GSD Holding AS (IST:GSDHO) Beneish M-Score: -2.76 (As of Jul. 02, 2026)


IST:GSDHO GSD Holding AS IST:GSDHO
63 GF Score
Price ₺5.83
GF Value ₺5.14
Valuation Modestly Overvalued
! 5 Warning Signs
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What is GSD Holding AS Beneish M-Score?

GSD Holding AS IST:GSDHO -1.19% 63 Beneish M-Score is -2.76 as of Jul. 02, 2026. GuruFocus rates IST:GSDHO with a GF Score™ of 63/100 and a GF Value™ of ₺5.14 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 964 Transportation companies, GSD Holding AS ranks better than 66.49% 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.

Good Sign:

Beneish M-Score -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:GSDHO' s Beneish M-Score Range Over the Past 10 Years
Min: -39.07   Med: -1.7   Max: 12.16
Current: -2.76

During the past 13 years, the highest Beneish M-Score of GSD Holding AS was 12.16. The lowest was -39.07. And the median was -1.70.

GSD Holding AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GSD Holding 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.

GSD Holding AS Beneish M-Score Chart

GSD Holding AS Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.64 -2.27 -4.70 1.65 -2.41

GSD Holding AS Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.60 2.06 8.67 -2.41 -2.76

GSD Holding AS Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, GSD Holding 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.

GSD Holding AS Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, GSD Holding AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GSD Holding AS's Beneish M-Score falls into.


IST:GSDHO
63GF Score
GSD Holding AS IST:GSDHO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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GSD Holding 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 GSD Holding 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 * 0.9173+0.528 * 0.9135+0.404 * 1.4932+0.892 * 0.9831+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5052+4.679 * -0.08707-0.327 * 1.0663
=-2.76

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₺3,724 Mil.
Revenue was 1301.652 + 1478.121 + 1182.196 + 1356.537 = ₺5,319 Mil.
Gross Profit was 778.372 + 968.882 + 726.634 + 605.453 = ₺3,079 Mil.
Total Current Assets was ₺10,188 Mil.
Total Assets was ₺22,029 Mil.
Property, Plant and Equipment(Net PPE) was ₺10,961 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺205 Mil.
Total Current Liabilities was ₺3,323 Mil.
Long-Term Debt & Capital Lease Obligation was ₺4,598 Mil.
Net Income was -400.64 + 443.615 + 43.574 + -28.036 = ₺59 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 162.991 + 0 + 1330.066 + 483.493 = ₺1,977 Mil.
 Total Receivables was ₺4,130 Mil.
Revenue was 1466.288 + 1323.244 + 1212.681 + 1407.811 = ₺5,410 Mil.
Gross Profit was 800.072 + 790.989 + 704.528 + 565.645 = ₺2,861 Mil.
Total Current Assets was ₺8,230 Mil.
Total Assets was ₺16,668 Mil.
Property, Plant and Equipment(Net PPE) was ₺7,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺413 Mil.
Total Current Liabilities was ₺3,690 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1,931 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)
=(3724.383 / 5318.506) / (4130.047 / 5410.024)
=0.700269 / 0.763406
=0.9173

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)
=(2861.234 / 5410.024) / (3079.341 / 5318.506)
=0.528876 / 0.578986
=0.9135

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 - (10187.831 + 10960.501) / 22028.761) / (1 - (8229.758 + 7992.225) / 16668.115)
=0.039967 / 0.026766
=1.4932

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
=5318.506 / 5410.024
=0.9831

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 + 7992.225)) / (0 / (0 + 10960.501))
=0 / 0
=1

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)
=(204.961 / 5318.506) / (412.688 / 5410.024)
=0.038537 / 0.076282
=0.5052

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)
=((4598.282 + 3323.185) / 22028.761) / ((1930.546 + 3690.324) / 16668.115)
=0.359597 / 0.337223
=1.0663

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
=(58.513 - 0 - 1976.55) / 22028.761
=-0.08707

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.

GSD Holding AS has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.76 mean?
GSD Holding AS (IST:GSDHO) has a Beneish M-Score of -2.76 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GSD Holding AS and its competitors. According to the industry distribution chart, GSD Holding AS ranks #323 out of 964 companies in the Transportation industry, placing it in the top 33.5%.
Is GSD Holding AS's Beneish M-Score too high?
GSD Holding AS's current Beneish M-Score is -2.76. Based on the distribution chart, GSD Holding AS ranks #323 out of 964 companies in the Transportation industry, which is above the industry midpoint. Overall, GSD Holding AS has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does GSD Holding AS's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, GSD Holding AS ranks #323 out of 964 companies for Beneish M-Score. This puts GSD Holding AS in the upper 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 GSD Holding AS and its competitors. GSD Holding AS's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GSD Holding AS stock overvalued right now?
Based on GuruFocus' analysis, GSD Holding AS (IST:GSDHO) is currently considered Modestly Overvalued. The stock's GF Value™ is ₺5.14, compared to a current price of ₺5.83 — trading 13.4% above its estimated fair value. The current Beneish M-Score is -2.76. GSD Holding AS's overall GF Score™ is 63/100 with 5 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 GSD Holding AS (IST:GSDHO), the current Beneish M-Score is -2.76 as of Jul. 02, 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.

Is GSD Holding AS (IST:GSDHO) Overvalued in 2026?

Based on GuruFocus' analysis, GSD Holding AS stock appears to be overvalued. The current stock price of ₺5.83 is trading 13.4% above its estimated GF Value™ of ₺5.14. GuruFocus considers GSD Holding AS to be Modestly Overvalued.

Key valuation signals for IST:GSDHO:

  • Beneish M-Score: -2.76
  • GF Value™: ₺5.14 vs. price of ₺5.83 (13.4% above fair value)
  • GF Score™: 63/100 with 5 warning signs

No single metric tells the full story. See the IST:GSDHO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

GSD Holding AS Business Description

Address Aydinevler Mahallesi, Captan Rifat Sokak Number 3, Kucukyali, Maltepe, Istanbul, TUR, 34854
GSD Holding AS operates in finance, marine, and energy sectors through its subsidiaries in Turkey. Its primary functions are to establish, execute, and evaluate the medium-term goals and targets for its subsidiaries and affiliated companies, and to coordinate their activities.
63GF Score

Get the complete analysis for IST:GSDHO

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

₺5.83
Price
₺5.14
GF Value