Astrasun Solar PCL (BUD:ASTRASUN) Beneish M-Score: -2.12 (As of Jul. 06, 2026)


BUD:ASTRASUN Astrasun Solar PCL BUD:ASTRASUN
35 GF Score
Price Ft212.00
GF Value Ft449.06
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Astrasun Solar PCL Beneish M-Score?

Astrasun Solar PCL BUD:ASTRASUN -1.85% 35 Beneish M-Score is -2.12 as of Jul. 06, 2026. GuruFocus rates BUD:ASTRASUN with a GF Score™ of 35/100 and a GF Value™ of Ft449.06 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 987 Semiconductors companies, Astrasun Solar PCL ranks worse than 66.67% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUD:ASTRASUN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.41   Med: -2.27   Max: -2.12
Current: -2.12

During the past 4 years, the highest Beneish M-Score of Astrasun Solar PCL was -2.12. The lowest was -2.41. And the median was -2.27.

Astrasun Solar PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Astrasun Solar PCL'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.

Astrasun Solar PCL Beneish M-Score Chart

Astrasun Solar PCL Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.41 -2.12

Astrasun Solar PCL Semi-Annual Data
Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.41 0.00 -2.12

BUD:ASTRASUN vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, Astrasun Solar PCL'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.

Astrasun Solar PCL Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Astrasun Solar PCL's Beneish M-Score distribution charts can be found below:

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


BUD:ASTRASUN
35GF Score
Astrasun Solar PCL BUD:ASTRASUN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Astrasun Solar PCL 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 Astrasun Solar PCL 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 * 0.8002+0.528 * 1.329+0.404 * 1.0603+0.892 * 1.2923+0.115 * 1.0545
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9189+4.679 * 0.003807-0.327 * 0.8594
=-2.12

* 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 Ft332 Mil.
Revenue was Ft2,025 Mil.
Gross Profit was Ft1,320 Mil.
Total Current Assets was Ft1,165 Mil.
Total Assets was Ft8,924 Mil.
Property, Plant and Equipment(Net PPE) was Ft5,925 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft721 Mil.
Selling, General, & Admin. Expense(SGA) was Ft55 Mil.
Total Current Liabilities was Ft560 Mil.
Long-Term Debt & Capital Lease Obligation was Ft2,198 Mil.
Net Income was Ft34 Mil.
Gross Profit was Ft0 Mil.
Cash Flow from Operations was Ft0 Mil.
 Total Receivables was Ft321 Mil.
Revenue was Ft1,567 Mil.
Gross Profit was Ft1,357 Mil.
Total Current Assets was Ft2,073 Mil.
Total Assets was Ft9,388 Mil.
Property, Plant and Equipment(Net PPE) was Ft5,496 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft710 Mil.
Selling, General, & Admin. Expense(SGA) was Ft46 Mil.
Total Current Liabilities was Ft770 Mil.
Long-Term Debt & Capital Lease Obligation was Ft2,607 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)
=(331.971 / 2025.136) / (321.017 / 1567.039)
=0.163925 / 0.204856
=0.8002

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)
=(1357.119 / 1567.039) / (1319.686 / 2025.136)
=0.86604 / 0.651653
=1.329

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 - (1165.304 + 5925.094) / 8924.3) / (1 - (2072.695 + 5496.207) / 9388.418)
=0.205495 / 0.193804
=1.0603

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
=2025.136 / 1567.039
=1.2923

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))
=(709.938 / (709.938 + 5496.207)) / (721.004 / (721.004 + 5925.094))
=0.114393 / 0.108485
=1.0545

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)
=(54.709 / 2025.136) / (46.07 / 1567.039)
=0.027015 / 0.029399
=0.9189

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)
=((2198.301 + 560.389) / 8924.3) / ((2606.964 + 770.06) / 9388.418)
=0.309121 / 0.359701
=0.8594

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
=(33.977 - 0 - 0) / 8924.3
=0.003807

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.

Astrasun Solar PCL has a M-score of -2.12 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 -2.12 mean?
Astrasun Solar PCL (BUD:ASTRASUN) has a Beneish M-Score of -2.12 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Astrasun Solar PCL and its competitors. According to the industry distribution chart, Astrasun Solar PCL ranks #658 out of 987 companies in the Semiconductors industry, placing it in the top 66.7%.
Is Astrasun Solar PCL's Beneish M-Score too high?
Astrasun Solar PCL's current Beneish M-Score is -2.12. Based on the distribution chart, Astrasun Solar PCL ranks #658 out of 987 companies in the Semiconductors industry, which is below the industry midpoint. Overall, Astrasun Solar PCL has a GF Score™ of 35/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Astrasun Solar PCL's Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Astrasun Solar PCL ranks #658 out of 987 companies for Beneish M-Score. This places Astrasun Solar PCL 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 a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Astrasun Solar PCL and its competitors. Astrasun Solar PCL's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Astrasun Solar PCL stock overvalued right now?
Based on GuruFocus' analysis, Astrasun Solar PCL (BUD:ASTRASUN) is currently considered Significantly Undervalued. The stock's GF Value™ is Ft449.06, compared to a current price of Ft212.00 — trading 52.8% below its estimated fair value. The current Beneish M-Score is -2.12. Astrasun Solar PCL's overall GF Score™ is 35/100 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 Astrasun Solar PCL (BUD:ASTRASUN), the current Beneish M-Score is -2.12 as of Jul. 06, 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 Astrasun Solar PCL (BUD:ASTRASUN) Overvalued in 2026?

Based on GuruFocus' analysis, Astrasun Solar PCL stock appears to be undervalued. The current stock price of Ft212.00 is trading 52.8% below its estimated GF Value™ of Ft449.06. GuruFocus considers Astrasun Solar PCL to be Significantly Undervalued.

Key valuation signals for BUD:ASTRASUN:

  • Beneish M-Score: -2.12
  • GF Value™: Ft449.06 vs. price of Ft212.00 (52.8% below fair value)
  • GF Score™: 35/100 with 3 warning signs

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

Astrasun Solar PCL Business Description

Address Kossuth Lajos Strreet 103, Csomad, HUN, H-2161
Astrasun Solar PCL plays key role in the Hungarian renewable energy market. Astrasun is a solar power plant project developer Company, and invests in green energy.
35GF Score

Get the complete analysis for BUD:ASTRASUN

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

Ft212.00
Price
Ft449.06
GF Value