Fiddlehead Resources (TSXV:FHR) Beneish M-Score: -4.20 (As of Jul. 14, 2026)

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What is Fiddlehead Resources Beneish M-Score?

Fiddlehead Resources TSXV:FHR -6.25% Beneish M-Score is -4.20 as of Jul. 14, 2026. The stock has 3 warning signs investors should review. Among 823 Oil & Gas companies, Fiddlehead Resources ranks better than 93.8% 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 -4.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSXV:FHR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.2   Med: -3.25   Max: -2.3
Current: -4.2

During the past 6 years, the highest Beneish M-Score of Fiddlehead Resources was -2.30. The lowest was -4.20. And the median was -3.25.

Fiddlehead Resources Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fiddlehead Resources'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.

Fiddlehead Resources Beneish M-Score Chart

Fiddlehead Resources Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -2.30

Fiddlehead Resources Quarterly Data
Jun21 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 -2.30 -4.20

TSXV:FHR vs COP, EOG, FANG: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Fiddlehead Resources'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.

Fiddlehead Resources Beneish M-Score vs Oil & Gas Industry

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

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


Fiddlehead Resources 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 Fiddlehead Resources 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 * 1.4564+0.528 * 1.2168+0.404 * 0+0.892 * 0.9628+0.115 * 0.3616
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2063+4.679 * -0.348113-0.327 * 1.2523
=-4.20

* 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 C$1.68 Mil.
Revenue was 3.096 + 0.904 + 1.736 + 2.774 = C$8.51 Mil.
Gross Profit was 1.418 + 0.185 + 0.12 + 0.627 = C$2.35 Mil.
Total Current Assets was C$3.00 Mil.
Total Assets was C$27.47 Mil.
Property, Plant and Equipment(Net PPE) was C$24.47 Mil.
Depreciation, Depletion and Amortization(DDA) was C$4.05 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.17 Mil.
Total Current Liabilities was C$17.71 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.15 Mil.
Net Income was -0.689 + -2.33 + -1.068 + -0.756 = C$-4.84 Mil.
Non Operating Income was 1.28 + 0.312 + 2.338 + 2.364 = C$6.29 Mil.
Cash Flow from Operations was -0.055 + -0.601 + -0.898 + -0.02 = C$-1.57 Mil.
 Total Receivables was C$1.20 Mil.
Revenue was 3.996 + 3.834 + 1.009 + 0 = C$8.84 Mil.
Gross Profit was 1.468 + 1.245 + 0.257 + 0 = C$2.97 Mil.
Total Current Assets was C$1.44 Mil.
Total Assets was C$30.05 Mil.
Property, Plant and Equipment(Net PPE) was C$28.62 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.55 Mil.
Selling, General, & Admin. Expense(SGA) was C$3.59 Mil.
Total Current Liabilities was C$15.16 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.44 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)
=(1.684 / 8.51) / (1.201 / 8.839)
=0.197885 / 0.135875
=1.4564

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)
=(2.97 / 8.839) / (2.35 / 8.51)
=0.336011 / 0.276146
=1.2168

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 - (3 + 24.471) / 27.471) / (1 - (1.44 + 28.615) / 30.054)
=0 / -3.3E-5
=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
=8.51 / 8.839
=0.9628

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))
=(1.549 / (1.549 + 28.615)) / (4.051 / (4.051 + 24.471))
=0.051353 / 0.142031
=0.3616

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)
=(4.167 / 8.51) / (3.588 / 8.839)
=0.489659 / 0.405928
=1.2063

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)
=((0.151 + 17.709) / 27.471) / ((0.443 + 15.16) / 30.054)
=0.65014 / 0.519166
=1.2523

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
=(-4.843 - 6.294 - -1.574) / 27.471
=-0.348113

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.

Fiddlehead Resources has a M-score of -4.20 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -4.20 mean?
Fiddlehead Resources (TSXV:FHR) has a Beneish M-Score of -4.20 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fiddlehead Resources and its competitors. According to the industry distribution chart, Fiddlehead Resources ranks #51 out of 823 companies in the Oil & Gas industry, placing it in the top 6.2%.
Is Fiddlehead Resources' Beneish M-Score too high?
Fiddlehead Resources' current Beneish M-Score is -4.20. Based on the distribution chart, Fiddlehead Resources ranks #51 out of 823 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers.
How does Fiddlehead Resources' Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Fiddlehead Resources ranks #51 out of 823 companies for Beneish M-Score. This places Fiddlehead Resources in the top 6% 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 Fiddlehead Resources and its competitors. Fiddlehead Resources's current Beneish M-Score is -4.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fiddlehead Resources stock overvalued right now?
Fiddlehead Resources (TSXV:FHR) has a current Beneish M-Score of -4.20. The current Beneish M-Score is -4.20. 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 Fiddlehead Resources (TSXV:FHR), the current Beneish M-Score is -4.20 as of Jul. 14, 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.

Fiddlehead Resources Business Description

Industry EnergyOil & Gas
Address 715 5th Avenue SW, Suite 1200, Vancouver, BC, CAN, T2P 2X6
Fiddlehead Resources Corp is involved in the exploration, development, and production of oil and natural gas, as well as the acquisition of related properties. Its operations are mainly focused on the South Ferrier and Strachan areas of west central Alberta. The company's assets include oil and gas wellbores, mineral rights, surface leases, and associated facilities and pipelines. Its production mainly comes from the Cardium formation, and the rest from Ellerslie, Rock Creek, Viking, and Belly River. Additionally, the firm has two gas compressor stations, which act as the initial point of gathering for the production, while the final processing and sale of the gas and associated liquids are done at third-party gas plants. The majority of its revenue is derived from oil and gas sales.