Mare Engineering Group SpA (MIL:MARE) Beneish M-Score: -2.18 (As of Jun. 27, 2026)


MIL:MARE Mare Engineering Group SpA MIL:MARE
12 GF Score
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! 6 Warning Signs
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What is Mare Engineering Group SpA Beneish M-Score?

Mare Engineering Group SpA MIL:MARE -0.77% 12 Beneish M-Score is -2.18 as of Jun. 27, 2026. GuruFocus rates MIL:MARE with a GF Score™ of 12/100. The stock has 6 warning signs investors should review. Among 1,704 Construction companies, Mare Engineering Group SpA ranks worse than 69.42% 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:MARE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.52   Max: -2.18
Current: -2.18

During the past 5 years, the highest Beneish M-Score of Mare Engineering Group SpA was -2.18. The lowest was -3.37. And the median was -2.52.

Mare Engineering Group SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mare Engineering Group 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.

Mare Engineering Group SpA Beneish M-Score Chart

Mare Engineering Group SpA Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.37 -2.52 -2.18

Mare Engineering Group SpA Semi-Annual Data
Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -3.37 0.00 -2.52 0.00 -2.18

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

For the Engineering & Construction subindustry, Mare Engineering Group 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.

Mare Engineering Group SpA Beneish M-Score vs Construction Industry

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

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


MIL:MARE
12GF Score
Mare Engineering Group SpA MIL:MARE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mare Engineering Group 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 Mare Engineering Group 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 * 1.2179+0.528 * 0.9456+0.404 * 1.185+0.892 * 1.4512+0.115 * -1.3403
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.000624-0.327 * 1.2499
=-2.18

* 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 €64.21 Mil.
Revenue was €59.06 Mil.
Gross Profit was €55.32 Mil.
Total Current Assets was €126.26 Mil.
Total Assets was €226.10 Mil.
Property, Plant and Equipment(Net PPE) was €15.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €-11.29 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €72.76 Mil.
Long-Term Debt & Capital Lease Obligation was €81.37 Mil.
Net Income was €-8.67 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-8.53 Mil.
 Total Receivables was €36.33 Mil.
Revenue was €40.70 Mil.
Gross Profit was €36.05 Mil.
Total Current Assets was €53.09 Mil.
Total Assets was €84.00 Mil.
Property, Plant and Equipment(Net PPE) was €4.36 Mil.
Depreciation, Depletion and Amortization(DDA) was €-5.86 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €35.05 Mil.
Long-Term Debt & Capital Lease Obligation was €10.76 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)
=(64.212 / 59.059) / (36.331 / 40.697)
=1.087252 / 0.892719
=1.2179

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)
=(36.047 / 40.697) / (55.32 / 59.059)
=0.885741 / 0.93669
=0.9456

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 - (126.261 + 15.158) / 226.098) / (1 - (53.092 + 4.357) / 83.995)
=0.374523 / 0.316043
=1.185

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
=59.059 / 40.697
=1.4512

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))
=(-5.856 / (-5.856 + 4.357)) / (-11.286 / (-11.286 + 15.158))
=3.906604 / -2.914773
=-1.3403

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 / 59.059) / (0 / 40.697)
=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)
=((81.371 + 72.757) / 226.098) / ((10.761 + 35.051) / 83.995)
=0.681687 / 0.545413
=1.2499

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
=(-8.668 - 0 - -8.527) / 226.098
=-0.000624

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.

Mare Engineering Group SpA has a M-score of -2.18 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 -2.18 mean?
Mare Engineering Group SpA (MIL:MARE) has a Beneish M-Score of -2.18 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mare Engineering Group SpA and its competitors. According to the industry distribution chart, Mare Engineering Group SpA ranks #1183 out of 1704 companies in the Construction industry, placing it in the top 69.4%.
Is Mare Engineering Group SpA's Beneish M-Score too high?
Mare Engineering Group SpA's current Beneish M-Score is -2.18. Based on the distribution chart, Mare Engineering Group SpA ranks #1183 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Mare Engineering Group SpA has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Mare Engineering Group SpA's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Mare Engineering Group SpA ranks #1183 out of 1704 companies for Beneish M-Score. This places Mare Engineering Group 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 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 Mare Engineering Group SpA and its competitors. Mare Engineering Group SpA's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mare Engineering Group SpA stock overvalued right now?
Mare Engineering Group SpA (MIL:MARE) has a current Beneish M-Score of -2.18. The current Beneish M-Score is -2.18. Mare Engineering Group SpA's overall GF Score™ is 12/100 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 Mare Engineering Group SpA (MIL:MARE), the current Beneish M-Score is -2.18 as of Jun. 27, 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.

Mare Engineering Group SpA Business Description

Other Exchanges EZ3:Germany
Address Via ex Aeroporto, snc, c/o Il Sole Consortium, Lot XI, Pomigliano d'Arc, Naples, ITA, 80038
Mare Engineering Group SpA is an engineering consultancy company that has an objective to deliver engineering services to large companies.
12GF Score

Get the complete analysis for MIL:MARE

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

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