Havila Shipping ASA (OSL:HAVI) Beneish M-Score: -3.91 (As of Jul. 04, 2026)

What is Havila Shipping ASA Beneish M-Score?

Havila Shipping ASA OSL:HAVI +0.90% 50 Beneish M-Score is -3.91 as of Jul. 04, 2026. GuruFocus rates OSL:HAVI with a GF Score™ of 50/100 and a GF Value™ of kr2.65 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 964 Transportation companies, Havila Shipping ASA ranks better than 96.37% 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 -3.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:HAVI' s Beneish M-Score Range Over the Past 10 Years
Min: -10.97 Med: -3.57 Max: 0.68
Current: -3.91

During the past 13 years, the highest Beneish M-Score of Havila Shipping ASA was 0.68. The lowest was -10.97. And the median was -3.57.

Havila Shipping ASA Beneish M-Score Related Terms

Havila Shipping ASA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Havila Shipping 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.

Havila Shipping ASA Beneish M-Score Chart

Havila Shipping ASA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.45

-5.87

-2.68

-3.54

-3.91

Havila Shipping 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															0.00	0.00	0.00	-3.91	0.00

Havila Shipping ASA Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Havila Shipping 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.

Havila Shipping ASA Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Havila Shipping ASA's Beneish M-Score distribution charts can be found below:

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

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Havila Shipping ASA OSL:HAVI

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

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Havila Shipping 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 Havila Shipping 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 * 0.6717

0.528 * 0.3554

0.404 * 1.0277

0.892 * 1.1181

0.115 * 0.7445

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6359

4.679 * -0.162275

0.327 * 1.0206

-3.91

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr87.7 Mil.
Revenue was kr616.6 Mil.
Gross Profit was kr251.3 Mil.
Total Current Assets was kr318.5 Mil.
Total Assets was kr1,499.9 Mil.
Property, Plant and Equipment(Net PPE) was kr1,133.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr196.8 Mil.
Selling, General, & Admin. Expense(SGA) was kr18.6 Mil.
Total Current Liabilities was kr1,150.7 Mil.
Long-Term Debt & Capital Lease Obligation was kr6.8 Mil.
Net Income was kr10.0 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr253.4 Mil.

Total Receivables was kr116.7 Mil.
Revenue was kr551.5 Mil.
Gross Profit was kr79.9 Mil.
Total Current Assets was kr278.8 Mil.
Total Assets was kr1,507.5 Mil.
Property, Plant and Equipment(Net PPE) was kr1,182.2 Mil.
Depreciation, Depletion and Amortization(DDA) was kr146.3 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.2 Mil.
Total Current Liabilities was kr633.6 Mil.
Long-Term Debt & Capital Lease Obligation was kr506.2 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)
	=	(87.682 / 616.586)	/	(116.748 / 551.48)
	=	0.142206	/	0.211699
	=	0.6717

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)
	=	(79.876 / 551.48)	/	(251.273 / 616.586)
	=	0.144839	/	0.407523
	=	0.3554

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 - (318.513 + 1133.89) / 1499.895)	/	(1 - (278.808 + 1182.249) / 1507.505)
	=	0.031664	/	0.030811
	=	1.0277

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
	=	616.586	/	551.48
	=	1.1181

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))
	=	(146.254 / (146.254 + 1182.249))	/	(196.771 / (196.771 + 1133.89))
	=	0.110089	/	0.147875
	=	0.7445

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)
	=	(18.576 / 616.586)	/	(10.156 / 551.48)
	=	0.030127	/	0.018416
	=	1.6359

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)
	=	((6.759 + 1150.701) / 1499.895)	/	((506.199 + 633.622) / 1507.505)
	=	0.771694	/	0.756098
	=	1.0206

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
	=	(10.028 - 0	-	253.423)	/	1499.895
	=	-0.162275

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.

Havila Shipping ASA has a M-score of -3.91 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 -3.91 mean?

Havila Shipping ASA (OSL:HAVI) has a Beneish M-Score of -3.91 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Havila Shipping ASA and its competitors. According to the industry distribution chart, Havila Shipping ASA ranks #35 out of 964 companies in the Transportation industry, placing it in the top 3.6%.

Is Havila Shipping ASA's Beneish M-Score too high?

Havila Shipping ASA's current Beneish M-Score is -3.91. Based on the distribution chart, Havila Shipping ASA ranks #35 out of 964 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Havila Shipping ASA has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Havila Shipping ASA's Beneish M-Score compare to competitors?

According to the Transportation industry distribution chart, Havila Shipping ASA ranks #35 out of 964 companies for Beneish M-Score. This places Havila Shipping ASA in the top 4% 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 a Transportation company?

A good Beneish M-Score depends on the Transportation 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 Havila Shipping ASA and its competitors. Havila Shipping ASA's current Beneish M-Score is -3.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Havila Shipping ASA stock overvalued right now?

Based on GuruFocus' analysis, Havila Shipping ASA (OSL:HAVI) is currently considered Possible Value Trap. The stock's GF Value™ is kr2.65, compared to a current price of kr1.12 — trading 57.9% below its estimated fair value. The current Beneish M-Score is -3.91. Havila Shipping ASA's overall GF Score™ is 50/100 with 3 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 Havila Shipping ASA (OSL:HAVI), the current Beneish M-Score is -3.91 as of Jul. 04, 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 Havila Shipping ASA (OSL:HAVI) Overvalued in 2026?

Based on GuruFocus' analysis, Havila Shipping ASA stock appears to be undervalued. The current stock price of kr1.12 is trading 57.9% below its estimated GF Value™ of kr2.65. GuruFocus considers Havila Shipping ASA to be Possible Value Trap.

Key valuation signals for OSL:HAVI:

Beneish M-Score: -3.91
GF Value™: kr2.65 vs. price of kr1.12 (57.9% below fair value)
GF Score™: 50/100 with 3 warning signs

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

Havila Shipping ASA Business Description

Industry Industrials Transportation

Comparable Companies OSL:ADS OSL:HAV OSL:2020 OSL:STST OSL:JIN OSL:GEOS OSL:WEST BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TSE:9101 TPE:2603 ADX:ADNOCLS XKRX:011200 TSE:9104 HKSE:01308 HKSE:00316

Other Exchanges HAVIO:Sweden 0LGI:UK H4S:Germany

Address Mjolstadnesvegen 24, Heroy, Fosnavag, NOR, 6092

Website https://www.havilashipping.no

Havila Shipping ASA is a supplier of quality assured supply services to the offshore industry, nationally as well as internationally. Its segment includes Platform Supply Vessel, Rescue recovery Vessel, Subsea operations vessels, and Non-allocated. The group generates revenue mainly from customers located in Norway, the UK, Denmark, Belgium, Iceland, and the Netherlands. The group generates the majority of its revenue from the Platform Supply Vessel segment.

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

kr1.12

Price

kr2.65

GF Value

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