Halloren Schokoladenfabrik AG (HAM:H2RB) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Halloren Schokoladenfabrik AG Beneish M-Score?

Halloren Schokoladenfabrik AG HAM:H2RB 25 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates HAM:H2RB with a GF Score™ of 25/100. Among 1,849 Consumer Packaged Goods companies, Halloren Schokoladenfabrik AG ranks worse than 54083.23% 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 Halloren Schokoladenfabrik AG's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Halloren Schokoladenfabrik AG was 2.77. The lowest was -3.53. And the median was -2.60.

Halloren Schokoladenfabrik AG Beneish M-Score Related Terms

Halloren Schokoladenfabrik AG Beneish M-Score Historical Data

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The historical data trend for Halloren Schokoladenfabrik 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.

Halloren Schokoladenfabrik AG Beneish M-Score Chart

Halloren Schokoladenfabrik AG Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.60

-2.69

0.00

Halloren Schokoladenfabrik AG Semi-Annual Data
	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24
Beneish M-Score	Get a 7-Day Free Trial														-2.60	-2.69	0.00	0.00	0.00

HAM:H2RB vs MDLZ, HSY, TR: Beneish M-Score Comparison

For the Confectioners subindustry, Halloren Schokoladenfabrik 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.

Halloren Schokoladenfabrik AG Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Halloren Schokoladenfabrik AG's Beneish M-Score distribution charts can be found below:

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

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Halloren Schokoladenfabrik AG HAM:H2RB

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Halloren Schokoladenfabrik 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 Halloren Schokoladenfabrik AG for today is based on a combination of the following eight different indices:

-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 *

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €6.80 Mil.
Revenue was €0.00 Mil.
Gross Profit was €11.83 Mil.
Total Current Assets was €26.48 Mil.
Total Assets was €38.49 Mil.
Property, Plant and Equipment(Net PPE) was €4.82 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.58 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €2.87 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €1.29 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €4.55 Mil.
Revenue was €0.00 Mil.
Gross Profit was €12.74 Mil.
Total Current Assets was €24.49 Mil.
Total Assets was €35.43 Mil.
Property, Plant and Equipment(Net PPE) was €3.75 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.71 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.63 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)
	=	(6.803 / 0)	/	(4.545 / 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)
	=	(12.743 / 0)	/	(11.833 / 0)
	=		/
	=

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 - (26.479 + 4.821) / 38.493)	/	(1 - (24.488 + 3.752) / 35.433)
	=	0.186865	/	0.203003
	=

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
	=	0	/	0
	=

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))
	=	(0.714 / (0.714 + 3.752))	/	(0.584 / (0.584 + 4.821))
	=	0.159875	/	0.108048
	=

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 / 0)	/	(0 / 0)
	=		/
	=

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 + 2.869) / 38.493)	/	((0 + 1.632) / 35.433)
	=	0.074533	/	0.046059
	=

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
	=	(1.293 - 0	-	0)	/	38.493
	=	0.033591

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?

Halloren Schokoladenfabrik AG (HAM:H2RB) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Halloren Schokoladenfabrik AG and its competitors. According to the industry distribution chart, Halloren Schokoladenfabrik AG ranks #999999 out of 1849 companies in the Consumer Packaged Goods industry.

Is Halloren Schokoladenfabrik AG's Beneish M-Score too high?

Halloren Schokoladenfabrik AG's current Beneish M-Score is 0.00. Based on the distribution chart, Halloren Schokoladenfabrik AG ranks #999999 out of 1849 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Halloren Schokoladenfabrik AG has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.

How does Halloren Schokoladenfabrik AG's Beneish M-Score compare to MDLZ and HSY?

According to the Consumer Packaged Goods industry distribution chart, Halloren Schokoladenfabrik AG ranks #999999 out of 1849 companies for Beneish M-Score. This places Halloren Schokoladenfabrik 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Halloren Schokoladenfabrik AG and its competitors. Halloren Schokoladenfabrik AG'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 Halloren Schokoladenfabrik AG stock overvalued right now?

Halloren Schokoladenfabrik AG (HAM:H2RB) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Halloren Schokoladenfabrik AG's overall GF Score™ is 25/100. 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 Halloren Schokoladenfabrik AG (HAM:H2RB), the current Beneish M-Score is 0.00 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.

Halloren Schokoladenfabrik AG Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies FRA:SMB MDLZ HSY XSWX:LISN XSWX:BARN XKRX:271560 TR SZSE:000833 TSE:2222 CAS:CSR OSTO:CLA B TSE:2201 XKRX:004990 BOM:500038 XKRX:001800 IST:ULKER BOM:532356 SHSE:600191 XTAE:TPGM SZSE:301206

Address Delitzscher Strasse 70, Halle, DEU

Website http://www.halloren.de

Halloren Schokoladenfabrik AG is the oldest producing chocolate factory in Germany. Its origins date back to the founding of a gingerbread bakery in 1804.

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