DTNOY (DNO ASA) Beneish M-Score: -1.70 (As of Jun. 25, 2026)

What is DNO ASA Beneish M-Score?

DNO ASA DTNOY 86 Beneish M-Score is -1.70 as of Jun. 25, 2026. GuruFocus rates DTNOY with a GF Score™ of 86/100 and a GF Value™ of $25.77 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, DNO ASA ranks worse than 87.1% 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.

Warning Sign:

Beneish M-Score -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.

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

DTNOY' s Beneish M-Score Range Over the Past 10 Years
Min: -5.94 Med: -2.49 Max: 4.72
Current: -1.7

During the past 13 years, the highest Beneish M-Score of DNO ASA was 4.72. The lowest was -5.94. And the median was -2.49.

DNO ASA Beneish M-Score Related Terms

DNO ASA Beneish M-Score Historical Data

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The historical data trend for DNO ASA'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.

DNO ASA Beneish M-Score Chart

DNO ASA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.07

-3.48

-2.01

-2.83

-1.77

DNO ASA 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															-2.99	-1.16	-1.96	-1.77	-1.70

DTNOY vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, DNO ASA'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.

DNO ASA Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, DNO ASA's Beneish M-Score distribution charts can be found below:

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

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DNO ASA DTNOY

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

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DNO ASA 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 DNO ASA 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 * 0.5379

0.528 * 0.8332

0.404 * 1.8867

0.892 * 2.849

0.115 * 0.9602

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8966

4.679 * -0.119995

0.327 * 0.8162

-1.47

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $561 Mil.
Revenue was 627.3 + 481.6 + 546.8 + 258 = $1,914 Mil.
Gross Profit was 326.8 + 185.6 + 242.9 + 103.7 = $859 Mil.
Total Current Assets was $1,333 Mil.
Total Assets was $6,214 Mil.
Property, Plant and Equipment(Net PPE) was $3,010 Mil.
Depreciation, Depletion and Amortization(DDA) was $498 Mil.
Selling, General, & Admin. Expense(SGA) was $73 Mil.
Total Current Liabilities was $1,452 Mil.
Long-Term Debt & Capital Lease Obligation was $1,021 Mil.
Net Income was 50.6 + -34.1 + 19.9 + -7.3 = $29 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 298.3 + 148.1 + 326.2 + 2.1 = $775 Mil.

Total Receivables was $366 Mil.
Revenue was 187.6 + 176.7 + 170.5 + 136.9 = $672 Mil.
Gross Profit was 66.5 + 58.1 + 68.5 + 58.1 = $251 Mil.
Total Current Assets was $1,941 Mil.
Total Assets was $3,707 Mil.
Property, Plant and Equipment(Net PPE) was $1,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $29 Mil.
Total Current Liabilities was $732 Mil.
Long-Term Debt & Capital Lease Obligation was $1,076 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)
	=	(561.4 / 1913.7)	/	(366.3 / 671.7)
	=	0.293358	/	0.545333
	=	0.5379

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)
	=	(251.2 / 671.7)	/	(859 / 1913.7)
	=	0.373976	/	0.448869
	=	0.8332

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 - (1332.7 + 3009.8) / 6213.6)	/	(1 - (1941.2 + 1174.3) / 3707.2)
	=	0.30113	/	0.159608
	=	1.8867

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
	=	1913.7	/	671.7
	=	2.849

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))
	=	(185.5 / (185.5 + 1174.3))	/	(498.4 / (498.4 + 3009.8))
	=	0.136417	/	0.142067
	=	0.9602

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)
	=	(72.8 / 1913.7)	/	(28.5 / 671.7)
	=	0.038041	/	0.04243
	=	0.8966

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)
	=	((1020.5 + 1451.9) / 6213.6)	/	((1075.7 + 731.6) / 3707.2)
	=	0.397901	/	0.487511
	=	0.8162

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
	=	(29.1 - 0	-	774.7)	/	6213.6
	=	-0.119995

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.

DNO ASA has a M-score of -1.47 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 -1.70 mean?

DNO ASA (DTNOY) has a Beneish M-Score of -1.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DNO ASA and its competitors. According to the industry distribution chart, DNO ASA ranks #716 out of 822 companies in the Oil & Gas industry, placing it in the top 87.1%.

Is DNO ASA's Beneish M-Score too high?

DNO ASA's current Beneish M-Score is -1.70. Based on the distribution chart, DNO ASA ranks #716 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, DNO ASA has a GF Score™ of 86/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does DNO ASA's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, DNO ASA ranks #716 out of 822 companies for Beneish M-Score. This places DNO ASA 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 DNO ASA and its competitors. DNO ASA's current Beneish M-Score is -1.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is DNO ASA stock overvalued right now?

Based on GuruFocus' analysis, DNO ASA (DTNOY) is currently considered Possible Value Trap. The stock's GF Value™ is $25.77, compared to a current price of $18.06 — trading 29.9% below its estimated fair value. The current Beneish M-Score is -1.70. DNO ASA's overall GF Score™ is 86/100 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 DNO ASA (DTNOY), the current Beneish M-Score is -1.70 as of Jun. 25, 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 DNO ASA (DTNOY) Overvalued in 2026?

Based on GuruFocus' analysis, DNO ASA stock appears to be undervalued. The current stock price of $18.06 is trading 29.9% below its estimated GF Value™ of $25.77. GuruFocus considers DNO ASA to be Possible Value Trap.

Key valuation signals for DTNOY:

Beneish M-Score: -1.70
GF Value™: $25.77 vs. price of $18.06 (29.9% below fair value)
GF Score™: 86/100 with 4 warning signs

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

DNO ASA Business Description

Industry Energy Oil & Gas

Comparable Companies OSL:BWE OSL:BNOR OSL:PEN OSL:OKEA OSL:PNOR OSL:IOX HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL TSE:1605 OSL:AKRBP EXE ASX:STO

Other Exchanges DTNOF:USA DNOo:Sweden DNO:Norway DNOo:UK 0MHP:UK NK1A:Germany

Address Dokkveien 1, Aker Brygge, Oslo, NOR, 0250

Website https://www.dno.no

DNO ASA is an oil and gas exploration and production company. Its producing assets are located across the North Sea, which generates the majority of the revenue, Kurdistan, and West Africa. The company holds working interests in both onshore and offshore fields and operates as either the sole operator or partner in many of its facilities. The company generates a majority of its revenue from the sale of oil and the rest from tariff income, the sale of gas, and natural gas liquids.

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

$18.06

Price

$25.77

GF Value

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