ER Capital NV (CHIX:ERCA) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


What is ER Capital NV Beneish M-Score?

ER Capital NV CHIX:ERCA 16 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates CHIX:ERCA with a GF Score™ of 16/100. The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, ER Capital NV ranks worse than 59452.97% 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.

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

During the past 13 years, the highest Beneish M-Score of ER Capital NV was -0.81. The lowest was -4.30. And the median was -3.23.

ER Capital NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ER Capital NV'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.

ER Capital NV Beneish M-Score Chart

ER Capital NV Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.26 0.00 0.00 0.00 0.00

ER Capital NV Semi-Annual Data
Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Dec25
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 0.00 0.00 0.00 0.00 0.00

CHIX:ERCA vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, ER Capital NV'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.

ER Capital NV Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, ER Capital NV's Beneish M-Score distribution charts can be found below:

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


ER Capital NV 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 ER Capital NV 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Sep24) TTM:
Total Receivables was €1.03 Mil.
Revenue was €4.72 Mil.
Gross Profit was €3.68 Mil.
Total Current Assets was €2.74 Mil.
Total Assets was €96.64 Mil.
Property, Plant and Equipment(Net PPE) was €0.43 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.10 Mil.
Selling, General, & Admin. Expense(SGA) was €4.26 Mil.
Total Current Liabilities was €9.57 Mil.
Long-Term Debt & Capital Lease Obligation was €73.04 Mil.
Net Income was €-6.74 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-3.18 Mil.
 Total Receivables was €2.92 Mil.
Revenue was €0.00 Mil.
Gross Profit was €-0.03 Mil.
Total Current Assets was €3.53 Mil.
Total Assets was €3.53 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.28 Mil.
Total Current Liabilities was €0.02 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(1.027 / 4.719) / (2.918 / 0)
=0.217631 /
=

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)
=(-0.029 / 0) / (3.676 / 4.719)
= / 0.778979
=

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 - (2.738 + 0.427) / 96.641) / (1 - (3.534 + 0) / 3.534)
=0.96725 / 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
=4.719 / 0
=

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 + 0)) / (0.097 / (0.097 + 0.427))
= / 0.185115
=

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)
=(4.263 / 4.719) / (0.277 / 0)
=0.903369 /
=

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)
=((73.042 + 9.573) / 96.641) / ((0 + 0.018) / 3.534)
=0.854865 / 0.005093
=

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
=(-6.735 - 0 - -3.178) / 96.641
=-0.036806

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
ER Capital NV (CHIX:ERCA) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ER Capital NV and its competitors. According to the industry distribution chart, ER Capital NV ranks #999999 out of 1682 companies in the Real Estate industry.
Is ER Capital NV's Beneish M-Score too high?
ER Capital NV's current Beneish M-Score is 0.00. Based on the distribution chart, ER Capital NV ranks #999999 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, ER Capital NV has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does ER Capital NV's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, ER Capital NV ranks #999999 out of 1682 companies for Beneish M-Score. This places ER Capital NV 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 ER Capital NV and its competitors. ER Capital NV'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 ER Capital NV stock overvalued right now?
ER Capital NV (CHIX:ERCA) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. ER Capital NV's overall GF Score™ is 16/100 with 4 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 ER Capital NV (CHIX:ERCA), the current Beneish M-Score is 0.00 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.

ER Capital NV Business Description

Other Exchanges ERC:NetherlandsTJH7:Germany
Address Westplein 9a, Rotterdam, ZH, NLD, 3016 BM
ER Capital NV initiates and structures real estate investment funds and propositions, actively manages its own portfolio of Dutch commercial real estate and (re)develops properties within that portfolio. The company focuses on multi-tenant office buildings and light industrial assets in the Netherlands. It is an active real estate company that acquires, (re)develops and actively manages its real estate portfolio, and generates additional income through the initiation and structuring of real estate investment propositions and through its participation in related activities.