Swissquote Group Holding (LTS:0QLD) Beneish M-Score: -2.69 (As of Jun. 26, 2026)


LTS:0QLD Swissquote Group Holding SA LTS:0QLD
84 GF Score
Price CHF38.35
GF Value CHF38.44
Valuation Fairly Valued
! 1 Warning Sign
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What is Swissquote Group Holding Beneish M-Score?

Swissquote Group Holding LTS:0QLD +0.90% 84 Beneish M-Score is -2.69 as of Jun. 26, 2026. GuruFocus rates LTS:0QLD with a GF Score™ of 84/100 and a GF Value™ of CHF38.44 (Fairly Valued). The stock has 1 warning sign investors should review. Among 702 Capital Markets companies, Swissquote Group Holding ranks better than 74.93% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0QLD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.69   Max: -2.23
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Swissquote Group Holding was -2.23. The lowest was -2.80. And the median was -2.69.

LTS:0QLD
84GF Score
Swissquote Group Holding SA LTS:0QLD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Swissquote Group Holding 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 Swissquote Group Holding 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 * 1+0.528 * 1+0.404 * 0.9995+0.892 * 1.0902+0.115 * 1.0443
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2201+4.679 * -0.085472-0.327 * 0.5512
=-2.69

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was CHF0.0 Mil.
Revenue was CHF724.2 Mil.
Gross Profit was CHF724.2 Mil.
Total Current Assets was CHF0.0 Mil.
Total Assets was CHF16,052.4 Mil.
Property, Plant and Equipment(Net PPE) was CHF107.8 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF55.9 Mil.
Selling, General, & Admin. Expense(SGA) was CHF46.1 Mil.
Total Current Liabilities was CHF0.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF7.3 Mil.
Net Income was CHF366.4 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF1,738.4 Mil.
 Total Receivables was CHF0.0 Mil.
Revenue was CHF664.3 Mil.
Gross Profit was CHF664.3 Mil.
Total Current Assets was CHF0.0 Mil.
Total Assets was CHF13,290.0 Mil.
Property, Plant and Equipment(Net PPE) was CHF82.7 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF45.8 Mil.
Selling, General, & Admin. Expense(SGA) was CHF34.7 Mil.
Total Current Liabilities was CHF0.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF10.9 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 / 724.225) / (0 / 664.331)
=0 / 0
=1

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)
=(664.331 / 664.331) / (724.225 / 724.225)
=1 / 1
=1

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 - (0 + 107.816) / 16052.375) / (1 - (0 + 82.686) / 13290.011)
=0.993283 / 0.993778
=0.9995

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
=724.225 / 664.331
=1.0902

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))
=(45.821 / (45.821 + 82.686)) / (55.896 / (55.896 + 107.816))
=0.356564 / 0.341429
=1.0443

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)
=(46.148 / 724.225) / (34.696 / 664.331)
=0.063721 / 0.052227
=1.2201

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)
=((7.255 + 0) / 16052.375) / ((10.898 + 0) / 13290.011)
=0.000452 / 0.00082
=0.5512

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
=(366.392 - 0 - 1738.414) / 16052.375
=-0.085472

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.

Swissquote Group Holding has a M-score of -2.69 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 -2.69 mean?
Swissquote Group Holding (LTS:0QLD) has a Beneish M-Score of -2.69 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swissquote Group Holding and its competitors. According to the industry distribution chart, Swissquote Group Holding ranks #176 out of 702 companies in the Capital Markets industry, placing it in the top 25.1%.
Is Swissquote Group Holding's Beneish M-Score too high?
Swissquote Group Holding's current Beneish M-Score is -2.69. Based on the distribution chart, Swissquote Group Holding ranks #176 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Swissquote Group Holding has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Swissquote Group Holding's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Swissquote Group Holding ranks #176 out of 702 companies for Beneish M-Score. This puts Swissquote Group Holding 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Swissquote Group Holding and its competitors. Swissquote Group Holding's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swissquote Group Holding stock overvalued right now?
Based on GuruFocus' analysis, Swissquote Group Holding (LTS:0QLD) is currently considered Fairly Valued. The stock's GF Value™ is CHF38.44, compared to a current price of CHF38.35 — trading 0.2% below its estimated fair value. The current Beneish M-Score is -2.69. Swissquote Group Holding's overall GF Score™ is 84/100 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 Swissquote Group Holding (LTS:0QLD), the current Beneish M-Score is -2.69 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 Swissquote Group Holding (LTS:0QLD) Overvalued in 2026?

Based on GuruFocus' analysis, Swissquote Group Holding stock appears to be undervalued. The current stock price of CHF38.35 is trading 0.2% below its estimated GF Value™ of CHF38.44. GuruFocus considers Swissquote Group Holding to be Fairly Valued.

Key valuation signals for LTS:0QLD:

  • Beneish M-Score: -2.69
  • GF Value™: CHF38.44 vs. price of CHF38.35 (0.2% below fair value)
  • GF Score™: 84/100 with 1 warning sign

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

Swissquote Group Holding Business Description

Address Chemin de la Cretaux 33, Case Postale 319, Gland, CHE, 1196
Swissquote Group Holding SA and its subsidiaries provide a comprehensive suite of online financial services to various customers, ranging from retail investors, affluent investors, to professional and institutional customers. The Group operates in Switzerland through Swissquote Bank Ltd and Yuh Ltd, and globally under the Swissquote brand with offices located in Europe, the Middle East and Africa, and Asia Pacific. Its operating segments are: Securities trading, Leveraged forex, and Neobanking. Maximum revenue is generated from the Securities trading segment, which provides trading services (including custody services) by means of tools to trade, in real time, in different asset classes, and offers investment, decision-making, risk-monitoring, and margin-lending services to its clients.
84GF Score

Get the complete analysis for LTS:0QLD

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

CHF38.35
Price
CHF38.44
GF Value