Shape Robotics AS (OCSE:SHAPE) Beneish M-Score: -1.69 (As of Jun. 27, 2026)

What is Shape Robotics AS Beneish M-Score?

Shape Robotics AS OCSE:SHAPE 48 Beneish M-Score is -1.69 as of Jun. 27, 2026. GuruFocus rates OCSE:SHAPE with a GF Score™ of 48/100 and a GF Value™ of kr50.45. The stock has 10 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.

Warning Sign:

Beneish M-Score -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OCSE:SHAPE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: 0.12 Max: 75.44
Current: -1.69

During the past 7 years, the highest Beneish M-Score of Shape Robotics AS was 75.44. The lowest was -2.67. And the median was 0.12.

Shape Robotics AS Beneish M-Score Related Terms

Shape Robotics AS Beneish M-Score Historical Data

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The historical data trend for Shape Robotics 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.

Shape Robotics AS Beneish M-Score Chart

Shape Robotics AS Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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0.00

0.12

1.64

0.23

-2.02

Shape Robotics AS Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25
Beneish M-Score	Get a 7-Day Free Trial															-0.32	-0.45	-2.02	-1.79	-1.69

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

For the Software - Application subindustry, Shape Robotics 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.

Shape Robotics AS Beneish M-Score vs Software Industry

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

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

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48GF Score

Shape Robotics AS OCSE:SHAPE

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

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Shape Robotics 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 Shape Robotics AS 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 * 1.1076

0.528 * 0.6669

0.404 * 0.8567

0.892 * 1.4694

0.115 * 1.0455

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2694

4.679 * 0.135991

0.327 * 1.2653

-1.69

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was kr234.8 Mil.
Revenue was 59.967 + 69.763 + 124.685 + 71.06 = kr325.5 Mil.
Gross Profit was 31.06 + 23.537 + 47.599 + 24.988 = kr127.2 Mil.
Total Current Assets was kr500.7 Mil.
Total Assets was kr686.9 Mil.
Property, Plant and Equipment(Net PPE) was kr30.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr15.4 Mil.
Selling, General, & Admin. Expense(SGA) was kr32.5 Mil.
Total Current Liabilities was kr429.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr28.8 Mil.
Net Income was 2.359 + 3.053 + 7.129 + 0.955 = kr13.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was -47.286 + 9.809 + -35.298 + -7.146 = kr-79.9 Mil.

Total Receivables was kr144.3 Mil.
Revenue was 71.237 + 34.871 + 86.525 + 28.865 = kr221.5 Mil.
Gross Profit was 17.649 + 7.57 + 24.451 + 8.051 = kr57.7 Mil.
Total Current Assets was kr209.5 Mil.
Total Assets was kr318.5 Mil.
Property, Plant and Equipment(Net PPE) was kr24.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr13.4 Mil.
Selling, General, & Admin. Expense(SGA) was kr17.4 Mil.
Total Current Liabilities was kr138.7 Mil.
Long-Term Debt & Capital Lease Obligation was kr29.2 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)
	=	(234.845 / 325.475)	/	(144.298 / 221.498)
	=	0.721545	/	0.651464
	=	1.1076

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)
	=	(57.721 / 221.498)	/	(127.184 / 325.475)
	=	0.260594	/	0.390764
	=	0.6669

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 - (500.746 + 30.357) / 686.936)	/	(1 - (209.46 + 24.7) / 318.491)
	=	0.226852	/	0.264783
	=	0.8567

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
	=	325.475	/	221.498
	=	1.4694

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))
	=	(13.438 / (13.438 + 24.7))	/	(15.432 / (15.432 + 30.357))
	=	0.352352	/	0.337024
	=	1.0455

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)
	=	(32.539 / 325.475)	/	(17.444 / 221.498)
	=	0.099974	/	0.078755
	=	1.2694

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)
	=	((28.781 + 429.335) / 686.936)	/	((29.193 + 138.672) / 318.491)
	=	0.666898	/	0.527064
	=	1.2653

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
	=	(13.496 - 0	-	-79.921)	/	686.936
	=	0.135991

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.

Shape Robotics AS has a M-score of -1.69 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 -1.69 mean?

Shape Robotics AS (OCSE:SHAPE) has a Beneish M-Score of -1.69 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shape Robotics AS and its competitors.

Is Shape Robotics AS's Beneish M-Score too high?

Shape Robotics AS's current Beneish M-Score is -1.69. Overall, Shape Robotics AS has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.

How does Shape Robotics AS's Beneish M-Score compare to CRM and SHOP?

Shape Robotics AS's Beneish M-Score of -1.69 can be compared against companies in the Software 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 Shape Robotics AS and its competitors. Shape Robotics AS's current Beneish M-Score is -1.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Shape Robotics AS stock overvalued right now?

Shape Robotics AS (OCSE:SHAPE) has a current Beneish M-Score of -1.69. The stock's GF Value™ is kr50.45, compared to a current price of kr5.03 — trading 90% below its estimated fair value. The current Beneish M-Score is -1.69. Shape Robotics AS's overall GF Score™ is 48/100 with 10 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 Shape Robotics AS (OCSE:SHAPE), the current Beneish M-Score is -1.69 as of Jun. 27, 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 Shape Robotics AS (OCSE:SHAPE) Overvalued in 2026?

Based on GuruFocus' analysis, Shape Robotics AS stock appears to be undervalued. The current stock price of kr5.03 is trading 90% below its estimated GF Value™ of kr50.45.

Key valuation signals for OCSE:SHAPE:

Beneish M-Score: -1.69
GF Value™: kr50.45 vs. price of kr5.03 (90% below fair value)
GF Score™: 48/100 with 10 warning signs

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

Shape Robotics AS Business Description

Industry Technology Software

Comparable Companies OCSE:KONSOL OCSE:AGILC OCSE:NEXCOM OCSE:FASTPC OCSE:UNLGRP OCSE:IMPERO XTER:SAP CRM SHOP UBER NOW ADBE INTU ADP CDNS SNOW ADSK MSTR DDOG TSX:CSU

Address Lyskaer 3C, 4th Floor, Herlev, DNK, 2730

Website https://www.shaperobotics.com

Shape Robotics AS is an educational technology company. It has developed schools with excellent classroom technology for STEAM Education which stands for Science, Technology, Engineering, Arts, and Mathematics. Its products include educational robots, such as Fable, Fable Go, Fable Explore, Steam Lab, and Teacher Zone. It operates in Denmark, Romania, Poland, United States, United Kindom, Moldova, and Others. It derives maximum revenue from Romania.

48GF Score

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

kr5.03

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kr50.45

GF Value

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