Circus SE (HAM:CA1) Beneish M-Score: 73.02 (As of Jul. 14, 2026)

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HAM:CA1 Circus SE HAM:CA1
14 GF Score
Price €4.41
! 4 Warning Signs
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What is Circus SE Beneish M-Score?

Circus SE HAM:CA1 -6.47% 14 Beneish M-Score is 73.02 as of Jul. 14, 2026. GuruFocus rates HAM:CA1 with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 2,912 Industrial Products companies, Circus SE ranks worse than 34340.63% 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 73.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HAM:CA1' s Beneish M-Score Range Over the Past 10 Years
Min: 0   Med: 0   Max: 73.02
Current: 73.02

During the past 3 years, the highest Beneish M-Score of Circus SE was 73.02. The lowest was 0.00. And the median was 0.00.

Circus SE Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Circus 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.

Circus SE Beneish M-Score Chart

Circus SE Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 73.02

Circus SE Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 73.02

HAM:CA1 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Circus 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.

Circus SE Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Circus SE's Beneish M-Score distribution charts can be found below:

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


HAM:CA1
14GF Score
Circus SE HAM:CA1
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Circus 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 Circus SE 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 * 28.55+0.528 * 86.7738+0.404 * 0.512+0.892 * 6.2151+0.115 * 0.8962
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.050192-0.327 * 0.4241
=73.02

* 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 €1.60 Mil.
Revenue was €1.56 Mil.
Gross Profit was €0.05 Mil.
Total Current Assets was €27.86 Mil.
Total Assets was €51.58 Mil.
Property, Plant and Equipment(Net PPE) was €0.39 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.87 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €4.09 Mil.
Long-Term Debt & Capital Lease Obligation was €9.34 Mil.
Net Income was €-21.77 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-24.36 Mil.
 Total Receivables was €0.01 Mil.
Revenue was €0.25 Mil.
Gross Profit was €0.73 Mil.
Total Current Assets was €1.55 Mil.
Total Assets was €19.62 Mil.
Property, Plant and Equipment(Net PPE) was €0.73 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.20 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €2.90 Mil.
Long-Term Debt & Capital Lease Obligation was €9.15 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)
=(1.597 / 1.56) / (0.009 / 0.251)
=1.023718 / 0.035857
=28.55

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)
=(0.726 / 0.251) / (0.052 / 1.56)
=2.89243 / 0.033333
=86.7738

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 - (27.855 + 0.393) / 51.582) / (1 - (1.552 + 0.733) / 19.621)
=0.452367 / 0.883543
=0.512

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
=1.56 / 0.251
=6.2151

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))
=(3.198 / (3.198 + 0.733)) / (3.866 / (3.866 + 0.393))
=0.813533 / 0.907725
=0.8962

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 / 1.56) / (0 / 0.251)
=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)
=((9.341 + 4.087) / 51.582) / ((9.147 + 2.896) / 19.621)
=0.260323 / 0.613781
=0.4241

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
=(-21.768 - 0 - -24.357) / 51.582
=0.050192

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.

Circus SE has a M-score of 73.02 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 73.02 mean?
Circus SE (HAM:CA1) has a Beneish M-Score of 73.02 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Circus SE and its competitors. According to the industry distribution chart, Circus SE ranks #999999 out of 2912 companies in the Industrial Products industry.
Is Circus SE's Beneish M-Score too high?
Circus SE's current Beneish M-Score is 73.02. Based on the distribution chart, Circus SE ranks #999999 out of 2912 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Circus SE has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Circus SE's Beneish M-Score compare to MSFT and ORCL?
According to the Industrial Products industry distribution chart, Circus SE ranks #999999 out of 2912 companies for Beneish M-Score. This places Circus SE 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Circus SE and its competitors. Circus SE's current Beneish M-Score is 73.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Circus SE stock overvalued right now?
Circus SE (HAM:CA1) has a current Beneish M-Score of 73.02. The current Beneish M-Score is 73.02. Circus SE's overall GF Score™ is 14/100 with 4 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 Circus SE (HAM:CA1), the current Beneish M-Score is 73.02 as of Jul. 14, 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.

Circus SE Business Description

Other Exchanges CA1:Germany
Address Hongkongstrasse 6, Hamburg, DEU
Circus SE is a technology company based in Germany that develops autonomous solutions for the food service industry, using robotics and artificial intelligence. The Circus group's core products consist of three components: CA-1 Food-Robots, which includes the CA-1 Series 4, a patented autonomous kitchen robot system with AI integration, designed for autonomous use in commercial environments, from retail to cafeteria replacement; CA-M Food Robots, an autonomous field kitchen specifically designed for military operations, disaster relief, and remote, high-risk environments; and the Circus Operating System, the group's central, Al-native operating system for managing, monitoring, and maintaining CA-1 and CA-M robots.
14GF Score

Get the complete analysis for HAM:CA1

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

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