Cogefeed SpA (MIL:CGF) Beneish M-Score: 41.27 (As of Jun. 29, 2026) — 66% Below Median


MIL:CGF Cogefeed SpA MIL:CGF
16 GF Score
Price €1.25
! 8 Warning Signs
View Full Analysis

What is Cogefeed SpA Beneish M-Score?

Cogefeed SpA MIL:CGF 16 Beneish M-Score is 41.27 as of Jun. 29, 2026, which is 66% below its 10-year median of 122.86. GuruFocus rates MIL:CGF with a GF Score™ of 16/100. The stock has 8 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Cogefeed SpA ranks worse than 98.97% 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 41.27 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIL:CGF' s Beneish M-Score Range Over the Past 10 Years
Min: 41.27   Med: 122.86   Max: 204.44
Current: 41.27

During the past 4 years, the highest Beneish M-Score of Cogefeed SpA was 204.44. The lowest was 41.27. And the median was 122.86.

Cogefeed SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cogefeed 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.

Cogefeed SpA Beneish M-Score Chart

Cogefeed SpA Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 204.44 41.27

Cogefeed SpA Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 204.44 0.00 41.27

Cogefeed SpA Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Cogefeed 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.

Cogefeed SpA Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Cogefeed SpA's Beneish M-Score distribution charts can be found below:

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


MIL:CGF
16GF Score
Cogefeed SpA MIL:CGF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cogefeed 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 Cogefeed 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 * 0.0116+0.528 * -0.4956+0.404 * 0.5988+0.892 * 52.625+0.115 * 1.1211
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.090509-0.327 * 1.0762
=41.27

* 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 €0.29 Mil.
Revenue was €0.42 Mil.
Gross Profit was €2.97 Mil.
Total Current Assets was €12.56 Mil.
Total Assets was €24.06 Mil.
Property, Plant and Equipment(Net PPE) was €9.99 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.49 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €9.91 Mil.
Long-Term Debt & Capital Lease Obligation was €3.89 Mil.
Net Income was €-0.17 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €2.00 Mil.
 Total Receivables was €0.47 Mil.
Revenue was €0.01 Mil.
Gross Profit was €-0.03 Mil.
Total Current Assets was €12.00 Mil.
Total Assets was €20.03 Mil.
Property, Plant and Equipment(Net PPE) was €5.93 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.33 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €7.79 Mil.
Long-Term Debt & Capital Lease Obligation was €2.89 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)
=(0.29 / 0.421) / (0.474 / 0.008)
=0.688836 / 59.25
=0.0116

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)
=(-0.028 / 0.008) / (2.973 / 0.421)
=-3.5 / 7.061758
=-0.4956

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 - (12.564 + 9.986) / 24.064) / (1 - (12.002 + 5.927) / 20.034)
=0.062916 / 0.105071
=0.5988

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
=0.421 / 0.008
=52.625

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))
=(0.33 / (0.33 + 5.927)) / (0.493 / (0.493 + 9.986))
=0.052741 / 0.047046
=1.1211

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 / 0.421) / (0 / 0.008)
=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)
=((3.888 + 9.91) / 24.064) / ((2.889 + 7.785) / 20.034)
=0.573388 / 0.532794
=1.0762

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
=(-0.174 - 0 - 2.004) / 24.064
=-0.090509

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.

Cogefeed SpA has a M-score of 41.27 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 41.27 mean?
Cogefeed SpA (MIL:CGF) has a Beneish M-Score of 41.27 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cogefeed SpA and its competitors. This is 66% below median its historical median of 122.86. Over the past decade, Cogefeed SpA's Beneish M-Score has ranged from 41.27 to 204.44. According to the industry distribution chart, Cogefeed SpA ranks #386 out of 390 companies in the Utilities - Independent Power Producers industry, placing it in the top 99%.
Is Cogefeed SpA's Beneish M-Score too high?
Cogefeed SpA's current Beneish M-Score of 41.27 is 66% below median its 10-year median of 122.86. Over the past 10 years, this metric has ranged from a low of 41.27 to a high of 204.44. Based on the distribution chart, Cogefeed SpA ranks #386 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Cogefeed SpA has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Cogefeed SpA's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Cogefeed SpA ranks #386 out of 390 companies for Beneish M-Score. This places Cogefeed SpA in the lower half of its industry. Historically, Cogefeed SpA's own Beneish M-Score has ranged from 41.27 to 204.44 over the past decade. 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 Cogefeed SpA and its competitors. Cogefeed SpA's current Beneish M-Score is 41.27, which is 66% below median its own 10-year median of 122.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cogefeed SpA stock overvalued right now?
Cogefeed SpA (MIL:CGF) has a current Beneish M-Score of 41.27. The current Beneish M-Score is 41.27, which is 66% below median its 10-year median of 122.86. Cogefeed SpA's overall GF Score™ is 16/100 with 8 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 Cogefeed SpA (MIL:CGF), the current Beneish M-Score is 41.27 as of Jun. 29, 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.

Cogefeed SpA Business Description

Address Via Spadarea n. 11, Torraca, ITA, 84030
Cogefeed SpA specializes in renewable energy, providing sustainable solutions for energy efficiency and electricity production.
16GF Score

Get the complete analysis for MIL:CGF

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

€1.25
Price