AEMMF (A2A SpA) Beneish M-Score: -2.51 (As of Jun. 25, 2026)


AEMMF A2A SpA AEMMF
75 GF Score
Price $2.60
GF Value $2.75
! 2 Warning Signs
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What is A2A SpA Beneish M-Score?

A2A SpA AEMMF 75 Beneish M-Score is -2.51 as of Jun. 25, 2026. GuruFocus rates AEMMF with a GF Score™ of 75/100 and a GF Value™ of $2.75. The stock has 2 warning signs investors should review. Among 485 Utilities - Regulated companies, A2A SpA ranks worse than 57.94% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for A2A SpA's Beneish M-Score or its related term are showing as below:

AEMMF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.54   Max: -1.63
Current: -2.51

During the past 13 years, the highest Beneish M-Score of A2A SpA was -1.63. The lowest was -2.75. And the median was -2.54.

A2A SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for A2A SpA'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.

A2A SpA Beneish M-Score Chart

A2A SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.97 -1.63 -2.75 -2.60 -2.51

A2A SpA Quarterly Data
Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 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 -2.51 0.00

AEMMF vs SRE: Beneish M-Score Comparison

For the Utilities - Diversified subindustry, A2A SpA'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.

A2A SpA Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, A2A SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where A2A SpA's Beneish M-Score falls into.


AEMMF
75GF Score
A2A SpA AEMMF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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A2A SpA 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 A2A SpA 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 * 1.0942+0.528 * 1.1336+0.404 * 0.9134+0.892 * 1.2223+0.115 * 0.9938
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.047982-0.327 * 1.0239
=-2.39

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $5,502 Mil.
Revenue was $16,088 Mil.
Gross Profit was $3,785 Mil.
Total Current Assets was $9,199 Mil.
Total Assets was $25,039 Mil.
Property, Plant and Equipment(Net PPE) was $9,526 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,118 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $8,799 Mil.
Long-Term Debt & Capital Lease Obligation was $7,279 Mil.
Net Income was $878 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,080 Mil.
 Total Receivables was $4,114 Mil.
Revenue was $13,162 Mil.
Gross Profit was $3,510 Mil.
Total Current Assets was $7,207 Mil.
Total Assets was $20,925 Mil.
Property, Plant and Equipment(Net PPE) was $7,940 Mil.
Depreciation, Depletion and Amortization(DDA) was $926 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $6,508 Mil.
Long-Term Debt & Capital Lease Obligation was $6,615 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)
=(5502.342 / 16087.822) / (4114.136 / 13162.304)
=0.342019 / 0.31257
=1.0942

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)
=(3509.948 / 13162.304) / (3784.543 / 16087.822)
=0.266667 / 0.235243
=1.1336

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 - (9199.063 + 9525.761) / 25038.642) / (1 - (7207.33 + 7940.314) / 20924.607)
=0.252163 / 0.276085
=0.9134

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
=16087.822 / 13162.304
=1.2223

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))
=(925.654 / (925.654 + 7940.314)) / (1118.267 / (1118.267 + 9525.761))
=0.104405 / 0.105061
=0.9938

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)
=(0 / 16087.822) / (0 / 13162.304)
=0 / 0
=1

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)
=((7278.689 + 8798.595) / 25038.642) / ((6614.66 + 6507.853) / 20924.607)
=0.642099 / 0.627133
=1.0239

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
=(878.22 - 0 - 2079.625) / 25038.642
=-0.047982

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.

A2A SpA has a M-score of -2.39 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 -2.51 mean?
A2A SpA (AEMMF) has a Beneish M-Score of -2.51 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on A2A SpA and its competitors. According to the industry distribution chart, A2A SpA ranks #281 out of 485 companies in the Utilities - Regulated industry, placing it in the top 57.9%.
Is A2A SpA's Beneish M-Score too high?
A2A SpA's current Beneish M-Score is -2.51. Based on the distribution chart, A2A SpA ranks #281 out of 485 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, A2A SpA has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does A2A SpA's Beneish M-Score compare to SRE?
According to the Utilities - Regulated industry distribution chart, A2A SpA ranks #281 out of 485 companies for Beneish M-Score. This places A2A SpA in the lower half of its 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 A2A SpA and its competitors. A2A SpA's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is A2A SpA stock overvalued right now?
A2A SpA (AEMMF) has a current Beneish M-Score of -2.51. The stock's GF Value™ is $2.75, compared to a current price of $2.60 — trading 5.5% below its estimated fair value. The current Beneish M-Score is -2.51. A2A SpA's overall GF Score™ is 75/100 with 2 warning signs to review. 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 A2A SpA (AEMMF), the current Beneish M-Score is -2.51 as of Jun. 25, 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.

Is A2A SpA (AEMMF) Overvalued in 2026?

Based on GuruFocus' analysis, A2A SpA stock appears to be undervalued. The current stock price of $2.60 is trading 5.5% below its estimated GF Value™ of $2.75.

Key valuation signals for AEMMF:

  • Beneish M-Score: -2.51
  • GF Value™: $2.75 vs. price of $2.60 (5.5% below fair value)
  • GF Score™: 75/100 with 2 warning signs

No single metric tells the full story. See the AEMMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

A2A SpA Business Description

Address Via Lamarmora 230, Brescia, ITA, 25124
A2A SpA together with its subsidiaries is engaged in the production, sale, and distribution of electricity; sale and distribution of gas; production, distribution, and sale of heat through district heating networks, technical consultancy relating to energy efficiency certificates, waste management (from collection and sweeping to disposal) and the construction and management of integrated waste disposal plants and systems, also making these available for other operators, and integrated water cycle management.
75GF Score

Get the complete analysis for AEMMF

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

$2.60
Price
$2.75
GF Value