SPRQF (SPARQ Systems) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


SPRQF SPARQ Systems Inc SPRQF
34 GF Score
Price $0.86
GF Value $0.81
Valuation Fairly Valued
! 4 Warning Signs
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What is SPARQ Systems Beneish M-Score?

SPARQ Systems SPRQF 34 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates SPRQF with a GF Score™ of 34/100 and a GF Value™ of $0.81 (Fairly Valued). The stock has 4 warning signs investors should review. Among 2,926 Industrial Products companies, SPARQ Systems ranks worse than 34176.32% 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.

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

During the past 8 years, the highest Beneish M-Score of SPARQ Systems was 0.00. The lowest was 0.00. And the median was 0.00.

SPARQ Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SPARQ Systems'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.

SPARQ Systems Beneish M-Score Chart

SPARQ Systems Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

SPARQ Systems Quarterly Data
Dec20 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 0.00 0.00 0.00

SPRQF vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, SPARQ Systems'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.

SPARQ Systems Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, SPARQ Systems's Beneish M-Score distribution charts can be found below:

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


SPRQF
34GF Score
SPARQ Systems Inc SPRQF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SPARQ Systems 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 SPARQ Systems 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0.36 Mil.
Revenue was 0.184 + 0.802 + 0.781 + 0.119 = $1.89 Mil.
Gross Profit was 0.015 + -0.077 + 0.072 + 0.007 = $0.02 Mil.
Total Current Assets was $4.12 Mil.
Total Assets was $4.58 Mil.
Property, Plant and Equipment(Net PPE) was $0.46 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.22 Mil.
Selling, General, & Admin. Expense(SGA) was $1.88 Mil.
Total Current Liabilities was $0.25 Mil.
Long-Term Debt & Capital Lease Obligation was $0.15 Mil.
Net Income was -0.597 + -0.987 + -0.659 + -1.125 = $-3.37 Mil.
Non Operating Income was 0.142 + -0.059 + 0.082 + -0.263 = $-0.10 Mil.
Cash Flow from Operations was -0.476 + -0.338 + -0.594 + -0.058 = $-1.47 Mil.
 Total Receivables was $0.95 Mil.
Revenue was 0 + 0.895 + 0.266 + 0.012 = $1.17 Mil.
Gross Profit was -0.008 + -0.077 + 0.018 + -0.026 = $-0.09 Mil.
Total Current Assets was $7.04 Mil.
Total Assets was $7.56 Mil.
Property, Plant and Equipment(Net PPE) was $0.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $3.03 Mil.
Total Current Liabilities was $0.29 Mil.
Long-Term Debt & Capital Lease Obligation was $0.20 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)
=(0.356 / 1.886) / (0.952 / 1.173)
=0.188759 / 0.811594
=

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)
=(-0.093 / 1.173) / (0.017 / 1.886)
=-0.079284 / 0.009014
=

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 - (4.124 + 0.456) / 4.579) / (1 - (7.044 + 0.515) / 7.559)
=-0.000218 / 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
=1.886 / 1.173
=

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))
=(0.182 / (0.182 + 0.515)) / (0.217 / (0.217 + 0.456))
=0.261119 / 0.322437
=

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)
=(1.878 / 1.886) / (3.025 / 1.173)
=0.995758 / 2.578858
=

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)
=((0.152 + 0.253) / 4.579) / ((0.2 + 0.287) / 7.559)
=0.088447 / 0.064427
=

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
=(-3.368 - -0.098 - -1.466) / 4.579
=-0.393972

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 0.00 mean?
SPARQ Systems (SPRQF) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SPARQ Systems and its competitors. According to the industry distribution chart, SPARQ Systems ranks #999999 out of 2926 companies in the Industrial Products industry.
Is SPARQ Systems' Beneish M-Score too high?
SPARQ Systems' current Beneish M-Score is 0.00. Based on the distribution chart, SPARQ Systems ranks #999999 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, SPARQ Systems has a GF Score™ of 34/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SPARQ Systems' Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, SPARQ Systems ranks #999999 out of 2926 companies for Beneish M-Score. This places SPARQ Systems in the lower 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 SPARQ Systems and its competitors. SPARQ Systems's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SPARQ Systems stock overvalued right now?
Based on GuruFocus' analysis, SPARQ Systems (SPRQF) is currently considered Fairly Valued. The stock's GF Value™ is $0.81, compared to a current price of $0.86 — trading 5.9% above its estimated fair value. The current Beneish M-Score is 0.00. SPARQ Systems' overall GF Score™ is 34/100 with 4 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 SPARQ Systems (SPRQF), the current Beneish M-Score is 0.00 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.

Is SPARQ Systems (SPRQF) Overvalued in 2026?

Based on GuruFocus' analysis, SPARQ Systems stock appears to be overvalued. The current stock price of $0.86 is trading 5.9% above its estimated GF Value™ of $0.81. GuruFocus considers SPARQ Systems to be Fairly Valued.

Key valuation signals for SPRQF:

  • Beneish M-Score: 0.00
  • GF Value™: $0.81 vs. price of $0.86 (5.9% above fair value)
  • GF Score™: 34/100 with 4 warning signs

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

SPARQ Systems Business Description

Other Exchanges SPRQ:Canada
Address Innovation Park, 945 Princess Street, Box 212, Kingston, ON, CAN, K7L 0E9
SPARQ Systems Inc designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. The company has developed a proprietary photovoltaic (PV) solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings. Its products include Quad2, Quad3, Q1200 Microinverter, SparqLinq, SparqVu, and SparqSync. The company derives revenue from the sale of hardware, including microinverters and their associated peripherals.
34GF Score

Get the complete analysis for SPRQF

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

$0.86
Price
$0.81
GF Value