Appear ASA (FRA:69R) Beneish M-Score: 15.36 (As of Jul. 11, 2026)


FRA:69R Appear ASA FRA:69R
22 GF Score
Price €4.11
! 3 Warning Signs
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What is Appear ASA Beneish M-Score?

Appear ASA FRA:69R -3.75% 22 Beneish M-Score is 15.36 as of Jul. 11, 2026. GuruFocus rates FRA:69R with a GF Score™ of 22/100. The stock has 3 warning signs investors should review. Among 2,405 Hardware companies, Appear ASA ranks worse than 99.33% 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 15.36 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:69R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Med: -2.51   Max: 15.36
Current: 15.36

During the past 5 years, the highest Beneish M-Score of Appear ASA was 15.36. The lowest was -3.80. And the median was -2.51.

Appear ASA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Appear 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.

Appear ASA Beneish M-Score Chart

Appear ASA Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.80 -2.51 15.36

Appear ASA Quarterly Data
Dec21 Dec22 Dec23 Jun24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -2.51 0.00 0.00 15.36 0.00

FRA:69R vs SNDK, DELL, STX: Beneish M-Score Comparison

For the Computer Hardware subindustry, Appear 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.

Appear ASA Beneish M-Score vs Hardware Industry

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

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


FRA:69R
22GF Score
Appear ASA FRA:69R
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Appear 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 Appear ASA 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 * 0.8923+0.528 * 0.9996+0.404 * 44.3314+0.892 * 1.313+0.115 * 1.0303
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8679+4.679 * -0.039726-0.327 * 0.6988
=15.14

* 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 €9.95 Mil.
Revenue was €67.68 Mil.
Gross Profit was €48.95 Mil.
Total Current Assets was €59.14 Mil.
Total Assets was €72.50 Mil.
Property, Plant and Equipment(Net PPE) was €7.18 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.56 Mil.
Selling, General, & Admin. Expense(SGA) was €1.48 Mil.
Total Current Liabilities was €16.50 Mil.
Long-Term Debt & Capital Lease Obligation was €4.52 Mil.
Net Income was €10.91 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €13.79 Mil.
 Total Receivables was €8.49 Mil.
Revenue was €51.55 Mil.
Gross Profit was €37.26 Mil.
Total Current Assets was €33.59 Mil.
Total Assets was €39.03 Mil.
Property, Plant and Equipment(Net PPE) was €5.36 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.20 Mil.
Selling, General, & Admin. Expense(SGA) was €1.30 Mil.
Total Current Liabilities was €12.03 Mil.
Long-Term Debt & Capital Lease Obligation was €4.16 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)
=(9.948 / 67.677) / (8.491 / 51.545)
=0.146992 / 0.16473
=0.8923

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)
=(37.264 / 51.545) / (48.947 / 67.677)
=0.722941 / 0.723244
=0.9996

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 - (59.138 + 7.181) / 72.496) / (1 - (33.589 + 5.361) / 39.025)
=0.085205 / 0.001922
=44.3314

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
=67.677 / 51.545
=1.313

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))
=(1.204 / (1.204 + 5.361)) / (1.555 / (1.555 + 7.181))
=0.183397 / 0.177999
=1.0303

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)
=(1.478 / 67.677) / (1.297 / 51.545)
=0.021839 / 0.025162
=0.8679

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)
=((4.518 + 16.496) / 72.496) / ((4.161 + 12.026) / 39.025)
=0.289864 / 0.414785
=0.6988

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
=(10.914 - 0 - 13.794) / 72.496
=-0.039726

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.

Appear ASA has a M-score of 15.14 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 15.36 mean?
Appear ASA (FRA:69R) has a Beneish M-Score of 15.36 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Appear ASA and its competitors. According to the industry distribution chart, Appear ASA ranks #2389 out of 2405 companies in the Hardware industry, placing it in the top 99.3%.
Is Appear ASA's Beneish M-Score too high?
Appear ASA's current Beneish M-Score is 15.36. Based on the distribution chart, Appear ASA ranks #2389 out of 2405 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Appear ASA has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Appear ASA's Beneish M-Score compare to SNDK and DELL?
According to the Hardware industry distribution chart, Appear ASA ranks #2389 out of 2405 companies for Beneish M-Score. This places Appear 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 a Hardware company?
A good Beneish M-Score depends on the Hardware 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 Appear ASA and its competitors. Appear ASA's current Beneish M-Score is 15.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Appear ASA stock overvalued right now?
Appear ASA (FRA:69R) has a current Beneish M-Score of 15.36. The current Beneish M-Score is 15.36. Appear ASA's overall GF Score™ is 22/100 with 3 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 Appear ASA (FRA:69R), the current Beneish M-Score is 15.36 as of Jul. 11, 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.

Appear ASA Business Description

Other Exchanges APR:Norway
Address Lilleakerveien 2B, Oslo, NOR, 0283
Appear ASA, along with its subsidiaries, provides high-capacity, sustainable solutions for live-production and broadcast distribution technology to media, entertainment and sports clients. The company provides live video transport solutions that operate over satellite, dedicated fiber, and public internet infrastructure. Its offerings support a range of live event scenarios across media, entertainment, and sports industries, adapting to the varying requirements of these sectors. The company derives revenue from: Sales of media processing and delivery platforms, sales of software and licenses, and Sales of support and consulting services, majority being generated from the sales of media processing and delivery platforms. The Company has three geographic areas for Sales EMEA, APAC, and AM.
22GF Score

Get the complete analysis for FRA:69R

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

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