Armatura (BSE:ARM) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Armatura Beneish M-Score?

Armatura BSE:ARM -2.50% 40 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates BSE:ARM with a GF Score™ of 40/100 and a GF Value™ of lei0.06 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 2,926 Industrial Products companies, Armatura ranks worse than 34176.32% 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.

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

During the past 13 years, the highest Beneish M-Score of Armatura was 225.62. The lowest was -105.79. And the median was -3.61.

Armatura Beneish M-Score Related Terms

Armatura Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Armatura'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.

Armatura Beneish M-Score Chart

Armatura Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

82.46

0.00

-3.32

0.00

Armatura Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

BSE:ARM vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Armatura'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.

Armatura Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Armatura's Beneish M-Score distribution charts can be found below:

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

Save Embed

40GF Score

Armatura SA BSE:ARM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Armatura 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 Armatura 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was lei0.18 Mil.
Revenue was lei0.94 Mil.
Gross Profit was lei0.88 Mil.
Total Current Assets was lei6.75 Mil.
Total Assets was lei6.77 Mil.
Property, Plant and Equipment(Net PPE) was lei0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.23 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.03 Mil.
Total Current Liabilities was lei0.03 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 Mil.
Net Income was lei-0.82 Mil.
Gross Profit was lei0.00 Mil.
Cash Flow from Operations was lei0.14 Mil.

Total Receivables was lei0.52 Mil.
Revenue was lei1.73 Mil.
Gross Profit was lei1.64 Mil.
Total Current Assets was lei7.22 Mil.
Total Assets was lei7.34 Mil.
Property, Plant and Equipment(Net PPE) was lei0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.53 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.03 Mil.
Total Current Liabilities was lei0.37 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 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)
	=	(0.175 / 0.94)	/	(0.518 / 1.728)
	=	0.18617	/	0.299769
	=

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)
	=	(1.635 / 1.728)	/	(0.875 / 0.94)
	=	0.946181	/	0.930851
	=

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 - (6.752 + 0.017) / 6.769)	/	(1 - (7.223 + 0.112) / 7.335)
	=	0	/	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
	=	0.94	/	1.728
	=

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))
	=	(0.525 / (0.525 + 0.112))	/	(0.225 / (0.225 + 0.017))
	=	0.824176	/	0.929752
	=

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)
	=	(0.033 / 0.94)	/	(0.025 / 1.728)
	=	0.035106	/	0.014468
	=

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 + 0.026) / 6.769)	/	((0 + 0.367) / 7.335)
	=	0.003841	/	0.050034
	=

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
	=	(-0.817 - 0	-	0.144)	/	6.769
	=	-0.141971

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Armatura (BSE:ARM) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Armatura and its competitors. According to the industry distribution chart, Armatura ranks #999999 out of 2926 companies in the Industrial Products industry.

Is Armatura's Beneish M-Score too high?

Armatura's current Beneish M-Score is 0.00. Based on the distribution chart, Armatura ranks #999999 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Armatura has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Armatura's Beneish M-Score compare to GEV and ETN?

According to the Industrial Products industry distribution chart, Armatura ranks #999999 out of 2926 companies for Beneish M-Score. This places Armatura 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 Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Armatura and its competitors. Armatura'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 Armatura stock overvalued right now?

Based on GuruFocus' analysis, Armatura (BSE:ARM) is currently considered Significantly Overvalued. The stock's GF Value™ is lei0.06, compared to a current price of lei0.31 — trading 420% above its estimated fair value. The current Beneish M-Score is 0.00. Armatura's overall GF Score™ is 40/100 with 3 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 Armatura (BSE:ARM), the current Beneish M-Score is 0.00 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 Armatura (BSE:ARM) Overvalued in 2026?

Based on GuruFocus' analysis, Armatura stock appears to be overvalued. The current stock price of lei0.31 is trading 420% above its estimated GF Value™ of lei0.06. GuruFocus considers Armatura to be Significantly Overvalued.

Key valuation signals for BSE:ARM:

Beneish M-Score: 0.00
GF Value™: lei0.06 vs. price of lei0.31 (420% above fair value)
GF Score™: 40/100 with 3 warning signs

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

Armatura Business Description

Industry Industrials Industrial Products

Comparable Companies BSE:ECT GEV XTER:SIE XPAR:SU XTER:ENR ETN PH OSTO:ATCO A CMI EMR TSE:7011 ITW AME OSTO:SAND ROK TSE:6954 XKRX:034020 XSWX:SCHN OHEL:KNEBV SHSE:600406

Address 19 Garii Street, Cluj-Napoca, ROU, 400267

Website https://www.armatura.ro

Armatura SA operates in the field of metal fittings with experience in the production of fittings for heating and water and gas supply installations. The company sold its product both in national and international markets.

40GF Score

Get the complete analysis for BSE:ARM

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

lei0.31

Price

lei0.06

GF Value

View BSE:ARM Analysis

See Beneish M-Score data for all stocks →