ARHT Media (XTER:VE3P) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


XTER:VE3P ARHT Media Inc XTER:VE3P
28 GF Score
Price €0.38
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What is ARHT Media Beneish M-Score?

ARHT Media XTER:VE3P 28 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates XTER:VE3P with a GF Score™ of 28/100.

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 ARHT Media's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of ARHT Media was 0.00. The lowest was 0.00. And the median was 0.00.

ARHT Media Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ARHT Media'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.

ARHT Media Beneish M-Score Chart

ARHT Media Annual Data
Trend Jan14 Jan15 Jan16 Jan17 Jan18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -3.36 -1.75 -2.62 -12.36

ARHT Media Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
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 -12.36 0.00 -12.56

XTER:VE3P vs CRM, NOW, INTU: Beneish M-Score Comparison

For the Software - Application subindustry, ARHT Media'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.

ARHT Media Beneish M-Score vs Software Industry

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

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


XTER:VE3P
28GF Score
ARHT Media Inc XTER:VE3P
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ARHT Media 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 ARHT Media 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 * 0.6061+0.528 * 0.9625+0.404 * 0+0.892 * 0.5876+0.115 * 0.6037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1908+4.679 * -1.606016-0.327 * 4.9392
=-12.52

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was €0.49 Mil.
Revenue was 0.953 + 1.074 + 0.142 + 0.942 = €3.11 Mil.
Gross Profit was 0.533 + 0.592 + -0.013 + 0.537 = €1.65 Mil.
Total Current Assets was €1.17 Mil.
Total Assets was €2.03 Mil.
Property, Plant and Equipment(Net PPE) was €0.86 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.89 Mil.
Selling, General, & Admin. Expense(SGA) was €5.31 Mil.
Total Current Liabilities was €3.25 Mil.
Long-Term Debt & Capital Lease Obligation was €2.18 Mil.
Net Income was -0.902 + -0.989 + -2.214 + -2.158 = €-6.26 Mil.
Non Operating Income was -0.013 + -0.016 + -0.473 + -0.054 = €-0.56 Mil.
Cash Flow from Operations was -0.4 + -0.027 + -0.567 + -1.456 = €-2.45 Mil.
 Total Receivables was €1.39 Mil.
Revenue was 1.439 + 0.874 + 1.445 + 1.536 = €5.29 Mil.
Gross Profit was 0.909 + 0.469 + 0.546 + 0.777 = €2.70 Mil.
Total Current Assets was €3.10 Mil.
Total Assets was €4.93 Mil.
Property, Plant and Equipment(Net PPE) was €1.68 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.74 Mil.
Selling, General, & Admin. Expense(SGA) was €7.59 Mil.
Total Current Liabilities was €2.57 Mil.
Long-Term Debt & Capital Lease Obligation was €0.10 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)
=(0.494 / 3.111) / (1.387 / 5.294)
=0.158791 / 0.261995
=0.6061

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)
=(2.701 / 5.294) / (1.649 / 3.111)
=0.5102 / 0.530055
=0.9625

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 - (1.166 + 0.862) / 2.028) / (1 - (3.101 + 1.676) / 4.928)
=0 / 0.030641
=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
=3.111 / 5.294
=0.5876

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))
=(0.739 / (0.739 + 1.676)) / (0.886 / (0.886 + 0.862))
=0.306004 / 0.506865
=0.6037

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)
=(5.314 / 3.111) / (7.594 / 5.294)
=1.708132 / 1.434454
=1.1908

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)
=((2.176 + 3.247) / 2.028) / ((0.099 + 2.569) / 4.928)
=2.674063 / 0.541396
=4.9392

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
=(-6.263 - -0.556 - -2.45) / 2.028
=-1.606016

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.

ARHT Media has a M-score of -12.52 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 0.00 mean?
ARHT Media (XTER:VE3P) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ARHT Media and its competitors.
Is ARHT Media's Beneish M-Score too high?
ARHT Media's current Beneish M-Score is 0.00. Overall, ARHT Media has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does ARHT Media's Beneish M-Score compare to CRM and NOW?
ARHT Media's Beneish M-Score of 0.00 can be compared against companies in the Software 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 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 ARHT Media and its competitors. ARHT Media'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 ARHT Media stock overvalued right now?
ARHT Media (XTER:VE3P) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. ARHT Media's overall GF Score™ is 28/100. 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 ARHT Media (XTER:VE3P), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

ARHT Media Business Description

Address 195 Bentworth Avenue, Unit 2, Toronto, ON, CAN, M6A 1P9
ARHT Media Inc engages in the creation, transmission, and delivery of digital human hologram. The company offers HumaGrams which are interactive human holograms generated using Augmented Reality Holographic Technology (ARHT), which allows its customers to interact and conduct real-time e-commerce with consumers, as well as to provide analytics back to retailers through the platform. This platform supports various markets, such as seminars, conferences, trade shows, corporate meetings, education, and live events, and digital signages. The company's geographical segments include Canada; the United States; Europe and the Middle East; and Asia.
28GF Score

Get the complete analysis for XTER:VE3P

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

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