Treasure ASA (LTS:0RIV) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


LTS:0RIV Treasure ASA LTS:0RIV
19 GF Score
Price kr39.50
! 5 Warning Signs
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What is Treasure ASA Beneish M-Score?

Treasure ASA LTS:0RIV 19 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates LTS:0RIV with a GF Score™ of 19/100. The stock has 5 warning signs investors should review.

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.

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

During the past 9 years, the highest Beneish M-Score of Treasure ASA was 0.00. The lowest was 0.00. And the median was 0.00.

LTS:0RIV
19GF Score
Treasure ASA LTS:0RIV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Treasure ASA 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 Treasure ASA 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was kr0 Mil.
Revenue was kr1,022 Mil.
Gross Profit was kr1,022 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr7,546 Mil.
Property, Plant and Equipment(Net PPE) was kr0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr6 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 Mil.
Net Income was kr980 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr166 Mil.
 Total Receivables was kr0 Mil.
Revenue was kr934 Mil.
Gross Profit was kr934 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr7,171 Mil.
Property, Plant and Equipment(Net PPE) was kr0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr5 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 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 / 1021.954) / (0 / 934.033)
=0 / 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)
=(934.033 / 934.033) / (1021.954 / 1021.954)
=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 + 0) / 7546.022) / (1 - (0 + 0) / 7170.638)
=1 / 1
=

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
=1021.954 / 934.033
=

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

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)
=(6.239 / 1021.954) / (4.779 / 934.033)
=0.006105 / 0.005117
=

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 + 0) / 7546.022) / ((0 + 0) / 7170.638)
=0 / 0
=

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
=(979.687 - 0 - 166.039) / 7546.022
=0.107825

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?
Treasure ASA (LTS:0RIV) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Treasure ASA and its competitors.
Is Treasure ASA's Beneish M-Score too high?
Treasure ASA's current Beneish M-Score is 0.00. Overall, Treasure ASA has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Treasure ASA's Beneish M-Score compare to BLK and BX?
Treasure ASA's Beneish M-Score of 0.00 can be compared against companies in the Asset Management 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Treasure ASA and its competitors. Treasure ASA'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 Treasure ASA stock overvalued right now?
Treasure ASA (LTS:0RIV) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Treasure ASA's overall GF Score™ is 19/100 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 Treasure ASA (LTS:0RIV), the current Beneish M-Score is 0.00 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.

Treasure ASA Business Description

Address Strandveien 20, Lysaker, NOR, NO-1366
Treasure ASA operates in the maritime and offshore logistics sectors. The group operates through three main segments: Maritime Services, New Energy, and Strategic Holdings and Investments. The main activities of the Maritime Services segment are the provision of products and services for the merchant fleet. This includes offerings such as marine chemicals, gases, ropes, welding, speciality lubricants, cleaning equipment, refrigeration equipment, and various maritime solutions. The main activities of the New Energy segment are the operation of supply bases for the offshore industry, and investments in infrastructure, logistics, offshore wind, remote solutions, and digital innovation. It generates majority of revenue from the Maritime Services segment.
19GF Score

Get the complete analysis for LTS:0RIV

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

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