WithSecure (CHIX:WITHH) Beneish M-Score: -3.97 (As of Jun. 26, 2026)

What is WithSecure Beneish M-Score?

WithSecure CHIX:WITHH 16 Beneish M-Score is -3.97 as of Jun. 26, 2026. GuruFocus rates CHIX:WITHH with a GF Score™ of 16/100 and a GF Value™ of €0.74. The stock has 5 warning signs investors should review.

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 -3.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:WITHh' s Beneish M-Score Range Over the Past 10 Years
Min: -4.14 Med: -2.74 Max: 6.57
Current: -3.97

During the past 13 years, the highest Beneish M-Score of WithSecure was 6.57. The lowest was -4.14. And the median was -2.74.

WithSecure Beneish M-Score Related Terms

WithSecure Beneish M-Score Historical Data

* Premium members only.

The historical data trend for WithSecure'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.

WithSecure Beneish M-Score Chart

WithSecure Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.28

-2.43

6.00

-3.01

-3.79

WithSecure Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-3.14	-3.79	-3.94	-4.14	-3.97

CHIX:WITHH vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, WithSecure'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.

WithSecure Beneish M-Score vs Software Industry

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

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

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16GF Score

WithSecure Corp CHIX:WITHH

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

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WithSecure 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 WithSecure 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 * 0.681

0.528 * 0.9823

0.404 * 0.9238

0.892 * 1.0327

0.115 * 0.9609

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9536

4.679 * -0.243782

0.327 * 1.1619

-3.97

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was €31.2 Mil.
Revenue was 28.524 + 29.386 + 30.094 + 29.875 = €117.9 Mil.
Gross Profit was 23.352 + 23.848 + 24.367 + 24.005 = €95.6 Mil.
Total Current Assets was €56.7 Mil.
Total Assets was €145.8 Mil.
Property, Plant and Equipment(Net PPE) was €17.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €23.4 Mil.
Selling, General, & Admin. Expense(SGA) was €71.9 Mil.
Total Current Liabilities was €61.4 Mil.
Long-Term Debt & Capital Lease Obligation was €15.8 Mil.
Net Income was -7.899 + -5.204 + -3.584 + -14.653 = €-31.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was -1.767 + 1.349 + -3.033 + 7.661 = €4.2 Mil.

Total Receivables was €44.3 Mil.
Revenue was 28.669 + 28.64 + 28.819 + 28.018 = €114.1 Mil.
Gross Profit was 22.922 + 22.768 + 22.896 + 22.322 = €90.9 Mil.
Total Current Assets was €67.2 Mil.
Total Assets was €192.1 Mil.
Property, Plant and Equipment(Net PPE) was €23.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €27.9 Mil.
Selling, General, & Admin. Expense(SGA) was €73.0 Mil.
Total Current Liabilities was €68.2 Mil.
Long-Term Debt & Capital Lease Obligation was €19.3 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)
	=	(31.181 / 117.879)	/	(44.334 / 114.146)
	=	0.264517	/	0.388397
	=	0.681

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)
	=	(90.908 / 114.146)	/	(95.572 / 117.879)
	=	0.796419	/	0.810764
	=	0.9823

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 - (56.708 + 17.917) / 145.827)	/	(1 - (67.158 + 23.414) / 192.117)
	=	0.488263	/	0.528558
	=	0.9238

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
	=	117.879	/	114.146
	=	1.0327

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))
	=	(27.916 / (27.916 + 23.414))	/	(23.367 / (23.367 + 17.917))
	=	0.543853	/	0.566006
	=	0.9609

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)
	=	(71.879 / 117.879)	/	(72.986 / 114.146)
	=	0.609769	/	0.639409
	=	0.9536

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)
	=	((15.841 + 61.367) / 145.827)	/	((19.325 + 68.215) / 192.117)
	=	0.529449	/	0.45566
	=	1.1619

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
	=	(-31.34 - 0	-	4.21)	/	145.827
	=	-0.243782

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.

WithSecure has a M-score of -3.97 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 -3.97 mean?

WithSecure (CHIX:WITHH) has a Beneish M-Score of -3.97 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WithSecure and its competitors.

Is WithSecure's Beneish M-Score too high?

WithSecure's current Beneish M-Score is -3.97. Overall, WithSecure has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.

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

WithSecure's Beneish M-Score of -3.97 can be compared against companies in the Software 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 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 WithSecure and its competitors. WithSecure's current Beneish M-Score is -3.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is WithSecure stock overvalued right now?

WithSecure (CHIX:WITHH) has a current Beneish M-Score of -3.97. The stock's GF Value™ is €0.74, compared to a current price of €1.34 — trading 81.1% above its estimated fair value. The current Beneish M-Score is -3.97. WithSecure's overall GF Score™ is 16/100 with 5 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 WithSecure (CHIX:WITHH), the current Beneish M-Score is -3.97 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 WithSecure (CHIX:WITHH) Overvalued in 2026?

Based on GuruFocus' analysis, WithSecure stock appears to be overvalued. The current stock price of €1.34 is trading 81.1% above its estimated GF Value™ of €0.74.

Key valuation signals for CHIX:WITHH:

Beneish M-Score: -3.97
GF Value™: €0.74 vs. price of €1.34 (81.1% above fair value)
GF Score™: 16/100 with 5 warning signs

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

WithSecure Business Description

Industry Technology Software

Comparable Companies OHEL:FSECURE OHEL:SSH1V OHEL:LOIHDE MSFT ORCL PLTR PANW CRWD SNPS NET FTNT CRWV HKSE:02513 XYZ XAMS:ADYEN VRSN ZS NTAP SZSE:300442 CPAY

Address Valimerenkatu 1, Helsinki, FIN, 00181

Website https://www.withsecure.com

WithSecure Corp, formerly F-Secure Corp is a cyber security products and services company The Company has one segment which is security. Its solutions help to protect thousands of businesses from security threats. Geographically, WithSecure is focused on Europe and the United States, and the company's products are sold by thousands of resellers. The company's revenue is split into three categories. Cloud revenue includes the Elements platform cloud-based products, Managed Detection and Response (MDR) and Cloud Protection for Salesforce (CPSF) revenue. Onpremise revenue includes the Elements portfolio on-premise product (Endpoint protection) and other legacy products. Consulting revenue includes the cyber security consulting services.

16GF Score

Get the complete analysis for CHIX:WITHH

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

€1.34

Price

€0.74

GF Value

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