Ethernity Networks (FRA:82N) Beneish M-Score: 0.00 (As of Jun. 27, 2026)

What is Ethernity Networks Beneish M-Score?

Ethernity Networks FRA:82N Beneish M-Score is 0.00 as of Jun. 27, 2026.

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.

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

During the past 11 years, the highest Beneish M-Score of Ethernity Networks was 0.00. The lowest was 0.00. And the median was 0.00.

Ethernity Networks Beneish M-Score Related Terms

Ethernity Networks Beneish M-Score Historical Data

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The historical data trend for Ethernity Networks'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.

Ethernity Networks Beneish M-Score Chart

Ethernity Networks Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.49

-2.97

-2.66

-5.35

-1.80

Ethernity Networks Semi-Annual Data
	Dec14	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Dec24
Beneish M-Score	Get a 7-Day Free Trial														0.00	-2.66	0.00	-5.35	-1.80

FRA:82N vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Ethernity Networks'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.

Ethernity Networks Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Ethernity Networks's Beneish M-Score distribution charts can be found below:

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

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Ethernity Networks 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 Ethernity Networks 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 * 5.6389

0.528 * 0.6724

0.404 * 1.323

0.892 * 0.3816

0.115 * 0.7876

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 5.2053

4.679 * -0.454982

0.327 * 1.3709

-1.80

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €0.37 Mil.
Revenue was €1.32 Mil.
Gross Profit was €1.22 Mil.
Total Current Assets was €0.75 Mil.
Total Assets was €5.62 Mil.
Property, Plant and Equipment(Net PPE) was €1.38 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.54 Mil.
Selling, General, & Admin. Expense(SGA) was €1.04 Mil.
Total Current Liabilities was €2.59 Mil.
Long-Term Debt & Capital Lease Obligation was €0.37 Mil.
Net Income was €-5.57 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-3.01 Mil.

Total Receivables was €0.17 Mil.
Revenue was €3.46 Mil.
Gross Profit was €2.15 Mil.
Total Current Assets was €2.88 Mil.
Total Assets was €8.87 Mil.
Property, Plant and Equipment(Net PPE) was €1.83 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.30 Mil.
Selling, General, & Admin. Expense(SGA) was €0.52 Mil.
Total Current Liabilities was €2.70 Mil.
Long-Term Debt & Capital Lease Obligation was €0.70 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)
	=	(0.368 / 1.322)	/	(0.171 / 3.464)
	=	0.278366	/	0.049365
	=	5.6389

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)
	=	(2.146 / 3.464)	/	(1.218 / 1.322)
	=	0.619515	/	0.921331
	=	0.6724

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 - (0.752 + 1.382) / 5.62)	/	(1 - (2.883 + 1.83) / 8.873)
	=	0.620285	/	0.468838
	=	1.323

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
	=	1.322	/	3.464
	=	0.3816

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))
	=	(1.298 / (1.298 + 1.83))	/	(1.539 / (1.539 + 1.382))
	=	0.414962	/	0.526874
	=	0.7876

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)
	=	(1.035 / 1.322)	/	(0.521 / 3.464)
	=	0.782905	/	0.150404
	=	5.2053

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)
	=	((0.365 + 2.588) / 5.62)	/	((0.701 + 2.7) / 8.873)
	=	0.525445	/	0.383298
	=	1.3709

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
	=	(-5.571 - 0	-	-3.014)	/	5.62
	=	-0.454982

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.

Ethernity Networks has a M-score of -1.80 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 0.00 mean?

Ethernity Networks (FRA:82N) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ethernity Networks and its competitors.

Is Ethernity Networks' Beneish M-Score too high?

Ethernity Networks' current Beneish M-Score is 0.00.

How does Ethernity Networks' Beneish M-Score compare to CRM and SHOP?

Ethernity Networks' Beneish M-Score of 0.00 can be compared against companies in the Software 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 Software company?

A good Beneish M-Score depends on the Software 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 Ethernity Networks and its competitors. Ethernity Networks's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ethernity Networks stock overvalued right now?

Ethernity Networks (FRA:82N) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Ethernity Networks (FRA:82N), the current Beneish M-Score is 0.00 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.

Ethernity Networks Business Description

Industry Technology Software

Comparable Companies XTER:SAP CRM SHOP UBER INTU NOW ADBE ADP CDNS SNOW ADSK MSTR DDOG TSX:CSU ROP PAYX WDAY XPAR:DSY FICO ZM

Address 1 Golan Street, Corner HaNegev, Beit Golan, 3rd Floor, Airport City, ISR, 7019900

Website https://www.ethernitynet.com

Ethernity Networks Ltd technology solutions provider that develops and delivers data processing technology and solutions used in high-end Carrier Ethernet applications across the telecom, mobile, security, and data center markets. The company's only operating segment is the development and delivery of high-end network processing technology. Geographically, it derives a majority of its revenue from the United States and also has a presence in Asia, Europe, Israel, and the United States. Its product categories include ENET Network Appliances, PON Devices ACE-NIC SmartNICs, ENET Flow Processors, and FPGA Boards.