Aquaporin AS (FRA:00B) Beneish M-Score: -3.57 (As of Jul. 31, 2026)

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What is Aquaporin AS Beneish M-Score?

Aquaporin AS FRA:00B Beneish M-Score is -3.57 as of Jul. 31, 2026. The stock has 4 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 -3.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:00B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -1.86   Max: -0.27
Current: -3.57

During the past 7 years, the highest Beneish M-Score of Aquaporin AS was -0.27. The lowest was -3.57. And the median was -1.86.

Aquaporin AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aquaporin 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.

Aquaporin AS Beneish M-Score Chart

Aquaporin AS Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.71 -0.27 -2.00 -3.57

Aquaporin AS Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.00 0.00 -3.57 0.00

FRA:00B vs AWK, WTRG, AWR: Beneish M-Score Comparison

For the Utilities - Regulated Water subindustry, Aquaporin 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.

Aquaporin AS Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Aquaporin AS's Beneish M-Score distribution charts can be found below:

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


Aquaporin 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 Aquaporin 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 * 0.5024+0.528 * 1.0406+0.404 * 0.8592+0.892 * 0.6809+0.115 * 0.8501
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1138+4.679 * -0.081576-0.327 * 0.6725
=-3.57

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €1.48 Mil.
Revenue was €5.44 Mil.
Gross Profit was €1.70 Mil.
Total Current Assets was €15.72 Mil.
Total Assets was €41.30 Mil.
Property, Plant and Equipment(Net PPE) was €11.84 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.58 Mil.
Selling, General, & Admin. Expense(SGA) was €6.91 Mil.
Total Current Liabilities was €3.28 Mil.
Long-Term Debt & Capital Lease Obligation was €6.25 Mil.
Net Income was €-11.43 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-8.07 Mil.
 Total Receivables was €4.32 Mil.
Revenue was €7.99 Mil.
Gross Profit was €2.59 Mil.
Total Current Assets was €8.37 Mil.
Total Assets was €35.23 Mil.
Property, Plant and Equipment(Net PPE) was €13.22 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.37 Mil.
Selling, General, & Admin. Expense(SGA) was €9.11 Mil.
Total Current Liabilities was €5.35 Mil.
Long-Term Debt & Capital Lease Obligation was €6.74 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)
=(1.476 / 5.438) / (4.315 / 7.987)
=0.271423 / 0.540253
=0.5024

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)
=(2.592 / 7.987) / (1.696 / 5.438)
=0.324527 / 0.311879
=1.0406

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 - (15.724 + 11.838) / 41.299) / (1 - (8.368 + 13.221) / 35.227)
=0.332623 / 0.387146
=0.8592

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
=5.438 / 7.987
=0.6809

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))
=(2.373 / (2.373 + 13.221)) / (2.581 / (2.581 + 11.838))
=0.152174 / 0.179
=0.8501

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)
=(6.906 / 5.438) / (9.107 / 7.987)
=1.269952 / 1.140228
=1.1138

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)
=((6.254 + 3.277) / 41.299) / ((6.744 + 5.345) / 35.227)
=0.23078 / 0.343174
=0.6725

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
=(-11.434 - 0 - -8.065) / 41.299
=-0.081576

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.

Aquaporin AS has a M-score of -3.57 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 -3.57 mean?
Aquaporin AS (FRA:00B) has a Beneish M-Score of -3.57 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aquaporin AS and its competitors.
Is Aquaporin AS's Beneish M-Score too high?
Aquaporin AS's current Beneish M-Score is -3.57.
How does Aquaporin AS's Beneish M-Score compare to AWK and WTRG?
Aquaporin AS's Beneish M-Score of -3.57 can be compared against companies in the Utilities - Regulated 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 Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Aquaporin AS and its competitors. Aquaporin AS's current Beneish M-Score is -3.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aquaporin AS stock overvalued right now?
Aquaporin AS (FRA:00B) has a current Beneish M-Score of -3.57. The stock's GF Value™ is €0.98, compared to a current price of €0.05 — trading 94.6% below its estimated fair value. The current Beneish M-Score is -3.57. 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 Aquaporin AS (FRA:00B), the current Beneish M-Score is -3.57 as of Jul. 31, 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.

Aquaporin AS Business Description

Address Nymollevej 78, Kongens Lyngby, DNK, 2800
Aquaporin AS is a water technology company dedicated to rethinking water filtration using its Aquaporin Inside technology. Its CLEAR series of products is designed for industries and businesses committed to energy-saving and water reuse targets, and includes Clear Eco, Clear Ultra, Clear Plus, Clear Plus FR, Clear Classic, and others, which provide high-performing water purification. The company offers both residential and industrial product ranges, in all sizes of membrane elements. Geographically, it generates maximum revenue from the Asia-Pacific (APAC) regions, and the rest from the Americas, and Europe, the Middle East and Africa (EMEA).