Soges Group SpA (MIL:SOGES) Beneish M-Score: -2.79 (As of Jun. 29, 2026)


MIL:SOGES Soges Group SpA MIL:SOGES
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What is Soges Group SpA Beneish M-Score?

Soges Group SpA MIL:SOGES -6.45% 7 Beneish M-Score is -2.79 as of Jun. 29, 2026. GuruFocus rates MIL:SOGES with a GF Score™ of 7/100. The stock has 4 warning signs investors should review. Among 824 Travel & Leisure companies, Soges Group SpA ranks better than 65.53% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:SOGES' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.97   Max: -2.79
Current: -2.79

During the past 4 years, the highest Beneish M-Score of Soges Group SpA was -2.79. The lowest was -3.14. And the median was -2.97.

Soges Group SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Soges 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.

Soges Group SpA Beneish M-Score Chart

Soges Group SpA Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.14 -2.79

Soges Group 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 -2.79

MIL:SOGES vs LVS, MGM, WYNN: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Soges 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.

Soges Group SpA Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Soges Group SpA's Beneish M-Score distribution charts can be found below:

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


MIL:SOGES
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Soges Group SpA MIL:SOGES
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Soges 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 Soges 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 * 0.7462+0.528 * 0.9924+0.404 * 1.0894+0.892 * 1.582+0.115 * 0.7753
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.127476-0.327 * 1.0239
=-2.79

* 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 €0.87 Mil.
Revenue was €26.42 Mil.
Gross Profit was €23.73 Mil.
Total Current Assets was €4.40 Mil.
Total Assets was €29.03 Mil.
Property, Plant and Equipment(Net PPE) was €3.46 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.54 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €9.22 Mil.
Long-Term Debt & Capital Lease Obligation was €13.55 Mil.
Net Income was €-1.71 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €1.99 Mil.
 Total Receivables was €0.74 Mil.
Revenue was €16.70 Mil.
Gross Profit was €14.89 Mil.
Total Current Assets was €6.89 Mil.
Total Assets was €27.20 Mil.
Property, Plant and Equipment(Net PPE) was €2.11 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.03 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €5.43 Mil.
Long-Term Debt & Capital Lease Obligation was €15.41 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)
=(0.87 / 26.417) / (0.737 / 16.699)
=0.032933 / 0.044134
=0.7462

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)
=(14.885 / 16.699) / (23.727 / 26.417)
=0.891371 / 0.898172
=0.9924

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 - (4.397 + 3.462) / 29.025) / (1 - (6.886 + 2.106) / 27.198)
=0.729233 / 0.669387
=1.0894

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
=26.417 / 16.699
=1.582

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))
=(1.028 / (1.028 + 2.106)) / (2.539 / (2.539 + 3.462))
=0.328015 / 0.423096
=0.7753

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 / 26.417) / (0 / 16.699)
=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)
=((13.553 + 9.219) / 29.025) / ((15.414 + 5.427) / 27.198)
=0.784565 / 0.76627
=1.0239

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
=(-1.711 - 0 - 1.989) / 29.025
=-0.127476

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.

Soges Group SpA has a M-score of -2.79 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 -2.79 mean?
Soges Group SpA (MIL:SOGES) has a Beneish M-Score of -2.79 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Soges Group SpA and its competitors. According to the industry distribution chart, Soges Group SpA ranks #284 out of 824 companies in the Travel & Leisure industry, placing it in the top 34.5%.
Is Soges Group SpA's Beneish M-Score too high?
Soges Group SpA's current Beneish M-Score is -2.79. Based on the distribution chart, Soges Group SpA ranks #284 out of 824 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Soges Group SpA has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Soges Group SpA's Beneish M-Score compare to LVS and MGM?
According to the Travel & Leisure industry distribution chart, Soges Group SpA ranks #284 out of 824 companies for Beneish M-Score. This puts Soges Group SpA in the upper 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Soges Group SpA and its competitors. Soges Group SpA's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Soges Group SpA stock overvalued right now?
Soges Group SpA (MIL:SOGES) has a current Beneish M-Score of -2.79. The current Beneish M-Score is -2.79. Soges Group SpA's overall GF Score™ is 7/100 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 Soges Group SpA (MIL:SOGES), the current Beneish M-Score is -2.79 as of Jun. 29, 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.

Soges Group SpA Business Description

Address Via dei Caboto 49, Florence, ITA, 50127
Soges Group SpA is a company actively engaged in hotel and conference hospitality within prestigious structures. The Company's core business is therefore the acquisition of hotel management with the precise focus of optimizing economic results, repositioning the brand reputation and improving the operational performance of each individual structure that becomes part of the group.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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