DFDS AS (CHIX:DFDSC) Beneish M-Score: -2.90 (As of Jun. 26, 2026)


CHIX:DFDSC DFDS AS CHIX:DFDSC
68 GF Score
Price kr140.20
GF Value kr148.92
Valuation Fairly Valued
! 6 Warning Signs
View Full Analysis

What is DFDS AS Beneish M-Score?

DFDS AS CHIX:DFDSC 68 Beneish M-Score is -2.90 as of Jun. 26, 2026. GuruFocus rates CHIX:DFDSC with a GF Score™ of 68/100 and a GF Value™ of kr148.92 (Fairly Valued). The stock has 6 warning signs investors should review. Among 966 Transportation companies, DFDS AS ranks better than 78.67% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:DFDSc' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.64   Max: -1.64
Current: -2.9

During the past 13 years, the highest Beneish M-Score of DFDS AS was -1.64. The lowest was -3.12. And the median was -2.64.

DFDS AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DFDS AS'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.

DFDS AS Beneish M-Score Chart

DFDS AS Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.58 -2.67 -2.69 -2.64 -2.86

DFDS AS 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 -2.63 -2.52 -2.86 -2.90

DFDS AS Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, DFDS AS'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.

DFDS AS Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, DFDS AS's Beneish M-Score distribution charts can be found below:

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


CHIX:DFDSC
68GF Score
DFDS AS CHIX:DFDSC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DFDS AS 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 DFDS AS 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 * 0.9089+0.528 * 1.1444+0.404 * 1.0591+0.892 * 1.016+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9452+4.679 * -0.099367-0.327 * 0.9808
=-2.90

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was kr4,413 Mil.
Revenue was 7353 + 7303 + 8296 + 7810 = kr30,762 Mil.
Gross Profit was 315 + 1054 + 952 + 471 = kr2,792 Mil.
Total Current Assets was kr7,003 Mil.
Total Assets was kr37,427 Mil.
Property, Plant and Equipment(Net PPE) was kr20,455 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,377 Mil.
Total Current Liabilities was kr8,635 Mil.
Long-Term Debt & Capital Lease Obligation was kr14,612 Mil.
Net Income was -178 + -285 + 277 + -90 = kr-276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 902 + 926 + 563 + 1052 = kr3,443 Mil.
 Total Receivables was kr4,779 Mil.
Revenue was 7539 + 7195 + 7965 + 7580 = kr30,279 Mil.
Gross Profit was 110 + 953 + 1210 + 872 = kr3,145 Mil.
Total Current Assets was kr7,918 Mil.
Total Assets was kr39,810 Mil.
Property, Plant and Equipment(Net PPE) was kr21,880 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,434 Mil.
Total Current Liabilities was kr8,366 Mil.
Long-Term Debt & Capital Lease Obligation was kr16,846 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)
=(4413 / 30762) / (4779 / 30279)
=0.143456 / 0.157832
=0.9089

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)
=(3145 / 30279) / (2792 / 30762)
=0.103867 / 0.090761
=1.1444

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 - (7003 + 20455) / 37427) / (1 - (7918 + 21880) / 39810)
=0.266359 / 0.251495
=1.0591

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
=30762 / 30279
=1.016

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 / (0 + 21880)) / (0 / (0 + 20455))
=0 / 0
=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)
=(1377 / 30762) / (1434 / 30279)
=0.044763 / 0.04736
=0.9452

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)
=((14612 + 8635) / 37427) / ((16846 + 8366) / 39810)
=0.621129 / 0.633308
=0.9808

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
=(-276 - 0 - 3443) / 37427
=-0.099367

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.

DFDS AS has a M-score of -2.90 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 -2.90 mean?
DFDS AS (CHIX:DFDSC) has a Beneish M-Score of -2.90 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DFDS AS and its competitors. According to the industry distribution chart, DFDS AS ranks #206 out of 966 companies in the Transportation industry, placing it in the top 21.3%.
Is DFDS AS's Beneish M-Score too high?
DFDS AS's current Beneish M-Score is -2.90. Based on the distribution chart, DFDS AS ranks #206 out of 966 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, DFDS AS has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does DFDS AS's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, DFDS AS ranks #206 out of 966 companies for Beneish M-Score. This places DFDS AS in the top 21% 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 DFDS AS and its competitors. DFDS AS's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DFDS AS stock overvalued right now?
Based on GuruFocus' analysis, DFDS AS (CHIX:DFDSC) is currently considered Fairly Valued. The stock's GF Value™ is kr148.92, compared to a current price of kr140.20 — trading 5.9% below its estimated fair value. The current Beneish M-Score is -2.90. DFDS AS's overall GF Score™ is 68/100 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 DFDS AS (CHIX:DFDSC), the current Beneish M-Score is -2.90 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 DFDS AS (CHIX:DFDSC) Overvalued in 2026?

Based on GuruFocus' analysis, DFDS AS stock appears to be undervalued. The current stock price of kr140.20 is trading 5.9% below its estimated GF Value™ of kr148.92. GuruFocus considers DFDS AS to be Fairly Valued.

Key valuation signals for CHIX:DFDSC:

  • Beneish M-Score: -2.90
  • GF Value™: kr148.92 vs. price of kr140.20 (5.9% below fair value)
  • GF Score™: 68/100 with 6 warning signs

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

DFDS AS Business Description

Address Marmorvej 18, Copenhagen, DNK, DK-2100
DFDS AS is a transportation and logistics company domiciled in Denmark. The two main divisions are the ferry division and the logistics division. The ferry division operates ferry routes around Europe, transporting freight, passengers, and passenger cruise ferries. The logistics division provides transport solutions for full and part loads as well as contract logistics solutions, including warehousing. Its main customers include manufacturers of industrial goods. The company generates the majority of its revenue from the ferry division. It has a presence in geographical markets such as the North Sea, the Mediterranean, the Baltic and Channel, Continental, Nordic, and the UK/Ireland.
68GF Score

Get the complete analysis for CHIX:DFDSC

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

kr140.20
Price
kr148.92
GF Value