Byhmgard AB (NGM:BESS) Beneish M-Score: 1.49 (As of Jun. 28, 2026)

What is Byhmgard AB Beneish M-Score?

Byhmgard AB NGM:BESS -2.72% 27 Beneish M-Score is 1.49 as of Jun. 28, 2026. GuruFocus rates NGM:BESS with a GF Score™ of 27/100. The stock has 5 warning signs investors should review. Among 825 Oil & Gas companies, Byhmgard AB ranks worse than 96.12% 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.

Warning Sign:

Beneish M-Score 1.49 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NGM:BESS' s Beneish M-Score Range Over the Past 10 Years
Min: -28.14 Med: -2.22 Max: 1093.73
Current: 1.49

During the past 11 years, the highest Beneish M-Score of Byhmgard AB was 1093.73. The lowest was -28.14. And the median was -2.22.

Byhmgard AB Beneish M-Score Related Terms

Byhmgard AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Byhmgard AB'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.

Byhmgard AB Beneish M-Score Chart

Byhmgard AB Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.26

-4.83

-28.14

57.11

1.49

Byhmgard AB Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	1.49	0.00

NGM:BESS vs WMB, EPD, KMI: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, Byhmgard AB'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.

Byhmgard AB Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Byhmgard AB's Beneish M-Score distribution charts can be found below:

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

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27GF Score

Byhmgard AB NGM:BESS

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Byhmgard AB 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 Byhmgard AB for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 8.9764

0.528 * 0.5612

0.404 * 0.3753

0.892 * 0.6604

0.115 * 1.2057

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.603821

0.327 * 0.3181

1.49

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr14.20 Mil.
Revenue was kr22.35 Mil.
Gross Profit was kr15.23 Mil.
Total Current Assets was kr35.59 Mil.
Total Assets was kr50.93 Mil.
Property, Plant and Equipment(Net PPE) was kr3.56 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.48 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr15.26 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.38 Mil.
Net Income was kr-30.58 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.17 Mil.

Total Receivables was kr2.40 Mil.
Revenue was kr33.84 Mil.
Gross Profit was kr12.94 Mil.
Total Current Assets was kr5.27 Mil.
Total Assets was kr15.04 Mil.
Property, Plant and Equipment(Net PPE) was kr0.50 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.28 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr11.70 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.82 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)
	=	(14.204 / 22.346)	/	(2.396 / 33.836)
	=	0.635639	/	0.070812
	=	8.9764

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)
	=	(12.943 / 33.836)	/	(15.23 / 22.346)
	=	0.382522	/	0.681554
	=	0.5612

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 - (35.587 + 3.56) / 50.929)	/	(1 - (5.267 + 0.501) / 15.04)
	=	0.231342	/	0.616489
	=	0.3753

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
	=	22.346	/	33.836
	=	0.6604

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))
	=	(0.275 / (0.275 + 0.501))	/	(1.482 / (1.482 + 3.56))
	=	0.354381	/	0.293931
	=	1.2057

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 / 22.346)	/	(0 / 33.836)
	=	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)
	=	((0.375 + 15.262) / 50.929)	/	((2.818 + 11.698) / 15.04)
	=	0.307035	/	0.96516
	=	0.3181

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
	=	(-30.58 - 0	-	0.172)	/	50.929
	=	-0.603821

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.

Byhmgard AB has a M-score of 1.49 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 1.49 mean?

Byhmgard AB (NGM:BESS) has a Beneish M-Score of 1.49 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Byhmgard AB and its competitors. According to the industry distribution chart, Byhmgard AB ranks #793 out of 825 companies in the Oil & Gas industry, placing it in the top 96.1%.

Is Byhmgard AB's Beneish M-Score too high?

Byhmgard AB's current Beneish M-Score is 1.49. Based on the distribution chart, Byhmgard AB ranks #793 out of 825 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Byhmgard AB has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.

How does Byhmgard AB's Beneish M-Score compare to WMB and EPD?

According to the Oil & Gas industry distribution chart, Byhmgard AB ranks #793 out of 825 companies for Beneish M-Score. This places Byhmgard AB 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Byhmgard AB and its competitors. Byhmgard AB's current Beneish M-Score is 1.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Byhmgard AB stock overvalued right now?

Byhmgard AB (NGM:BESS) has a current Beneish M-Score of 1.49. The current Beneish M-Score is 1.49. Byhmgard AB's overall GF Score™ is 27/100 with 5 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 Byhmgard AB (NGM:BESS), the current Beneish M-Score is 1.49 as of Jun. 28, 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.

Byhmgard AB Business Description

Industry Energy Oil & Gas

Comparable Companies XSAT:ABI TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG VG CQP TSX:PPL SHSE:601872 WES PAA HKSE:01138 DTM TSX:ALA

Address Industrivagen 4, Halmstad, SWE, 302 41

Website https://www.byhmgard.com

Byhmgard AB develops, builds and invests in large-scale energy storage (BESS) projects in Europe. The business includes project development, EPC, software optimization and long-term operation. It aims to deliver critical energy solutions that enable Europe's green transition and strengthen the future energy infrastructure. The business model combines one-off revenues from EPC with recurring cash flows from energy management, operations, and support. Its operations span high-growth European markets including Sweden, Finland, Italy, Poland, and the Baltic states.

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