Renovalo SpA (MIL:RNV) Beneish M-Score: -2.29 (As of Jun. 24, 2026)


MIL:RNV Renovalo SpA MIL:RNV
63 GF Score
Price €0.58
GF Value €1.78
Valuation Possible Value Trap
! 7 Warning Signs
View Full Analysis

What is Renovalo SpA Beneish M-Score?

Renovalo SpA MIL:RNV 63 Beneish M-Score is -2.29 as of Jun. 24, 2026. GuruFocus rates MIL:RNV with a GF Score™ of 63/100 and a GF Value™ of €1.78 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 1,704 Construction companies, Renovalo SpA ranks worse than 63.62% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:RNV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.29   Med: -0.19   Max: 4.67
Current: -2.29

During the past 6 years, the highest Beneish M-Score of Renovalo SpA was 4.67. The lowest was -2.29. And the median was -0.19.

Renovalo SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Renovalo 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.

Renovalo SpA Beneish M-Score Chart

Renovalo SpA Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -0.83 0.45 4.67 -2.29

Renovalo SpA Semi-Annual Data
Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.45 0.00 4.67 0.00 -2.29

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

For the Engineering & Construction subindustry, Renovalo 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.

Renovalo SpA Beneish M-Score vs Construction Industry

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

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


MIL:RNV
63GF Score
Renovalo SpA MIL:RNV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Renovalo 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 Renovalo 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 * 1.0768+0.528 * 1.7562+0.404 * 3.4337+0.892 * 1.3899+0.115 * 0.5155
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4426+4.679 * -0.32039-0.327 * 1.4506
=-2.29

* 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 €5.69 Mil.
Revenue was €37.55 Mil.
Gross Profit was €24.15 Mil.
Total Current Assets was €40.49 Mil.
Total Assets was €50.09 Mil.
Property, Plant and Equipment(Net PPE) was €3.88 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.20 Mil.
Selling, General, & Admin. Expense(SGA) was €3.29 Mil.
Total Current Liabilities was €25.77 Mil.
Long-Term Debt & Capital Lease Obligation was €3.00 Mil.
Net Income was €-14.60 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €1.45 Mil.
 Total Receivables was €3.80 Mil.
Revenue was €27.02 Mil.
Gross Profit was €30.51 Mil.
Total Current Assets was €50.16 Mil.
Total Assets was €55.77 Mil.
Property, Plant and Equipment(Net PPE) was €3.75 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.52 Mil.
Selling, General, & Admin. Expense(SGA) was €5.35 Mil.
Total Current Liabilities was €19.74 Mil.
Long-Term Debt & Capital Lease Obligation was €2.34 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)
=(5.693 / 37.552) / (3.804 / 27.018)
=0.151603 / 0.140795
=1.0768

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)
=(30.513 / 27.018) / (24.148 / 37.552)
=1.129358 / 0.643055
=1.7562

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 - (40.487 + 3.884) / 50.089) / (1 - (50.159 + 3.753) / 55.766)
=0.114157 / 0.033246
=3.4337

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
=37.552 / 27.018
=1.3899

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))
=(0.521 / (0.521 + 3.753)) / (1.203 / (1.203 + 3.884))
=0.1219 / 0.236485
=0.5155

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)
=(3.288 / 37.552) / (5.345 / 27.018)
=0.087559 / 0.197831
=0.4426

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)
=((2.995 + 25.771) / 50.089) / ((2.336 + 19.742) / 55.766)
=0.574298 / 0.395904
=1.4506

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
=(-14.598 - 0 - 1.45) / 50.089
=-0.32039

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.

Renovalo SpA has a M-score of -2.29 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 -2.29 mean?
Renovalo SpA (MIL:RNV) has a Beneish M-Score of -2.29 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Renovalo SpA and its competitors. According to the industry distribution chart, Renovalo SpA ranks #1084 out of 1704 companies in the Construction industry, placing it in the top 63.6%.
Is Renovalo SpA's Beneish M-Score too high?
Renovalo SpA's current Beneish M-Score is -2.29. Based on the distribution chart, Renovalo SpA ranks #1084 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Renovalo SpA has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Renovalo SpA's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Renovalo SpA ranks #1084 out of 1704 companies for Beneish M-Score. This places Renovalo 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 Renovalo SpA and its competitors. Renovalo SpA's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Renovalo SpA stock overvalued right now?
Based on GuruFocus' analysis, Renovalo SpA (MIL:RNV) is currently considered Possible Value Trap. The stock's GF Value™ is €1.78, compared to a current price of €0.58 — trading 67.7% below its estimated fair value. The current Beneish M-Score is -2.29. Renovalo SpA's overall GF Score™ is 63/100 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 Renovalo SpA (MIL:RNV), the current Beneish M-Score is -2.29 as of Jun. 24, 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 Renovalo SpA (MIL:RNV) Overvalued in 2026?

Based on GuruFocus' analysis, Renovalo SpA stock appears to be undervalued. The current stock price of €0.58 is trading 67.7% below its estimated GF Value™ of €1.78. GuruFocus considers Renovalo SpA to be Possible Value Trap.

Key valuation signals for MIL:RNV:

  • Beneish M-Score: -2.29
  • GF Value™: €1.78 vs. price of €0.58 (67.7% below fair value)
  • GF Score™: 63/100 with 7 warning signs

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

Renovalo SpA Business Description

Address Via Giuseppe Arimondi, 3A, Roma, ITA, 00159
Renovalo SpA is specialized in urban regeneration and renovation of building structures intended for public and commercial spaces, homes, offices and condominiums, mainly carrying out the activities of Architectural, Structural and Energy Design, Execution of interventions, consultancy and management support for the works.
63GF Score

Get the complete analysis for MIL:RNV

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

€0.58
Price
€1.78
GF Value