Kustur Kusadasi Turizm Endustrisi AS (IST:KSTUR) Beneish M-Score: 0.00 (As of Jun. 27, 2026)

What is Kustur Kusadasi Turizm Endustrisi AS Beneish M-Score?

Kustur Kusadasi Turizm Endustrisi AS IST:KSTUR +1.52% 64 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates IST:KSTUR with a GF Score™ of 64/100.

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 Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Kustur Kusadasi Turizm Endustrisi AS was 0.00. The lowest was 0.00. And the median was 0.00.

Kustur Kusadasi Turizm Endustrisi AS Beneish M-Score Related Terms

Kustur Kusadasi Turizm Endustrisi AS Beneish M-Score Historical Data

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The historical data trend for Kustur Kusadasi Turizm Endustrisi 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.

Kustur Kusadasi Turizm Endustrisi AS Beneish M-Score Chart

Kustur Kusadasi Turizm Endustrisi AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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64.14

-1.75

22.49

15.40

-2.54

Kustur Kusadasi Turizm Endustrisi AS Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Dec24
Beneish M-Score	Get a 7-Day Free Trial															0.00	22.49	0.00	15.40	-2.54

IST:KSTUR vs MAR, HLT, HTHT: Beneish M-Score Comparison

For the Lodging subindustry, Kustur Kusadasi Turizm Endustrisi 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.

Kustur Kusadasi Turizm Endustrisi AS Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score falls into.

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Kustur Kusadasi Turizm Endustrisi AS IST:KSTUR

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Kustur Kusadasi Turizm Endustrisi 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 Kustur Kusadasi Turizm Endustrisi 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 * 0.7094

0.528 * 1.2324

0.404 * 0.7159

0.892 * 0.986

0.115 * 0.8337

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3732

4.679 * 0.060495

0.327 * 0.9542

-2.54

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺0.4 Mil.
Revenue was ₺368.7 Mil.
Gross Profit was ₺150.4 Mil.
Total Current Assets was ₺246.0 Mil.
Total Assets was ₺672.4 Mil.
Property, Plant and Equipment(Net PPE) was ₺389.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺25.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₺5.5 Mil.
Total Current Liabilities was ₺23.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.0 Mil.
Net Income was ₺71.7 Mil.
Gross Profit was ₺0.0 Mil.
Cash Flow from Operations was ₺31.0 Mil.

Total Receivables was ₺0.6 Mil.
Revenue was ₺373.9 Mil.
Gross Profit was ₺188.0 Mil.
Total Current Assets was ₺215.6 Mil.
Total Assets was ₺649.6 Mil.
Property, Plant and Equipment(Net PPE) was ₺384.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺20.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₺4.0 Mil.
Total Current Liabilities was ₺23.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.0 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)
	=	(0.449 / 368.67)	/	(0.642 / 373.888)
	=	0.001218	/	0.001717
	=	0.7094

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)
	=	(187.999 / 373.888)	/	(150.414 / 368.67)
	=	0.502822	/	0.407991
	=	1.2324

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 - (246.018 + 389.882) / 672.385)	/	(1 - (215.63 + 384.725) / 649.594)
	=	0.054262	/	0.0758
	=	0.7159

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
	=	368.67	/	373.888
	=	0.986

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))
	=	(20.942 / (20.942 + 384.725))	/	(25.737 / (25.737 + 389.882))
	=	0.051624	/	0.061925
	=	0.8337

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)
	=	(5.476 / 368.67)	/	(4.044 / 373.888)
	=	0.014853	/	0.010816
	=	1.3732

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 + 23.079) / 672.385)	/	((0 + 23.367) / 649.594)
	=	0.034324	/	0.035972
	=	0.9542

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
	=	(71.722 - 0	-	31.046)	/	672.385
	=	0.060495

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.

Kustur Kusadasi Turizm Endustrisi AS has a M-score of -2.54 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 0.00 mean?

Kustur Kusadasi Turizm Endustrisi AS (IST:KSTUR) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kustur Kusadasi Turizm Endustrisi AS and its competitors.

Is Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score too high?

Kustur Kusadasi Turizm Endustrisi AS's current Beneish M-Score is 0.00. Overall, Kustur Kusadasi Turizm Endustrisi AS has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.

How does Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score compare to MAR and HLT?

Kustur Kusadasi Turizm Endustrisi AS's Beneish M-Score of 0.00 can be compared against companies in the Travel & Leisure 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Kustur Kusadasi Turizm Endustrisi AS and its competitors. Kustur Kusadasi Turizm Endustrisi 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 Kustur Kusadasi Turizm Endustrisi AS stock overvalued right now?

Kustur Kusadasi Turizm Endustrisi AS (IST:KSTUR) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Kustur Kusadasi Turizm Endustrisi AS's overall GF Score™ is 64/100. 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 Kustur Kusadasi Turizm Endustrisi AS (IST:KSTUR), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

Kustur Kusadasi Turizm Endustrisi AS Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies IST:MAALT IST:TEKTU IST:MARTI IST:ULAS MAR HLT LSE:IHG HTHT H XPAR:AC BOM:500850 WH XKRX:180640 SAU:4250 LSE:WTB CHH SAU:4100 SHSE:600754 BKK:MINT XTAE:FTAL

Address Bayraklidede Mah Kustur Tatil, Koyu, Kusadasi, Aydin, TUR, 09400

Website http://www.kusturclub.com

Kustur Kusadasi Turizm Endustrisi AS is a company provides tourists, recreation, entertainment and other needs and services.

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