Investor AB (FRA:IVS) Beneish M-Score: -0.37 (As of Jun. 26, 2026)


FRA:IVS Investor AB FRA:IVS
55 GF Score
Price €34.63
GF Value €35.13
Valuation Fairly Valued
! 7 Warning Signs
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What is Investor AB Beneish M-Score?

Investor AB FRA:IVS +1.23% 55 Beneish M-Score is -0.37 as of Jun. 26, 2026. GuruFocus rates FRA:IVS with a GF Score™ of 55/100 and a GF Value™ of €35.13 (Fairly Valued). The stock has 7 warning signs investors should review. Among 954 Asset Management companies, Investor AB ranks worse than 83.54% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -0.37 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:IVS' s Beneish M-Score Range Over the Past 10 Years
Min: -6.01   Med: -1.86   Max: 8.6
Current: -0.37

During the past 13 years, the highest Beneish M-Score of Investor AB was 8.60. The lowest was -6.01. And the median was -1.86.

FRA:IVS
55GF Score
Investor AB FRA:IVS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Investor 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 Investor 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+0.528 * 1+0.404 * 1.0022+0.892 * 2.5792+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.417+4.679 * 0.137409-0.327 * 0.9753
=-0.32

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 4079.534 + 6553.659 + 6721.134 + 5379.501 = €22,734 Mil.
Gross Profit was 4079.534 + 6553.659 + 6721.134 + 5379.501 = €22,734 Mil.
Total Current Assets was €0 Mil.
Total Assets was €105,853 Mil.
Property, Plant and Equipment(Net PPE) was €1,679 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €5,210 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €11,337 Mil.
Net Income was 2795.569 + 5090.643 + 5438.866 + 4113.079 = €17,438 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 1090.859 + 473.796 + 171.624 + 1156.732 = €2,893 Mil.
 Total Receivables was €0 Mil.
Revenue was 973.857 + -1525.479 + 2327.943 + 7037.881 = €8,814 Mil.
Gross Profit was 973.857 + -1525.479 + 2327.943 + 7037.881 = €8,814 Mil.
Total Current Assets was €0 Mil.
Total Assets was €86,376 Mil.
Property, Plant and Equipment(Net PPE) was €1,560 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €4,844 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €9,486 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 / 22733.828) / (0 / 8814.202)
=0 / 0
=1

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)
=(8814.202 / 8814.202) / (22733.828 / 22733.828)
=1 / 1
=1

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 + 1678.901) / 105852.671) / (1 - (0 + 1559.924) / 86375.6)
=0.984139 / 0.98194
=1.0022

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
=22733.828 / 8814.202
=2.5792

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 / (0 + 1559.924)) / (0 / (0 + 1678.901))
=0 / 0
=1

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)
=(5210.354 / 22733.828) / (4844.024 / 8814.202)
=0.229189 / 0.54957
=0.417

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)
=((11337.226 + 0) / 105852.671) / ((9485.522 + 0) / 86375.6)
=0.107104 / 0.109817
=0.9753

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
=(17438.157 - 0 - 2893.011) / 105852.671
=0.137409

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.

Investor AB has a M-score of -0.32 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 -0.37 mean?
Investor AB (FRA:IVS) has a Beneish M-Score of -0.37 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Investor AB and its competitors. According to the industry distribution chart, Investor AB ranks #797 out of 954 companies in the Asset Management industry, placing it in the top 83.5%.
Is Investor AB's Beneish M-Score too high?
Investor AB's current Beneish M-Score is -0.37. Based on the distribution chart, Investor AB ranks #797 out of 954 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Investor AB has a GF Score™ of 55/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Investor AB's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Investor AB ranks #797 out of 954 companies for Beneish M-Score. This places Investor 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Investor AB and its competitors. Investor AB's current Beneish M-Score is -0.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Investor AB stock overvalued right now?
Based on GuruFocus' analysis, Investor AB (FRA:IVS) is currently considered Fairly Valued. The stock's GF Value™ is €35.13, compared to a current price of €34.63 — trading 1.4% below its estimated fair value. The current Beneish M-Score is -0.37. Investor AB's overall GF Score™ is 55/100 with 7 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 Investor AB (FRA:IVS), the current Beneish M-Score is -0.37 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 Investor AB (FRA:IVS) Overvalued in 2026?

Based on GuruFocus' analysis, Investor AB stock appears to be undervalued. The current stock price of €34.63 is trading 1.4% below its estimated GF Value™ of €35.13. GuruFocus considers Investor AB to be Fairly Valued.

Key valuation signals for FRA:IVS:

  • Beneish M-Score: -0.37
  • GF Value™: €35.13 vs. price of €34.63 (1.4% below fair value)
  • GF Score™: 55/100 with 7 warning signs

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

Investor AB Business Description

Address Arsenalsgatan 8C, Stockholm, SWE, 103 32
Investor AB is an industrial holding company with a long-term, active investment portfolio plan. Its operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. The majority of the company's revenue is generated from dividends and changes in the value of its investment in other listed companies. Geographically, it generates the maximum revenue from the United States, with the remainder coming from Sweden, the United Kingdom, France, Germany, South America, Africa, and other regions.
55GF Score

Get the complete analysis for FRA:IVS

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

€34.63
Price
€35.13
GF Value