CCYNF (Cyan AG) Beneish M-Score: -3.12 (As of Jun. 26, 2026)

What is Cyan AG Beneish M-Score?

Cyan AG CCYNF 70 Beneish M-Score is -3.12 as of Jun. 26, 2026. GuruFocus rates CCYNF with a GF Score™ of 70/100 and a GF Value™ of $5.69. The stock has 3 warning signs investors should review. Among 2,633 Software companies, Cyan AG ranks better than 80.74% 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CCYNF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.12 Med: -2.71 Max: -0.98
Current: -3.12

During the past 12 years, the highest Beneish M-Score of Cyan AG was -0.98. The lowest was -4.12. And the median was -2.71.

Cyan AG Beneish M-Score Related Terms

Cyan AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cyan AG'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.

Cyan AG Beneish M-Score Chart

Cyan AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.89

-1.16

-4.12

-2.83

-3.12

Cyan AG Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-4.12	0.00	-2.83	0.00	-3.12

CCYNF vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Cyan AG'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.

Cyan AG Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Cyan AG's Beneish M-Score distribution charts can be found below:

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

Save Embed

70GF Score

Cyan AG CCYNF

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

View Full Analysis

Cyan AG 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 Cyan AG 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 * 0.5272

0.528 * 0.5104

0.404 * 1.0337

0.892 * 1.4443

0.115 * 1.1248

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9092

4.679 * -0.070548

0.327 * 0.7417

-2.98

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $3.21 Mil.
Revenue was $10.73 Mil.
Gross Profit was $4.61 Mil.
Total Current Assets was $5.29 Mil.
Total Assets was $35.92 Mil.
Property, Plant and Equipment(Net PPE) was $1.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.22 Mil.
Selling, General, & Admin. Expense(SGA) was $1.78 Mil.
Total Current Liabilities was $2.34 Mil.
Long-Term Debt & Capital Lease Obligation was $1.18 Mil.
Net Income was $-0.79 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $1.74 Mil.

Total Receivables was $4.22 Mil.
Revenue was $7.43 Mil.
Gross Profit was $1.63 Mil.
Total Current Assets was $5.10 Mil.
Total Assets was $34.24 Mil.
Property, Plant and Equipment(Net PPE) was $2.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.61 Mil.
Selling, General, & Admin. Expense(SGA) was $1.36 Mil.
Total Current Liabilities was $2.65 Mil.
Long-Term Debt & Capital Lease Obligation was $1.87 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)
	=	(3.21 / 10.73)	/	(4.216 / 7.429)
	=	0.299161	/	0.567506
	=	0.5272

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)
	=	(1.628 / 7.429)	/	(4.607 / 10.73)
	=	0.219141	/	0.429357
	=	0.5104

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 - (5.285 + 1.197) / 35.919)	/	(1 - (5.099 + 1.995) / 34.241)
	=	0.819538	/	0.792821
	=	1.0337

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
	=	10.73	/	7.429
	=	1.4443

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))
	=	(2.613 / (2.613 + 1.995))	/	(1.217 / (1.217 + 1.197))
	=	0.567057	/	0.504143
	=	1.1248

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)
	=	(1.782 / 10.73)	/	(1.357 / 7.429)
	=	0.166076	/	0.182663
	=	0.9092

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)
	=	((1.176 + 2.343) / 35.919)	/	((1.871 + 2.652) / 34.241)
	=	0.09797	/	0.132093
	=	0.7417

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
	=	(-0.794 - 0	-	1.74)	/	35.919
	=	-0.070548

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.

Cyan AG has a M-score of -2.98 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 -3.12 mean?

Cyan AG (CCYNF) has a Beneish M-Score of -3.12 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cyan AG and its competitors. According to the industry distribution chart, Cyan AG ranks #507 out of 2633 companies in the Software industry, placing it in the top 19.3%.

Is Cyan AG's Beneish M-Score too high?

Cyan AG's current Beneish M-Score is -3.12. Based on the distribution chart, Cyan AG ranks #507 out of 2633 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Cyan AG has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.

How does Cyan AG's Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, Cyan AG ranks #507 out of 2633 companies for Beneish M-Score. This places Cyan AG in the top 19% of its industry — outperforming the majority of peers. 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 Software company?

A good Beneish M-Score depends on the Software 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 Cyan AG and its competitors. Cyan AG's current Beneish M-Score is -3.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cyan AG stock overvalued right now?

Cyan AG (CCYNF) has a current Beneish M-Score of -3.12. The stock's GF Value™ is $5.69, compared to a current price of $3.22 — trading 43.3% below its estimated fair value. The current Beneish M-Score is -3.12. Cyan AG's overall GF Score™ is 70/100 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 Cyan AG (CCYNF), the current Beneish M-Score is -3.12 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.

Is Cyan AG (CCYNF) Overvalued in 2026?

Based on GuruFocus' analysis, Cyan AG stock appears to be undervalued. The current stock price of $3.22 is trading 43.3% below its estimated GF Value™ of $5.69.

Key valuation signals for CCYNF:

Beneish M-Score: -3.12
GF Value™: $5.69 vs. price of $3.22 (43.3% below fair value)
GF Score™: 70/100 with 3 warning signs

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

Cyan AG Business Description

Industry Technology Software

Comparable Companies XTER:INW XTER:UMD FRA:SPT6 MSFT ORCL PLTR PANW CRWD FTNT SNPS HKSE:02513 NET CRWV XYZ XAMS:ADYEN NTAP TWLO MDB VRSN CPAY

Other Exchanges CYR:Germany

Address Josephspitalstrasse 15, Munich, DEU, 80331

Website https://www.cyansecurity.com

Cyan AG offers cybersecurity solutions for end customers of mobile network operators (MNOS) and mobile virtual network operators (MVNOs). Its solutions are Threat Intelligence, Network Solutions, Endpoint Solutions, and SMB Solutions.

70GF Score

Get the complete analysis for CCYNF

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

$3.22

Price

$5.69

GF Value

View CCYNF Analysis

See Beneish M-Score data for all stocks →