Stockholm Nordtech Group AB (FRA:GD2) Beneish M-Score: 0.00 (As of Jun. 29, 2026)


FRA:GD2 Stockholm Nordtech Group AB FRA:GD2
18 GF Score
Price €5.06
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What is Stockholm Nordtech Group AB Beneish M-Score?

Stockholm Nordtech Group AB FRA:GD2 -3.98% 18 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates FRA:GD2 with a GF Score™ of 18/100. Among 2,631 Software companies, Stockholm Nordtech Group AB ranks worse than 38008.32% 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.

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

During the past 4 years, the highest Beneish M-Score of Stockholm Nordtech Group AB was 0.00. The lowest was 0.00. And the median was 0.00.

Stockholm Nordtech Group AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Stockholm Nordtech 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.

Stockholm Nordtech Group AB Beneish M-Score Chart

Stockholm Nordtech Group AB Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00

Stockholm Nordtech Group AB Quarterly Data
Dec22 Dec23 Dec24 Mar25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

FRA:GD2 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Stockholm Nordtech 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.

Stockholm Nordtech Group AB Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Stockholm Nordtech Group AB's Beneish M-Score distribution charts can be found below:

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


FRA:GD2
18GF Score
Stockholm Nordtech Group AB FRA:GD2
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Stockholm Nordtech 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 Stockholm Nordtech 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 * 0.6645+0.528 * 1.36+0.404 * 0.982+0.892 * 1.8146+0.115 * 0.9714
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.071805-0.327 * 0.9509
=-2.20

* 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 €14.67 Mil.
Revenue was €65.17 Mil.
Gross Profit was €32.55 Mil.
Total Current Assets was €32.18 Mil.
Total Assets was €170.73 Mil.
Property, Plant and Equipment(Net PPE) was €4.18 Mil.
Depreciation, Depletion and Amortization(DDA) was €11.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €30.87 Mil.
Long-Term Debt & Capital Lease Obligation was €36.38 Mil.
Net Income was €-1.06 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €11.20 Mil.
 Total Receivables was €12.16 Mil.
Revenue was €35.91 Mil.
Gross Profit was €24.39 Mil.
Total Current Assets was €18.42 Mil.
Total Assets was €108.98 Mil.
Property, Plant and Equipment(Net PPE) was €3.22 Mil.
Depreciation, Depletion and Amortization(DDA) was €7.66 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €20.80 Mil.
Long-Term Debt & Capital Lease Obligation was €24.35 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)
=(14.666 / 65.17) / (12.162 / 35.914)
=0.225042 / 0.338642
=0.6645

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)
=(24.394 / 35.914) / (32.548 / 65.17)
=0.679234 / 0.499432
=1.36

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 - (32.181 + 4.181) / 170.726) / (1 - (18.422 + 3.217) / 108.984)
=0.787015 / 0.801448
=0.982

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
=65.17 / 35.914
=1.8146

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))
=(7.659 / (7.659 + 3.217)) / (11.018 / (11.018 + 4.181))
=0.704211 / 0.724916
=0.9714

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 / 65.17) / (0 / 35.914)
=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)
=((36.38 + 30.867) / 170.726) / ((24.351 + 20.795) / 108.984)
=0.393888 / 0.414244
=0.9509

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
=(-1.057 - 0 - 11.202) / 170.726
=-0.071805

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.

Stockholm Nordtech Group AB has a M-score of -2.20 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?
Stockholm Nordtech Group AB (FRA:GD2) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Stockholm Nordtech Group AB and its competitors. According to the industry distribution chart, Stockholm Nordtech Group AB ranks #999999 out of 2631 companies in the Software industry.
Is Stockholm Nordtech Group AB's Beneish M-Score too high?
Stockholm Nordtech Group AB's current Beneish M-Score is 0.00. Based on the distribution chart, Stockholm Nordtech Group AB ranks #999999 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Stockholm Nordtech Group AB has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Stockholm Nordtech Group AB's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Stockholm Nordtech Group AB ranks #999999 out of 2631 companies for Beneish M-Score. This places Stockholm Nordtech Group AB 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 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 Stockholm Nordtech Group AB and its competitors. Stockholm Nordtech Group AB'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 Stockholm Nordtech Group AB stock overvalued right now?
Stockholm Nordtech Group AB (FRA:GD2) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Stockholm Nordtech Group AB's overall GF Score™ is 18/100. 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 Stockholm Nordtech Group AB (FRA:GD2), the current Beneish M-Score is 0.00 as of Jun. 29, 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.

Stockholm Nordtech Group AB Business Description

Other Exchanges NTECH:Sweden
Address Norrlandsgatan 10, Stockholm, SWE, 111 43
Nordtech Group AB develops and acquires small and medium sized companies that provide mission-critical B2B software solutions in resilient niche markets. Its portfolio includes software businesses serving a range of industries across the Business Platforms, Operational Solutions, and Public Infrastructure segments. The majority of revenue is derived from the Operational solutions segment. The company's software products are used in customer operations and include recurring-revenue business models. The company also supports the adoption of artificial intelligence technologies across its portfolio companies. Its operating model combines ownership oversight with decentralized operations, allowing portfolio companies to manage their day-to-day activities independently.
18GF Score

Get the complete analysis for FRA:GD2

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

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