Norm Invest (OCSE:NORD) Beneish M-Score: -4.66 (As of Jun. 28, 2026)


OCSE:NORD Norm Invest OCSE:NORD
20 GF Score
Price kr1.23
! 2 Warning Signs
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What is Norm Invest Beneish M-Score?

Norm Invest OCSE:NORD 20 Beneish M-Score is -4.66 as of Jun. 28, 2026. GuruFocus rates OCSE:NORD with a GF Score™ of 20/100. The stock has 2 warning signs investors should review.

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 -4.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:NORD' s Beneish M-Score Range Over the Past 10 Years
Min: -9.22   Med: -4.66   Max: 52.71
Current: -4.66

During the past 7 years, the highest Beneish M-Score of Norm Invest was 52.71. The lowest was -9.22. And the median was -4.66.

Norm Invest Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Norm Invest'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.

Norm Invest Beneish M-Score Chart

Norm Invest Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 31.74 -6.32 52.71 -9.22 -4.66

Norm Invest Semi-Annual Data
Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 52.71 0.00 -9.22 -4.66

OCSE:NORD vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, Norm Invest'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.

Norm Invest Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Norm Invest's Beneish M-Score distribution charts can be found below:

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


OCSE:NORD
20GF Score
Norm Invest OCSE:NORD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Norm Invest 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 Norm Invest 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 * 0.3285+0.528 * 0.7689+0.404 * 1.428+0.892 * 1.4426+0.115 * 0.6164
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5064+4.679 * -0.41954-0.327 * 1.264
=-4.66

* 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 kr8.14 Mil.
Revenue was kr12.22 Mil.
Gross Profit was kr4.65 Mil.
Total Current Assets was kr8.58 Mil.
Total Assets was kr19.14 Mil.
Property, Plant and Equipment(Net PPE) was kr2.26 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.02 Mil.
Selling, General, & Admin. Expense(SGA) was kr8.10 Mil.
Total Current Liabilities was kr0.00 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.27 Mil.
Net Income was kr-8.03 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr0.00 Mil.
 Total Receivables was kr17.18 Mil.
Revenue was kr8.47 Mil.
Gross Profit was kr2.48 Mil.
Total Current Assets was kr17.62 Mil.
Total Assets was kr29.03 Mil.
Property, Plant and Equipment(Net PPE) was kr2.59 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.41 Mil.
Selling, General, & Admin. Expense(SGA) was kr11.09 Mil.
Total Current Liabilities was kr0.16 Mil.
Long-Term Debt & Capital Lease Obligation was kr2.57 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)
=(8.14 / 12.222) / (17.179 / 8.472)
=0.666012 / 2.027738
=0.3285

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)
=(2.478 / 8.472) / (4.649 / 12.222)
=0.292493 / 0.38038
=0.7689

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 - (8.579 + 2.255) / 19.14) / (1 - (17.618 + 2.592) / 29.033)
=0.43396 / 0.303896
=1.428

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
=12.222 / 8.472
=1.4426

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))
=(1.414 / (1.414 + 2.592)) / (3.022 / (3.022 + 2.255))
=0.352971 / 0.572674
=0.6164

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)
=(8.102 / 12.222) / (11.091 / 8.472)
=0.662903 / 1.309136
=0.5064

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)
=((2.274 + 0) / 19.14) / ((2.57 + 0.159) / 29.033)
=0.118809 / 0.093996
=1.264

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
=(-8.03 - 0 - 0) / 19.14
=-0.41954

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.

Norm Invest has a M-score of -4.66 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 -4.66 mean?
Norm Invest (OCSE:NORD) has a Beneish M-Score of -4.66 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Norm Invest and its competitors.
Is Norm Invest's Beneish M-Score too high?
Norm Invest's current Beneish M-Score is -4.66. Overall, Norm Invest has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Norm Invest's Beneish M-Score compare to MS and GS?
Norm Invest's Beneish M-Score of -4.66 can be compared against companies in the Capital Markets 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Norm Invest and its competitors. Norm Invest's current Beneish M-Score is -4.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norm Invest stock overvalued right now?
Norm Invest (OCSE:NORD) has a current Beneish M-Score of -4.66. The current Beneish M-Score is -4.66. Norm Invest's overall GF Score™ is 20/100 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 Norm Invest (OCSE:NORD), the current Beneish M-Score is -4.66 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.

Norm Invest Business Description

Address c/o Copenhagen Fintech Lab, Applebys Plads 7, Copenhagen, DNK, DK-1411
Norm Invest is a fintech company that offers a digital pension and wealth management platform providing investment advice and portfolio management to retail investors. It offers a digital asset management solution, installment pension, or move customers' existing retirement savings, installment, and capital pension.
20GF Score

Get the complete analysis for OCSE:NORD

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

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