Fundo de Recuperacao Economica do Estado do Espiritonto (BSP:FRES11) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


What is Fundo de Recuperacao Economica do Estado do Espiritonto Beneish M-Score?

Fundo de Recuperacao Economica do Estado do Espiritonto BSP:FRES11 Beneish M-Score is 0.00 as of Jun. 27, 2026.

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 Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Fundo de Recuperacao Economica do Estado do Espiritonto was 0.00. The lowest was 0.00. And the median was 0.00.

Fundo de Recuperacao Economica do Estado do Espiritonto Beneish M-Score Historical Data

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The historical data trend for Fundo de Recuperacao Economica do Estado do Espiritonto'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.

Fundo de Recuperacao Economica do Estado do Espiritonto Beneish M-Score Chart

Fundo de Recuperacao Economica do Estado do Espiritonto Annual Data
Trend Dec09 Dec10 Dec11
Beneish M-Score
0.00 0.00 0.00

Fundo de Recuperacao Economica do Estado do Espiritonto Semi-Annual Data
Dec09 Dec10 Dec11
Beneish M-Score 0.00 0.00 0.00

Fundo de Recuperacao Economica do Estado do Espiritonto Beneish M-Score Competitor Comparison

For the Asset Management subindustry, Fundo de Recuperacao Economica do Estado do Espiritonto'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.

Fundo de Recuperacao Economica do Estado do Espiritonto Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score falls into.


Fundo de Recuperacao Economica do Estado do Espiritonto 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 Fundo de Recuperacao Economica do Estado do Espiritonto 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 * 0.6472+0.528 * 0.9986+0.404 * 0.9294+0.892 * 1.4722+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.031038-0.327 * 0.9783
=-2.55

* 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 (Dec11) TTM:Last Year (Dec10) TTM:
Total Receivables was R$38 Mil.
Revenue was R$4,129 Mil.
Gross Profit was R$4,121 Mil.
Total Current Assets was R$165 Mil.
Total Assets was R$261 Mil.
Property, Plant and Equipment(Net PPE) was R$0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$0 Mil.
Net Income was R$16 Mil.
Gross Profit was R$0 Mil.
Cash Flow from Operations was R$24 Mil.
 Total Receivables was R$40 Mil.
Revenue was R$2,805 Mil.
Gross Profit was R$2,795 Mil.
Total Current Assets was R$154 Mil.
Total Assets was R$256 Mil.
Property, Plant and Equipment(Net PPE) was R$0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$0 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)
=(38.04 / 4129.189) / (39.922 / 2804.803)
=0.009212 / 0.014233
=0.6472

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)
=(2795.382 / 2804.803) / (4121.086 / 4129.189)
=0.996641 / 0.998038
=0.9986

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 - (164.715 + 0) / 261.419) / (1 - (153.963 + 0) / 255.756)
=0.36992 / 0.398008
=0.9294

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
=4129.189 / 2804.803
=1.4722

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))
=(3.204 / (3.204 + 0)) / (2.008 / (2.008 + 0))
=1 / 1
=1

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 / 4129.189) / (0 / 2804.803)
=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 + 0.259) / 261.419) / ((0 + 0.259) / 255.756)
=0.000991 / 0.001013
=0.9783

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
=(16.052 - 0 - 24.166) / 261.419
=-0.031038

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.

Fundo de Recuperacao Economica do Estado do Espiritonto has a M-score of -2.55 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 0.00 mean?
Fundo de Recuperacao Economica do Estado do Espiritonto (BSP:FRES11) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fundo de Recuperacao Economica do Estado do Espiritonto and its competitors.
Is Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score too high?
Fundo de Recuperacao Economica do Estado do Espiritonto's current Beneish M-Score is 0.00.
How does Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score compare to competitors?
Fundo de Recuperacao Economica do Estado do Espiritonto's Beneish M-Score of 0.00 can be compared against companies in the Asset Management 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Fundo de Recuperacao Economica do Estado do Espiritonto and its competitors. Fundo de Recuperacao Economica do Estado do Espiritonto'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 Fundo de Recuperacao Economica do Estado do Espiritonto stock overvalued right now?
Fundo de Recuperacao Economica do Estado do Espiritonto (BSP:FRES11) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Fundo de Recuperacao Economica do Estado do Espiritonto (BSP:FRES11), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

Fundo de Recuperacao Economica do Estado do Espiritonto Business Description

Address R. Alberto Oliveira Santos, 42 - Sala 1.506, Vitoria, ES, BRA, 29010901
Fundo de Recuperacao Economica do Estado do Espirito Santo is an open-end pension fund that collect GST and income tax based on taxable income.