Turcas Holding AS (IST:TRCAS) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


IST:TRCAS Turcas Holding AS IST:TRCAS
20 GF Score
Price ₺41.90
! 1 Warning Sign
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What is Turcas Holding AS Beneish M-Score?

Turcas Holding AS IST:TRCAS -0.71% 20 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates IST:TRCAS with a GF Score™ of 20/100. The stock has 1 warning sign investors should review. Among 390 Utilities - Independent Power Producers companies, Turcas Holding AS ranks worse than 256410% 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.

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

During the past 13 years, the highest Beneish M-Score of Turcas Holding AS was 505.45. The lowest was -4.54. And the median was -2.19.

Turcas Holding AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Turcas 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.

Turcas Holding AS Beneish M-Score Chart

Turcas 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 0.00 0.00 0.00 0.00 0.00

Turcas 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 0.00 0.00 0.00 0.00 0.00

IST:TRCAS vs CEG, VST, NRG: Beneish M-Score Comparison

For the Utilities - Independent Power Producers subindustry, Turcas 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.

Turcas Holding AS Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Turcas Holding AS's Beneish M-Score distribution charts can be found below:

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


IST:TRCAS
20GF Score
Turcas Holding AS IST:TRCAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Turcas 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 Turcas 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₺16.95 Mil.
Revenue was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Total Current Assets was ₺1,467.06 Mil.
Total Assets was ₺16,410.34 Mil.
Property, Plant and Equipment(Net PPE) was ₺230.77 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺39.83 Mil.
Selling, General, & Admin. Expense(SGA) was ₺134.36 Mil.
Total Current Liabilities was ₺40.10 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.00 Mil.
Net Income was 772.129 + -188.864 + 405.824 + 394.88 = ₺1,383.97 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Cash Flow from Operations was -237.826 + -238.909 + -198.471 + 95.543 = ₺-579.66 Mil.
 Total Receivables was ₺6.09 Mil.
Revenue was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Total Current Assets was ₺517.32 Mil.
Total Assets was ₺11,765.63 Mil.
Property, Plant and Equipment(Net PPE) was ₺265.70 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺39.84 Mil.
Selling, General, & Admin. Expense(SGA) was ₺75.47 Mil.
Total Current Liabilities was ₺24.08 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.00 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)
=(16.945 / 0) / (6.087 / 0)
= /
=

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)
=(0 / 0) / (0 / 0)
= /
=

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 - (1467.06 + 230.77) / 16410.337) / (1 - (517.316 + 265.699) / 11765.629)
=0.896539 / 0.933449
=

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
=0 / 0
=

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))
=(39.844 / (39.844 + 265.699)) / (39.825 / (39.825 + 230.77))
=0.130404 / 0.147176
=

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)
=(134.356 / 0) / (75.469 / 0)
= /
=

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 + 40.103) / 16410.337) / ((0 + 24.08) / 11765.629)
=0.002444 / 0.002047
=

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
=(1383.969 - 0 - -579.663) / 16410.337
=0.119658

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Turcas Holding AS (IST:TRCAS) 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 Turcas Holding AS and its competitors. According to the industry distribution chart, Turcas Holding AS ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry.
Is Turcas Holding AS's Beneish M-Score too high?
Turcas Holding AS's current Beneish M-Score is 0.00. Based on the distribution chart, Turcas Holding AS ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Turcas Holding AS has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Turcas Holding AS's Beneish M-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, Turcas Holding AS ranks #999999 out of 390 companies for Beneish M-Score. This places Turcas Holding 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Turcas Holding AS and its competitors. Turcas Holding 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 Turcas Holding AS stock overvalued right now?
Turcas Holding AS (IST:TRCAS) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Turcas Holding AS's overall GF Score™ is 20/100 with 1 warning sign 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 Turcas Holding AS (IST:TRCAS), 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.

Turcas Holding AS Business Description

Address AOS 55th Street No 2, Aksoy Plaza, 7th floor, Sariyer, Istanbul, TUR, 34375
Turcas Holding AS is an oil and energy-focused investment company. It is engaged in fuel distribution and lubricants, conventional energy, and renewable energy fields in Turkey. The company is involved in the operation of Shell-branded fuel stations that offer fuel products and lubricants. The operating segments of the group are Oil, Electricity, and Others. The products that are included in the Oil segment are fuel products, lubricants, and engine oil. The Electricity segment consists of power generation activity.
20GF Score

Get the complete analysis for IST:TRCAS

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

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