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Solid Clouds hf (OISE:SOLID) Beneish M-Score : -1.19 (As of Jun. 17, 2025)


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What is Solid Clouds hf Beneish M-Score?

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 -1.19 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OISE:SOLID' s Beneish M-Score Range Over the Past 10 Years
Min: -9.96   Med: -1.35   Max: -1.08
Current: -1.19

During the past 7 years, the highest Beneish M-Score of Solid Clouds hf was -1.08. The lowest was -9.96. And the median was -1.35.


Solid Clouds hf Beneish M-Score Historical Data

The historical data trend for Solid Clouds hf'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.

* Premium members only.

Solid Clouds hf Beneish M-Score Chart

Solid Clouds hf Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial -9.96 -1.88 -1.08 -1.35 -1.19

Solid Clouds hf Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -1.08 - -1.35 - -1.19

Competitive Comparison of Solid Clouds hf's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, Solid Clouds hf'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.


Solid Clouds hf's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Solid Clouds hf's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Solid Clouds hf's Beneish M-Score falls into.


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Solid Clouds hf 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 Solid Clouds hf 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 * 0.3033+0.528 * 1.2094+0.404 * 1.0186+0.892 * 4.8469+0.115 * 0.9937
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8181+4.679 * -0.24841-0.327 * 2.4813
=-1.19

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was kr21.07 Mil.
Revenue was kr99.21 Mil.
Gross Profit was kr82.03 Mil.
Total Current Assets was kr35.11 Mil.
Total Assets was kr1,174.67 Mil.
Property, Plant and Equipment(Net PPE) was kr4.74 Mil.
Depreciation, Depletion and Amortization(DDA) was kr114.62 Mil.
Selling, General, & Admin. Expense(SGA) was kr134.25 Mil.
Total Current Liabilities was kr101.89 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-404.46 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-112.66 Mil.
Total Receivables was kr14.33 Mil.
Revenue was kr20.47 Mil.
Gross Profit was kr20.47 Mil.
Total Current Assets was kr58.34 Mil.
Total Assets was kr1,217.69 Mil.
Property, Plant and Equipment(Net PPE) was kr4.47 Mil.
Depreciation, Depletion and Amortization(DDA) was kr93.25 Mil.
Selling, General, & Admin. Expense(SGA) was kr33.85 Mil.
Total Current Liabilities was kr42.57 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
=(21.071 / 99.207) / (14.334 / 20.468)
=0.212394 / 0.700313
=0.3033

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)
=(20.468 / 20.468) / (82.031 / 99.207)
=1 / 0.826867
=1.2094

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 - (35.105 + 4.741) / 1174.672) / (1 - (58.337 + 4.472) / 1217.693)
=0.966079 / 0.94842
=1.0186

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
=99.207 / 20.468
=4.8469

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))
=(93.246 / (93.246 + 4.472)) / (114.62 / (114.62 + 4.741))
=0.954236 / 0.96028
=0.9937

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)
=(134.245 / 99.207) / (33.854 / 20.468)
=1.353181 / 1.653996
=0.8181

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 + 101.889) / 1174.672) / ((0 + 42.567) / 1217.693)
=0.086738 / 0.034957
=2.4813

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
=(-404.462 - 0 - -112.662) / 1174.672
=-0.24841

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.

Solid Clouds hf has a M-score of -1.19 signals that the company is likely to be a manipulator.


Solid Clouds hf Beneish M-Score Related Terms

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Solid Clouds hf Business Description

Traded in Other Exchanges
N/A
Address
Eioistorg 17, Seltjarnarnes, ISL, 170
Solid Clouds hf is engaged in information technology, software development, and the creation and marketing of computer games. It has a focus on creating a technology framework for the fast production of massively multiplayer online real-time games. Geographically group generates the majority of its revenue from the United States of America. It has income from the sale of virtual goods in the computer games.

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