Athens International Airport (ATH:AIA) Beneish M-Score: -2.67 (As of Jun. 26, 2026)


ATH:AIA Athens International Airport SA ATH:AIA
32 GF Score
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What is Athens International Airport Beneish M-Score?

Athens International Airport ATH:AIA +1.51% 32 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates ATH:AIA with a GF Score™ of 32/100. The stock has 6 warning signs investors should review. Among 966 Transportation companies, Athens International Airport ranks better than 57.87% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ATH:AIA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -2.67   Max: -2.05
Current: -2.67

During the past 7 years, the highest Beneish M-Score of Athens International Airport was -2.05. The lowest was -3.19. And the median was -2.67.

Athens International Airport Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Athens International Airport'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.

Athens International Airport Beneish M-Score Chart

Athens International Airport Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.05 -2.78 -3.19 -2.36 -2.67

Athens International Airport Semi-Annual Data
Dec19 Dec20 Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.19 0.00 -2.36 0.00 -2.67

ATH:AIA vs JOBY: Beneish M-Score Comparison

For the Airports & Air Services subindustry, Athens International Airport'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.

Athens International Airport Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Athens International Airport's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Athens International Airport's Beneish M-Score falls into.


ATH:AIA
32GF Score
Athens International Airport SA ATH:AIA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Athens International Airport 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 Athens International Airport 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 * 0.7874+0.528 * 0.9489+0.404 * 0.9757+0.892 * 1.2504+0.115 * 1.306
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9445+4.679 * -0.050488-0.327 * 0.9771
=-2.67

* 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 €41.7 Mil.
Revenue was €704.1 Mil.
Gross Profit was €559.1 Mil.
Total Current Assets was €356.9 Mil.
Total Assets was €2,105.0 Mil.
Property, Plant and Equipment(Net PPE) was €110.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €83.9 Mil.
Selling, General, & Admin. Expense(SGA) was €13.0 Mil.
Total Current Liabilities was €243.8 Mil.
Long-Term Debt & Capital Lease Obligation was €850.5 Mil.
Net Income was €207.3 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €313.5 Mil.
 Total Receivables was €42.4 Mil.
Revenue was €563.1 Mil.
Gross Profit was €424.3 Mil.
Total Current Assets was €343.5 Mil.
Total Assets was €2,004.7 Mil.
Property, Plant and Equipment(Net PPE) was €63.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €81.1 Mil.
Selling, General, & Admin. Expense(SGA) was €11.0 Mil.
Total Current Liabilities was €225.4 Mil.
Long-Term Debt & Capital Lease Obligation was €841.2 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)
=(41.72 / 704.106) / (42.371 / 563.1)
=0.059252 / 0.075246
=0.7874

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)
=(424.327 / 563.1) / (559.147 / 704.106)
=0.753555 / 0.794123
=0.9489

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 - (356.887 + 110.862) / 2104.994) / (1 - (343.534 + 63.074) / 2004.669)
=0.777791 / 0.79717
=0.9757

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
=704.106 / 563.1
=1.2504

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))
=(81.103 / (81.103 + 63.074)) / (83.879 / (83.879 + 110.862))
=0.562524 / 0.430721
=1.306

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)
=(13.008 / 704.106) / (11.014 / 563.1)
=0.018474 / 0.01956
=0.9445

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)
=((850.549 + 243.771) / 2104.994) / ((841.217 + 225.425) / 2004.669)
=0.519868 / 0.532079
=0.9771

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
=(207.255 - 0 - 313.532) / 2104.994
=-0.050488

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.

Athens International Airport has a M-score of -2.67 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 -2.67 mean?
Athens International Airport (ATH:AIA) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Athens International Airport and its competitors. According to the industry distribution chart, Athens International Airport ranks #407 out of 966 companies in the Transportation industry, placing it in the top 42.1%.
Is Athens International Airport's Beneish M-Score too high?
Athens International Airport's current Beneish M-Score is -2.67. Based on the distribution chart, Athens International Airport ranks #407 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Athens International Airport has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does Athens International Airport's Beneish M-Score compare to JOBY?
According to the Transportation industry distribution chart, Athens International Airport ranks #407 out of 966 companies for Beneish M-Score. This puts Athens International Airport in the upper 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 a Transportation company?
A good Beneish M-Score depends on the Transportation 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 Athens International Airport and its competitors. Athens International Airport's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Athens International Airport stock overvalued right now?
Athens International Airport (ATH:AIA) has a current Beneish M-Score of -2.67. The current Beneish M-Score is -2.67. Athens International Airport's overall GF Score™ is 32/100 with 6 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 Athens International Airport (ATH:AIA), the current Beneish M-Score is -2.67 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.

Athens International Airport Business Description

Other Exchanges 9O1:Germany
Address Athens International Airport, El. Venizelos SA, SPATA, Attica, Athens, GRC, 19019
Athens International Airport SA is engaged in the design, financing, construction, completion, commissioning, maintenance, operation, management, and development of the Athens International Airport . The company's operating segments are: Air activities and Non-air activities. The maximum revenue is generated from its Air activities segment, which includes the provision at the Airport of any facilities like the landing, parking, or taking-off of aircraft; the servicing of aircraft; and the handling of passengers, among others. The Non-air activities segment represents revenues from non-air activities, mainly consisting of car parking, food and beverage, duty-free, retail shops, building/office rental, and other commercial services.
32GF Score

Get the complete analysis for ATH:AIA

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

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