VQSSF (VIQ Solutions) Beneish M-Score: -3.98 (As of Jun. 26, 2026)

What is VIQ Solutions Beneish M-Score?

VIQ Solutions VQSSF Beneish M-Score is -3.98 as of Jun. 26, 2026. The stock has 8 warning signs investors should review. Among 2,634 Software companies, VIQ Solutions ranks better than 91.42% 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 -3.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VQSSF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.89 Med: -3.43 Max: -1.12
Current: -3.98

During the past 13 years, the highest Beneish M-Score of VIQ Solutions was -1.12. The lowest was -4.89. And the median was -3.43.

VIQ Solutions Beneish M-Score Related Terms

VIQ Solutions Beneish M-Score Historical Data

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The historical data trend for VIQ Solutions'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.

VIQ Solutions Beneish M-Score Chart

VIQ Solutions Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.60

-3.42

-4.41

-4.61

-4.89

VIQ Solutions Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Sep24	Dec24	Mar25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-4.61	-4.58	-3.90	-4.89	-3.98

VQSSF vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, VIQ Solutions'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.

VIQ Solutions Beneish M-Score vs Software Industry

For the Software industry and Technology sector, VIQ Solutions's Beneish M-Score distribution charts can be found below:

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

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VIQ Solutions 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 VIQ Solutions 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 * 1.2366

0.528 * 0.8877

0.404 * 0.7507

0.892 * 0.9691

0.115 * 0.8765

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7475

4.679 * -0.314248

0.327 * 1.0294

-3.90

This Year (Mar26) TTM:

Last Year (Dec24) TTM:

Total Receivables was $4.52 Mil.
Revenue was 9.771 + 10.553 + 10.917 + 9.579 = $40.82 Mil.
Gross Profit was 4.966 + 5.173 + 5.216 + 4.975 = $20.33 Mil.
Total Current Assets was $8.03 Mil.
Total Assets was $17.20 Mil.
Property, Plant and Equipment(Net PPE) was $0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.82 Mil.
Selling, General, & Admin. Expense(SGA) was $14.28 Mil.
Total Current Liabilities was $27.58 Mil.
Long-Term Debt & Capital Lease Obligation was $0.66 Mil.
Net Income was 0.138 + -9.332 + -1.686 + -1.868 = $-12.75 Mil.
Non Operating Income was 0.353 + -9.183 + -1.454 + 0.097 = $-10.19 Mil.
Cash Flow from Operations was 1.28 + 0.286 + 0.627 + 0.652 = $2.85 Mil.

Total Receivables was $3.77 Mil.
Revenue was 10.551 + 11.116 + 10.35 + 10.103 = $42.12 Mil.
Gross Profit was 4.424 + 5.149 + 4.717 + 4.332 = $18.62 Mil.
Total Current Assets was $6.55 Mil.
Total Assets was $24.82 Mil.
Property, Plant and Equipment(Net PPE) was $0.81 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.59 Mil.
Selling, General, & Admin. Expense(SGA) was $19.71 Mil.
Total Current Liabilities was $23.59 Mil.
Long-Term Debt & Capital Lease Obligation was $15.99 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)
	=	(4.517 / 40.82)	/	(3.769 / 42.12)
	=	0.110657	/	0.089482
	=	1.2366

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)
	=	(18.622 / 42.12)	/	(20.33 / 40.82)
	=	0.442118	/	0.49804
	=	0.8877

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 - (8.03 + 0.087) / 17.203)	/	(1 - (6.549 + 0.808) / 24.816)
	=	0.528164	/	0.703538
	=	0.7507

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
	=	40.82	/	42.12
	=	0.9691

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))
	=	(4.589 / (4.589 + 0.808))	/	(2.82 / (2.82 + 0.087))
	=	0.850287	/	0.970072
	=	0.8765

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)
	=	(14.28 / 40.82)	/	(19.712 / 42.12)
	=	0.349829	/	0.467996
	=	0.7475

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)
	=	((0.656 + 27.583) / 17.203)	/	((15.988 + 23.586) / 24.816)
	=	1.641516	/	1.594697
	=	1.0294

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
	=	(-12.748 - -10.187	-	2.845)	/	17.203
	=	-0.314248

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.

VIQ Solutions has a M-score of -3.90 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 -3.98 mean?

VIQ Solutions (VQSSF) has a Beneish M-Score of -3.98 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VIQ Solutions and its competitors. According to the industry distribution chart, VIQ Solutions ranks #226 out of 2634 companies in the Software industry, placing it in the top 8.6%.

Is VIQ Solutions' Beneish M-Score too high?

VIQ Solutions' current Beneish M-Score is -3.98. Based on the distribution chart, VIQ Solutions ranks #226 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers.

How does VIQ Solutions' Beneish M-Score compare to CRM and SHOP?

According to the Software industry distribution chart, VIQ Solutions ranks #226 out of 2634 companies for Beneish M-Score. This places VIQ Solutions in the top 9% 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 a Software company?

A good Beneish M-Score depends on the Software 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 VIQ Solutions and its competitors. VIQ Solutions's current Beneish M-Score is -3.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is VIQ Solutions stock overvalued right now?

Based on GuruFocus' analysis, VIQ Solutions (VQSSF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.08, compared to a current price of $0.05 — trading 42% below its estimated fair value. The current Beneish M-Score is -3.98. 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 VIQ Solutions (VQSSF), the current Beneish M-Score is -3.98 as of Jun. 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.

VIQ Solutions Business Description

Industry Technology Software

Comparable Companies XCNQ:ANON TSXV:ID TSXV:AUTO TSXV:ROI XCNQ:IAI TSXV:DEAL TSXV:RIWI XCNQ:SONI TSXV:ZONE XCNQ:ISFT XTER:SAP CRM SHOP UBER NOW ADBE CDNS INTU ADP SNOW

Other Exchanges VQS:Canada

Address 35 West Pearce Street, Unit 12 & 13, Richmond Hill, ON, CAN, L4B 3A9

Website https://www.viqsolutions.com

VIQ Solutions Inc operates as a technology and service platform provider for digital evidence capture, retrieval, and content management. The reportable segments of the company are technology and related revenue, which develop, distribute, and license computer-based digital solutions, and the technology services, which provide recording and transcription services. It derives the majority of its revenue from Australia and also has its presence in the United States, the United Kingdom, Canada, and other countries. The firm generates the majority of its revenue from providing Technology services.