Holdflight AB (NGM:HOLDFL) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Holdflight AB Beneish M-Score?

Holdflight AB NGM:HOLDFL +10.45% 39 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates NGM:HOLDFL with a GF Score™ of 39/100 and a GF Value™ of kr0.35 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,633 Software companies, Holdflight AB ranks worse than 37979.45% 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.

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

During the past 10 years, the highest Beneish M-Score of Holdflight AB was 62.79. The lowest was -7.54. And the median was -3.19.

Holdflight AB Beneish M-Score Related Terms

Holdflight AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Holdflight 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.

Holdflight AB Beneish M-Score Chart

Holdflight AB Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.19

-3.25

62.79

1.78

0.00

Holdflight 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	0.00	0.00

NGM:HOLDFL vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Holdflight 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.

Holdflight AB Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Holdflight AB's Beneish M-Score distribution charts can be found below:

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

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39GF Score

Holdflight AB NGM:HOLDFL

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

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Holdflight 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 Holdflight 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr7.22 Mil.
Revenue was kr4.51 Mil.
Gross Profit was kr0.30 Mil.
Total Current Assets was kr8.38 Mil.
Total Assets was kr13.17 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.50 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr5.48 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-5.75 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.62 Mil.

Total Receivables was kr8.97 Mil.
Revenue was kr0.33 Mil.
Gross Profit was kr0.20 Mil.
Total Current Assets was kr14.10 Mil.
Total Assets was kr14.10 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr0.65 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(7.217 / 4.51)	/	(8.967 / 0.326)
	=	1.600222	/	27.506135
	=

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)
	=	(0.201 / 0.326)	/	(0.302 / 4.51)
	=	0.616564	/	0.066962
	=

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 - (8.382 + 0.004) / 13.17)	/	(1 - (14.097 + 0) / 14.097)
	=	0.36325	/	0
	=

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
	=	4.51	/	0.326
	=

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 / (0 + 0))	/	(0.5 / (0.5 + 0.004))
	=		/	0.992063
	=

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 / 4.51)	/	(0 / 0.326)
	=	0	/	0
	=

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 + 5.478) / 13.17)	/	((0 + 0.651) / 14.097)
	=	0.415945	/	0.04618
	=

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
	=	(-5.753 - 0	-	0.621)	/	13.17
	=	-0.483979

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Holdflight AB (NGM:HOLDFL) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Holdflight AB and its competitors. According to the industry distribution chart, Holdflight AB ranks #999999 out of 2633 companies in the Software industry.

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

Holdflight AB's current Beneish M-Score is 0.00. Based on the distribution chart, Holdflight AB ranks #999999 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Holdflight AB has a GF Score™ of 39/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Holdflight AB's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, Holdflight AB ranks #999999 out of 2633 companies for Beneish M-Score. This places Holdflight 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 a Software company?

A good Beneish M-Score depends on the Software 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 Holdflight AB and its competitors. Holdflight AB's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Holdflight AB stock overvalued right now?

Based on GuruFocus' analysis, Holdflight AB (NGM:HOLDFL) is currently considered Significantly Overvalued. The stock's GF Value™ is kr0.35, compared to a current price of kr0.49 — trading 38.9% above its estimated fair value. The current Beneish M-Score is 0.00. Holdflight AB's overall GF Score™ is 39/100 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 Holdflight AB (NGM:HOLDFL), the current Beneish M-Score is 0.00 as of Jun. 25, 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 Holdflight AB (NGM:HOLDFL) Overvalued in 2026?

Based on GuruFocus' analysis, Holdflight AB stock appears to be overvalued. The current stock price of kr0.49 is trading 38.9% above its estimated GF Value™ of kr0.35. GuruFocus considers Holdflight AB to be Significantly Overvalued.

Key valuation signals for NGM:HOLDFL:

Beneish M-Score: 0.00
GF Value™: kr0.35 vs. price of kr0.49 (38.9% above fair value)
GF Score™: 39/100 with 5 warning signs

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

Holdflight AB Business Description

Industry Technology Software

Comparable Companies XSAT:C100 OSTO:FRAM B NGM:TPGR OSTO:ORTIN OSTO:WYLD XSAT:SOLIDX NGM:MEGR IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH BOM:507685 FIS XPAR:CAP

Address Karlavagen 40, Stockholm, SWE, 114 49

Website https://www.holdflight.se

Holdflight AB formerly, Fastout Int AB provides an IT platform connecting companies that want to highlight a geographic location with local dronarpiloter. The company's product creates FastOut effective marketing for their clients.

39GF Score

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

kr0.49

Price

kr0.35

GF Value

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