OIO (OIO Group) Beneish M-Score: -3.33 (As of Jun. 27, 2026)


OIO OIO Group OIO
39 GF Score
Price $2.00
GF Value $3.50
Valuation Possible Value Trap
! 3 Warning Signs
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What is OIO Group Beneish M-Score?

OIO Group OIO -4.01% 39 Beneish M-Score is -3.33 as of Jun. 27, 2026. GuruFocus rates OIO with a GF Score™ of 39/100 and a GF Value™ of $3.50 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 954 Asset Management companies, OIO Group ranks better than 87.95% 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 -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OIO' s Beneish M-Score Range Over the Past 10 Years
Min: -20.69   Med: -3.06   Max: -1.65
Current: -3.33

During the past 7 years, the highest Beneish M-Score of OIO Group was -1.65. The lowest was -20.69. And the median was -3.06.

OIO Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for OIO Group'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.

OIO Group Beneish M-Score Chart

OIO Group Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -3.06 -3.04 -20.69 -1.65 -3.33

OIO Group Semi-Annual Data
Dec19 Dec20 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 -20.69 0.00 -1.65 0.00 -3.33

OIO vs SLRC, RA, JQC: Beneish M-Score Comparison

For the Asset Management subindustry, OIO Group'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.

OIO Group Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, OIO Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where OIO Group's Beneish M-Score falls into.


OIO
39GF Score
OIO Group OIO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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OIO Group 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 OIO Group 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 * 1.3059+0.528 * 1.2538+0.404 * 0.8168+0.892 * 0.9561+0.115 * 0.88
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7795+4.679 * -0.207071-0.327 * 1.1059
=-3.33

* 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 $0.85 Mil.
Revenue was $5.83 Mil.
Gross Profit was $4.33 Mil.
Total Current Assets was $1.97 Mil.
Total Assets was $25.88 Mil.
Property, Plant and Equipment(Net PPE) was $21.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.26 Mil.
Selling, General, & Admin. Expense(SGA) was $4.58 Mil.
Total Current Liabilities was $10.36 Mil.
Long-Term Debt & Capital Lease Obligation was $1.83 Mil.
Net Income was $-4.76 Mil.
Gross Profit was $0.28 Mil.
Cash Flow from Operations was $0.31 Mil.
 Total Receivables was $0.68 Mil.
Revenue was $6.10 Mil.
Gross Profit was $5.67 Mil.
Total Current Assets was $2.12 Mil.
Total Assets was $25.86 Mil.
Property, Plant and Equipment(Net PPE) was $20.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.72 Mil.
Selling, General, & Admin. Expense(SGA) was $2.69 Mil.
Total Current Liabilities was $9.08 Mil.
Long-Term Debt & Capital Lease Obligation was $1.93 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)
=(0.854 / 5.832) / (0.684 / 6.1)
=0.146433 / 0.112131
=1.3059

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)
=(5.672 / 6.1) / (4.325 / 5.832)
=0.929836 / 0.741598
=1.2538

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 - (1.974 + 21.472) / 25.88) / (1 - (2.116 + 20.762) / 25.855)
=0.094049 / 0.115142
=0.8168

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
=5.832 / 6.1
=0.9561

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))
=(2.721 / (2.721 + 20.762)) / (3.256 / (3.256 + 21.472))
=0.115871 / 0.131673
=0.88

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)
=(4.58 / 5.832) / (2.692 / 6.1)
=0.785322 / 0.441311
=1.7795

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)
=((1.831 + 10.357) / 25.88) / ((1.927 + 9.083) / 25.855)
=0.470943 / 0.425836
=1.1059

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
=(-4.761 - 0.284 - 0.314) / 25.88
=-0.207071

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.

OIO Group has a M-score of -3.33 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 -3.33 mean?
OIO Group (OIO) has a Beneish M-Score of -3.33 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on OIO Group and its competitors. According to the industry distribution chart, OIO Group ranks #115 out of 954 companies in the Asset Management industry, placing it in the top 12.1%.
Is OIO Group's Beneish M-Score too high?
OIO Group's current Beneish M-Score is -3.33. Based on the distribution chart, OIO Group ranks #115 out of 954 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, OIO Group has a GF Score™ of 39/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does OIO Group's Beneish M-Score compare to SLRC and RA?
According to the Asset Management industry distribution chart, OIO Group ranks #115 out of 954 companies for Beneish M-Score. This places OIO Group in the top 12% 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 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 OIO Group and its competitors. OIO Group's current Beneish M-Score is -3.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is OIO Group stock overvalued right now?
Based on GuruFocus' analysis, OIO Group (OIO) is currently considered Possible Value Trap. The stock's GF Value™ is $3.50, compared to a current price of $2.00 — trading 42.9% below its estimated fair value. The current Beneish M-Score is -3.33. OIO Group's overall GF Score™ is 39/100 with 3 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 OIO Group (OIO), the current Beneish M-Score is -3.33 as of Jun. 27, 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 OIO Group (OIO) Overvalued in 2026?

Based on GuruFocus' analysis, OIO Group stock appears to be undervalued. The current stock price of $2.00 is trading 42.9% below its estimated GF Value™ of $3.50. GuruFocus considers OIO Group to be Possible Value Trap.

Key valuation signals for OIO:

  • Beneish M-Score: -3.33
  • GF Value™: $3.50 vs. price of $2.00 (42.9% below fair value)
  • GF Score™: 39/100 with 3 warning signs

No single metric tells the full story. See the OIO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

OIO Group Business Description

Address 101 Tuas South Avenue 2, Singapore, SGP, 637226
OIO Group operates as an investment and development platform operating through its subsidiary, ESA, which is a waste management, treatment, and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial waste from customers such as pharmaceutical, semiconductor, petrochemical, and electroplating companies. ESA currently has two revenue streams, from: (i) services income which is mainly comprised of the fees it charges its customers for waste collection and disposal services, which fees are similar to those charged by ESA's competitors, and (ii) the sales and trading of ESA's circular products that are made and processed from the recycled waste collected from its customers with respect to its waste collection and disposal services.
39GF Score

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

$2.00
Price
$3.50
GF Value