Enthusiast Gaming Holdings (TSX:EGLX) Beneish M-Score : 0.00 (As of Jul. 10, 2025)

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What is Enthusiast Gaming Holdings Beneish M-Score?

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 Enthusiast Gaming Holdings's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Enthusiast Gaming Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Enthusiast Gaming Holdings Beneish M-Score Historical Data

The historical data trend for Enthusiast Gaming Holdings'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.

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Enthusiast Gaming Holdings Beneish M-Score Chart

Enthusiast Gaming Holdings Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

1.87

-1.87

-2.78

Enthusiast Gaming Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.67	-2.78	-2.87	-3.01	-3.48

Competitive Comparison of Enthusiast Gaming Holdings's Beneish M-Score

For the Internet Content & Information subindustry, Enthusiast Gaming Holdings'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.

Enthusiast Gaming Holdings's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Enthusiast Gaming Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Enthusiast Gaming Holdings's Beneish M-Score falls into.

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Enthusiast Gaming Holdings 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 Enthusiast Gaming Holdings 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 * 0.8003

0.528 * 0.7982

0.404 * 1.0345

0.892 * 0.8989

0.115 * 0.9802

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0873

4.679 * -0.110677

0.327 * 1.3033

-3.48

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was C$27.3 Mil.
Revenue was 45.558 + 42.599 + 42.88 + 53.971 = C$185.0 Mil.
Gross Profit was 16.737 + 14.983 + 16.766 + 18.069 = C$66.6 Mil.
Total Current Assets was C$35.7 Mil.
Total Assets was C$268.7 Mil.
Property, Plant and Equipment(Net PPE) was C$1.5 Mil.
Depreciation, Depletion and Amortization(DDA) was C$12.2 Mil.
Selling, General, & Admin. Expense(SGA) was C$69.7 Mil.
Total Current Liabilities was C$51.0 Mil.
Long-Term Debt & Capital Lease Obligation was C$11.4 Mil.
Net Income was -59.064 + -10.217 + -8.737 + -11.823 = C$-89.8 Mil.
Non Operating Income was -51.892 + -0.291 + -0.115 + -0.323 = C$-52.6 Mil.
Cash Flow from Operations was 0.81 + 1.442 + -2.599 + -7.136 = C$-7.5 Mil.

Total Receivables was C$37.9 Mil.
Revenue was 50.579 + 51.119 + 47.168 + 56.942 = C$205.8 Mil.
Gross Profit was 16.561 + 15.343 + 13.491 + 13.699 = C$59.1 Mil.
Total Current Assets was C$56.7 Mil.
Total Assets was C$354.1 Mil.
Property, Plant and Equipment(Net PPE) was C$2.6 Mil.
Depreciation, Depletion and Amortization(DDA) was C$17.1 Mil.
Selling, General, & Admin. Expense(SGA) was C$71.3 Mil.
Total Current Liabilities was C$44.7 Mil.
Long-Term Debt & Capital Lease Obligation was C$18.4 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)
	=	(27.291 / 185.008)	/	(37.936 / 205.808)
	=	0.147513	/	0.184327
	=	0.8003

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)
	=	(59.094 / 205.808)	/	(66.555 / 185.008)
	=	0.287132	/	0.359741
	=	0.7982

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 - (35.675 + 1.548) / 268.682)	/	(1 - (56.674 + 2.554) / 354.12)
	=	0.861461	/	0.832746
	=	1.0345

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
	=	185.008	/	205.808
	=	0.8989

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))
	=	(17.107 / (17.107 + 2.554))	/	(12.236 / (12.236 + 1.548))
	=	0.870098	/	0.887696
	=	0.9802

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)
	=	(69.733 / 185.008)	/	(71.344 / 205.808)
	=	0.376919	/	0.346653
	=	1.0873

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)
	=	((11.416 + 50.99) / 268.682)	/	((18.446 + 44.664) / 354.12)
	=	0.232267	/	0.178216
	=	1.3033

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
	=	(-89.841 - -52.621	-	-7.483)	/	268.682
	=	-0.110677

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.

Enthusiast Gaming Holdings has a M-score of -3.48 suggests that the company is unlikely to be a manipulator.

Enthusiast Gaming Holdings Beneish M-Score Related Terms

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Enthusiast Gaming Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » Enthusiast Gaming Holdings Inc (TSX:EGLX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2 St. Clair West, Suite 1000, Toronto, ON, CAN, M4V 1L5

Website

https://www.enthusiastgaming.com

Enthusiast Gaming Holdings Inc is a gaming company. Its principal business activities are comprised of media and content, esports and entertainment and subscription. The company's digital media platform includes its flagship video gaming related owned and operated websites, its content channels including YouTube and casual games, and is where it derives maximum revenue from its media and content. Its esports and entertainment business, includes Luminosity, a world-wide esports franchise that consists of professional esports teams under ownership and management, and Pocket Gamer Connects, a mobile gaming events series. The company operates in one industry segment of digital media and entertainment. It geographically operates in USA, Canada, England and Wales and other foreign countries.

Executives

Eric Bernofsky	Senior Officer
Michael Beckerman	Director
Ben Colabrese	Director
Adrian Taylor Montgomery	10% Security Holder, Director, Senior Officer
Alexander Ross Macdonald	Senior Officer
Stephen James Maida	Director
Francesco Aquilini	10% Security Holder, Director

Enthusiast Gaming Holdings Headlines

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