MADARA Cosmetics AS (ORSE:MDARA) Beneish M-Score: -2.94 (As of Jun. 24, 2026)

What is MADARA Cosmetics AS Beneish M-Score?

MADARA Cosmetics AS ORSE:MDARA 8 Beneish M-Score is -2.94 as of Jun. 24, 2026. GuruFocus rates ORSE:MDARA with a GF Score™ of 8/100 and a GF Value™ of €18.22. The stock has 1 warning sign 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ORSE:MDARA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.25 Max: -1.26
Current: -2.94

During the past 11 years, the highest Beneish M-Score of MADARA Cosmetics AS was -1.26. The lowest was -2.96. And the median was -2.25.

MADARA Cosmetics AS Beneish M-Score Related Terms

MADARA Cosmetics AS Beneish M-Score Historical Data

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The historical data trend for MADARA Cosmetics 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.

MADARA Cosmetics AS Beneish M-Score Chart

MADARA Cosmetics AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.17

-2.96

-2.32

-1.26

-2.94

MADARA Cosmetics AS Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.32	0.00	-1.26	0.00	-2.94

ORSE:MDARA vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, MADARA Cosmetics 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.

MADARA Cosmetics AS Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, MADARA Cosmetics AS's Beneish M-Score distribution charts can be found below:

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

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MADARA Cosmetics AS ORSE:MDARA

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

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MADARA Cosmetics 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 MADARA Cosmetics 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 * 1.0222

0.528 * 0.9982

0.404 * 0.5594

0.892 * 1.0788

0.115 * 0.9322

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0498

4.679 * -0.051171

0.327 * 1.3571

-2.94

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was €2.89 Mil.
Revenue was €23.22 Mil.
Gross Profit was €15.16 Mil.
Total Current Assets was €13.25 Mil.
Total Assets was €16.57 Mil.
Property, Plant and Equipment(Net PPE) was €2.79 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.18 Mil.
Selling, General, & Admin. Expense(SGA) was €9.57 Mil.
Total Current Liabilities was €2.85 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.39 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.46 Mil.

Total Receivables was €2.62 Mil.
Revenue was €21.52 Mil.
Gross Profit was €14.03 Mil.
Total Current Assets was €16.17 Mil.
Total Assets was €20.19 Mil.
Property, Plant and Equipment(Net PPE) was €2.86 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.09 Mil.
Selling, General, & Admin. Expense(SGA) was €8.45 Mil.
Total Current Liabilities was €2.56 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
	=	(2.887 / 23.217)	/	(2.618 / 21.522)
	=	0.124349	/	0.121643
	=	1.0222

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)
	=	(14.032 / 21.522)	/	(15.164 / 23.217)
	=	0.651984	/	0.653142
	=	0.9982

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 - (13.248 + 2.789) / 16.572)	/	(1 - (16.168 + 2.855) / 20.188)
	=	0.032283	/	0.057708
	=	0.5594

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
	=	23.217	/	21.522
	=	1.0788

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))
	=	(1.092 / (1.092 + 2.855))	/	(1.177 / (1.177 + 2.789))
	=	0.276666	/	0.296773
	=	0.9322

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)
	=	(9.573 / 23.217)	/	(8.453 / 21.522)
	=	0.412327	/	0.392761
	=	1.0498

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)
	=	((0 + 2.853) / 16.572)	/	((0 + 2.561) / 20.188)
	=	0.172158	/	0.126858
	=	1.3571

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
	=	(-0.389 - 0	-	0.459)	/	16.572
	=	-0.051171

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.

MADARA Cosmetics AS has a M-score of -2.94 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 -2.94 mean?

MADARA Cosmetics AS (ORSE:MDARA) has a Beneish M-Score of -2.94 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MADARA Cosmetics AS and its competitors.

Is MADARA Cosmetics AS's Beneish M-Score too high?

MADARA Cosmetics AS's current Beneish M-Score is -2.94. Overall, MADARA Cosmetics AS has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.

How does MADARA Cosmetics AS's Beneish M-Score compare to PG and CL?

MADARA Cosmetics AS's Beneish M-Score of -2.94 can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 MADARA Cosmetics AS and its competitors. MADARA Cosmetics AS's current Beneish M-Score is -2.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is MADARA Cosmetics AS stock overvalued right now?

MADARA Cosmetics AS (ORSE:MDARA) has a current Beneish M-Score of -2.94. The stock's GF Value™ is €18.22, compared to a current price of €9.88 — trading 45.8% below its estimated fair value. The current Beneish M-Score is -2.94. MADARA Cosmetics AS's overall GF Score™ is 8/100 with 1 warning sign 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 MADARA Cosmetics AS (ORSE:MDARA), the current Beneish M-Score is -2.94 as of Jun. 24, 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 MADARA Cosmetics AS (ORSE:MDARA) Overvalued in 2026?

Based on GuruFocus' analysis, MADARA Cosmetics AS stock appears to be undervalued. The current stock price of €9.88 is trading 45.8% below its estimated GF Value™ of €18.22.

Key valuation signals for ORSE:MDARA:

Beneish M-Score: -2.94
GF Value™: €18.22 vs. price of €9.88 (45.8% below fair value)
GF Score™: 8/100 with 1 warning sign

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

MADARA Cosmetics AS Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ORSE:EGG ORSE:KALVE ORSE:SCM1R PG XPAR:OR LSE:ULVR CL BOM:500696 KVUE KMB LSE:RKT XTER:HEN3 XTER:BEI CHD EL TSE:4452 OSTO:ESSITY B CLX TSE:8113 BOM:532424

Address 131 Zeltinu Street, Marupe district, Marupe, LVA, 2167

Website https://www.madaracosmetics.com

MADARA Cosmetics AS manufactures natural skin care products in the Baltic and North European regions. The company provides various cosmetic products such as toners, lip care, moisturizers, and other related products. The firm generates revenue from the production and wholesale of cosmetic products. Geographically, it generates maximum revenue from the European Union, followed by Latvia and other markets.

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

€9.88

Price

€18.22

GF Value

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