)
/
10513.633
=
0.048974
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.
Forward Industries has a M-score of -0.06 signals that the company is likely to be a manipulator.
Forward Industries (MEX:FORD1) has a Beneish M-Score of 0.25 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Forward Industries and its competitors. According to the industry distribution chart, Forward Industries ranks #941 out of 996 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 94.5%.
Is Forward Industries' Beneish M-Score too high?
Forward Industries' current Beneish M-Score is 0.25. Based on the distribution chart, Forward Industries ranks #941 out of 996 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Forward Industries has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does Forward Industries' Beneish M-Score compare to DBI and RCKY?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Forward Industries ranks #941 out of 996 companies for Beneish M-Score. This places Forward Industries 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Forward Industries and its competitors. Forward Industries's current Beneish M-Score is 0.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Industries stock overvalued right now?
Forward Industries (MEX:FORD1) has a current Beneish M-Score of 0.25. The stock's GF Value™ is MXN2.67, compared to a current price of MXN63.41 — trading 2274.9% above its estimated fair value. The current Beneish M-Score is 0.25. Forward Industries' overall GF Score™ is 37/100 with 5 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 Forward Industries (MEX:FORD1), the current Beneish M-Score is 0.25 as of Aug. 18, 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.
Is Forward Industries (MEX:FORD1) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Industries stock appears to be overvalued.
The current stock price of MXN63.41 is trading 2274.9% above its estimated GF Value™ of MXN2.67.
Key valuation signals for MEX:FORD1:
Beneish M-Score: 0.25
GF Value™: MXN2.67 vs. price of MXN63.41 (2274.9% above fair value)
No single metric tells the full story. See the MEX:FORD1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Industries Inc is a Solana-focused digital asset treasury company, with the idea to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, it launched a digital asset treasury idea supported by investors and operating partners, including Galaxy Digital and Jump Crypto.
37GF Score
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