ALA SpA (MIL:ALA) Beneish M-Score: -1.90 (As of Jun. 25, 2026)

What is ALA SpA Beneish M-Score?

ALA SpA MIL:ALA 66 Beneish M-Score is -1.90 as of Jun. 25, 2026. GuruFocus rates MIL:ALA with a GF Score™ of 66/100 and a GF Value™ of €30.35. The stock has 6 warning signs investors should review.

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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:ALA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.55 Med: -2.39 Max: -1.87
Current: -1.9

During the past 7 years, the highest Beneish M-Score of ALA SpA was -1.87. The lowest was -2.55. And the median was -2.39.

ALA SpA Beneish M-Score Related Terms

ALA SpA Beneish M-Score Historical Data

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The historical data trend for ALA 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.

ALA SpA Beneish M-Score Chart

ALA SpA Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.39

-2.55

-1.87

-2.43

-1.90

ALA SpA Semi-Annual Data
	Dec18	Dec19	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25
Beneish M-Score	Get a 7-Day Free Trial							0.00	-2.43	0.00	-1.90	0.00

MIL:ALA vs GWW, FAST, FERG: Beneish M-Score Comparison

For the Industrial Distribution subindustry, ALA 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.

ALA SpA Beneish M-Score vs Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, ALA SpA's Beneish M-Score distribution charts can be found below:

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

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66GF Score

ALA SpA MIL:ALA

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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ALA 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 ALA SpA for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.961

0.528 * 0.9845

0.404 * 0.7922

0.892 * 1.2612

0.115 * 1.1346

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.099303

0.327 * 1.0099

-1.90

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €38.5 Mil.
Revenue was €289.8 Mil.
Gross Profit was €89.6 Mil.
Total Current Assets was €194.3 Mil.
Total Assets was €235.4 Mil.
Property, Plant and Equipment(Net PPE) was €6.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.6 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €105.8 Mil.
Long-Term Debt & Capital Lease Obligation was €45.0 Mil.
Net Income was €16.9 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €-6.5 Mil.

Total Receivables was €31.7 Mil.
Revenue was €229.7 Mil.
Gross Profit was €69.9 Mil.
Total Current Assets was €161.0 Mil.
Total Assets was €203.4 Mil.
Property, Plant and Equipment(Net PPE) was €4.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €86.3 Mil.
Long-Term Debt & Capital Lease Obligation was €42.7 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)
	=	(38.459 / 289.755)	/	(31.733 / 229.749)
	=	0.132729	/	0.13812
	=	0.961

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)
	=	(69.929 / 229.749)	/	(89.58 / 289.755)
	=	0.304371	/	0.309158
	=	0.9845

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 - (194.319 + 6.411) / 235.41)	/	(1 - (160.976 + 4.584) / 203.383)
	=	0.147317	/	0.185969
	=	0.7922

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
	=	289.755	/	229.749
	=	1.2612

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))
	=	(4.133 / (4.133 + 4.584))	/	(4.602 / (4.602 + 6.411))
	=	0.474131	/	0.41787
	=	1.1346

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 / 289.755)	/	(0 / 229.749)
	=	0	/	0
	=	1

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)
	=	((45.029 + 105.753) / 235.41)	/	((42.665 + 86.326) / 203.383)
	=	0.640508	/	0.634227
	=	1.0099

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
	=	(16.88 - 0	-	-6.497)	/	235.41
	=	0.099303

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.

ALA SpA has a M-score of -1.90 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 -1.90 mean?

ALA SpA (MIL:ALA) has a Beneish M-Score of -1.90 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ALA SpA and its competitors.

Is ALA SpA's Beneish M-Score too high?

ALA SpA's current Beneish M-Score is -1.90. Overall, ALA SpA has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.

How does ALA SpA's Beneish M-Score compare to GWW and FAST?

ALA SpA's Beneish M-Score of -1.90 can be compared against companies in the Industrial Distribution 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 Industrial Distribution company?

A good Beneish M-Score depends on the Industrial Distribution 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 ALA SpA and its competitors. ALA SpA's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ALA SpA stock overvalued right now?

ALA SpA (MIL:ALA) has a current Beneish M-Score of -1.90. The stock's GF Value™ is €30.35, compared to a current price of €36.00 — trading 18.6% above its estimated fair value. The current Beneish M-Score is -1.90. ALA SpA's overall GF Score™ is 66/100 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 ALA SpA (MIL:ALA), the current Beneish M-Score is -1.90 as of Jun. 25, 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 ALA SpA (MIL:ALA) Overvalued in 2026?

Based on GuruFocus' analysis, ALA SpA stock appears to be overvalued. The current stock price of €36.00 is trading 18.6% above its estimated GF Value™ of €30.35.

Key valuation signals for MIL:ALA:

Beneish M-Score: -1.90
GF Value™: €30.35 vs. price of €36.00 (18.6% above fair value)
GF Score™: 66/100 with 6 warning signs

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

ALA SpA Business Description

Industry Industrials Industrial Distribution

Comparable Companies GWW FAST FERG QXO WSO WCC CNM AIT TSX:TIH LSE:DPLM OSTO:ADDT B OSTO:INDT POOL OSTO:BEIJ B WBO:ANDR TSX:FTT SITE ASX:REH REZI MSM

Address 54 Viale JF Kennedy, Mostra d'Oltremare, Naples, ITA, 80125

Website https://www.alacorporation.com

ALA SpA is a distributor and supply chain solutions provider to the industrial markets. It is involved in the distribution of components and equipment for use in the civil and military aeronautical sectors. The company also offers integrated logistics services for the rail, energy, and marine sectors. Its various product offerings include power systems, oxygen systems, gate valves, protection valves, fasteners, regulators, and others. Geographically, the company derives maximum revenue from its business in Italy and the rest from other parts of the European Union and other regions.

66GF Score

Get the complete analysis for MIL:ALA

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

€36.00

Price

€30.35

GF Value

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