Ves (BSE:VESY) Beneish M-Score: -1.48 (As of Jun. 30, 2026)

What is Ves Beneish M-Score?

Ves BSE:VESY 8 Beneish M-Score is -1.48 as of Jun. 30, 2026. GuruFocus rates BSE:VESY with a GF Score™ of 8/100. The stock has 6 warning signs investors should review.

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.

Warning Sign:

Beneish M-Score -1.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BSE:VESY' s Beneish M-Score Range Over the Past 10 Years
Min: -7.45 Med: -2.76 Max: 1.01
Current: -1.48

During the past 13 years, the highest Beneish M-Score of Ves was 1.01. The lowest was -7.45. And the median was -2.76.

Ves Beneish M-Score Related Terms

Ves Beneish M-Score Historical Data

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The historical data trend for Ves'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.

Ves Beneish M-Score Chart

Ves Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-7.45

-0.12

-5.90

1.01

-1.48

Ves 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	-1.48	0.00

BSE:VESY vs TPX, SN, WHR: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Ves'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.

Ves Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Ves's Beneish M-Score distribution charts can be found below:

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

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Ves SA BSE:VESY

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

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Ves 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 Ves 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 * 0.9984

0.528 * 0.9526

0.404 * 0

0.892 * 1.0018

0.115 * 13.4203

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.000451

0.327 * 1.0032

-1.48

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was lei8.54 Mil.
Revenue was lei0.55 Mil.
Gross Profit was lei0.55 Mil.
Total Current Assets was lei11.80 Mil.
Total Assets was lei24.36 Mil.
Property, Plant and Equipment(Net PPE) was lei12.56 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.07 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.00 Mil.
Total Current Liabilities was lei69.82 Mil.
Long-Term Debt & Capital Lease Obligation was lei0.00 Mil.
Net Income was lei-0.22 Mil.
Gross Profit was lei0.00 Mil.
Cash Flow from Operations was lei-0.23 Mil.

Total Receivables was lei8.54 Mil.
Revenue was lei0.55 Mil.
Gross Profit was lei0.52 Mil.
Total Current Assets was lei11.74 Mil.
Total Assets was lei24.36 Mil.
Property, Plant and Equipment(Net PPE) was lei12.63 Mil.
Depreciation, Depletion and Amortization(DDA) was lei0.97 Mil.
Selling, General, & Admin. Expense(SGA) was lei0.00 Mil.
Total Current Liabilities was lei69.60 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)
	=	(8.54 / 0.554)	/	(8.538 / 0.553)
	=	15.415162	/	15.439421
	=	0.9984

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)
	=	(0.523 / 0.553)	/	(0.55 / 0.554)
	=	0.94575	/	0.99278
	=	0.9526

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 - (11.804 + 12.56) / 24.364)	/	(1 - (11.737 + 12.626) / 24.364)
	=	0	/	4.1E-5
	=	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
	=	0.554	/	0.553
	=	1.0018

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))
	=	(0.968 / (0.968 + 12.626))	/	(0.067 / (0.067 + 12.56))
	=	0.071208	/	0.005306
	=	13.4203

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 / 0.554)	/	(0 / 0.553)
	=	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)
	=	((0 + 69.821) / 24.364)	/	((0 + 69.599) / 24.364)
	=	2.865745	/	2.856633
	=	1.0032

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
	=	(-0.221 - 0	-	-0.232)	/	24.364
	=	0.000451

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.

Ves has a M-score of -1.48 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 -1.48 mean?

Ves (BSE:VESY) has a Beneish M-Score of -1.48 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ves and its competitors.

Is Ves' Beneish M-Score too high?

Ves' current Beneish M-Score is -1.48. Overall, Ves has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.

How does Ves' Beneish M-Score compare to TPX and SN?

Ves' Beneish M-Score of -1.48 can be compared against companies in the Furnishings, Fixtures & Appliances 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 Furnishings, Fixtures & Appliances company?

A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Ves and its competitors. Ves's current Beneish M-Score is -1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ves stock overvalued right now?

Ves (BSE:VESY) has a current Beneish M-Score of -1.48. The current Beneish M-Score is -1.48. Ves' overall GF Score™ is 8/100 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 Ves (BSE:VESY), the current Beneish M-Score is -1.48 as of Jun. 30, 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.

Ves Business Description

Industry Consumer Cyclical Furnishings, Fixtures & Appliances

Comparable Companies BSE:RMAH BSE:COTE BSE:ALU BSE:ATB BSE:PBK BSE:TRANSI BSE:EFO BSE:CMCM BSE:CEON BSE:ELMA SZSE:000333 SHSE:600690 SZSE:000651 TSE:9843 SHSE:603833 TPX SN WHR SZSE:002032 XPAR:SK

Address Strada Mihai Viteazu Nr. 102, Sighisoara, Mures, ROU, 545400

Website http://www.ves.ro

Ves SA manufactures enameled cookware and objects. It offers metal processing services and coatings. The company brands include VES, Email De Sighisoara, Caldi. Its services include debitare laser roll, formed sheet laser cutting, bending CNC and classical, rolare, enamelling, electrostatic painting with powder paint coating and liquid paint tempered, slitting coils from thin slabs, processing on thinning machine, cold working and molding - cutting operations, welded structures execution and sandblasting of welded parts and welded structures.

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