Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Warning Sign:
Beneish M-Score -0.03 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Wholesale Generation Co-2's Beneish M-Score or its related term are showing as below:
MIC:OGKB'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.75 Max: 2.65
Current: -0.03
During the past 13 years, the highest Beneish M-Score of Wholesale Generation Co-2 was 2.65. The lowest was -3.28. And the median was -2.75.
* 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.
MIC:OGKB vs CEG, VST, NRG: Beneish M-Score Comparison
For the Utilities - Independent Power Producers subindustry, Wholesale Generation Co-2'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.
Wholesale Generation Co-2 Beneish M-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Wholesale Generation Co-2's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wholesale Generation Co-2's Beneish M-Score falls into.
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 Wholesale Generation Co-2 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 * 3.9706
+
0.528 * 1.1629
+
0.404 * 0.8926
+
0.892 * 1.1229
+
0.115 * 0.8221
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9909
+
4.679 * -0.044841
-
0.327 * 1.6227
=
-0.03
* 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.
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.
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))
=
(10750 / (10750 + 167512))
/
(11361 / (11361 + 143527))
=
0.060304
/
0.07335
=
0.8221
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
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
=
(-2592 - 0
-
9182)
/
262575
=
-0.044841
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.
Wholesale Generation Co-2 has a M-score of -0.03 signals that the company is likely to be a manipulator.
Wholesale Generation Co-2 (MIC:OGKB) has a Beneish M-Score of -0.03 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wholesale Generation Co-2 and its competitors. According to the industry distribution chart, Wholesale Generation Co-2 ranks #362 out of 396 companies in the Utilities - Independent Power Producers industry, placing it in the top 91.4%.
Is Wholesale Generation Co-2's Beneish M-Score too high?
Wholesale Generation Co-2's current Beneish M-Score is -0.03. Based on the distribution chart, Wholesale Generation Co-2 ranks #362 out of 396 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Wholesale Generation Co-2 has a GF Score™ of 20/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Wholesale Generation Co-2's Beneish M-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, Wholesale Generation Co-2 ranks #362 out of 396 companies for Beneish M-Score. This places Wholesale Generation Co-2 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 Wholesale Generation Co-2 and its competitors. Wholesale Generation Co-2's current Beneish M-Score is -0.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wholesale Generation Co-2 stock overvalued right now?
Based on GuruFocus' analysis, Wholesale Generation Co-2 (MIC:OGKB) is currently considered Possible Value Trap. The stock's GF Value™ is ₽0.39, compared to a current price of ₽0.22 — trading 43.5% below its estimated fair value. The current Beneish M-Score is -0.03. Wholesale Generation Co-2's overall GF Score™ is 20/100 with 7 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 Wholesale Generation Co-2 (MIC:OGKB), the current Beneish M-Score is -0.03 as of Sep. 05, 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 Wholesale Generation Co-2 (MIC:OGKB) Overvalued in 2026?
Based on GuruFocus' analysis, Wholesale Generation Co-2 stock appears to be undervalued.
The current stock price of ₽0.22 is trading 43.5% below its estimated GF Value™ of ₽0.39.
GuruFocus considers Wholesale Generation Co-2 to be Possible Value Trap.
Key valuation signals for MIC:OGKB:
Beneish M-Score: -0.03
GF Value™: ₽0.39 vs. price of ₽0.22 (43.5% below fair value)
No single metric tells the full story. See the MIC:OGKB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wholesale Generation Co-2, formerly OGK-2 JSC is a Russian company that is engaged in the business of generation and sale of electric and heat power. It mainly focuses on the production and sale of electricity and thermal energy in the wholesale market of electric energy (power). The company operates through power stations namely Kirishskaya GRES, Surgutskaya GRES-1, Novocherkasskaya GRES, Stavropolskaya GRES, Troitskaya GRES, Ryazanskaya GRES, Serovskaya among others.
20GF Score
Get the complete analysis for MIC:OGKB
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIC:OGKB has been successfully added to your 
