Zenith Energy (OSL:ZENA) Beneish M-Score: -3.17 (As of Jun. 27, 2026)

What is Zenith Energy Beneish M-Score?

Zenith Energy OSL:ZENA -7.28% 29 Beneish M-Score is -3.17 as of Jun. 27, 2026. GuruFocus rates OSL:ZENA with a GF Score™ of 29/100 and a GF Value™ of kr0.27 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, Zenith Energy ranks better than 77.98% 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 -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:ZENA' s Beneish M-Score Range Over the Past 10 Years
Min: -59.88 Med: -3.21 Max: 19.14
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Zenith Energy was 19.14. The lowest was -59.88. And the median was -3.21.

Zenith Energy Beneish M-Score Related Terms

Zenith Energy Beneish M-Score Historical Data

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The historical data trend for Zenith Energy'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.

Zenith Energy Beneish M-Score Chart

Zenith Energy Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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19.14

-1.46

-6.57

-23.11

-3.17

Zenith Energy Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-6.57	0.00	-23.11	0.00	-3.17

OSL:ZENA vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Zenith Energy'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.

Zenith Energy Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Zenith Energy's Beneish M-Score distribution charts can be found below:

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

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29GF Score

Zenith Energy Ltd OSL:ZENA

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Zenith Energy 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 Zenith Energy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was kr139.26 Mil.
Revenue was kr16.43 Mil.
Gross Profit was kr3.62 Mil.
Total Current Assets was kr209.74 Mil.
Total Assets was kr1,391.17 Mil.
Property, Plant and Equipment(Net PPE) was kr1,181.43 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.70 Mil.
Selling, General, & Admin. Expense(SGA) was kr28.04 Mil.
Total Current Liabilities was kr112.21 Mil.
Long-Term Debt & Capital Lease Obligation was kr345.11 Mil.
Net Income was kr-140.25 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-83.23 Mil.

Total Receivables was kr142.31 Mil.
Revenue was kr15.97 Mil.
Gross Profit was kr0.60 Mil.
Total Current Assets was kr224.77 Mil.
Total Assets was kr1,225.17 Mil.
Property, Plant and Equipment(Net PPE) was kr1,000.40 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.72 Mil.
Selling, General, & Admin. Expense(SGA) was kr19.62 Mil.
Total Current Liabilities was kr171.16 Mil.
Long-Term Debt & Capital Lease Obligation was kr254.21 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)
	=	(139.261 / 16.431)	/	(142.307 / 15.97)
	=	8.475504	/	8.910895
	=

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)
	=	(0.595 / 15.97)	/	(3.618 / 16.431)
	=	0.037257	/	0.220194
	=

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 - (209.737 + 1181.433) / 1391.169)	/	(1 - (224.773 + 1000.401) / 1225.174)
	=	-1.0E-6	/	0
	=

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
	=	16.431	/	15.97
	=

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))
	=	(2.722 / (2.722 + 1000.401))	/	(2.696 / (2.696 + 1181.433))
	=	0.002714	/	0.002277
	=

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)
	=	(28.04 / 16.431)	/	(19.622 / 15.97)
	=	1.70653	/	1.228679
	=

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)
	=	((345.112 + 112.214) / 1391.169)	/	((254.213 + 171.159) / 1225.174)
	=	0.328735	/	0.347193
	=

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
	=	(-140.254 - 0	-	-83.232)	/	1391.169
	=	-0.040989

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.17 mean?

Zenith Energy (OSL:ZENA) has a Beneish M-Score of -3.17 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zenith Energy and its competitors. According to the industry distribution chart, Zenith Energy ranks #181 out of 822 companies in the Oil & Gas industry, placing it in the top 22%.

Is Zenith Energy's Beneish M-Score too high?

Zenith Energy's current Beneish M-Score is -3.17. Based on the distribution chart, Zenith Energy ranks #181 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Zenith Energy has a GF Score™ of 29/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Zenith Energy's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Zenith Energy ranks #181 out of 822 companies for Beneish M-Score. This places Zenith Energy in the top 22% 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 Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Zenith Energy and its competitors. Zenith Energy's current Beneish M-Score is -3.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Zenith Energy stock overvalued right now?

Based on GuruFocus' analysis, Zenith Energy (OSL:ZENA) is currently considered Significantly Overvalued. The stock's GF Value™ is kr0.27, compared to a current price of kr0.57 — trading 112.2% above its estimated fair value. The current Beneish M-Score is -3.17. Zenith Energy's overall GF Score™ is 29/100 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 Zenith Energy (OSL:ZENA), the current Beneish M-Score is -3.17 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 Zenith Energy (OSL:ZENA) Overvalued in 2026?

Based on GuruFocus' analysis, Zenith Energy stock appears to be overvalued. The current stock price of kr0.57 is trading 112.2% above its estimated GF Value™ of kr0.27. GuruFocus considers Zenith Energy to be Significantly Overvalued.

Key valuation signals for OSL:ZENA:

Beneish M-Score: -3.17
GF Value™: kr0.27 vs. price of kr0.57 (112.2% above fair value)
GF Score™: 29/100 with 6 warning signs

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

Zenith Energy Business Description

Industry Energy Oil & Gas

Comparable Companies LSE:CHAR LSE:CRCL LSE:ENW LSE:UPL LSE:STAR LSE:PRD LSE:HE1 LSE:JOG LSE:ZPHR LSE:SEA HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Other Exchanges ZENAF:USA ZENA SDR:Sweden ZEN:UK ZCL:Germany

Address 850 2nd Street, 15th Floor, Bankers Court, Calgary, AB, CAN, T2P 4K9

Website https://www.zenithenergy.ca

Zenith Energy Ltd is an international independent oil and gas company with production, exploration, and development assets in the Republic of the Congo, Italy, and Tunisia. The company's strategic focus is the development of revenue-generating oil production assets, as well as low-risk exploration activities in assets with existing production. Its segments are Italy, Tunisia and Others.

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

kr0.57

Price

kr0.27

GF Value

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