Spark Technology AS (OCSE:SPARK) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


What is Spark Technology AS Beneish M-Score?

Spark Technology AS OCSE:SPARK Beneish M-Score is 0.00 as of Jun. 26, 2026.

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 Spark Technology AS's Beneish M-Score or its related term are showing as below:

During the past 10 years, the highest Beneish M-Score of Spark Technology AS was 0.00. The lowest was 0.00. And the median was 0.00.

Spark Technology AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spark Technology 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.

Spark Technology AS Beneish M-Score Chart

Spark Technology AS Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -1.13 7.84 3.63 -1.73

Spark Technology AS Semi-Annual Data
Dec14 Dec15 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 0.00 3.63 0.00 -1.73 0.00

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

For the Capital Markets subindustry, Spark Technology 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.

Spark Technology AS Beneish M-Score vs Capital Markets Industry

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

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


Spark Technology 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 Spark Technology 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 * 0.7505+0.528 * 1.0321+0.404 * 0.9173+0.892 * 1.5434+0.115 * 0.6338
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9943+4.679 * 0.142387-0.327 * 1.3632
=-1.73

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was kr43.08 Mil.
Revenue was kr47.28 Mil.
Gross Profit was kr36.80 Mil.
Total Current Assets was kr60.44 Mil.
Total Assets was kr173.81 Mil.
Property, Plant and Equipment(Net PPE) was kr11.99 Mil.
Depreciation, Depletion and Amortization(DDA) was kr15.67 Mil.
Selling, General, & Admin. Expense(SGA) was kr40.89 Mil.
Total Current Liabilities was kr49.85 Mil.
Long-Term Debt & Capital Lease Obligation was kr27.74 Mil.
Net Income was kr-23.65 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-48.40 Mil.
 Total Receivables was kr37.19 Mil.
Revenue was kr30.63 Mil.
Gross Profit was kr24.61 Mil.
Total Current Assets was kr86.80 Mil.
Total Assets was kr277.90 Mil.
Property, Plant and Equipment(Net PPE) was kr14.40 Mil.
Depreciation, Depletion and Amortization(DDA) was kr8.06 Mil.
Selling, General, & Admin. Expense(SGA) was kr26.64 Mil.
Total Current Liabilities was kr91.01 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)
=(43.083 / 47.277) / (37.192 / 30.631)
=0.911289 / 1.214195
=0.7505

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)
=(24.612 / 30.631) / (36.804 / 47.277)
=0.8035 / 0.778476
=1.0321

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 - (60.437 + 11.994) / 173.808) / (1 - (86.796 + 14.396) / 277.902)
=0.58327 / 0.635872
=0.9173

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
=47.277 / 30.631
=1.5434

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))
=(8.062 / (8.062 + 14.396)) / (15.668 / (15.668 + 11.994))
=0.358981 / 0.566409
=0.6338

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)
=(40.885 / 47.277) / (26.642 / 30.631)
=0.864797 / 0.869772
=0.9943

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)
=((27.743 + 49.85) / 173.808) / ((0 + 91.006) / 277.902)
=0.446429 / 0.327475
=1.3632

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
=(-23.649 - 0 - -48.397) / 173.808
=0.142387

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.

Spark Technology AS has a M-score of -1.73 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?
Spark Technology AS (OCSE:SPARK) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spark Technology AS and its competitors.
Is Spark Technology AS's Beneish M-Score too high?
Spark Technology AS's current Beneish M-Score is 0.00.
How does Spark Technology AS's Beneish M-Score compare to MS and GS?
Spark Technology AS's Beneish M-Score of 0.00 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 Spark Technology AS and its competitors. Spark Technology AS'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 Spark Technology AS stock overvalued right now?
Spark Technology AS (OCSE:SPARK) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Spark Technology AS (OCSE:SPARK), the current Beneish M-Score is 0.00 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.

Spark Technology AS Business Description

Address H 76, 4, Copenhagen S, DNK, 2300
Spark Technology AS formerly Spenn Technology A/S is a a FinTech group providing electronic banking and payments services. The group's two primary solutions are the SPENN platform, a Software as a Service (SaaS) core banking platform and Kazang Zambia, its vendor terminal payments processor. The Company generated majority of its revenue from a solution as a part of the SPENN platform Kazang Zambia.