ETS Engineering and Technical Services SpA (MIL:ETS) Beneish M-Score: 0.31 (As of Jun. 28, 2026) — Near Median


MIL:ETS ETS Engineering and Technical Services SpA MIL:ETS
21 GF Score
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What is ETS Engineering and Technical Services SpA Beneish M-Score?

ETS Engineering and Technical Services SpA MIL:ETS -3.76% 21 Beneish M-Score is 0.31 as of Jun. 28, 2026, which is at its 10-year median of 0.31. GuruFocus rates MIL:ETS with a GF Score™ of 21/100. The stock has 5 warning signs investors should review. Among 1,699 Construction companies, ETS Engineering and Technical Services SpA ranks worse than 96.41% 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 0.31 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MIL:ETS' s Beneish M-Score Range Over the Past 10 Years
Min: 0.31   Med: 0.31   Max: 0.31
Current: 0.31

During the past 3 years, the highest Beneish M-Score of ETS Engineering and Technical Services SpA was 0.31. The lowest was 0.31. And the median was 0.31.

ETS Engineering and Technical Services SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ETS Engineering and Technical Services 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.

ETS Engineering and Technical Services SpA Beneish M-Score Chart

ETS Engineering and Technical Services SpA Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.31

ETS Engineering and Technical Services SpA Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.31

MIL:ETS vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, ETS Engineering and Technical Services 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.

ETS Engineering and Technical Services SpA Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, ETS Engineering and Technical Services SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ETS Engineering and Technical Services SpA's Beneish M-Score falls into.


MIL:ETS
21GF Score
ETS Engineering and Technical Services SpA MIL:ETS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ETS Engineering and Technical Services 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 ETS Engineering and Technical Services 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 * 1.2438+0.528 * 0.9992+0.404 * 4.9327+0.892 * 1.0588+0.115 * 0.5493
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.136307-0.327 * 0.4921
=0.31

* 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 €8.64 Mil.
Revenue was €16.06 Mil.
Gross Profit was €16.00 Mil.
Total Current Assets was €17.60 Mil.
Total Assets was €19.10 Mil.
Property, Plant and Equipment(Net PPE) was €0.40 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.39 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €4.65 Mil.
Long-Term Debt & Capital Lease Obligation was €0.01 Mil.
Net Income was €3.29 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.68 Mil.
 Total Receivables was €6.56 Mil.
Revenue was €15.17 Mil.
Gross Profit was €15.10 Mil.
Total Current Assets was €14.94 Mil.
Total Assets was €15.55 Mil.
Property, Plant and Equipment(Net PPE) was €0.43 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.16 Mil.
Selling, General, & Admin. Expense(SGA) was €0.37 Mil.
Total Current Liabilities was €7.70 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(8.639 / 16.061) / (6.56 / 15.169)
=0.537887 / 0.432461
=1.2438

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)
=(15.101 / 15.169) / (16.002 / 16.061)
=0.995517 / 0.996327
=0.9992

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 - (17.604 + 0.397) / 19.104) / (1 - (14.94 + 0.427) / 15.549)
=0.057737 / 0.011705
=4.9327

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
=16.061 / 15.169
=1.0588

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))
=(0.16 / (0.16 + 0.427)) / (0.391 / (0.391 + 0.397))
=0.272572 / 0.496193
=0.5493

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 / 16.061) / (0.366 / 15.169)
=0 / 0.024128
=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)
=((0.013 + 4.645) / 19.104) / ((0 + 7.704) / 15.549)
=0.243823 / 0.495466
=0.4921

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
=(3.285 - 0 - 0.681) / 19.104
=0.136307

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.

ETS Engineering and Technical Services SpA has a M-score of 0.31 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 0.31 mean?
ETS Engineering and Technical Services SpA (MIL:ETS) has a Beneish M-Score of 0.31 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ETS Engineering and Technical Services SpA and its competitors. This is near median its historical median of 0.31. Over the past decade, ETS Engineering and Technical Services SpA's Beneish M-Score has ranged from 0.31 to 0.31. According to the industry distribution chart, ETS Engineering and Technical Services SpA ranks #1638 out of 1699 companies in the Construction industry, placing it in the top 96.4%.
Is ETS Engineering and Technical Services SpA's Beneish M-Score too high?
ETS Engineering and Technical Services SpA's current Beneish M-Score of 0.31 is near median its 10-year median of 0.31. Over the past 10 years, this metric has ranged from a low of 0.31 to a high of 0.31. Based on the distribution chart, ETS Engineering and Technical Services SpA ranks #1638 out of 1699 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, ETS Engineering and Technical Services SpA has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does ETS Engineering and Technical Services SpA's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, ETS Engineering and Technical Services SpA ranks #1638 out of 1699 companies for Beneish M-Score. This places ETS Engineering and Technical Services SpA in the lower half of its industry. Historically, ETS Engineering and Technical Services SpA's own Beneish M-Score has ranged from 0.31 to 0.31 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 a Construction company?
A good Beneish M-Score depends on the Construction 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 ETS Engineering and Technical Services SpA and its competitors. ETS Engineering and Technical Services SpA's current Beneish M-Score is 0.31, which is near median its own 10-year median of 0.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ETS Engineering and Technical Services SpA stock overvalued right now?
ETS Engineering and Technical Services SpA (MIL:ETS) has a current Beneish M-Score of 0.31. The current Beneish M-Score is 0.31, which is near median its 10-year median of 0.31. ETS Engineering and Technical Services SpA's overall GF Score™ is 21/100 with 5 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 ETS Engineering and Technical Services SpA (MIL:ETS), the current Beneish M-Score is 0.31 as of Jun. 28, 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.

ETS Engineering and Technical Services SpA Business Description

Address Via Angelo Mazzi, 32, Villa d'Alme, Bergamo, ITA, 24018
ETS Engineering and Technical Services SpA is an engineering company. The company offers integrated services in civil and systems engineering. It provides end-to-end solutions from feasibility studies and energy diagnostics to design, project management, and site supervision, ensuring efficiency, cost control, and technical excellence for both public and private clients.
21GF Score

Get the complete analysis for MIL:ETS

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

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