Fervi SpA (MIL:FVI) Beneish M-Score: -2.52 (As of Jun. 25, 2026)

What is Fervi SpA Beneish M-Score?

Fervi SpA MIL:FVI 57 Beneish M-Score is -2.52 as of Jun. 25, 2026. GuruFocus rates MIL:FVI with a GF Score™ of 57/100 and a GF Value™ of €14.27. The stock has 7 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:FVI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.45 Max: -1.96
Current: -2.52

During the past 10 years, the highest Beneish M-Score of Fervi SpA was -1.96. The lowest was -2.66. And the median was -2.45.

Fervi SpA Beneish M-Score Related Terms

Fervi SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fervi 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.

Fervi SpA Beneish M-Score Chart

Fervi SpA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.58

-2.39

-1.96

-2.47

-2.52

Fervi SpA Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.47	0.00	-2.52	0.00

MIL:FVI vs SNA, RBC, LECO: Beneish M-Score Comparison

For the Tools & Accessories subindustry, Fervi 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.

Fervi SpA Beneish M-Score vs Industrial Products Industry

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

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

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57GF Score

Fervi SpA MIL:FVI

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

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Fervi 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 Fervi 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 * 0.9805

0.528 * 0.9605

0.404 * 0.9243

0.892 * 0.9589

0.115 * 1.1623

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8074

4.679 * 0.000934

0.327 * 0.9549

-2.52

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €16.05 Mil.
Revenue was €54.10 Mil.
Gross Profit was €27.28 Mil.
Total Current Assets was €45.91 Mil.
Total Assets was €62.09 Mil.
Property, Plant and Equipment(Net PPE) was €6.29 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.80 Mil.
Selling, General, & Admin. Expense(SGA) was €1.13 Mil.
Total Current Liabilities was €20.17 Mil.
Long-Term Debt & Capital Lease Obligation was €4.28 Mil.
Net Income was €2.72 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €2.66 Mil.

Total Receivables was €17.07 Mil.
Revenue was €56.42 Mil.
Gross Profit was €27.33 Mil.
Total Current Assets was €45.72 Mil.
Total Assets was €61.03 Mil.
Property, Plant and Equipment(Net PPE) was €4.80 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.68 Mil.
Selling, General, & Admin. Expense(SGA) was €1.46 Mil.
Total Current Liabilities was €21.73 Mil.
Long-Term Debt & Capital Lease Obligation was €3.45 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)
	=	(16.054 / 54.103)	/	(17.074 / 56.419)
	=	0.29673	/	0.302629
	=	0.9805

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)
	=	(27.326 / 56.419)	/	(27.282 / 54.103)
	=	0.48434	/	0.50426
	=	0.9605

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 - (45.911 + 6.292) / 62.093)	/	(1 - (45.716 + 4.8) / 61.033)
	=	0.159277	/	0.172317
	=	0.9243

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
	=	54.103	/	56.419
	=	0.9589

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))
	=	(2.678 / (2.678 + 4.8))	/	(2.802 / (2.802 + 6.292))
	=	0.358117	/	0.308115
	=	1.1623

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)
	=	(1.132 / 54.103)	/	(1.462 / 56.419)
	=	0.020923	/	0.025913
	=	0.8074

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)
	=	((4.283 + 20.171) / 62.093)	/	((3.446 + 21.725) / 61.033)
	=	0.393829	/	0.412416
	=	0.9549

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
	=	(2.72 - 0	-	2.662)	/	62.093
	=	0.000934

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.

Fervi SpA has a M-score of -2.52 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 -2.52 mean?

Fervi SpA (MIL:FVI) has a Beneish M-Score of -2.52 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fervi SpA and its competitors.

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

Fervi SpA's current Beneish M-Score is -2.52. Overall, Fervi SpA has a GF Score™ of 57/100, reflecting its overall financial health beyond just this single metric.

How does Fervi SpA's Beneish M-Score compare to SNA and RBC?

Fervi SpA's Beneish M-Score of -2.52 can be compared against companies in the Industrial Products 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 Products company?

A good Beneish M-Score depends on the Industrial Products 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 Fervi SpA and its competitors. Fervi SpA's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fervi SpA stock overvalued right now?

Fervi SpA (MIL:FVI) has a current Beneish M-Score of -2.52. The stock's GF Value™ is €14.27, compared to a current price of €16.20 — trading 13.5% above its estimated fair value. The current Beneish M-Score is -2.52. Fervi SpA's overall GF Score™ is 57/100 with 7 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 Fervi SpA (MIL:FVI), the current Beneish M-Score is -2.52 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 Fervi SpA (MIL:FVI) Overvalued in 2026?

Based on GuruFocus' analysis, Fervi SpA stock appears to be overvalued. The current stock price of €16.20 is trading 13.5% above its estimated GF Value™ of €14.27.

Key valuation signals for MIL:FVI:

Beneish M-Score: -2.52
GF Value™: €14.27 vs. price of €16.20 (13.5% above fair value)
GF Score™: 57/100 with 7 warning signs

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

Fervi SpA Business Description

Industry Industrials Industrial Products

Comparable Companies MIL:VIM MIL:OMER MIL:EM HKSE:00669 SNA RBC LECO OSTO:SKF B SWK SZSE:300475 TSE:6586 TTC TKR SZSE:002444 XSWX:SFSN XTER:GIL TSE:9962 SZSE:002779 OSTO:HUSQ A BOM:522113

Address Via del Commercio 81, Vignola, Modena, ITA, 41058

Website https://www.fervi.com

Fervi SpA is engaged in the distribution of materials, the supply of industrial tools, and do-it-yourself materials for professionals and the general public. Its product offerings include machine tools, accessories for machines, abrasive products, consumables, measuring instruments (measuring devices, scales, etc.), hand-held tools (pliers, shears, wrenches, screwdrivers, etc.), and general hardware. Geographically, the company derives a majority of its revenue from the sale of its products in Italy, and the rest from other parts of Europe, Asia, America, and Africa.

57GF Score

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

€16.20

Price

€14.27

GF Value

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