Atakule Gayrimenkul Yatirim Ortakligi AS (IST:AGYO) Beneish M-Score: 0.00 (As of Jul. 11, 2026)

What is Atakule Gayrimenkul Yatirim Ortakligi AS Beneish M-Score?

Atakule Gayrimenkul Yatirim Ortakligi AS IST:AGYO -2.16% 5 Beneish M-Score is 0.00 as of Jul. 11, 2026. GuruFocus rates IST:AGYO with a GF Score™ of 5/100.

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 Atakule Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Atakule Gayrimenkul Yatirim Ortakligi AS was 0.00. The lowest was 0.00. And the median was 0.00.

Atakule Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Related Terms

Atakule Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Historical Data

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The historical data trend for Atakule 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.

Atakule Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Chart

Atakule Gayrimenkul Yatirim Ortakligi AS Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-2.78

0.68

-0.73

-2.98

-1.12

Atakule Gayrimenkul Yatirim Ortakligi AS Quarterly Data
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-1.26	-1.46	-1.21	-1.23	-0.73

IST:AGYO vs VICI, WPC, SRC: Beneish M-Score Comparison

For the REIT - Retail subindustry, Atakule 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.

Atakule Gayrimenkul Yatirim Ortakligi AS Beneish M-Score vs REITs Industry

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

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

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Atakule Gayrimenkul Yatirim Ortakligi AS IST:AGYO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Atakule 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 Atakule Gayrimenkul Yatirim Ortakligi AS 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 * 1.1759

0.528 * 1.0046

0.404 * 1.0098

0.892 * 2.5819

0.115 * 0.8291

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5575

4.679 * -0.000281

0.327 * 0.6422

-0.73

This Year (Jun23) TTM:

Last Year (Mar22) TTM:

Total Receivables was ₺14.72 Mil.
Revenue was 35.033 + 30.061 + 21.063 + 17.446 = ₺103.60 Mil.
Gross Profit was 16.651 + 12.554 + 10.85 + 7.662 = ₺47.72 Mil.
Total Current Assets was ₺54.48 Mil.
Total Assets was ₺1,821.79 Mil.
Property, Plant and Equipment(Net PPE) was ₺6.10 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺3.65 Mil.
Selling, General, & Admin. Expense(SGA) was ₺9.11 Mil.
Total Current Liabilities was ₺7.95 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.00 Mil.
Net Income was 9.772 + 3.984 + 4.48 + 2.061 = ₺20.30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Cash Flow from Operations was 10.586 + 0.008 + 3.67 + 6.545 = ₺20.81 Mil.

Total Receivables was ₺4.85 Mil.
Revenue was 12.938 + 10.818 + 9.722 + 6.649 = ₺40.13 Mil.
Gross Profit was 5.42 + 4.845 + 5.415 + 2.886 = ₺18.57 Mil.
Total Current Assets was ₺22.13 Mil.
Total Assets was ₺615.51 Mil.
Property, Plant and Equipment(Net PPE) was ₺4.10 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1.85 Mil.
Selling, General, & Admin. Expense(SGA) was ₺6.33 Mil.
Total Current Liabilities was ₺4.14 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.04 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)
	=	(14.716 / 103.603)	/	(4.847 / 40.127)
	=	0.142042	/	0.120791
	=	1.1759

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)
	=	(18.566 / 40.127)	/	(47.717 / 103.603)
	=	0.462681	/	0.460575
	=	1.0046

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 - (54.478 + 6.103) / 1821.789)	/	(1 - (22.127 + 4.1) / 615.51)
	=	0.966746	/	0.95739
	=	1.0098

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
	=	103.603	/	40.127
	=	2.5819

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))
	=	(1.845 / (1.845 + 4.1))	/	(3.651 / (3.651 + 6.103))
	=	0.310345	/	0.374308
	=	0.8291

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)
	=	(9.107 / 103.603)	/	(6.327 / 40.127)
	=	0.087903	/	0.157674
	=	0.5575

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 + 7.945) / 1821.789)	/	((0.036 + 4.144) / 615.51)
	=	0.004361	/	0.006791
	=	0.6422

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
	=	(20.297 - 0	-	20.809)	/	1821.789
	=	-0.000281

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.

Atakule Gayrimenkul Yatirim Ortakligi AS has a M-score of -0.73 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?

Atakule Gayrimenkul Yatirim Ortakligi AS (IST:AGYO) has a Beneish M-Score of 0.00 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Atakule Gayrimenkul Yatirim Ortakligi AS and its competitors.

Is Atakule Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score too high?

Atakule Gayrimenkul Yatirim Ortakligi AS's current Beneish M-Score is 0.00. Overall, Atakule Gayrimenkul Yatirim Ortakligi AS has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.

How does Atakule Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score compare to VICI and WPC?

Atakule Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score of 0.00 can be compared against companies in the REITs 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Atakule Gayrimenkul Yatirim Ortakligi AS and its competitors. Atakule Gayrimenkul Yatirim Ortakligi AS'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 Atakule Gayrimenkul Yatirim Ortakligi AS stock overvalued right now?

Atakule Gayrimenkul Yatirim Ortakligi AS (IST:AGYO) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Atakule Gayrimenkul Yatirim Ortakligi AS's overall GF Score™ is 5/100. 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 Atakule Gayrimenkul Yatirim Ortakligi AS (IST:AGYO), the current Beneish M-Score is 0.00 as of Jul. 11, 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.

Atakule Gayrimenkul Yatirim Ortakligi AS Business Description

Industry Real Estate REITs

Comparable Companies IST:NUGYO IST:DZGYO IST:PEGYO IST:OZGYO IST:MSGYO IST:EDIP IST:YGYO IST:ATAGY IST:KLGYO IST:ALGYO VICI ASX:MGR WPC MEX:FUNO11 ASX:SGP LSE:LAND SRC LSE:UTG ASX:GPT ASX:CLW

Address Arjantin Caddesi Number 28, Cankaya, Ankara, TUR

Website http://www.atakulegyo.com.tr

Atakule Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust based in Turkey. The company offers projects that bring low risk and high income to its shareholders in land development, project design, sales, and marketing.

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₺7.69

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