Arbitrage Investment AG (HAM:L1AK) Beneish M-Score: 0.00 (As of Sep. 04, 2026)

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HAM:L1AK Arbitrage Investment AG HAM:L1AK
40 GF Score
Price €4.44
! 1 Warning Sign
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What is Arbitrage Investment AG Beneish M-Score?

Arbitrage Investment AG HAM:L1AK 40 Beneish M-Score is 0.00 as of Sep. 04, 2026. GuruFocus rates HAM:L1AK with a GF Score™ of 40/100. The stock has 1 warning sign investors should review. Among 956 Asset Management companies, Arbitrage Investment AG ranks worse than 104602.41% 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 Arbitrage Investment AG's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Arbitrage Investment AG was -2.78. The lowest was -4.96. And the median was -3.87.

Arbitrage Investment AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Arbitrage Investment 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.

Arbitrage Investment AG Beneish M-Score Chart

Arbitrage Investment AG Annual Data
Trend Dec09 Dec11 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.78 0.00 0.00 0.00

Arbitrage Investment AG Semi-Annual Data
Dec06 Dec07 Dec08 Dec09 Dec11 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.78 0.00 0.00 0.00

HAM:L1AK vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Arbitrage Investment 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.

Arbitrage Investment AG Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Arbitrage Investment AG's Beneish M-Score distribution charts can be found below:

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


HAM:L1AK
40GF Score
Arbitrage Investment AG HAM:L1AK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Arbitrage Investment 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 Arbitrage Investment 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 * +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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €0.00 Mil.
Revenue was €0.00 Mil.
Gross Profit was €-0.03 Mil.
Total Current Assets was €0.02 Mil.
Total Assets was €2.19 Mil.
Property, Plant and Equipment(Net PPE) was €0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.04 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.08 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.
 Total Receivables was €0.00 Mil.
Revenue was €0.00 Mil.
Gross Profit was €-0.07 Mil.
Total Current Assets was €0.05 Mil.
Total Assets was €2.21 Mil.
Property, Plant and Equipment(Net PPE) was €0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.03 Mil.
Total Current Liabilities was €0.00 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)
=(0 / 0) / (0 / 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)
=(-0.066 / 0) / (-0.032 / 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 - (0.019 + 0.164) / 2.185) / (1 - (0.047 + 0.164) / 2.213)
=0.916247 / 0.904654
=

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 / (0 + 0.164)) / (0 / (0 + 0.164))
=0 / 0
=

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)
=(0.036 / 0) / (0.033 / 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 + 0.005) / 2.185) / ((0 + 0.003) / 2.213)
=0.002288 / 0.001356
=

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
=(-0.081 - 0 - 0) / 2.185
=-0.037071

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?
Arbitrage Investment AG (HAM:L1AK) has a Beneish M-Score of 0.00 as of Sep. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arbitrage Investment AG and its competitors. According to the industry distribution chart, Arbitrage Investment AG ranks #999999 out of 956 companies in the Asset Management industry.
Is Arbitrage Investment AG's Beneish M-Score too high?
Arbitrage Investment AG's current Beneish M-Score is 0.00. Based on the distribution chart, Arbitrage Investment AG ranks #999999 out of 956 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Arbitrage Investment AG has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Arbitrage Investment AG's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Arbitrage Investment AG ranks #999999 out of 956 companies for Beneish M-Score. This places Arbitrage Investment 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 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 Arbitrage Investment AG and its competitors. Arbitrage Investment 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 Arbitrage Investment AG stock overvalued right now?
Arbitrage Investment AG (HAM:L1AK) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Arbitrage Investment AG's overall GF Score™ is 40/100 with 1 warning sign 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 Arbitrage Investment AG (HAM:L1AK), the current Beneish M-Score is 0.00 as of Sep. 04, 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.

Arbitrage Investment AG Business Description

Address Max-Planck-Street 22, Cologne, NW, DEU, 50858
Arbitrage Investment AG is a diversified investment and holding company that operates a wide range of business activities through its subsidiaries. Its investment focuses on identifying and supporting companies in long-term growth areas that drive innovation, with a particular focus on minimizing risks through arbitrage. The company is active in various sectors, including investment management, investment management, real estate leasing, fintech solutions, renewable energy, pharmaceutical publishing, biotechnology, over-the-counter (OTC) drugs, medical technology, medical equipment and consumables, in-vitro diagnostics, wearables, the Internet of Medical Things (IoMT), as well as recycling and reuse (second life) of electronic components, medical technology, consumer electronics.
40GF Score

Get the complete analysis for HAM:L1AK

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

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