Dedem SpA (MIL:DDM) Beneish M-Score: -2.77 (As of Jul. 02, 2026)


MIL:DDM Dedem SpA MIL:DDM
13 GF Score
Price €3.20
! 3 Warning Signs
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What is Dedem SpA Beneish M-Score?

Dedem SpA MIL:DDM 13 Beneish M-Score is -2.77 as of Jul. 02, 2026. GuruFocus rates MIL:DDM with a GF Score™ of 13/100. The stock has 3 warning signs investors should review. Among 820 Travel & Leisure companies, Dedem SpA ranks better than 63.29% 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:DDM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77   Med: -2.77   Max: -2.77
Current: -2.77

During the past 3 years, the highest Beneish M-Score of Dedem SpA was -2.77. The lowest was -2.77. And the median was -2.77.

Dedem SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dedem 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.

Dedem SpA Beneish M-Score Chart

Dedem SpA Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.77

Dedem SpA Semi-Annual Data
Dec23 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 -2.77

MIL:DDM vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Dedem 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.

Dedem SpA Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Dedem SpA's Beneish M-Score distribution charts can be found below:

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


MIL:DDM
13GF Score
Dedem SpA MIL:DDM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dedem 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 Dedem 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 * 1.152+0.528 * 0.6725+0.404 * 1.0383+0.892 * 0.9799+0.115 * 0.9136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.092668-0.327 * 0.9521
=-2.77

* 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 €16.4 Mil.
Revenue was €112.4 Mil.
Gross Profit was €88.6 Mil.
Total Current Assets was €41.7 Mil.
Total Assets was €123.9 Mil.
Property, Plant and Equipment(Net PPE) was €42.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €12.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €44.6 Mil.
Long-Term Debt & Capital Lease Obligation was €23.3 Mil.
Net Income was €1.8 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €13.3 Mil.
 Total Receivables was €14.5 Mil.
Revenue was €114.7 Mil.
Gross Profit was €60.8 Mil.
Total Current Assets was €32.9 Mil.
Total Assets was €104.1 Mil.
Property, Plant and Equipment(Net PPE) was €39.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.9 Mil.
Selling, General, & Admin. Expense(SGA) was €2.4 Mil.
Total Current Liabilities was €44.6 Mil.
Long-Term Debt & Capital Lease Obligation was €15.2 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)
=(16.415 / 112.362) / (14.541 / 114.661)
=0.14609 / 0.126817
=1.152

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)
=(60.774 / 114.661) / (88.56 / 112.362)
=0.530032 / 0.788167
=0.6725

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 - (41.718 + 42.624) / 123.937) / (1 - (32.916 + 39.12) / 104.05)
=0.319477 / 0.307679
=1.0383

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
=112.362 / 114.661
=0.9799

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))
=(9.889 / (9.889 + 39.12)) / (12.082 / (12.082 + 42.624))
=0.201779 / 0.220853
=0.9136

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 / 112.362) / (2.367 / 114.661)
=0 / 0.020643
=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)
=((23.267 + 44.63) / 123.937) / ((15.231 + 44.64) / 104.05)
=0.547835 / 0.575406
=0.9521

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
=(1.798 - 0 - 13.283) / 123.937
=-0.092668

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.

Dedem SpA has a M-score of -2.77 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 -2.77 mean?
Dedem SpA (MIL:DDM) has a Beneish M-Score of -2.77 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dedem SpA and its competitors. According to the industry distribution chart, Dedem SpA ranks #301 out of 820 companies in the Travel & Leisure industry, placing it in the top 36.7%.
Is Dedem SpA's Beneish M-Score too high?
Dedem SpA's current Beneish M-Score is -2.77. Based on the distribution chart, Dedem SpA ranks #301 out of 820 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Dedem SpA has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Dedem SpA's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Dedem SpA ranks #301 out of 820 companies for Beneish M-Score. This puts Dedem SpA in the upper 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Dedem SpA and its competitors. Dedem SpA's current Beneish M-Score is -2.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dedem SpA stock overvalued right now?
Dedem SpA (MIL:DDM) has a current Beneish M-Score of -2.77. The current Beneish M-Score is -2.77. Dedem SpA's overall GF Score™ is 13/100 with 3 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 Dedem SpA (MIL:DDM), the current Beneish M-Score is -2.77 as of Jul. 02, 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.

Dedem SpA Business Description

Address Via Cancelliera 59, Ariccia, Roma, ITA, 00072
Dedem SpA is engaged in the design, production, and distribution of automatic passport photo booths. The company also develops and operates amusement rides and interactive attractions for children. Its business activities are principally divided into three activities: digital services Photobooth that involves management of ID photo booths in Italy (Dedem) and Spain (Tecnotron); development of children's attractions by managing entertainment and leisure spaces and stores, located in shopping malls; and others including 3D printing services, IT services, etc. The majority of the company's revenue is generated in Italy, followed by European Union countries, and other countries.
13GF Score

Get the complete analysis for MIL:DDM

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

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