Ace Digital AS (OSL:ACED) Beneish M-Score: 69.90 (As of Aug. 16, 2026) — 11% Above Median

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OSL:ACED Ace Digital AS OSL:ACED
12 GF Score
Price kr0.33
! 3 Warning Signs
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What is Ace Digital AS Beneish M-Score?

Ace Digital AS OSL:ACED -6.86% 12 Beneish M-Score is 69.90 as of Aug. 16, 2026, which is 11% above its 10-year median of 63.14. GuruFocus rates OSL:ACED with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 706 Capital Markets companies, Ace Digital AS ranks worse than 97.45% 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 69.9 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OSL:ACED' s Beneish M-Score Range Over the Past 10 Years
Min: 56.38   Med: 63.14   Max: 69.9
Current: 69.9

During the past 4 years, the highest Beneish M-Score of Ace Digital AS was 69.90. The lowest was 56.38. And the median was 63.14.

Ace Digital AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ace Digital AS'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.

Ace Digital AS Beneish M-Score Chart

Ace Digital AS Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 56.38 69.90

Ace Digital AS Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 56.38 69.90

OSL:ACED vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, Ace Digital AS'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.

Ace Digital AS Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Ace Digital AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ace Digital AS's Beneish M-Score falls into.


OSL:ACED
12GF Score
Ace Digital AS OSL:ACED
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ace Digital AS 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 Ace Digital AS 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 * 74.2072+0.528 * -0.1278+0.404 * 10.6085+0.892 * 1.3859+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.229389-0.327 * 0.0154
=69.90

* 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 kr5.14 Mil.
Revenue was kr63.79 Mil.
Gross Profit was kr-24.95 Mil.
Total Current Assets was kr44.41 Mil.
Total Assets was kr51.61 Mil.
Property, Plant and Equipment(Net PPE) was kr0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr0.79 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-23.82 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-35.66 Mil.
 Total Receivables was kr0.05 Mil.
Revenue was kr46.03 Mil.
Gross Profit was kr2.30 Mil.
Total Current Assets was kr11.41 Mil.
Total Assets was kr11.56 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr11.57 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)
=(5.141 / 63.793) / (0.05 / 46.03)
=0.080589 / 0.001086
=74.2072

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)
=(2.3 / 46.03) / (-24.951 / 63.793)
=0.049967 / -0.391124
=-0.1278

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 - (44.412 + 0.095) / 51.611) / (1 - (11.411 + 0) / 11.561)
=0.137645 / 0.012975
=10.6085

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
=63.793 / 46.03
=1.3859

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)) / (0.002 / (0.002 + 0.095))
= / 0.020619
=1

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 / 63.793) / (0 / 46.03)
=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)
=((0 + 0.794) / 51.611) / ((0 + 11.569) / 11.561)
=0.015384 / 1.000692
=0.0154

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
=(-23.818 - 0 - -35.657) / 51.611
=0.229389

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.

Ace Digital AS has a M-score of 69.90 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 69.90 mean?
Ace Digital AS (OSL:ACED) has a Beneish M-Score of 69.90 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ace Digital AS and its competitors. This is 11% above median its historical median of 63.14. Over the past decade, Ace Digital AS's Beneish M-Score has ranged from 56.38 to 69.90. According to the industry distribution chart, Ace Digital AS ranks #688 out of 706 companies in the Capital Markets industry, placing it in the top 97.5%.
Is Ace Digital AS's Beneish M-Score too high?
Ace Digital AS's current Beneish M-Score of 69.90 is 11% above median its 10-year median of 63.14. Over the past 10 years, this metric has ranged from a low of 56.38 to a high of 69.90. Based on the distribution chart, Ace Digital AS ranks #688 out of 706 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Ace Digital AS has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Ace Digital AS's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Ace Digital AS ranks #688 out of 706 companies for Beneish M-Score. This places Ace Digital AS in the lower half of its industry. Historically, Ace Digital AS's own Beneish M-Score has ranged from 56.38 to 69.90 over the past decade. 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Ace Digital AS and its competitors. Ace Digital AS's current Beneish M-Score is 69.90, which is 11% above median its own 10-year median of 63.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ace Digital AS stock overvalued right now?
Ace Digital AS (OSL:ACED) has a current Beneish M-Score of 69.90. The current Beneish M-Score is 69.90, which is 11% above median its 10-year median of 63.14. Ace Digital AS's overall GF Score™ is 12/100 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 Ace Digital AS (OSL:ACED), the current Beneish M-Score is 69.90 as of Aug. 16, 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.

Ace Digital AS Business Description

Address Haakon VIIs gate 1, Oslo, NOR, 0161
Ace Digital AS is an investment holding company. The company focuses on investing in and managing businesses in the Bitcoin ecosystem. The company's purpose is to be an attractive way to participate in that thesis - through a structure designed to do more than hold Bitcoin passively. It is building a Bitcoin platform. The company uses Bitcoin as a main asset while offering products and services.
12GF Score

Get the complete analysis for OSL:ACED

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

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