Columbus AS (LTS:0NPJ) Beneish M-Score: -2.71 (As of Jun. 26, 2026)

What is Columbus AS Beneish M-Score?

Columbus AS LTS:0NPJ 69 Beneish M-Score is -2.71 as of Jun. 26, 2026. GuruFocus rates LTS:0NPJ with a GF Score™ of 69/100 and a GF Value™ of kr9.37 (Fairly Valued). The stock has 5 warning signs investors should review. Among 2,634 Software companies, Columbus AS ranks better than 61.85% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0NPJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78 Med: -2.17 Max: 1.65
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Columbus AS was 1.65. The lowest was -3.78. And the median was -2.17.

Columbus AS Beneish M-Score Related Terms

Columbus AS Beneish M-Score Historical Data

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The historical data trend for Columbus 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.

Columbus AS Beneish M-Score Chart

Columbus AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.51

-1.30

-2.58

-2.82

-2.71

Columbus 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															0.00	0.00	0.00	-2.71	0.00

LTS:0NPJ vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Columbus 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.

Columbus AS Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Columbus AS's Beneish M-Score distribution charts can be found below:

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

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69GF Score

Columbus AS LTS:0NPJ

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

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Columbus 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 Columbus 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 * 1.0424

0.528 * 0.9859

0.404 * 1.0177

0.892 * 0.95

0.115 * 1.0123

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.048674

0.327 * 1.0027

-2.71

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr341 Mil.
Revenue was kr1,576 Mil.
Gross Profit was kr402 Mil.
Total Current Assets was kr441 Mil.
Total Assets was kr1,276 Mil.
Property, Plant and Equipment(Net PPE) was kr99 Mil.
Depreciation, Depletion and Amortization(DDA) was kr55 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr385 Mil.
Long-Term Debt & Capital Lease Obligation was kr144 Mil.
Net Income was kr15 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr77 Mil.

Total Receivables was kr344 Mil.
Revenue was kr1,659 Mil.
Gross Profit was kr417 Mil.
Total Current Assets was kr451 Mil.
Total Assets was kr1,295 Mil.
Property, Plant and Equipment(Net PPE) was kr110 Mil.
Depreciation, Depletion and Amortization(DDA) was kr62 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr383 Mil.
Long-Term Debt & Capital Lease Obligation was kr153 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)
	=	(341.122 / 1576.456)	/	(344.47 / 1659.442)
	=	0.216385	/	0.207582
	=	1.0424

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)
	=	(416.693 / 1659.442)	/	(401.506 / 1576.456)
	=	0.251104	/	0.254689
	=	0.9859

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 - (441.154 + 98.61) / 1275.745)	/	(1 - (450.918 + 110.174) / 1295.435)
	=	0.576903	/	0.56687
	=	1.0177

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
	=	1576.456	/	1659.442
	=	0.95

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))
	=	(62.092 / (62.092 + 110.174))	/	(54.529 / (54.529 + 98.61))
	=	0.360443	/	0.356075
	=	1.0123

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)
	=	(0 / 1576.456)	/	(0 / 1659.442)
	=	0	/	0
	=	1

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)
	=	((144.39 + 385.399) / 1275.745)	/	((153.482 + 383.046) / 1295.435)
	=	0.415278	/	0.414168
	=	1.0027

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
	=	(14.812 - 0	-	76.907)	/	1275.745
	=	-0.048674

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.

Columbus AS has a M-score of -2.71 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 -2.71 mean?

Columbus AS (LTS:0NPJ) has a Beneish M-Score of -2.71 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Columbus AS and its competitors. According to the industry distribution chart, Columbus AS ranks #1005 out of 2634 companies in the Software industry, placing it in the top 38.2%.

Is Columbus AS's Beneish M-Score too high?

Columbus AS's current Beneish M-Score is -2.71. Based on the distribution chart, Columbus AS ranks #1005 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, Columbus AS has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Columbus AS's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, Columbus AS ranks #1005 out of 2634 companies for Beneish M-Score. This puts Columbus 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 Software company?

A good Beneish M-Score depends on the Software 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 Columbus AS and its competitors. Columbus AS's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Columbus AS stock overvalued right now?

Based on GuruFocus' analysis, Columbus AS (LTS:0NPJ) is currently considered Fairly Valued. The stock's GF Value™ is kr9.37, compared to a current price of kr9.94 — trading 6.1% above its estimated fair value. The current Beneish M-Score is -2.71. Columbus AS's overall GF Score™ is 69/100 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 Columbus AS (LTS:0NPJ), the current Beneish M-Score is -2.71 as of Jun. 26, 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 Columbus AS (LTS:0NPJ) Overvalued in 2026?

Based on GuruFocus' analysis, Columbus AS stock appears to be overvalued. The current stock price of kr9.94 is trading 6.1% above its estimated GF Value™ of kr9.37. GuruFocus considers Columbus AS to be Fairly Valued.

Key valuation signals for LTS:0NPJ:

Beneish M-Score: -2.71
GF Value™: kr9.37 vs. price of kr9.94 (6.1% above fair value)
GF Score™: 69/100 with 5 warning signs

No single metric tells the full story. See the LTS:0NPJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Columbus AS Business Description

Industry Technology Software

Comparable Companies OCSE:NNIT OCSE:TRIFOR OCSE:DATA OCSE:WIRTEK IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH BOM:507685 FIS XPAR:CAP TSE:4307 BR XKRX:307950

Other Exchanges COLUM:Denmark P1F:Germany

Address Lautrupvang 6, Ballerup, DNK, DK-2750

Website https://www.columbusglobal.com

Columbus AS is a digital consultancy company. The group specialises in solving complex challenges for customers in the manufacturing, retail and distribution, food and beverage, and life science industries. It delivers business-critical solutions in areas such as CloudERP, Data & Analytics, Application Management, Digital Commerce, Cybersecurity, AI Innovation, and ESG. The company's geographical segments include Sweden, Denmark, Norway, the UK, the U.S., and Other.

69GF Score

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

kr9.94

Price

kr9.37

GF Value

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