Ecomembrane SpA (MIL:ECMB) Beneish M-Score: -2.22 (As of Jun. 26, 2026)


MIL:ECMB Ecomembrane SpA MIL:ECMB
55 GF Score
Price €5.30
GF Value €10.53
Valuation Significantly Undervalued
! 6 Warning Signs
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What is Ecomembrane SpA Beneish M-Score?

Ecomembrane SpA MIL:ECMB -2.75% 55 Beneish M-Score is -2.22 as of Jun. 26, 2026. GuruFocus rates MIL:ECMB with a GF Score™ of 55/100 and a GF Value™ of €10.53 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 373 Packaging & Containers companies, Ecomembrane SpA ranks worse than 74.26% 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:ECMB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.22   Max: -1.64
Current: -2.22

During the past 5 years, the highest Beneish M-Score of Ecomembrane SpA was -1.64. The lowest was -2.67. And the median was -2.22.

Ecomembrane SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ecomembrane 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.

Ecomembrane SpA Beneish M-Score Chart

Ecomembrane SpA Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.64 -2.67 -2.22

Ecomembrane SpA Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -1.64 0.00 -2.67 0.00 -2.22

MIL:ECMB vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Ecomembrane 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.

Ecomembrane SpA Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Ecomembrane SpA's Beneish M-Score distribution charts can be found below:

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


MIL:ECMB
55GF Score
Ecomembrane SpA MIL:ECMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ecomembrane 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 Ecomembrane 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 * 1.1026+0.528 * 0.8952+0.404 * 0.6357+0.892 * 1.2795+0.115 * 0.8364
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8186+4.679 * 0.044489-0.327 * 1.3001
=-2.22

* 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 €10.63 Mil.
Revenue was €25.71 Mil.
Gross Profit was €17.78 Mil.
Total Current Assets was €35.41 Mil.
Total Assets was €40.28 Mil.
Property, Plant and Equipment(Net PPE) was €1.41 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.21 Mil.
Selling, General, & Admin. Expense(SGA) was €1.84 Mil.
Total Current Liabilities was €19.60 Mil.
Long-Term Debt & Capital Lease Obligation was €3.25 Mil.
Net Income was €1.14 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.65 Mil.
 Total Receivables was €7.54 Mil.
Revenue was €20.10 Mil.
Gross Profit was €12.44 Mil.
Total Current Assets was €22.99 Mil.
Total Assets was €28.58 Mil.
Property, Plant and Equipment(Net PPE) was €1.72 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.08 Mil.
Selling, General, & Admin. Expense(SGA) was €1.75 Mil.
Total Current Liabilities was €8.02 Mil.
Long-Term Debt & Capital Lease Obligation was €4.45 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)
=(10.633 / 25.714) / (7.537 / 20.097)
=0.41351 / 0.375031
=1.1026

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)
=(12.442 / 20.097) / (17.783 / 25.714)
=0.619097 / 0.691569
=0.8952

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 - (35.406 + 1.407) / 40.28) / (1 - (22.99 + 1.721) / 28.581)
=0.086072 / 0.135405
=0.6357

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
=25.714 / 20.097
=1.2795

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))
=(1.082 / (1.082 + 1.721)) / (1.206 / (1.206 + 1.407))
=0.386015 / 0.461538
=0.8364

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)
=(1.835 / 25.714) / (1.752 / 20.097)
=0.071362 / 0.087177
=0.8186

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)
=((3.245 + 19.603) / 40.28) / ((4.446 + 8.024) / 28.581)
=0.567229 / 0.436304
=1.3001

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
=(1.141 - 0 - -0.651) / 40.28
=0.044489

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.

Ecomembrane SpA has a M-score of -2.22 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 -2.22 mean?
Ecomembrane SpA (MIL:ECMB) has a Beneish M-Score of -2.22 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ecomembrane SpA and its competitors. According to the industry distribution chart, Ecomembrane SpA ranks #277 out of 373 companies in the Packaging & Containers industry, placing it in the top 74.3%.
Is Ecomembrane SpA's Beneish M-Score too high?
Ecomembrane SpA's current Beneish M-Score is -2.22. Based on the distribution chart, Ecomembrane SpA ranks #277 out of 373 companies in the Packaging & Containers industry, which is below the industry midpoint. Overall, Ecomembrane SpA has a GF Score™ of 55/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ecomembrane SpA's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Ecomembrane SpA ranks #277 out of 373 companies for Beneish M-Score. This places Ecomembrane 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Ecomembrane SpA and its competitors. Ecomembrane SpA's current Beneish M-Score is -2.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ecomembrane SpA stock overvalued right now?
Based on GuruFocus' analysis, Ecomembrane SpA (MIL:ECMB) is currently considered Significantly Undervalued. The stock's GF Value™ is €10.53, compared to a current price of €5.30 — trading 49.7% below its estimated fair value. The current Beneish M-Score is -2.22. Ecomembrane SpA's overall GF Score™ is 55/100 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 Ecomembrane SpA (MIL:ECMB), the current Beneish M-Score is -2.22 as of Jun. 26, 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 Ecomembrane SpA (MIL:ECMB) Overvalued in 2026?

Based on GuruFocus' analysis, Ecomembrane SpA stock appears to be undervalued. The current stock price of €5.30 is trading 49.7% below its estimated GF Value™ of €10.53. GuruFocus considers Ecomembrane SpA to be Significantly Undervalued.

Key valuation signals for MIL:ECMB:

  • Beneish M-Score: -2.22
  • GF Value™: €10.53 vs. price of €5.30 (49.7% below fair value)
  • GF Score™: 55/100 with 6 warning signs

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

Ecomembrane SpA Business Description

Other Exchanges IY0:Germany
Address Via Pari Opportunita, 9, Gadesco, Pieve Delmona, ITA, 26030
Ecomembrane SpA operates in the sector of design, sale, and installation of components for biogas and biomethane production plants and gas storage systems, such as biogas, methane, CO2, and hydrogen. Specifically, it carries out production activity which mainly takes the form of cutting, high-frequency welding, and packaging of membrane covers using, as the main material, PVC-coated polyester fabric. The company operates globally and has an extensive network in the world in terms of installations as well as production structure. Its products include 3Master, 2 Master, Cupola M2- heat shield, Cupola M3, Econtainer, M1 cone, and Claricover.
55GF Score

Get the complete analysis for MIL:ECMB

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

€5.30
Price
€10.53
GF Value