ALNG ASA (OSL:ALNG) Beneish M-Score: -3.85 (As of Jun. 25, 2026)

What is ALNG ASA Beneish M-Score?

ALNG ASA OSL:ALNG -0.94% 56 Beneish M-Score is -3.85 as of Jun. 25, 2026. GuruFocus rates OSL:ALNG with a GF Score™ of 56/100 and a GF Value™ of kr2.54 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, ALNG ASA ranks better than 91.61% 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 -3.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:ALNG' s Beneish M-Score Range Over the Past 10 Years
Min: -249.78 Med: -2.88 Max: 175.57
Current: -3.85

During the past 13 years, the highest Beneish M-Score of ALNG ASA was 175.57. The lowest was -249.78. And the median was -2.88.

ALNG ASA Beneish M-Score Related Terms

ALNG ASA Beneish M-Score Historical Data

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The historical data trend for ALNG ASA'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.

ALNG ASA Beneish M-Score Chart

ALNG ASA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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13.74

-2.97

-2.93

-2.33

-2.54

ALNG ASA 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															-2.88	-2.13	-2.27	-2.54	-3.85

OSL:ALNG vs WMB, EPD, KMI: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, ALNG ASA'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.

ALNG ASA Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, ALNG ASA's Beneish M-Score distribution charts can be found below:

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

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56GF Score

ALNG ASA OSL:ALNG

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

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ALNG ASA 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 ALNG ASA 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 * 0

0.528 * 1.5578

0.404 * 1.4034

0.892 * 0.6582

0.115 * 0.9399

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4873

4.679 * -0.110178

0.327 * 1.0032

-3.85

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was kr0.0 Mil.
Revenue was 78.93 + 100.513 + 122.907 + 91.181 = kr393.5 Mil.
Gross Profit was 21.49 + 31.2 + 67.693 + 38.65 = kr159.0 Mil.
Total Current Assets was kr116.6 Mil.
Total Assets was kr2,863.8 Mil.
Property, Plant and Equipment(Net PPE) was kr2,739.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr154.1 Mil.
Selling, General, & Admin. Expense(SGA) was kr38.3 Mil.
Total Current Liabilities was kr68.5 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,630.4 Mil.
Net Income was -61.458 + -44.935 + -3.311 + -31.583 = kr-141.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 62.066 + 16.292 + 53.832 + 42.047 = kr174.2 Mil.

Total Receivables was kr30.9 Mil.
Revenue was 108.811 + 119.037 + 127.822 + 242.18 = kr597.9 Mil.
Gross Profit was 46.835 + 61.185 + 72.106 + 196.247 = kr376.4 Mil.
Total Current Assets was kr326.5 Mil.
Total Assets was kr3,519.6 Mil.
Property, Plant and Equipment(Net PPE) was kr3,186.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr167.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr39.1 Mil.
Total Current Liabilities was kr216.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,864.9 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)
	=	(0 / 393.531)	/	(30.881 / 597.85)
	=	0	/	0.051653
	=	0

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)
	=	(376.373 / 597.85)	/	(159.033 / 393.531)
	=	0.629544	/	0.404118
	=	1.5578

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 - (116.618 + 2739.565) / 2863.756)	/	(1 - (326.465 + 3186.535) / 3519.631)
	=	0.002644	/	0.001884
	=	1.4034

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
	=	393.531	/	597.85
	=	0.6582

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))
	=	(167.942 / (167.942 + 3186.535))	/	(154.132 / (154.132 + 2739.565))
	=	0.050065	/	0.053265
	=	0.9399

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)
	=	(38.269 / 393.531)	/	(39.089 / 597.85)
	=	0.097245	/	0.065383
	=	1.4873

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)
	=	((1630.381 + 68.489) / 2863.756)	/	((1864.905 + 216.308) / 3519.631)
	=	0.593231	/	0.591316
	=	1.0032

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
	=	(-141.287 - 0	-	174.237)	/	2863.756
	=	-0.110178

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.

ALNG ASA has a M-score of -3.85 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 -3.85 mean?

ALNG ASA (OSL:ALNG) has a Beneish M-Score of -3.85 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ALNG ASA and its competitors. According to the industry distribution chart, ALNG ASA ranks #69 out of 822 companies in the Oil & Gas industry, placing it in the top 8.4%.

Is ALNG ASA's Beneish M-Score too high?

ALNG ASA's current Beneish M-Score is -3.85. Based on the distribution chart, ALNG ASA ranks #69 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, ALNG ASA has a GF Score™ of 56/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does ALNG ASA's Beneish M-Score compare to WMB and EPD?

According to the Oil & Gas industry distribution chart, ALNG ASA ranks #69 out of 822 companies for Beneish M-Score. This places ALNG ASA in the top 8% of its industry — outperforming the majority of peers. 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 ALNG ASA and its competitors. ALNG ASA's current Beneish M-Score is -3.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ALNG ASA stock overvalued right now?

Based on GuruFocus' analysis, ALNG ASA (OSL:ALNG) is currently considered Modestly Overvalued. The stock's GF Value™ is kr2.54, compared to a current price of kr3.15 — trading 24% above its estimated fair value. The current Beneish M-Score is -3.85. ALNG ASA's overall GF Score™ is 56/100 with 6 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 ALNG ASA (OSL:ALNG), the current Beneish M-Score is -3.85 as of Jun. 25, 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 ALNG ASA (OSL:ALNG) Overvalued in 2026?

Based on GuruFocus' analysis, ALNG ASA stock appears to be overvalued. The current stock price of kr3.15 is trading 24% above its estimated GF Value™ of kr2.54. GuruFocus considers ALNG ASA to be Modestly Overvalued.

Key valuation signals for OSL:ALNG:

Beneish M-Score: -3.85
GF Value™: kr2.54 vs. price of kr3.15 (24% above fair value)
GF Score™: 56/100 with 6 warning signs

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

ALNG ASA Business Description

Industry Energy Oil & Gas

Comparable Companies OSL:HUNT TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG VG CQP TSX:PPL SHSE:601872 WES PAA HKSE:01138 DTM TSX:ALA

Other Exchanges AWLNF:USA ALNGO:Sweden 0Q4G:UK AWQ:Germany

Address Haakon VII’s Gate 1, 2nd floor, Oslo, NOR, NO-0161

Website https://www.alngasa.no

ALNG ASA is a Norwegian based LNG transportation provider, owning and operating LNG vessels intended for international trade. The Company fleet includes LNG vessels used for the transportation of liquefied natural gas.

56GF Score

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

kr3.15

Price

kr2.54

GF Value

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