Stock3 AG (HAM:BOG) Beneish M-Score: -1.31 (As of Jun. 25, 2026)


HAM:BOG Stock3 AG HAM:BOG
45 GF Score
Price €28.40
! 3 Warning Signs
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What is Stock3 AG Beneish M-Score?

Stock3 AG HAM:BOG 45 Beneish M-Score is -1.31 as of Jun. 25, 2026. GuruFocus rates HAM:BOG with a GF Score™ of 45/100. The stock has 3 warning signs investors should review. Among 1,020 Business Services companies, Stock3 AG ranks worse than 89.02% 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.

Warning Sign:

Beneish M-Score -1.31 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Stock3 AG's Beneish M-Score or its related term are showing as below:

HAM:BOG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.31   Max: -1.31
Current: -1.31

During the past 4 years, the highest Beneish M-Score of Stock3 AG was -1.31. The lowest was -3.30. And the median was -2.31.

Stock3 AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Stock3 AG'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.

Stock3 AG Beneish M-Score Chart

Stock3 AG Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -3.30 -1.31

Stock3 AG Semi-Annual Data
Dec21 Dec22 Dec23 Dec24
Beneish M-Score 0.00 0.00 -3.30 -1.31

HAM:BOG vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Stock3 AG'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.

Stock3 AG Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Stock3 AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Stock3 AG's Beneish M-Score falls into.


HAM:BOG
45GF Score
Stock3 AG HAM:BOG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Stock3 AG 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 Stock3 AG 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 * 1.3958+0.528 * 0.9895+0.404 * 2.8026+0.892 * 1.1102+0.115 * 0.8316
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3191+4.679 * 0.055441-0.327 * 1.6023
=-1.31

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €1.80 Mil.
Revenue was €13.28 Mil.
Gross Profit was €11.89 Mil.
Total Current Assets was €5.26 Mil.
Total Assets was €8.77 Mil.
Property, Plant and Equipment(Net PPE) was €0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.41 Mil.
Selling, General, & Admin. Expense(SGA) was €0.39 Mil.
Total Current Liabilities was €3.18 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.23 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.25 Mil.
 Total Receivables was €1.16 Mil.
Revenue was €11.96 Mil.
Gross Profit was €10.60 Mil.
Total Current Assets was €7.75 Mil.
Total Assets was €9.13 Mil.
Property, Plant and Equipment(Net PPE) was €0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.22 Mil.
Selling, General, & Admin. Expense(SGA) was €0.27 Mil.
Total Current Liabilities was €2.07 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)
=(1.799 / 13.281) / (1.161 / 11.963)
=0.135457 / 0.097049
=1.3958

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)
=(10.601 / 11.963) / (11.894 / 13.281)
=0.886149 / 0.895565
=0.9895

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 - (5.261 + 0.108) / 8.766) / (1 - (7.752 + 0.113) / 9.127)
=0.38752 / 0.138271
=2.8026

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
=13.281 / 11.963
=1.1102

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))
=(0.216 / (0.216 + 0.113)) / (0.405 / (0.405 + 0.108))
=0.656535 / 0.789474
=0.8316

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)
=(0.391 / 13.281) / (0.267 / 11.963)
=0.029441 / 0.022319
=1.3191

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 + 3.181) / 8.766) / ((0 + 2.067) / 9.127)
=0.362879 / 0.226471
=1.6023

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
=(0.233 - 0 - -0.253) / 8.766
=0.055441

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.

Stock3 AG has a M-score of -1.31 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 -1.31 mean?
Stock3 AG (HAM:BOG) has a Beneish M-Score of -1.31 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Stock3 AG and its competitors. According to the industry distribution chart, Stock3 AG ranks #908 out of 1020 companies in the Business Services industry, placing it in the top 89%.
Is Stock3 AG's Beneish M-Score too high?
Stock3 AG's current Beneish M-Score is -1.31. Based on the distribution chart, Stock3 AG ranks #908 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Stock3 AG has a GF Score™ of 45/100, reflecting its overall financial health beyond just this single metric.
How does Stock3 AG's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Stock3 AG ranks #908 out of 1020 companies for Beneish M-Score. This places Stock3 AG 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Stock3 AG and its competitors. Stock3 AG's current Beneish M-Score is -1.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Stock3 AG stock overvalued right now?
Stock3 AG (HAM:BOG) has a current Beneish M-Score of -1.31. The current Beneish M-Score is -1.31. Stock3 AG's overall GF Score™ is 45/100 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 Stock3 AG (HAM:BOG), the current Beneish M-Score is -1.31 as of Jun. 25, 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.

Stock3 AG Business Description

Other Exchanges BOG:Germany
Address Balanstrasse 73, House 11, 3rd Floor, Munich, BY, DEU, 81541
Stock3 AG is a technology company specializing in stock exchanges and trading. The group operates a web platform and associated mobile applications, offering the following solutions: technical infrastructure and editorial content related to capital markets; targeted outreach to an audience with active trading and investment behavior, to its advertising partners; a terminal solution for financial market data and analysis to market participants, and the opportunity to conduct securities transactions with various brokers via the parent company's web platform and mobile applications. Geographically, the group is currently active in the DACH region, with a focus on Germany.
45GF Score

Get the complete analysis for HAM:BOG

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

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