Smart Capital SpA (MIL:SMCAP) Beneish M-Score: -5.11 (As of Jul. 15, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MIL:SMCAP Smart Capital SpA MIL:SMCAP
9 GF Score
Price €1.55
! 4 Warning Signs
View Full Analysis

What is Smart Capital SpA Beneish M-Score?

Smart Capital SpA MIL:SMCAP 9 Beneish M-Score is -5.11 as of Jul. 15, 2026. GuruFocus rates MIL:SMCAP with a GF Score™ of 9/100. The stock has 4 warning signs investors should review. Among 952 Asset Management companies, Smart Capital SpA ranks better than 96.43% 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 -5.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:SMCAP' s Beneish M-Score Range Over the Past 10 Years
Min: -5.11   Med: -4.13   Max: -3.14
Current: -5.11

During the past 4 years, the highest Beneish M-Score of Smart Capital SpA was -3.14. The lowest was -5.11. And the median was -4.13.

Smart Capital SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Smart Capital 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.

Smart Capital SpA Beneish M-Score Chart

Smart Capital SpA Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.14 -5.11

Smart Capital SpA Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -3.14 0.00 -5.11

MIL:SMCAP vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Smart Capital 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.

Smart Capital SpA Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Smart Capital SpA's Beneish M-Score distribution charts can be found below:

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


MIL:SMCAP
9GF Score
Smart Capital SpA MIL:SMCAP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Smart Capital 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 Smart Capital 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 * 0.6351+0.528 * -2.4582+0.404 * 1.0902+0.892 * 1.1513+0.115 * 0.9853
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.026569-0.327 * 2.5612
=-5.11

* 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 €0.39 Mil.
Revenue was €1.07 Mil.
Gross Profit was €-0.15 Mil.
Total Current Assets was €7.66 Mil.
Total Assets was €95.07 Mil.
Property, Plant and Equipment(Net PPE) was €0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.26 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €27.97 Mil.
Long-Term Debt & Capital Lease Obligation was €0.19 Mil.
Net Income was €8.89 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €11.42 Mil.
 Total Receivables was €0.53 Mil.
Revenue was €0.93 Mil.
Gross Profit was €0.32 Mil.
Total Current Assets was €10.22 Mil.
Total Assets was €65.29 Mil.
Property, Plant and Equipment(Net PPE) was €0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.24 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €7.36 Mil.
Long-Term Debt & Capital Lease Obligation was €0.19 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)
=(0.389 / 1.073) / (0.532 / 0.932)
=0.362535 / 0.570815
=0.6351

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)
=(0.316 / 0.932) / (-0.148 / 1.073)
=0.339056 / -0.137931
=-2.4582

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 - (7.664 + 0.018) / 95.074) / (1 - (10.218 + 0.02) / 65.286)
=0.9192 / 0.843182
=1.0902

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
=1.073 / 0.932
=1.1513

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))
=(0.237 / (0.237 + 0.02)) / (0.263 / (0.263 + 0.018))
=0.922179 / 0.935943
=0.9853

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 / 1.073) / (0 / 0.932)
=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)
=((0.191 + 27.965) / 95.074) / ((0.191 + 7.358) / 65.286)
=0.296148 / 0.11563
=2.5612

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
=(8.893 - 0 - 11.419) / 95.074
=-0.026569

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.

Smart Capital SpA has a M-score of -5.11 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 -5.11 mean?
Smart Capital SpA (MIL:SMCAP) has a Beneish M-Score of -5.11 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Smart Capital SpA and its competitors. According to the industry distribution chart, Smart Capital SpA ranks #34 out of 952 companies in the Asset Management industry, placing it in the top 3.6%.
Is Smart Capital SpA's Beneish M-Score too high?
Smart Capital SpA's current Beneish M-Score is -5.11. Based on the distribution chart, Smart Capital SpA ranks #34 out of 952 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Smart Capital SpA has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Smart Capital SpA's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Smart Capital SpA ranks #34 out of 952 companies for Beneish M-Score. This places Smart Capital SpA in the top 4% of its industry — outperforming the majority of peers. 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Smart Capital SpA and its competitors. Smart Capital SpA's current Beneish M-Score is -5.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smart Capital SpA stock overvalued right now?
Smart Capital SpA (MIL:SMCAP) has a current Beneish M-Score of -5.11. The current Beneish M-Score is -5.11. Smart Capital SpA's overall GF Score™ is 9/100 with 4 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 Smart Capital SpA (MIL:SMCAP), the current Beneish M-Score is -5.11 as of Jul. 15, 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.

Smart Capital SpA Business Description

Address Via Carlo Alberto, 11, Monza, ITA, 20900
Smart Capital SpA is a permanent capital industrial holding company specializing in private investments in public equity (PIPE) and private equity, focusing on small and medium-sized Italian companies, listed, unlisted or in the pre-IPO phase, operating both in Italy and abroad. It is characterized, also in its investment approach, by an entrepreneurial and longterm DNA. The company's main activity consists of acquiring shares and other financial instruments that allow the purchase or subscription of shares, including in the context of capital increases, at the time of listing or subsequently (such as the PIPE), reserved placements, public subscription and sale offers.
9GF Score

Get the complete analysis for MIL:SMCAP

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

€1.55
Price