TCM Group AS (OCSE:TCM) Beneish M-Score: -2.69 (As of Jun. 26, 2026)

What is TCM Group AS Beneish M-Score?

TCM Group AS OCSE:TCM -1.70% 88 Beneish M-Score is -2.69 as of Jun. 26, 2026. GuruFocus rates OCSE:TCM with a GF Score™ of 88/100 and a GF Value™ of kr73.39 (Fairly Valued). The stock has 5 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, TCM Group AS ranks better than 63.72% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:TCM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.47 Max: -1.91
Current: -2.69

During the past 12 years, the highest Beneish M-Score of TCM Group AS was -1.91. The lowest was -3.14. And the median was -2.47.

TCM Group AS Beneish M-Score Related Terms

TCM Group AS Beneish M-Score Historical Data

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The historical data trend for TCM Group 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.

TCM Group AS Beneish M-Score Chart

TCM Group AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.07

-2.27

-2.11

-2.81

-2.20

TCM Group 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															-2.57	-2.61	-2.33	-2.20	-2.69

OCSE:TCM vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, TCM Group 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.

TCM Group AS Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, TCM Group AS's Beneish M-Score distribution charts can be found below:

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

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88GF Score

TCM Group AS OCSE:TCM

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

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TCM Group 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 TCM Group 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 * 1.0548

0.528 * 0.9185

0.404 * 1.038

0.892 * 1.0936

0.115 * 0.9216

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0656

4.679 * -0.060813

0.327 * 1.0401

-2.69

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was kr145 Mil.
Revenue was 362.4 + 333.1 + 288.9 + 349.1 = kr1,334 Mil.
Gross Profit was 84.3 + 81.1 + 61.8 + 82.7 = kr310 Mil.
Total Current Assets was kr291 Mil.
Total Assets was kr1,408 Mil.
Property, Plant and Equipment(Net PPE) was kr238 Mil.
Depreciation, Depletion and Amortization(DDA) was kr39 Mil.
Selling, General, & Admin. Expense(SGA) was kr220 Mil.
Total Current Liabilities was kr376 Mil.
Long-Term Debt & Capital Lease Obligation was kr274 Mil.
Net Income was 15 + 33.8 + 9.6 + 22.3 = kr81 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 90.5 + 20.2 + 5.3 + 50.3 = kr166 Mil.

Total Receivables was kr126 Mil.
Revenue was 308.1 + 301.4 + 277.7 + 332.2 = kr1,219 Mil.
Gross Profit was 64.9 + 67.8 + 56.3 + 71.3 = kr260 Mil.
Total Current Assets was kr261 Mil.
Total Assets was kr1,262 Mil.
Property, Plant and Equipment(Net PPE) was kr242 Mil.
Depreciation, Depletion and Amortization(DDA) was kr36 Mil.
Selling, General, & Admin. Expense(SGA) was kr189 Mil.
Total Current Liabilities was kr264 Mil.
Long-Term Debt & Capital Lease Obligation was kr296 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)
	=	(145 / 1333.5)	/	(125.7 / 1219.4)
	=	0.108736	/	0.103083
	=	1.0548

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)
	=	(260.3 / 1219.4)	/	(309.9 / 1333.5)
	=	0.213466	/	0.232396
	=	0.9185

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 - (290.6 + 237.5) / 1407.6)	/	(1 - (260.5 + 242) / 1262.4)
	=	0.624822	/	0.601949
	=	1.038

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
	=	1333.5	/	1219.4
	=	1.0936

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))
	=	(35.7 / (35.7 + 242))	/	(38.5 / (38.5 + 237.5))
	=	0.128556	/	0.139493
	=	0.9216

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)
	=	(219.9 / 1333.5)	/	(188.7 / 1219.4)
	=	0.164904	/	0.154748
	=	1.0656

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)
	=	((273.9 + 375.8) / 1407.6)	/	((296 + 264.2) / 1262.4)
	=	0.461566	/	0.443758
	=	1.0401

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
	=	(80.7 - 0	-	166.3)	/	1407.6
	=	-0.060813

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.

TCM Group AS has a M-score of -2.69 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 -2.69 mean?

TCM Group AS (OCSE:TCM) has a Beneish M-Score of -2.69 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TCM Group AS and its competitors. According to the industry distribution chart, TCM Group AS ranks #152 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 36.3%.

Is TCM Group AS's Beneish M-Score too high?

TCM Group AS's current Beneish M-Score is -2.69. Based on the distribution chart, TCM Group AS ranks #152 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is above the industry midpoint. Overall, TCM Group AS has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does TCM Group AS's Beneish M-Score compare to SN and SGI?

According to the Furnishings, Fixtures & Appliances industry distribution chart, TCM Group AS ranks #152 out of 419 companies for Beneish M-Score. This puts TCM Group AS in the upper 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 Furnishings, Fixtures & Appliances company?

A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 TCM Group AS and its competitors. TCM Group AS's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TCM Group AS stock overvalued right now?

Based on GuruFocus' analysis, TCM Group AS (OCSE:TCM) is currently considered Fairly Valued. The stock's GF Value™ is kr73.39, compared to a current price of kr69.40 — trading 5.4% below its estimated fair value. The current Beneish M-Score is -2.69. TCM Group AS's overall GF Score™ is 88/100 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 TCM Group AS (OCSE:TCM), the current Beneish M-Score is -2.69 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 TCM Group AS (OCSE:TCM) Overvalued in 2026?

Based on GuruFocus' analysis, TCM Group AS stock appears to be undervalued. The current stock price of kr69.40 is trading 5.4% below its estimated GF Value™ of kr73.39. GuruFocus considers TCM Group AS to be Fairly Valued.

Key valuation signals for OCSE:TCM:

Beneish M-Score: -2.69
GF Value™: kr73.39 vs. price of kr69.40 (5.4% below fair value)
GF Score™: 88/100 with 5 warning signs

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

TCM Group AS Business Description

Industry Consumer Cyclical Furnishings, Fixtures & Appliances

Comparable Companies SZSE:000333 SZSE:000651 SHSE:600690 SHSE:603268 SN TPE:2059 SGI TSE:9843 MHK MIL:DLG LSE:HWDN SZSE:002032 SHSE:603486 ALH SHSE:600839 SZSE:000921 NSE:VOLTAS XKRX:021240 SHSE:603816 SHSE:603833

Other Exchanges 0CUN:UK

Address Skautrupvej 16, Tvis, Holstebro, DNK, 7500

Website https://www.tcmgroup.dk

TCM Group AS manufactures and supplies kitchen and furniture products for bathrooms and storage in Denmark and the other Scandinavian countries. Its products include drawers, cabinets, fronts, table tops, handles, and other accessories. It offers its products under the Svane Kokkenet, Tvis Kokkener, Nettoline, and kitchen brands. The company also sells private-label products through Do-It-Yourself and kitchen specialty stores in Denmark and Norway. The group sells its products in Denmark and other countries, of which a majority of the revenue is derived from Denmark. It also has a presence in Norway and other countries.

88GF Score

Get the complete analysis for OCSE:TCM

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

kr69.40

Price

kr73.39

GF Value

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