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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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Netas Telekomunikasyon AS's Beneish M-Score or its related term are showing as below:
IST:NETAS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.87 Med: -2.64 Max: -2.02
Current: -2.33
During the past 13 years, the highest Beneish M-Score of Netas Telekomunikasyon AS was -2.02. The lowest was -3.87. And the median was -2.64.
* 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.
IST:NETAS vs CSCO, MSI, HPE: Beneish M-Score Comparison
For the Communication Equipment subindustry, Netas Telekomunikasyon 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.
Netas Telekomunikasyon AS Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Netas Telekomunikasyon AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Netas Telekomunikasyon AS's Beneish M-Score falls into.
Netas Telekomunikasyon 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 Netas Telekomunikasyon 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 * 0.9768
+
0.528 * 1.0498
+
0.404 * 0.977
+
0.892 * 1.3112
+
0.115 * 0.8928
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8214
+
4.679 * -0.028384
-
0.327 * 1.0352
=
-2.33
* 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.
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.
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))
=
(145.466 / (145.466 + 510.522))
/
(189.163 / (189.163 + 572.421))
=
0.221751
/
0.248381
=
0.8928
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
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
=
(-349.943 - 0
-
-84.042)
/
9367.848
=
-0.028384
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.
Netas Telekomunikasyon AS has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
Netas Telekomunikasyon AS (IST:NETAS) has a Beneish M-Score of -2.33 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Netas Telekomunikasyon AS and its competitors. According to the industry distribution chart, Netas Telekomunikasyon AS ranks #1462 out of 2402 companies in the Hardware industry, placing it in the top 60.9%.
Is Netas Telekomunikasyon AS's Beneish M-Score too high?
Netas Telekomunikasyon AS's current Beneish M-Score is -2.33. Based on the distribution chart, Netas Telekomunikasyon AS ranks #1462 out of 2402 companies in the Hardware industry, which is below the industry midpoint. Overall, Netas Telekomunikasyon AS has a GF Score™ of 47/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Netas Telekomunikasyon AS's Beneish M-Score compare to CSCO and MSI?
According to the Hardware industry distribution chart, Netas Telekomunikasyon AS ranks #1462 out of 2402 companies for Beneish M-Score. This places Netas Telekomunikasyon AS in the lower 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Netas Telekomunikasyon AS and its competitors. Netas Telekomunikasyon AS's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Netas Telekomunikasyon AS stock overvalued right now?
Based on GuruFocus' analysis, Netas Telekomunikasyon AS (IST:NETAS) is currently considered Possible Value Trap. The stock's GF Value™ is ₺101.81, compared to a current price of ₺61.55 — trading 39.5% below its estimated fair value. The current Beneish M-Score is -2.33. Netas Telekomunikasyon AS's overall GF Score™ is 47/100 with 4 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 Netas Telekomunikasyon AS (IST:NETAS), the current Beneish M-Score is -2.33 as of Jul. 31, 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 Netas Telekomunikasyon AS (IST:NETAS) Overvalued in 2026?
Based on GuruFocus' analysis, Netas Telekomunikasyon AS stock appears to be undervalued.
The current stock price of ₺61.55 is trading 39.5% below its estimated GF Value™ of ₺101.81.
GuruFocus considers Netas Telekomunikasyon AS to be Possible Value Trap.
Key valuation signals for IST:NETAS:
Beneish M-Score: -2.33
GF Value™: ₺101.81 vs. price of ₺61.55 (39.5% below fair value)
No single metric tells the full story. See the IST:NETAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Netas Telekomunikasyon AS is engaged in the manufacture and trade of telecommunication equipment, project installation services, technical support, repair and maintenance services, IT services, strategic outsourcing services, implementation activities, and associated services. The group continues to provide end-to-end solutions and technology services to service providers and institutions in local and international markets. Its solutions and services are Cyber Security Solutions, New Generation Data Center, Localized Solutions, Mobile Broadband Solutions, Managed Services, Cyber Security Operation Center, Netas Network Operation Center, Informatics Support Services, and Others. Its operating segments are: Telecom, System Integration, Technology, and BDH.
47GF Score
Get the complete analysis for IST:NETAS
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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