Virgin Australia Holdings (FRA:VBL0) Beneish M-Score: 0.00 (As of Jul. 16, 2026)

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FRA:VBL0 Virgin Australia Holdings Ltd FRA:VBL0
12 GF Score
Price €1.73
! 5 Warning Signs
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What is Virgin Australia Holdings Beneish M-Score?

Virgin Australia Holdings FRA:VBL0 +1.17% 12 Beneish M-Score is 0.00 as of Jul. 16, 2026. GuruFocus rates FRA:VBL0 with a GF Score™ of 12/100. The stock has 5 warning signs investors should review. Among 965 Transportation companies, Virgin Australia Holdings ranks worse than 103626.84% 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 Virgin Australia Holdings's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Virgin Australia Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Virgin Australia Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Virgin Australia Holdings'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.

Virgin Australia Holdings Beneish M-Score Chart

Virgin Australia Holdings Annual Data
Trend Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 0.00

Virgin Australia Holdings Semi-Annual Data
Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

FRA:VBL0 vs DAL, UAL, LUV: Beneish M-Score Comparison

For the Airlines subindustry, Virgin Australia Holdings'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.

Virgin Australia Holdings Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Virgin Australia Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Virgin Australia Holdings's Beneish M-Score falls into.


FRA:VBL0
12GF Score
Virgin Australia Holdings Ltd FRA:VBL0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Virgin Australia Holdings 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 Virgin Australia Holdings 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was €208 Mil.
Revenue was €3,264 Mil.
Gross Profit was €3,264 Mil.
Total Current Assets was €887 Mil.
Total Assets was €2,750 Mil.
Property, Plant and Equipment(Net PPE) was €1,531 Mil.
Depreciation, Depletion and Amortization(DDA) was €239 Mil.
Selling, General, & Admin. Expense(SGA) was €827 Mil.
Total Current Liabilities was €1,950 Mil.
Long-Term Debt & Capital Lease Obligation was €876 Mil.
Net Income was €270 Mil.
Gross Profit was €11 Mil.
Cash Flow from Operations was €646 Mil.
 Total Receivables was €0 Mil.
Revenue was €3,475 Mil.
Gross Profit was €3,475 Mil.
Total Current Assets was €0 Mil.
Total Assets was €0 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €210 Mil.
Selling, General, & Admin. Expense(SGA) was €804 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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)
=(207.549 / 3263.668) / (0 / 3475.422)
=0.063594 / 0
=

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)
=(3475.422 / 3475.422) / (3263.668 / 3263.668)
=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 - (886.925 + 1531.136) / 2750.072) / (1 - (0 + 0) / 0)
=0.120728 /
=

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
=3263.668 / 3475.422
=

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))
=(210.351 / (210.351 + 0)) / (239.385 / (239.385 + 1531.136))
=1 / 0.135206
=

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)
=(826.754 / 3263.668) / (804.393 / 3475.422)
=0.25332 / 0.231452
=

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)
=((876.144 + 1950.468) / 2750.072) / ((0 + 0) / 0)
=1.027832 /
=

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
=(270.091 - 10.668 - 646.129) / 2750.072
=-0.140617

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Virgin Australia Holdings (FRA:VBL0) has a Beneish M-Score of 0.00 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Virgin Australia Holdings and its competitors. According to the industry distribution chart, Virgin Australia Holdings ranks #999999 out of 965 companies in the Transportation industry.
Is Virgin Australia Holdings' Beneish M-Score too high?
Virgin Australia Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, Virgin Australia Holdings ranks #999999 out of 965 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Virgin Australia Holdings has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Virgin Australia Holdings' Beneish M-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Virgin Australia Holdings ranks #999999 out of 965 companies for Beneish M-Score. This places Virgin Australia Holdings 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Virgin Australia Holdings and its competitors. Virgin Australia Holdings'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 Virgin Australia Holdings stock overvalued right now?
Virgin Australia Holdings (FRA:VBL0) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Virgin Australia Holdings' overall GF Score™ is 12/100 with 5 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 Virgin Australia Holdings (FRA:VBL0), the current Beneish M-Score is 0.00 as of Jul. 16, 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.

Virgin Australia Holdings Business Description

Other Exchanges VGN:Australia
Address 275 Grey Street, Level 11, South Brisbane, Brisbane, QLD, AUS, 4101
Virgin Australia is Australia's second-largest airline, operating about a third of the domestic market in a two-player market with Qantas. Virgin is a value-focused carrier operating high-frequency, point-to-point domestic routes and select short-haul international flights. The airline targets leisure and small to medium enterprise travelers with mid-range pricing. The vast majority of revenue is generated by the core airlines segment.
12GF Score

Get the complete analysis for FRA:VBL0

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

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