ONAR (ONAR Holding) Beneish M-Score: -10.46 (As of Jun. 25, 2026)


What is ONAR Holding Beneish M-Score?

ONAR Holding ONAR Beneish M-Score is -10.46 as of Jun. 25, 2026. The stock has 6 warning signs investors should review. Among 989 Media - Diversified companies, ONAR Holding ranks better than 98.69% 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 -10.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ONAR' s Beneish M-Score Range Over the Past 10 Years
Min: -10.46   Med: -8.54   Max: -6.61
Current: -10.46

During the past 10 years, the highest Beneish M-Score of ONAR Holding was -6.61. The lowest was -10.46. And the median was -8.54.

ONAR Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ONAR Holding'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.

ONAR Holding Beneish M-Score Chart

ONAR Holding Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -6.61 -10.46

ONAR Holding Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.61 0.00 273.30 -6.19 -10.46

ONAR vs SOPAQ, DBMM, APP: Beneish M-Score Comparison

For the Advertising Agencies subindustry, ONAR Holding'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.

ONAR Holding Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, ONAR Holding's Beneish M-Score distribution charts can be found below:

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


ONAR Holding 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 ONAR Holding 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 * 3.2662+0.528 * -0.7697+0.404 * 1.6796+0.892 * 1.6274+0.115 * 1.0171
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.8469+4.679 * -2.00788-0.327 * 1.2439
=-10.46

* 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 $0.10 Mil.
Revenue was 0.479 + 1.077 + 0.551 + 1.073 = $3.18 Mil.
Gross Profit was -0.021 + 0.245 + -0.271 + 0.195 = $0.15 Mil.
Total Current Assets was $0.26 Mil.
Total Assets was $3.81 Mil.
Property, Plant and Equipment(Net PPE) was $0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $7.38 Mil.
Total Current Liabilities was $9.67 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -4.985 + -1.598 + -1.406 + -1.288 = $-9.28 Mil.
Non Operating Income was 0.164 + -0.217 + -0.063 + -0.144 = $-0.26 Mil.
Cash Flow from Operations was -0.346 + -0.003 + -0.702 + -0.322 = $-1.37 Mil.
 Total Receivables was $0.02 Mil.
Revenue was -0.213 + 0.899 + 0.667 + 0.601 = $1.95 Mil.
Gross Profit was -0.73 + 0.219 + 0.319 + 0.122 = $-0.07 Mil.
Total Current Assets was $1.06 Mil.
Total Assets was $2.45 Mil.
Property, Plant and Equipment(Net PPE) was $0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.58 Mil.
Selling, General, & Admin. Expense(SGA) was $1.18 Mil.
Total Current Liabilities was $5.00 Mil.
Long-Term Debt & Capital Lease Obligation was $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)
=(0.101 / 3.18) / (0.019 / 1.954)
=0.031761 / 0.009724
=3.2662

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)
=(-0.07 / 1.954) / (0.148 / 3.18)
=-0.035824 / 0.046541
=-0.7697

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 - (0.258 + 0.023) / 3.807) / (1 - (1.062 + 0.037) / 2.45)
=0.926189 / 0.551429
=1.6796

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
=3.18 / 1.954
=1.6274

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))
=(0.579 / (0.579 + 0.037)) / (0.28 / (0.28 + 0.023))
=0.939935 / 0.924092
=1.0171

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)
=(7.375 / 3.18) / (1.178 / 1.954)
=2.319182 / 0.602866
=3.8469

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 + 9.666) / 3.807) / ((0 + 5.001) / 2.45)
=2.539007 / 2.041224
=1.2439

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
=(-9.277 - -0.26 - -1.373) / 3.807
=-2.00788

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.

ONAR Holding has a M-score of -10.46 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 -10.46 mean?
ONAR Holding (ONAR) has a Beneish M-Score of -10.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ONAR Holding and its competitors. According to the industry distribution chart, ONAR Holding ranks #13 out of 989 companies in the Media - Diversified industry, placing it in the top 1.3%.
Is ONAR Holding's Beneish M-Score too high?
ONAR Holding's current Beneish M-Score is -10.46. Based on the distribution chart, ONAR Holding ranks #13 out of 989 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers.
How does ONAR Holding's Beneish M-Score compare to SOPAQ and DBMM?
According to the Media - Diversified industry distribution chart, ONAR Holding ranks #13 out of 989 companies for Beneish M-Score. This places ONAR Holding in the top 1% 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 a Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 ONAR Holding and its competitors. ONAR Holding's current Beneish M-Score is -10.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ONAR Holding stock overvalued right now?
Based on GuruFocus' analysis, ONAR Holding (ONAR) is currently considered Possible Value Trap. The stock's GF Value™ is $0.01, compared to a current price of $0.00 — trading 80% below its estimated fair value. The current Beneish M-Score is -10.46. 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 ONAR Holding (ONAR), the current Beneish M-Score is -10.46 as of Jun. 25, 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.

ONAR Holding Business Description

Address 990 Biscayne Boulevard, 5th Floor, Miami, FL, USA, 33132
ONAR Holding Corp is a technology-enabled marketing platform that acquires and integrates specialist marketing agencies to build a unified, data-driven operating network. The Company focuses on middle-market brands seeking enterprise-grade marketing capabilities without enterprise-level cost or complexity. Since its formation, ONAR has grown through a combination of strategic acquisitions and organic expansion, leveraging shared technology infrastructure, centralized finance and compliance, and data-driven optimization to create value across its portfolio. It operates through Juice, ONAR Labs, and Of Kos (Brand IP Retained) business units. The company has only a single reportable segment attributable to its advertising and marketing businesses.