Solar Foods Oyj (OHEL:SFOODS) Beneish M-Score: 3.05 (As of Sep. 14, 2026) — 170% Above Median

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OHEL:SFOODS Solar Foods Oyj OHEL:SFOODS
7 GF Score
Price €5.10
! 6 Warning Signs
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What is Solar Foods Oyj Beneish M-Score?

Solar Foods Oyj OHEL:SFOODS +1.19% 7 Beneish M-Score is 3.05 as of Sep. 14, 2026, which is 170% above its 10-year median of 1.13. GuruFocus rates OHEL:SFOODS with a GF Score™ of 7/100. The stock has 6 warning signs investors should review. Among 1,549 Chemicals companies, Solar Foods Oyj ranks worse than 97.93% 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.

Warning Sign:

Beneish M-Score 3.05 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Solar Foods Oyj's Beneish M-Score or its related term are showing as below:

OHEL:SFOODS' s Beneish M-Score Range Over the Past 10 Years
Min: -0.8   Med: 1.13   Max: 3.05
Current: 3.05

During the past 5 years, the highest Beneish M-Score of Solar Foods Oyj was 3.05. The lowest was -0.80. And the median was 1.13.

Solar Foods Oyj Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Solar Foods Oyj'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.

Solar Foods Oyj Beneish M-Score Chart

Solar Foods Oyj Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -0.80 3.05

Solar Foods Oyj Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial 0.00 -0.80 0.00 3.05 0.00

OHEL:SFOODS vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Solar Foods Oyj'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.

Solar Foods Oyj Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Solar Foods Oyj's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Solar Foods Oyj's Beneish M-Score falls into.


OHEL:SFOODS
7GF Score
Solar Foods Oyj OHEL:SFOODS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Solar Foods Oyj 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 Solar Foods Oyj 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 * 0.1041+0.528 * 6.3543+0.404 * 1.268+0.892 * 6.5263+0.115 * 0.7404
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.299067-0.327 * 1.2453
=3.05

* 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 €7.47 Mil.
Revenue was €0.12 Mil.
Gross Profit was €4.55 Mil.
Total Current Assets was €15.46 Mil.
Total Assets was €31.39 Mil.
Property, Plant and Equipment(Net PPE) was €9.13 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.46 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €6.03 Mil.
Long-Term Debt & Capital Lease Obligation was €13.85 Mil.
Net Income was €-11.52 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-2.13 Mil.
 Total Receivables was €10.99 Mil.
Revenue was €0.02 Mil.
Gross Profit was €4.43 Mil.
Total Current Assets was €24.39 Mil.
Total Assets was €46.68 Mil.
Property, Plant and Equipment(Net PPE) was €14.32 Mil.
Depreciation, Depletion and Amortization(DDA) was €8.65 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €7.18 Mil.
Long-Term Debt & Capital Lease Obligation was €16.57 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)
=(7.466 / 0.124) / (10.993 / 0.019)
=60.209677 / 578.578947
=0.1041

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)
=(4.432 / 0.019) / (4.552 / 0.124)
=233.263158 / 36.709677
=6.3543

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 - (15.456 + 9.133) / 31.391) / (1 - (24.389 + 14.317) / 46.684)
=0.216686 / 0.170894
=1.268

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
=0.124 / 0.019
=6.5263

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))
=(8.653 / (8.653 + 14.317)) / (9.461 / (9.461 + 9.133))
=0.376709 / 0.50882
=0.7404

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 / 0.124) / (0 / 0.019)
=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)
=((13.851 + 6.032) / 31.391) / ((16.568 + 7.176) / 46.684)
=0.633398 / 0.508611
=1.2453

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
=(-11.518 - 0 - -2.13) / 31.391
=-0.299067

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.

Solar Foods Oyj has a M-score of 3.05 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 3.05 mean?
Solar Foods Oyj (OHEL:SFOODS) has a Beneish M-Score of 3.05 as of Sep. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Solar Foods Oyj and its competitors. This is 170% above median its historical median of 1.13. According to the industry distribution chart, Solar Foods Oyj ranks #1517 out of 1549 companies in the Chemicals industry, placing it in the top 97.9%.
Is Solar Foods Oyj's Beneish M-Score too high?
Solar Foods Oyj's current Beneish M-Score of 3.05 is 170% above median its 10-year median of 1.13. Based on the distribution chart, Solar Foods Oyj ranks #1517 out of 1549 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Solar Foods Oyj has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Solar Foods Oyj's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Solar Foods Oyj ranks #1517 out of 1549 companies for Beneish M-Score. This places Solar Foods Oyj 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Solar Foods Oyj and its competitors. Solar Foods Oyj's current Beneish M-Score is 3.05, which is 170% above median its own 10-year median of 1.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Solar Foods Oyj stock overvalued right now?
Solar Foods Oyj (OHEL:SFOODS) has a current Beneish M-Score of 3.05. The current Beneish M-Score is 3.05, which is 170% above median its 10-year median of 1.13. Solar Foods Oyj's overall GF Score™ is 7/100 with 6 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 Solar Foods Oyj (OHEL:SFOODS), the current Beneish M-Score is 3.05 as of Sep. 14, 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.

Solar Foods Oyj Business Description

Other Exchanges H4N:Germany
Address Bull run 11, Vantaa, FIN, 01730
Solar Foods Oyj is a technology company that aims to commercialize food raw materials that nutritionally replace animal-based food and the patented technology platform used to produce them, hydrogen fermentation. Its first commercialized product is Solein, Solein is a protein-rich powder based on a single-celled microbe that occurs in nature. Solar Foods produces Solein as a food protein.
7GF Score

Get the complete analysis for OHEL:SFOODS

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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