Adventure SpA (MIL:ADV) Beneish M-Score: -0.37 (As of Jul. 14, 2026)

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MIL:ADV Adventure SpA MIL:ADV
15 GF Score
Price €12.00
! 6 Warning Signs
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What is Adventure SpA Beneish M-Score?

Adventure SpA MIL:ADV +23.08% 15 Beneish M-Score is -0.37 as of Jul. 14, 2026. GuruFocus rates MIL:ADV with a GF Score™ of 15/100. The stock has 6 warning signs investors should review. Among 2,631 Software companies, Adventure SpA ranks worse than 92.25% 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.

Warning Sign:

Beneish M-Score -0.37 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIL:ADV' s Beneish M-Score Range Over the Past 10 Years
Min: -1.23   Med: -0.8   Max: -0.37
Current: -0.37

During the past 4 years, the highest Beneish M-Score of Adventure SpA was -0.37. The lowest was -1.23. And the median was -0.80.

Adventure SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Adventure SpA'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.

Adventure SpA Beneish M-Score Chart

Adventure SpA Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.23 -0.37

Adventure SpA Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -1.23 0.00 -0.37

MIL:ADV vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Adventure SpA'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.

Adventure SpA Beneish M-Score vs Software Industry

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

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


MIL:ADV
15GF Score
Adventure SpA MIL:ADV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Adventure SpA 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 Adventure SpA 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 * 1.555+0.528 * 1.1551+0.404 * 1.6088+0.892 * 1.4892+0.115 * 0.8454
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.111152-0.327 * 0.5116
=-0.37

* 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 €7.86 Mil.
Revenue was €16.71 Mil.
Gross Profit was €13.36 Mil.
Total Current Assets was €12.81 Mil.
Total Assets was €24.57 Mil.
Property, Plant and Equipment(Net PPE) was €1.45 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.71 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €7.21 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.17 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-2.90 Mil.
 Total Receivables was €3.40 Mil.
Revenue was €11.22 Mil.
Gross Profit was €10.36 Mil.
Total Current Assets was €6.95 Mil.
Total Assets was €10.84 Mil.
Property, Plant and Equipment(Net PPE) was €1.07 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.31 Mil.
Selling, General, & Admin. Expense(SGA) was €2.57 Mil.
Total Current Liabilities was €4.69 Mil.
Long-Term Debt & Capital Lease Obligation was €1.53 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)
=(7.862 / 16.706) / (3.395 / 11.218)
=0.470609 / 0.302639
=1.555

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)
=(10.361 / 11.218) / (13.358 / 16.706)
=0.923605 / 0.799593
=1.1551

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 - (12.81 + 1.454) / 24.57) / (1 - (6.948 + 1.068) / 10.843)
=0.419455 / 0.260721
=1.6088

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
=16.706 / 11.218
=1.4892

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))
=(1.306 / (1.306 + 1.068)) / (2.709 / (2.709 + 1.454))
=0.550126 / 0.650733
=0.8454

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 / 16.706) / (2.566 / 11.218)
=0 / 0.22874
=0

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 + 7.213) / 24.57) / ((1.528 + 4.694) / 10.843)
=0.293569 / 0.573826
=0.5116

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
=(-0.169 - 0 - -2.9) / 24.57
=0.111152

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.

Adventure SpA has a M-score of -0.37 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 -0.37 mean?
Adventure SpA (MIL:ADV) has a Beneish M-Score of -0.37 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Adventure SpA and its competitors. According to the industry distribution chart, Adventure SpA ranks #2427 out of 2631 companies in the Software industry, placing it in the top 92.2%.
Is Adventure SpA's Beneish M-Score too high?
Adventure SpA's current Beneish M-Score is -0.37. Based on the distribution chart, Adventure SpA ranks #2427 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Adventure SpA has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Adventure SpA's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Adventure SpA ranks #2427 out of 2631 companies for Beneish M-Score. This places Adventure SpA 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 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 Adventure SpA and its competitors. Adventure SpA's current Beneish M-Score is -0.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adventure SpA stock overvalued right now?
Adventure SpA (MIL:ADV) has a current Beneish M-Score of -0.37. The current Beneish M-Score is -0.37. Adventure SpA's overall GF Score™ is 15/100 with 6 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 Adventure SpA (MIL:ADV), the current Beneish M-Score is -0.37 as of Jul. 14, 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.

Adventure SpA Business Description

Address Via Bertola 2, Torino, ITA, IT-10121
Adventure SpA operates as an online rate comparison platform. The company is engaged in providing carious services that includes lead generation solutions, Advertising solutions, Web development solutions, operational efficiency improvement, and others. The core business of the company is through the portal ameconviene.it a website dedicated to providing consumers with in-depth and up-to-date services and information on tracking the value for its finances, with a focus on home savings, investments, and smart financial choices.
15GF Score

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

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