Marlin Global (NZSE:MLN) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


NZSE:MLN Marlin Global Ltd NZSE:MLN
23 GF Score
Price NZ$0.77
! 1 Warning Sign
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What is Marlin Global Beneish M-Score?

Marlin Global NZSE:MLN -1.03% 23 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates NZSE:MLN with a GF Score™ of 23/100. The stock has 1 warning sign investors should review. Among 954 Asset Management companies, Marlin Global ranks worse than 104821.7% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 Marlin Global's Beneish M-Score or its related term are showing as below:

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

NZSE:MLN
23GF Score
Marlin Global Ltd NZSE:MLN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Marlin Global 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 Marlin Global 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was NZ$0.00 Mil.
Revenue was NZ$3.60 Mil.
Gross Profit was NZ$3.60 Mil.
Total Current Assets was NZ$0.00 Mil.
Total Assets was NZ$214.94 Mil.
Property, Plant and Equipment(Net PPE) was NZ$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$1.10 Mil.
Total Current Liabilities was NZ$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$0.00 Mil.
Net Income was NZ$0.33 Mil.
Gross Profit was NZ$0.00 Mil.
Cash Flow from Operations was NZ$7.16 Mil.
 Total Receivables was NZ$0.00 Mil.
Revenue was NZ$39.42 Mil.
Gross Profit was NZ$39.42 Mil.
Total Current Assets was NZ$0.00 Mil.
Total Assets was NZ$225.43 Mil.
Property, Plant and Equipment(Net PPE) was NZ$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$1.03 Mil.
Total Current Liabilities was NZ$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$0.00 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 / 3.597) / (0 / 39.417)
=0 / 0
=

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)
=(39.417 / 39.417) / (3.597 / 3.597)
=1 / 1
=

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 - (0 + 0) / 214.936) / (1 - (0 + 0) / 225.433)
=1 / 1
=

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
=3.597 / 39.417
=

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 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=(1.099 / 3.597) / (1.03 / 39.417)
=0.305532 / 0.026131
=

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 + 0) / 214.936) / ((0 + 0) / 225.433)
=0 / 0
=

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
=(0.331 - 0 - 7.164) / 214.936
=-0.031791

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Marlin Global (NZSE:MLN) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marlin Global and its competitors. According to the industry distribution chart, Marlin Global ranks #999999 out of 954 companies in the Asset Management industry.
Is Marlin Global's Beneish M-Score too high?
Marlin Global's current Beneish M-Score is 0.00. Based on the distribution chart, Marlin Global ranks #999999 out of 954 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Marlin Global has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Marlin Global's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Marlin Global ranks #999999 out of 954 companies for Beneish M-Score. This places Marlin Global 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Marlin Global and its competitors. Marlin Global'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 Marlin Global stock overvalued right now?
Marlin Global (NZSE:MLN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Marlin Global's overall GF Score™ is 23/100 with 1 warning sign 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 Marlin Global (NZSE:MLN), the current Beneish M-Score is 0.00 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.

Marlin Global Business Description

Address 67-73 Hurstmere Road, Level 1, Takapuna, Auckland, NTL, NZL, 0622
Marlin Global Ltd is an investment company that invests in growing companies based outside of New Zealand and Australia. The portfolio of the company is managed by Fisher Funds Management Limited. Its objective is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. The Company operates in a single operating segment, which is international financial investment.
23GF 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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