Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS (IST:AAGYO) Beneish M-Score: 0.13 (As of Aug. 14, 2026) — Near Median

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IST:AAGYO Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS IST:AAGYO
20 GF Score
Price ₺12.67
! 3 Warning Signs
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What is Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Beneish M-Score?

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS IST:AAGYO +2.26% 20 Beneish M-Score is 0.13 as of Aug. 14, 2026, which is at its 10-year median of 0.13. GuruFocus rates IST:AAGYO with a GF Score™ of 20/100. The stock has 3 warning signs investors should review. Among 1,677 Real Estate companies, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS ranks worse than 91% 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 0.13 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score or its related term are showing as below:

IST:AAGYO' s Beneish M-Score Range Over the Past 10 Years
Min: 0.13   Med: 0.13   Max: 0.13
Current: 0.13

During the past 3 years, the highest Beneish M-Score of Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS was 0.13. The lowest was 0.13. And the median was 0.13.

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS'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.

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Chart

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.13

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.13

IST:AAGYO vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS'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.

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score falls into.


IST:AAGYO
20GF Score
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS IST:AAGYO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS 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 Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS 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 * 2.6887+0.528 * 1.0109+0.404 * 0.9928+0.892 * 1.8963+0.115 * 0.9593
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5195+4.679 * 0.006602-0.327 * 0.5658
=0.13

* 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 ₺154 Mil.
Revenue was ₺1,302 Mil.
Gross Profit was ₺831 Mil.
Total Current Assets was ₺1,457 Mil.
Total Assets was ₺15,599 Mil.
Property, Plant and Equipment(Net PPE) was ₺100 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2 Mil.
Selling, General, & Admin. Expense(SGA) was ₺70 Mil.
Total Current Liabilities was ₺472 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0 Mil.
Net Income was ₺126 Mil.
Gross Profit was ₺0 Mil.
Cash Flow from Operations was ₺23 Mil.
 Total Receivables was ₺30 Mil.
Revenue was ₺686 Mil.
Gross Profit was ₺443 Mil.
Total Current Assets was ₺1,345 Mil.
Total Assets was ₺15,303 Mil.
Property, Plant and Equipment(Net PPE) was ₺84 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2 Mil.
Selling, General, & Admin. Expense(SGA) was ₺71 Mil.
Total Current Liabilities was ₺819 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)
=(153.783 / 1301.768) / (30.162 / 686.467)
=0.118134 / 0.043938
=2.6887

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)
=(443.07 / 686.467) / (831.151 / 1301.768)
=0.645435 / 0.638479
=1.0109

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 - (1457.402 + 99.83) / 15598.633) / (1 - (1344.53 + 83.838) / 15302.671)
=0.900169 / 0.906659
=0.9928

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
=1301.768 / 686.467
=1.8963

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))
=(1.733 / (1.733 + 83.838)) / (2.153 / (2.153 + 99.83))
=0.020252 / 0.021111
=0.9593

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)
=(69.745 / 1301.768) / (70.803 / 686.467)
=0.053577 / 0.103141
=0.5195

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 + 472.082) / 15598.633) / ((0 + 818.556) / 15302.671)
=0.030264 / 0.053491
=0.5658

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
=(125.621 - 0 - 22.64) / 15598.633
=0.006602

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.

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS has a M-score of 0.13 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 0.13 mean?
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS (IST:AAGYO) has a Beneish M-Score of 0.13 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS and its competitors. This is near median its historical median of 0.13. Over the past decade, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score has ranged from 0.13 to 0.13. According to the industry distribution chart, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS ranks #1526 out of 1677 companies in the Real Estate industry, placing it in the top 91%.
Is Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score too high?
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's current Beneish M-Score of 0.13 is near median its 10-year median of 0.13. Over the past 10 years, this metric has ranged from a low of 0.13 to a high of 0.13. Based on the distribution chart, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS ranks #1526 out of 1677 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS ranks #1526 out of 1677 companies for Beneish M-Score. This places Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS in the lower half of its industry. Historically, Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's own Beneish M-Score has ranged from 0.13 to 0.13 over the past decade. 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS and its competitors. Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's current Beneish M-Score is 0.13, which is near median its own 10-year median of 0.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS stock overvalued right now?
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS (IST:AAGYO) has a current Beneish M-Score of 0.13. The current Beneish M-Score is 0.13, which is near median its 10-year median of 0.13. Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS's overall GF Score™ is 20/100 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 Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS (IST:AAGYO), the current Beneish M-Score is 0.13 as of Aug. 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.

Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS Business Description

Address Ihlamur Boulevard, Block F, No: 4B, Inner Door No: 1, Barbaros Neighborhood, Atasehir, Istanbul, TUR, 34746
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS is a real estate investment and development company in Turkey. Its portfolio consists of residential and commercial assets located in high-potential and developing areas of Istanbul, such as Atasehir, Cekmekoy, Sariyer, Umraniye, Bahcelievler, Basaksehir, and Uskudar.
20GF Score

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

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