VNE SpA (MIL:VNE) Beneish M-Score: -2.78 (As of Jun. 24, 2026)


MIL:VNE VNE SpA MIL:VNE
33 GF Score
Price €2.40
GF Value €3.72
Valuation Possible Value Trap
! 2 Warning Signs
View Full Analysis

What is VNE SpA Beneish M-Score?

VNE SpA MIL:VNE +1.69% 33 Beneish M-Score is -2.78 as of Jun. 24, 2026. GuruFocus rates MIL:VNE with a GF Score™ of 33/100 and a GF Value™ of €3.72 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 2,926 Industrial Products companies, VNE SpA ranks better than 77.79% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:VNE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.78   Max: -2.77
Current: -2.78

During the past 5 years, the highest Beneish M-Score of VNE SpA was -2.77. The lowest was -2.84. And the median was -2.78.

VNE SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for VNE 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.

VNE SpA Beneish M-Score Chart

VNE SpA Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.84 -2.77 -2.78

VNE SpA Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.84 0.00 -2.77 0.00 -2.78

MIL:VNE vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, VNE 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.

VNE SpA Beneish M-Score vs Industrial Products Industry

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

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


MIL:VNE
33GF Score
VNE SpA MIL:VNE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

VNE 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 VNE 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 * 0.8998+0.528 * 0.9699+0.404 * 0.7929+0.892 * 1.1676+0.115 * 1.2144
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.055426-0.327 * 1.0615
=-2.78

* 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 €11.18 Mil.
Revenue was €17.34 Mil.
Gross Profit was €10.24 Mil.
Total Current Assets was €21.54 Mil.
Total Assets was €30.96 Mil.
Property, Plant and Equipment(Net PPE) was €3.82 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.83 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €12.58 Mil.
Long-Term Debt & Capital Lease Obligation was €2.01 Mil.
Net Income was €0.62 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €2.33 Mil.
 Total Receivables was €10.64 Mil.
Revenue was €14.85 Mil.
Gross Profit was €8.50 Mil.
Total Current Assets was €19.72 Mil.
Total Assets was €28.54 Mil.
Property, Plant and Equipment(Net PPE) was €2.32 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.50 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €9.50 Mil.
Long-Term Debt & Capital Lease Obligation was €3.17 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)
=(11.18 / 17.337) / (10.641 / 14.848)
=0.644864 / 0.716662
=0.8998

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)
=(8.503 / 14.848) / (10.236 / 17.337)
=0.57267 / 0.590414
=0.9699

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 - (21.542 + 3.823) / 30.96) / (1 - (19.715 + 2.316) / 28.535)
=0.180717 / 0.227931
=0.7929

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
=17.337 / 14.848
=1.1676

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))
=(1.504 / (1.504 + 2.316)) / (1.834 / (1.834 + 3.823))
=0.393717 / 0.3242
=1.2144

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 / 17.337) / (0 / 14.848)
=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)
=((2.011 + 12.582) / 30.96) / ((3.174 + 9.497) / 28.535)
=0.47135 / 0.444051
=1.0615

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
=(0.617 - 0 - 2.333) / 30.96
=-0.055426

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.

VNE SpA has a M-score of -2.78 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 -2.78 mean?
VNE SpA (MIL:VNE) has a Beneish M-Score of -2.78 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VNE SpA and its competitors. According to the industry distribution chart, VNE SpA ranks #650 out of 2926 companies in the Industrial Products industry, placing it in the top 22.2%.
Is VNE SpA's Beneish M-Score too high?
VNE SpA's current Beneish M-Score is -2.78. Based on the distribution chart, VNE SpA ranks #650 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, VNE SpA has a GF Score™ of 33/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does VNE SpA's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, VNE SpA ranks #650 out of 2926 companies for Beneish M-Score. This places VNE SpA in the top 22% 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 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 VNE SpA and its competitors. VNE SpA's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VNE SpA stock overvalued right now?
Based on GuruFocus' analysis, VNE SpA (MIL:VNE) is currently considered Possible Value Trap. The stock's GF Value™ is €3.72, compared to a current price of €2.40 — trading 35.5% below its estimated fair value. The current Beneish M-Score is -2.78. VNE SpA's overall GF Score™ is 33/100 with 2 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 VNE SpA (MIL:VNE), the current Beneish M-Score is -2.78 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 VNE SpA (MIL:VNE) Overvalued in 2026?

Based on GuruFocus' analysis, VNE SpA stock appears to be undervalued. The current stock price of €2.40 is trading 35.5% below its estimated GF Value™ of €3.72. GuruFocus considers VNE SpA to be Possible Value Trap.

Key valuation signals for MIL:VNE:

  • Beneish M-Score: -2.78
  • GF Value™: €3.72 vs. price of €2.40 (35.5% below fair value)
  • GF Score™: 33/100 with 2 warning signs

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

VNE SpA Business Description

Address Via Biagioni, 371 loc. Querceta, Seravezza (Lu), ITA, 55047
VNE SpA produces hardware and software for the management of banknotes, coins, and, more generally, payments and transactions through cash and cashless systems, offering a wide range of customized products. It creates, samples, and produces all its appliances internally. The company offers consulting and commercial assistance all over the world through a stable and efficient operating network; moreover, it guarantees qualified and immediate maintenance and technical assistance anywhere on every type of machine. The main markets where the company operates internationally are gambling, retail & vending, casino & ticket, and wherever there is a need to manage payments or automated transactions.
33GF Score

Get the complete analysis for MIL:VNE

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

€2.40
Price
€3.72
GF Value