DSM-Firmenich AG (MEX:DSFIR N) Beneish M-Score: -3.29 (As of Jun. 24, 2026)


MEX:DSFIR N DSM-Firmenich AG MEX:DSFIR N
51 GF Score
Price MXN1,301.79
GF Value MXN1,302.81
! 5 Warning Signs
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What is DSM-Firmenich AG Beneish M-Score?

DSM-Firmenich AG MEX:DSFIR N 51 Beneish M-Score is -3.29 as of Jun. 24, 2026. GuruFocus rates MEX:DSFIR N with a GF Score™ of 51/100 and a GF Value™ of MXN1,302.81. The stock has 5 warning signs investors should review. Among 1,529 Chemicals companies, DSM-Firmenich AG ranks better than 91.89% 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 -3.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:DSFIR N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -3.1   Max: -2.91
Current: -3.29

During the past 4 years, the highest Beneish M-Score of DSM-Firmenich AG was -2.91. The lowest was -3.29. And the median was -3.10.

DSM-Firmenich AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DSM-Firmenich AG'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.

DSM-Firmenich AG Beneish M-Score Chart

DSM-Firmenich AG Annual Data
Trend Dec21 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.91 -3.29

DSM-Firmenich AG Semi-Annual Data
Jun22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.91 0.00 -3.29

MEX:DSFIR N vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, DSM-Firmenich AG'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.

DSM-Firmenich AG Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, DSM-Firmenich AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DSM-Firmenich AG's Beneish M-Score falls into.


MEX:DSFIR N
51GF Score
DSM-Firmenich AG MEX:DSFIR N
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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DSM-Firmenich AG 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 DSM-Firmenich AG 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 * 0.7137+0.528 * 1.0043+0.404 * 0.9738+0.892 * 0.9633+0.115 * 0.401
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0031+4.679 * -0.086079-0.327 * 1.203
=-3.32

* 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 MXN40,270 Mil.
Revenue was MXN190,472 Mil.
Gross Profit was MXN74,426 Mil.
Total Current Assets was MXN187,500 Mil.
Total Assets was MXN618,709 Mil.
Property, Plant and Equipment(Net PPE) was MXN88,004 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN65,824 Mil.
Selling, General, & Admin. Expense(SGA) was MXN46,511 Mil.
Total Current Liabilities was MXN117,923 Mil.
Long-Term Debt & Capital Lease Obligation was MXN76,261 Mil.
Net Income was MXN-22,792 Mil.
Gross Profit was MXN0 Mil.
Cash Flow from Operations was MXN30,466 Mil.
 Total Receivables was MXN58,571 Mil.
Revenue was MXN197,725 Mil.
Gross Profit was MXN77,592 Mil.
Total Current Assets was MXN192,156 Mil.
Total Assets was MXN736,981 Mil.
Property, Plant and Equipment(Net PPE) was MXN125,025 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN25,900 Mil.
Selling, General, & Admin. Expense(SGA) was MXN48,132 Mil.
Total Current Liabilities was MXN95,216 Mil.
Long-Term Debt & Capital Lease Obligation was MXN97,050 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)
=(40270.359 / 190472.475) / (58570.667 / 197725.139)
=0.211424 / 0.296223
=0.7137

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)
=(77591.939 / 197725.139) / (74426.371 / 190472.475)
=0.392423 / 0.390746
=1.0043

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 - (187499.637 + 88004.44) / 618708.743) / (1 - (192156.34 + 125025.008) / 736981.474)
=0.554711 / 0.569621
=0.9738

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
=190472.475 / 197725.139
=0.9633

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))
=(25900.377 / (25900.377 + 125025.008)) / (65824.116 / (65824.116 + 88004.44))
=0.17161 / 0.427906
=0.401

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)
=(46511.211 / 190472.475) / (48131.898 / 197725.139)
=0.244189 / 0.243428
=1.0031

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)
=((76260.676 + 117922.576) / 618708.743) / ((97049.98 + 95215.552) / 736981.474)
=0.313852 / 0.260882
=1.203

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
=(-22791.758 - 0 - 30466.319) / 618708.743
=-0.086079

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.

DSM-Firmenich AG has a M-score of -3.32 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 -3.29 mean?
DSM-Firmenich AG (MEX:DSFIR N) has a Beneish M-Score of -3.29 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DSM-Firmenich AG and its competitors. According to the industry distribution chart, DSM-Firmenich AG ranks #124 out of 1529 companies in the Chemicals industry, placing it in the top 8.1%.
Is DSM-Firmenich AG's Beneish M-Score too high?
DSM-Firmenich AG's current Beneish M-Score is -3.29. Based on the distribution chart, DSM-Firmenich AG ranks #124 out of 1529 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, DSM-Firmenich AG has a GF Score™ of 51/100, reflecting its overall financial health beyond just this single metric.
How does DSM-Firmenich AG's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, DSM-Firmenich AG ranks #124 out of 1529 companies for Beneish M-Score. This places DSM-Firmenich AG in the top 8% of its industry — outperforming the majority of peers. 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 DSM-Firmenich AG and its competitors. DSM-Firmenich AG's current Beneish M-Score is -3.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DSM-Firmenich AG stock overvalued right now?
DSM-Firmenich AG (MEX:DSFIR N) has a current Beneish M-Score of -3.29. The stock's GF Value™ is MXN1,302.81, compared to a current price of MXN1,301.79 — trading 0.1% below its estimated fair value. The current Beneish M-Score is -3.29. DSM-Firmenich AG's overall GF Score™ is 51/100 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 DSM-Firmenich AG (MEX:DSFIR N), the current Beneish M-Score is -3.29 as of Jun. 24, 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 DSM-Firmenich AG (MEX:DSFIR N) Overvalued in 2026?

Based on GuruFocus' analysis, DSM-Firmenich AG stock appears to be undervalued. The current stock price of MXN1,301.79 is trading 0.1% below its estimated GF Value™ of MXN1,302.81.

Key valuation signals for MEX:DSFIR N:

  • Beneish M-Score: -3.29
  • GF Value™: MXN1,302.81 vs. price of MXN1,301.79 (0.1% below fair value)
  • GF Score™: 51/100 with 5 warning signs

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

DSM-Firmenich AG Business Description

Address Wurmisweg 576, Kaiseraugst, CHE, 4303
DSM-Firmenich is a global science-based company formed in 2023 through the merger of DSM, a Dutch nutrition, health, and sustainable living player, and Switzerland-based Firmenich, the third-largest player in the flavor and fragrance market. The company serves a wide range of end-consumer markets providing nutrition solutions ranging from medical and early-life nutrition, fragrances for personal-, home-, and laundry-care brands, prestige perfumes, and other ingredients for food and beverage, home, and personal care. DSM-Firmenich has nearly 30,000 employees, with more than 2,000 scientists and engineers spread across 15 research and development facilities.
51GF Score

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

MXN1,301.79
Price
MXN1,302.81
GF Value