Cherry SE (FRA:C3RY) Beneish M-Score: -3.35 (As of Jun. 26, 2026)

What is Cherry SE Beneish M-Score?

Cherry SE FRA:C3RY -5.94% 46 Beneish M-Score is -3.35 as of Jun. 26, 2026. GuruFocus rates FRA:C3RY with a GF Score™ of 46/100 and a GF Value™ of €1.80 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 2,404 Hardware companies, Cherry SE ranks better than 90.52% 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 -3.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:C3RY' s Beneish M-Score Range Over the Past 10 Years
Min: -5.17 Med: -2.72 Max: 2.35
Current: -3.35

During the past 6 years, the highest Beneish M-Score of Cherry SE was 2.35. The lowest was -5.17. And the median was -2.72.

Cherry SE Beneish M-Score Related Terms

Cherry SE Beneish M-Score Historical Data

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The historical data trend for Cherry SE'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.

Cherry SE Beneish M-Score Chart

Cherry SE Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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0.00

0.02

-3.04

2.35

-4.60

Cherry SE Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-4.60	-4.71	-5.17	-4.92	-3.35

FRA:C3RY vs DELL, SNDK, ANET: Beneish M-Score Comparison

For the Computer Hardware subindustry, Cherry SE'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.

Cherry SE Beneish M-Score vs Hardware Industry

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

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

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46GF Score

Cherry SE FRA:C3RY

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Cherry SE 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 Cherry SE 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 * 0.7717

0.528 * 0.9873

0.404 * 1.2666

0.892 * 0.8281

0.115 * 0.779

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9423

4.679 * -0.113735

0.327 * 1.1703

-3.35

This Year (Mar26) TTM:

Last Year (Dec24) TTM:

Total Receivables was €12.82 Mil.
Revenue was 20.808 + 24.66 + 20.671 + 25.327 = €91.47 Mil.
Gross Profit was 6.788 + 4.783 + 1.268 + 7.226 = €20.07 Mil.
Total Current Assets was €52.38 Mil.
Total Assets was €116.96 Mil.
Property, Plant and Equipment(Net PPE) was €6.18 Mil.
Depreciation, Depletion and Amortization(DDA) was €11.69 Mil.
Selling, General, & Admin. Expense(SGA) was €37.67 Mil.
Total Current Liabilities was €34.74 Mil.
Long-Term Debt & Capital Lease Obligation was €30.83 Mil.
Net Income was -3.964 + -5.954 + -8.643 + -5.774 = €-24.34 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 1.321 + 1.277 + -5.683 + -7.948 = €-11.03 Mil.

Total Receivables was €20.06 Mil.
Revenue was 26.252 + 22.636 + 31.27 + 30.29 = €110.45 Mil.
Gross Profit was -4.764 + 7.767 + 10.217 + 10.702 = €23.92 Mil.
Total Current Assets was €93.84 Mil.
Total Assets was €168.14 Mil.
Property, Plant and Equipment(Net PPE) was €8.02 Mil.
Depreciation, Depletion and Amortization(DDA) was €8.33 Mil.
Selling, General, & Admin. Expense(SGA) was €48.27 Mil.
Total Current Liabilities was €43.65 Mil.
Long-Term Debt & Capital Lease Obligation was €36.89 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)
	=	(12.82 / 91.466)	/	(20.059 / 110.448)
	=	0.140161	/	0.181615
	=	0.7717

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)
	=	(23.922 / 110.448)	/	(20.065 / 91.466)
	=	0.216591	/	0.219371
	=	0.9873

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 - (52.384 + 6.175) / 116.956)	/	(1 - (93.842 + 8.016) / 168.14)
	=	0.499307	/	0.394207
	=	1.2666

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
	=	91.466	/	110.448
	=	0.8281

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))
	=	(8.333 / (8.333 + 8.016))	/	(11.685 / (11.685 + 6.175))
	=	0.509695	/	0.654255
	=	0.779

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)
	=	(37.666 / 91.466)	/	(48.267 / 110.448)
	=	0.411803	/	0.437011
	=	0.9423

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)
	=	((30.827 + 34.737) / 116.956)	/	((36.892 + 43.651) / 168.14)
	=	0.560587	/	0.479023
	=	1.1703

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
	=	(-24.335 - 0	-	-11.033)	/	116.956
	=	-0.113735

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.

Cherry SE has a M-score of -3.35 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 -3.35 mean?

Cherry SE (FRA:C3RY) has a Beneish M-Score of -3.35 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cherry SE and its competitors. According to the industry distribution chart, Cherry SE ranks #228 out of 2404 companies in the Hardware industry, placing it in the top 9.5%.

Is Cherry SE's Beneish M-Score too high?

Cherry SE's current Beneish M-Score is -3.35. Based on the distribution chart, Cherry SE ranks #228 out of 2404 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Cherry SE has a GF Score™ of 46/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Cherry SE's Beneish M-Score compare to DELL and SNDK?

According to the Hardware industry distribution chart, Cherry SE ranks #228 out of 2404 companies for Beneish M-Score. This places Cherry SE in the top 10% 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 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 Cherry SE and its competitors. Cherry SE's current Beneish M-Score is -3.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cherry SE stock overvalued right now?

Based on GuruFocus' analysis, Cherry SE (FRA:C3RY) is currently considered Possible Value Trap. The stock's GF Value™ is €1.80, compared to a current price of €0.30 — trading 83.3% below its estimated fair value. The current Beneish M-Score is -3.35. Cherry SE's overall GF Score™ is 46/100 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 Cherry SE (FRA:C3RY), the current Beneish M-Score is -3.35 as of Jun. 26, 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.

Is Cherry SE (FRA:C3RY) Overvalued in 2026?

Based on GuruFocus' analysis, Cherry SE stock appears to be undervalued. The current stock price of €0.30 is trading 83.3% below its estimated GF Value™ of €1.80. GuruFocus considers Cherry SE to be Possible Value Trap.

Key valuation signals for FRA:C3RY:

Beneish M-Score: -3.35
GF Value™: €1.80 vs. price of €0.30 (83.3% below fair value)
GF Score™: 46/100 with 3 warning signs

No single metric tells the full story. See the FRA:C3RY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cherry SE Business Description

Industry Technology Hardware

Comparable Companies HAM:MT3 FRA:HYI DELL SNDK ANET STX WDC SHSE:688041 SHSE:688795 TPE:2382 SZSE:002415 HKSE:00992 SZSE:301308 TPE:6669 SMCI IONQ P HPQ TSE:7751 SHSE:603019

Other Exchanges C3RY:Germany

Address c/o Mindspace, Rosental 7, Munich, DEU, 80331

Website https://www.cherry.de

Cherry SE is a manufacturer of high-end mechanical keyboard switches and computer input devices such as keyboards, mice, microphones, and headsets for gaming and e-sports and (hybrid) office workstation applications as well as industrial applications and the healthcare sector. The product offerings of the company include USB-A / USB-C Adapters, Mice, Accessories, and other products. The company's activities are divided into three different business segments: Components segment; Gaming & Office Peripherals segment; and Digital Health & Solutions segment. It generates majority of its revenue from Gaming & Office Peripherals segment which includes the business with computer peripherals for professional use in gaming and e-sports as well as for use in (hybrid) office solutions and industry.

46GF Score

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

€0.30

Price

€1.80

GF Value

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