Digital Grid (FRA:6PW) Beneish M-Score: -1.03 (As of Jul. 25, 2026)

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FRA:6PW Digital Grid Corp FRA:6PW
19 GF Score
Price €3.78
! 2 Warning Signs
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What is Digital Grid Beneish M-Score?

Digital Grid FRA:6PW -3.57% 19 Beneish M-Score is -1.03 as of Jul. 25, 2026. GuruFocus rates FRA:6PW with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 393 Utilities - Independent Power Producers companies, Digital Grid ranks worse than 88.8% 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 -1.03 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:6PW' s Beneish M-Score Range Over the Past 10 Years
Min: -1.03   Med: -1.03   Max: -1.03
Current: -1.03

During the past 3 years, the highest Beneish M-Score of Digital Grid was -1.03. The lowest was -1.03. And the median was -1.03.

Digital Grid Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Digital Grid'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.

Digital Grid Beneish M-Score Chart

Digital Grid Annual Data
Trend Jul23 Jul24 Jul25
Beneish M-Score
0.00 0.00 -1.03

Digital Grid Quarterly Data
Jul23 Jul24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.03 0.00 0.00 0.00

Digital Grid Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Digital Grid'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.

Digital Grid Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Digital Grid's Beneish M-Score distribution charts can be found below:

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


FRA:6PW
19GF Score
Digital Grid Corp FRA:6PW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Digital Grid 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 Digital Grid 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 * 1.079+0.528 * 1.0342+0.404 * 1.1117+0.892 * 1.7412+0.115 * 2.6794
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.086925-0.327 * 0.8478
=-1.03

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was €64.82 Mil.
Revenue was €35.83 Mil.
Gross Profit was €26.67 Mil.
Total Current Assets was €96.25 Mil.
Total Assets was €103.73 Mil.
Property, Plant and Equipment(Net PPE) was €0.63 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €49.73 Mil.
Long-Term Debt & Capital Lease Obligation was €5.82 Mil.
Net Income was €10.89 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €1.87 Mil.
 Total Receivables was €34.50 Mil.
Revenue was €20.58 Mil.
Gross Profit was €15.84 Mil.
Total Current Assets was €63.03 Mil.
Total Assets was €67.17 Mil.
Property, Plant and Equipment(Net PPE) was €0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.06 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €40.67 Mil.
Long-Term Debt & Capital Lease Obligation was €1.76 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)
=(64.821 / 35.826) / (34.502 / 20.575)
=1.809328 / 1.676889
=1.079

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)
=(15.839 / 20.575) / (26.667 / 35.826)
=0.769818 / 0.744348
=1.0342

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 - (96.251 + 0.625) / 103.733) / (1 - (63.029 + 0.149) / 67.172)
=0.066102 / 0.059459
=1.1117

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
=35.826 / 20.575
=1.7412

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))
=(0.059 / (0.059 + 0.149)) / (0.074 / (0.074 + 0.625))
=0.283654 / 0.105866
=2.6794

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)
=(0 / 35.826) / (0 / 20.575)
=0 / 0
=1

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)
=((5.818 + 49.725) / 103.733) / ((1.756 + 40.667) / 67.172)
=0.535442 / 0.631558
=0.8478

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
=(10.887 - 0 - 1.87) / 103.733
=0.086925

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.

Digital Grid has a M-score of -1.03 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 -1.03 mean?
Digital Grid (FRA:6PW) has a Beneish M-Score of -1.03 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Digital Grid and its competitors. According to the industry distribution chart, Digital Grid ranks #349 out of 393 companies in the Utilities - Independent Power Producers industry, placing it in the top 88.8%.
Is Digital Grid's Beneish M-Score too high?
Digital Grid's current Beneish M-Score is -1.03. Based on the distribution chart, Digital Grid ranks #349 out of 393 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Digital Grid has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Digital Grid's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Digital Grid ranks #349 out of 393 companies for Beneish M-Score. This places Digital Grid 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 Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Digital Grid and its competitors. Digital Grid's current Beneish M-Score is -1.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Digital Grid stock overvalued right now?
Digital Grid (FRA:6PW) has a current Beneish M-Score of -1.03. The current Beneish M-Score is -1.03. Digital Grid's overall GF Score™ is 19/100 with 2 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 Digital Grid (FRA:6PW), the current Beneish M-Score is -1.03 as of Jul. 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.

Digital Grid Business Description

Other Exchanges 350A:Japan
Address 1-7-1 Akasaka, Akasaka Enokizaka Building 3rd Floor, Minato-ku, Tokyo, JPN, 107-0052
Digital Grid Corp is engaged in trading platforms for electric power and environmental value. Its services include D.G.P a Power procurement and trading platform, Econoha Environmental value purchasing agent, RE Bridge Accompanying renewable energy auction, and GX navi Decarbonization human resource development for beginners.
19GF Score

Get the complete analysis for FRA:6PW

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

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