Goobit Group AB (FRA:9AI) Beneish M-Score: -6.37 (As of Jun. 24, 2026)


What is Goobit Group AB Beneish M-Score?

Goobit Group AB FRA:9AI +17.65% Beneish M-Score is -6.37 as of Jun. 24, 2026. The stock has 3 warning signs investors should review. Among 702 Capital Markets companies, Goobit Group AB ranks better than 97.01% 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 -6.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:9AI' s Beneish M-Score Range Over the Past 10 Years
Min: -6.37   Med: -2.52   Max: 1.3
Current: -6.37

During the past 8 years, the highest Beneish M-Score of Goobit Group AB was 1.30. The lowest was -6.37. And the median was -2.52.

Goobit Group AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Goobit Group AB'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.

Goobit Group AB Beneish M-Score Chart

Goobit Group AB Annual Data
Trend Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Beneish M-Score
Get a 7-Day Free Trial 1.30 -2.35 -3.05 -2.57 -6.37

Goobit Group AB Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.57 0.00 0.00 0.00 -6.37

FRA:9AI vs SPGI, CME, ICE: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, Goobit Group AB'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.

Goobit Group AB Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Goobit Group AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Goobit Group AB's Beneish M-Score falls into.


Goobit Group AB 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 Goobit Group AB 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 * 1.2354+0.528 * 0.3935+0.404 * 0.5466+0.892 * 0.2982+0.115 * 0.9907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.572196-0.327 * 1.846
=-6.35

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was €0.02 Mil.
Revenue was €8.95 Mil.
Gross Profit was €0.97 Mil.
Total Current Assets was €1.03 Mil.
Total Assets was €1.68 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.41 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.28 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-2.01 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.05 Mil.
 Total Receivables was €0.06 Mil.
Revenue was €30.02 Mil.
Gross Profit was €1.28 Mil.
Total Current Assets was €0.53 Mil.
Total Assets was €1.81 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.35 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.75 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(0.021 / 8.953) / (0.057 / 30.022)
=0.002346 / 0.001899
=1.2354

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)
=(1.28 / 30.022) / (0.97 / 8.953)
=0.042635 / 0.108344
=0.3935

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 - (1.028 + 0.003) / 1.676) / (1 - (0.532 + 0.004) / 1.811)
=0.384845 / 0.704031
=0.5466

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
=8.953 / 30.022
=0.2982

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))
=(0.347 / (0.347 + 0.004)) / (1.409 / (1.409 + 0.003))
=0.988604 / 0.997875
=0.9907

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 / 8.953) / (0 / 30.022)
=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)
=((0 + 1.283) / 1.676) / ((0 + 0.751) / 1.811)
=0.765513 / 0.414688
=1.846

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
=(-2.012 - 0 - -1.053) / 1.676
=-0.572196

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.

Goobit Group AB has a M-score of -6.35 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 -6.37 mean?
Goobit Group AB (FRA:9AI) has a Beneish M-Score of -6.37 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Goobit Group AB and its competitors. According to the industry distribution chart, Goobit Group AB ranks #21 out of 702 companies in the Capital Markets industry, placing it in the top 3%.
Is Goobit Group AB's Beneish M-Score too high?
Goobit Group AB's current Beneish M-Score is -6.37. Based on the distribution chart, Goobit Group AB ranks #21 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers.
How does Goobit Group AB's Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Goobit Group AB ranks #21 out of 702 companies for Beneish M-Score. This places Goobit Group AB in the top 3% of its industry — outperforming the majority of peers. 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Goobit Group AB and its competitors. Goobit Group AB's current Beneish M-Score is -6.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Goobit Group AB stock overvalued right now?
Goobit Group AB (FRA:9AI) has a current Beneish M-Score of -6.37. The current Beneish M-Score is -6.37. 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 Goobit Group AB (FRA:9AI), the current Beneish M-Score is -6.37 as of Jun. 24, 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.

Goobit Group AB Business Description

Other Exchanges BTCX:Sweden
Address Stora Nygatan 28, Stockholm, SWE, 111 27
Goobit Group AB is a Swedish cryptocurrency and blockchain company. The company operates BTCX, a Bitcoin exchange platform, offering exchange services in Swedish kronor and euros. It operates under the brands BTCX Express Exchange, BTCX Standard Exchange and BTCX OTC Service. The company also provides AML Desk, a compliance service focused on anti-money laundering and crypto-asset risk assessment.