Pathos Communications (FRA:3Z2) Beneish M-Score: -2.24 (As of Jun. 27, 2026)


FRA:3Z2 Pathos Communications PLC FRA:3Z2
25 GF Score
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What is Pathos Communications Beneish M-Score?

Pathos Communications FRA:3Z2 25 Beneish M-Score is -2.24 as of Jun. 27, 2026. GuruFocus rates FRA:3Z2 with a GF Score™ of 25/100. Among 989 Media - Diversified companies, Pathos Communications ranks worse than 70.78% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:3Z2' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -2.38   Max: -2.24
Current: -2.24

During the past 4 years, the highest Beneish M-Score of Pathos Communications was -2.24. The lowest was -2.51. And the median was -2.38.

Pathos Communications Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pathos Communications'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.

Pathos Communications Beneish M-Score Chart

Pathos Communications Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.51 -2.24

Pathos Communications Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.51 0.00 -2.24

FRA:3Z2 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Pathos Communications'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.

Pathos Communications Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Pathos Communications's Beneish M-Score distribution charts can be found below:

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


FRA:3Z2
25GF Score
Pathos Communications PLC FRA:3Z2
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pathos Communications 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 Pathos Communications 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 * 2.0154+0.528 * 1.0517+0.404 * 0.757+0.892 * 1.0258+0.115 * 0.7115
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9566+4.679 * -0.183859-0.327 * 0.4098
=-2.29

* 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 (Dec24) TTM:
Total Receivables was €0.80 Mil.
Revenue was €11.17 Mil.
Gross Profit was €8.36 Mil.
Total Current Assets was €6.13 Mil.
Total Assets was €8.02 Mil.
Property, Plant and Equipment(Net PPE) was €1.47 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.61 Mil.
Selling, General, & Admin. Expense(SGA) was €8.68 Mil.
Total Current Liabilities was €1.82 Mil.
Long-Term Debt & Capital Lease Obligation was €1.15 Mil.
Net Income was €-0.54 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.94 Mil.
 Total Receivables was €0.39 Mil.
Revenue was €10.89 Mil.
Gross Profit was €8.57 Mil.
Total Current Assets was €0.60 Mil.
Total Assets was €2.97 Mil.
Property, Plant and Equipment(Net PPE) was €2.17 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.57 Mil.
Selling, General, & Admin. Expense(SGA) was €8.85 Mil.
Total Current Liabilities was €0.86 Mil.
Long-Term Debt & Capital Lease Obligation was €1.82 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)
=(0.798 / 11.173) / (0.386 / 10.892)
=0.071422 / 0.035439
=2.0154

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)
=(8.567 / 10.892) / (8.356 / 11.173)
=0.786541 / 0.747874
=1.0517

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 - (6.127 + 1.473) / 8.017) / (1 - (0.595 + 2.17) / 2.969)
=0.052014 / 0.06871
=0.757

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
=11.173 / 10.892
=1.0258

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))
=(0.567 / (0.567 + 2.17)) / (0.605 / (0.605 + 1.473))
=0.207161 / 0.291145
=0.7115

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)
=(8.681 / 11.173) / (8.847 / 10.892)
=0.776962 / 0.812248
=0.9566

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)
=((1.154 + 1.815) / 8.017) / ((1.82 + 0.863) / 2.969)
=0.370338 / 0.903671
=0.4098

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
=(-0.538 - 0 - 0.936) / 8.017
=-0.183859

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.

Pathos Communications has a M-score of -2.29 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 -2.24 mean?
Pathos Communications (FRA:3Z2) has a Beneish M-Score of -2.24 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pathos Communications and its competitors. According to the industry distribution chart, Pathos Communications ranks #700 out of 989 companies in the Media - Diversified industry, placing it in the top 70.8%.
Is Pathos Communications' Beneish M-Score too high?
Pathos Communications' current Beneish M-Score is -2.24. Based on the distribution chart, Pathos Communications ranks #700 out of 989 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Pathos Communications has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Pathos Communications' Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Pathos Communications ranks #700 out of 989 companies for Beneish M-Score. This places Pathos Communications 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Pathos Communications and its competitors. Pathos Communications's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pathos Communications stock overvalued right now?
Pathos Communications (FRA:3Z2) has a current Beneish M-Score of -2.24. The current Beneish M-Score is -2.24. Pathos Communications' overall GF Score™ is 25/100. 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 Pathos Communications (FRA:3Z2), the current Beneish M-Score is -2.24 as of Jun. 27, 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.

Pathos Communications Business Description

Other Exchanges NEWS:UK
Address 101 New Cavendish Street, 1st Floor South, London, GBR, W1W 6XH
Pathos Communications PLC specializes in creative engagement, strategic communications, and brand reputation management while remaining rooted in a deep understanding of each client's goals, voice, and vision. It offers a comprehensive range of services designed to help clients minimize risk, boost audience interaction, and maximize their return on investment (ROI).
25GF Score

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

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