Manas Enerji Yonetiminayi ve Ticaret AS (IST:MANAS) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Manas Enerji Yonetiminayi ve Ticaret AS Beneish M-Score?

Manas Enerji Yonetiminayi ve Ticaret AS IST:MANAS +0.69% 5 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates IST:MANAS 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 Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Manas Enerji Yonetiminayi ve Ticaret AS was 0.00. The lowest was 0.00. And the median was 0.00.

Manas Enerji Yonetiminayi ve Ticaret AS Beneish M-Score Related Terms

Manas Enerji Yonetiminayi ve Ticaret AS Beneish M-Score Historical Data

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The historical data trend for Manas Enerji Yonetiminayi ve Ticaret 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.

Manas Enerji Yonetiminayi ve Ticaret AS Beneish M-Score Chart

Manas Enerji Yonetiminayi ve Ticaret AS Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.00

-1.39

-2.48

Manas Enerji Yonetiminayi ve Ticaret AS Quarterly Data
	Dec18	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial														-1.26	-2.48	-1.35	-1.33	0.56

IST:MANAS vs VRT, HUBB, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Manas Enerji Yonetiminayi ve Ticaret 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.

Manas Enerji Yonetiminayi ve Ticaret AS Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score falls into.

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Manas Enerji Yonetimi Sanayi ve Ticaret AS IST:MANAS

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

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Manas Enerji Yonetiminayi ve Ticaret 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 Manas Enerji Yonetiminayi ve Ticaret 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 * 2.9804

0.528 * 0.7893

0.404 * 1.2654

0.892 * 0.3749

0.115 * 17.2779

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.9973

4.679 * 0.036824

0.327 * 0.7447

0.56

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₺57.8 Mil.
Revenue was 63.893 + 51.246 + 75.452 + -20.335 = ₺170.3 Mil.
Gross Profit was 26.573 + 33.64 + 42.057 + 0.837 = ₺103.1 Mil.
Total Current Assets was ₺511.3 Mil.
Total Assets was ₺1,227.1 Mil.
Property, Plant and Equipment(Net PPE) was ₺537.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺10.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺33.2 Mil.
Total Current Liabilities was ₺519.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₺37.3 Mil.
Net Income was -31.721 + -51.999 + -5.282 + 72.865 = ₺-16.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.0 Mil.
Cash Flow from Operations was -10.994 + -76.07 + 1.674 + 24.067 = ₺-61.3 Mil.

Total Receivables was ₺51.8 Mil.
Revenue was 107.356 + 88.636 + 77.765 + 180.41 = ₺454.2 Mil.
Gross Profit was 87.797 + 17.49 + 35.043 + 76.753 = ₺217.1 Mil.
Total Current Assets was ₺275.4 Mil.
Total Assets was ₺404.3 Mil.
Property, Plant and Equipment(Net PPE) was ₺82.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺38.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₺29.5 Mil.
Total Current Liabilities was ₺220.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₺25.7 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)
	=	(57.833 / 170.256)	/	(51.762 / 454.167)
	=	0.339683	/	0.113971
	=	2.9804

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)
	=	(217.083 / 454.167)	/	(103.107 / 170.256)
	=	0.477981	/	0.6056
	=	0.7893

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 - (511.307 + 537.574) / 1227.071)	/	(1 - (275.433 + 82.461) / 404.289)
	=	0.145216	/	0.114757
	=	1.2654

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
	=	170.256	/	454.167
	=	0.3749

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))
	=	(38.135 / (38.135 + 82.461))	/	(10.022 / (10.022 + 537.574))
	=	0.316221	/	0.018302
	=	17.2779

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)
	=	(33.161 / 170.256)	/	(29.513 / 454.167)
	=	0.194771	/	0.064983
	=	2.9973

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)
	=	((37.303 + 519.61) / 1227.071)	/	((25.661 + 220.726) / 404.289)
	=	0.453856	/	0.609433
	=	0.7447

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
	=	(-16.137 - 0	-	-61.323)	/	1227.071
	=	0.036824

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.

Manas Enerji Yonetiminayi ve Ticaret AS has a M-score of 0.56 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?

Manas Enerji Yonetiminayi ve Ticaret AS (IST:MANAS) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Manas Enerji Yonetiminayi ve Ticaret AS and its competitors.

Is Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score too high?

Manas Enerji Yonetiminayi ve Ticaret AS's current Beneish M-Score is 0.00. Overall, Manas Enerji Yonetiminayi ve Ticaret AS has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.

How does Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score compare to VRT and HUBB?

Manas Enerji Yonetiminayi ve Ticaret AS's Beneish M-Score of 0.00 can be compared against companies in the Industrial Products 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 Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Manas Enerji Yonetiminayi ve Ticaret AS and its competitors. Manas Enerji Yonetiminayi ve Ticaret 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 Manas Enerji Yonetiminayi ve Ticaret AS stock overvalued right now?

Manas Enerji Yonetiminayi ve Ticaret AS (IST:MANAS) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Manas Enerji Yonetiminayi ve Ticaret 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 Manas Enerji Yonetiminayi ve Ticaret AS (IST:MANAS), the current Beneish M-Score is 0.00 as of Jun. 25, 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.

Manas Enerji Yonetiminayi ve Ticaret AS Business Description

Industry Industrials Industrial Products

Comparable Companies IST:SANEL IST:ALVES SZSE:300750 XSWX:ABBN BKK:DELTA XKRX:373220 VRT TSE:6503 SZSE:300274 XPAR:LR SZSE:300124 BSP:WEGE3 MIL:PRY TSE:5803 HUBB SZSE:300014 BE NVT XKRX:267260 BOM:500093

Address A.S.O. 1. Organize Sanayi Bolgesi, Anadolu Caddesi No: 25, Sincan, Ankara, TUR, 06935

Website https://www.manas.com.tr

Manas Enerji Yonetimi Sanayi ve Ticaret AS is engaged in the business of smart metering systems and solutions. Its products are into electro-controlled gas, water, heat and electricity meters also AMR, M2M, AMI AND, meter remote control system solutions.

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