Nexcom AS (OCSE:NEXCOM) Beneish M-Score: -6.80 (As of Jun. 26, 2026)


OCSE:NEXCOM Nexcom AS OCSE:NEXCOM
33 GF Score
Price kr1.55
GF Value kr1.87
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is Nexcom AS Beneish M-Score?

Nexcom AS OCSE:NEXCOM 33 Beneish M-Score is -6.80 as of Jun. 26, 2026. GuruFocus rates OCSE:NEXCOM with a GF Score™ of 33/100 and a GF Value™ of kr1.87 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 2,633 Software companies, Nexcom AS ranks better than 97.34% 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 -6.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:NEXCOM' s Beneish M-Score Range Over the Past 10 Years
Min: -7.35   Med: -3.7   Max: 98.11
Current: -6.8

During the past 10 years, the highest Beneish M-Score of Nexcom AS was 98.11. The lowest was -7.35. And the median was -3.70.

Nexcom AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nexcom AS'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.

Nexcom AS Beneish M-Score Chart

Nexcom AS Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.75 -6.98 -3.09 -5.42 -6.80

Nexcom AS 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -6.80 0.00

OCSE:NEXCOM vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Nexcom AS'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.

Nexcom AS Beneish M-Score vs Software Industry

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

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


OCSE:NEXCOM
33GF Score
Nexcom AS OCSE:NEXCOM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nexcom AS 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 Nexcom AS 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 * 1.2223+0.528 * 1.2061+0.404 * 0.9832+0.892 * 0.7795+0.115 * 0.9954
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.909827-0.327 * 1.5248
=-6.80

* 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 kr6.34 Mil.
Revenue was kr7.72 Mil.
Gross Profit was kr2.26 Mil.
Total Current Assets was kr7.82 Mil.
Total Assets was kr18.29 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.94 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr17.51 Mil.
Long-Term Debt & Capital Lease Obligation was kr3.94 Mil.
Net Income was kr-16.64 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.00 Mil.
 Total Receivables was kr6.66 Mil.
Revenue was kr9.90 Mil.
Gross Profit was kr3.50 Mil.
Total Current Assets was kr8.94 Mil.
Total Assets was kr21.43 Mil.
Property, Plant and Equipment(Net PPE) was kr0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.54 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr14.19 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.29 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)
=(6.341 / 7.718) / (6.655 / 9.901)
=0.821586 / 0.672154
=1.2223

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)
=(3.503 / 9.901) / (2.264 / 7.718)
=0.353803 / 0.29334
=1.2061

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 - (7.818 + 0.004) / 18.287) / (1 - (8.935 + 0.021) / 21.427)
=0.572264 / 0.582023
=0.9832

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
=7.718 / 9.901
=0.7795

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))
=(3.535 / (3.535 + 0.021)) / (2.942 / (2.942 + 0.004))
=0.994094 / 0.998642
=0.9954

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 / 7.718) / (0 / 9.901)
=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)
=((3.936 + 17.514) / 18.287) / ((2.291 + 14.192) / 21.427)
=1.172964 / 0.769263
=1.5248

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
=(-16.638 - 0 - 0) / 18.287
=-0.909827

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.

Nexcom AS has a M-score of -6.80 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 -6.80 mean?
Nexcom AS (OCSE:NEXCOM) has a Beneish M-Score of -6.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nexcom AS and its competitors. According to the industry distribution chart, Nexcom AS ranks #70 out of 2633 companies in the Software industry, placing it in the top 2.7%.
Is Nexcom AS's Beneish M-Score too high?
Nexcom AS's current Beneish M-Score is -6.80. Based on the distribution chart, Nexcom AS ranks #70 out of 2633 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Nexcom AS has a GF Score™ of 33/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nexcom AS's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Nexcom AS ranks #70 out of 2633 companies for Beneish M-Score. This places Nexcom AS in the top 3% 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 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 Nexcom AS and its competitors. Nexcom AS's current Beneish M-Score is -6.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nexcom AS stock overvalued right now?
Based on GuruFocus' analysis, Nexcom AS (OCSE:NEXCOM) is currently considered Modestly Undervalued. The stock's GF Value™ is kr1.87, compared to a current price of kr1.55 — trading 17.1% below its estimated fair value. The current Beneish M-Score is -6.80. Nexcom AS's overall GF Score™ is 33/100 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 Nexcom AS (OCSE:NEXCOM), the current Beneish M-Score is -6.80 as of Jun. 26, 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 Nexcom AS (OCSE:NEXCOM) Overvalued in 2026?

Based on GuruFocus' analysis, Nexcom AS stock appears to be undervalued. The current stock price of kr1.55 is trading 17.1% below its estimated GF Value™ of kr1.87. GuruFocus considers Nexcom AS to be Modestly Undervalued.

Key valuation signals for OCSE:NEXCOM:

  • Beneish M-Score: -6.80
  • GF Value™: kr1.87 vs. price of kr1.55 (17.1% below fair value)
  • GF Score™: 33/100 with 5 warning signs

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

Nexcom AS Business Description

Address Toldbodgade 59B, Copenhagen K, DNK, 1253
Nexcom AS is the developer and deliverer of AI-based voice and customer experience automation solutions, with a focus on scalable and integrable platforms serving private and public sector clients. It offers digital process optimization, digital workflow, and interaction AI services. Nexcom operates in Workflow automation software. Its products include eTray, a software system for automated handling of workflows and tasks, and RevealCX, a software system for improving customer contact in service centers. RevealCX Boost is an AI-based add-on to RevealCX.
33GF Score

Get the complete analysis for OCSE:NEXCOM

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

kr1.55
Price
kr1.87
GF Value