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Salem Media GroupSALM 35 Beneish M-Score is -2.65 as of Aug. 26, 2026. GuruFocus rates SALM with a GF Score™ of 35/100 and a GF Value™ of $0.40 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 973 Media - Diversified companies, Salem Media Group ranks better than 53.44% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Salem Media Group's Beneish M-Score or its related term are showing as below:
SALM'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.6 Max: -2.22
Current: -2.65
During the past 13 years, the highest Beneish M-Score of Salem Media Group was -2.22. The lowest was -3.32. And the median was -2.60.
The historical data trend for Salem Media 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.
SALM vs BBGI, UONE, XHLD: Beneish M-Score Comparison
For the Broadcasting subindustry, Salem Media 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.
Salem Media Group Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Salem Media Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Salem Media Group's Beneish M-Score falls into.
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 Salem Media 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 * 1.0272
+
0.528 * 0.7111
+
0.404 * 1.0674
+
0.892 * 0.8861
+
0.115 * 0.9243
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9007
+
4.679 * 0.001298
-
0.327 * 0.9412
=
-2.65
* 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.
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.
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))
=
(10.944 / (10.944 + 102.06))
/
(10.295 / (10.295 + 87.964))
=
0.096846
/
0.104774
=
0.9243
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
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
=
(-15.869 - -6.469
-
-9.785)
/
296.578
=
0.001298
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.
Salem Media Group has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Salem Media Group (SALM) has a Beneish M-Score of -2.65 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Salem Media Group and its competitors. According to the industry distribution chart, Salem Media Group ranks #453 out of 973 companies in the Media - Diversified industry, placing it in the top 46.6%.
Is Salem Media Group's Beneish M-Score too high?
Salem Media Group's current Beneish M-Score is -2.65. Based on the distribution chart, Salem Media Group ranks #453 out of 973 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Salem Media Group has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Salem Media Group's Beneish M-Score compare to BBGI and UONE?
According to the Media - Diversified industry distribution chart, Salem Media Group ranks #453 out of 973 companies for Beneish M-Score. This puts Salem Media Group in the upper half of its industry. 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 Salem Media Group and its competitors. Salem Media Group's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Salem Media Group stock overvalued right now?
Based on GuruFocus' analysis, Salem Media Group (SALM) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.40, compared to a current price of $1.00 — trading 150% above its estimated fair value. The current Beneish M-Score is -2.65. Salem Media Group's overall GF Score™ is 35/100 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 Salem Media Group (SALM), the current Beneish M-Score is -2.65 as of Aug. 26, 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 Salem Media Group (SALM) Overvalued in 2026?
Based on GuruFocus' analysis, Salem Media Group stock appears to be overvalued.
The current stock price of $1.00 is trading 150% above its estimated GF Value™ of $0.40.
GuruFocus considers Salem Media Group to be Significantly Overvalued.
Key valuation signals for SALM:
Beneish M-Score: -2.65
GF Value™: $0.40 vs. price of $1.00 (150% above fair value)
No single metric tells the full story. See the SALM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Salem Media Group Inc is a domestic multimedia company specializing in Christian and conservative content, with media properties comprising radio broadcasting, digital media, and publishing. Its content is intended for audiences interested in Christian and family themed programming and conservative news talk. The company derives revenue from the sale of block program time to national and local program producers; the sale of advertising time on its radio stations to national and local advertisers; the sale of banner advertisements on websites or mobile applications; digital newsletters; fees earned for the creation of custom digital media campaigns; syndication of programming on its national network; product sales and royalties for on-air host materials, podcasts, programs and others.
35GF Score
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