MindForge Inc.
MF Communication Services Advertising Agencies
MindForge Inc.’s revenue for fiscal 2025 (year ended June 2025) was $29.7 million, down 42.5% from fiscal 2024.
Follow MF
MindForge Inc. (MF) Beneish M-score
MindForge Inc.'s Beneish M-score for fiscal 2025 is 37.03; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 37.03 | 38.33 |
| FY2024 | −1.30 | 0.11 |
| FY2023 | −1.41 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.59 | — | 0.84 | |
| Asset quality index | 99.70 | — | 40.28 | |
| Sales growth index | 0.58 | — | 0.51 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 3.73 | — | −0.64 | |
| Total accruals to total assets | 0.00 | — | 0.02 | |
| Leverage index | 0.40 | — | −0.13 | |
| Beneish M-score | Flagged by the model | 37.03 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CDLX Cardlytics, Inc. compare | −4.6× |
| TULP Bloomia Holdings, Inc. compare | −2.7× |
| DLPN Dolphin Digital Media Inc. compare | −2.4× |
| ACCS ACCESS Newswire Inc. compare | −2.4× |
| SWAG Stran & Company, Inc. compare | −1.9× |
| WIMI WiMi Hologram Cloud Inc. compare | −1.5× |
| EDHL Everbright Digital Holding Limited compare | −0.4× |
| TDIC Dreamland Limited compare | 8.5× |
| MF MindForge Inc. | 37.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI