SpareBank 1 Helgeland (OSL:HELG) Beneish M-Score: -2.61 (As of Jul. 25, 2026)

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OSL:HELG SpareBank 1 Helgeland OSL:HELG
52 GF Score
Price kr158.76
GF Value kr131.63
Valuation Modestly Overvalued
! 5 Warning Signs
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What is SpareBank 1 Helgeland Beneish M-Score?

SpareBank 1 Helgeland OSL:HELG -0.06% 52 Beneish M-Score is -2.61 as of Jul. 25, 2026. GuruFocus rates OSL:HELG with a GF Score™ of 52/100 and a GF Value™ of kr131.63 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,391 Banks companies, SpareBank 1 Helgeland ranks better than 81.81% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SpareBank 1 Helgeland's Beneish M-Score or its related term are showing as below:

OSL:HELG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.43   Max: -2.1
Current: -2.61

During the past 13 years, the highest Beneish M-Score of SpareBank 1 Helgeland was -2.10. The lowest was -2.69. And the median was -2.43.

OSL:HELG
52GF Score
SpareBank 1 Helgeland OSL:HELG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SpareBank 1 Helgeland 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 SpareBank 1 Helgeland 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 * 1+0.528 * 1+0.404 * 1.0003+0.892 * 0.9525+0.115 * 1.1219
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.185+4.679 * -0.013462-0.327 * 1.0082
=-2.61

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was kr0 Mil.
Revenue was 291 + 277 + 295 + 301 = kr1,164 Mil.
Gross Profit was 291 + 277 + 295 + 301 = kr1,164 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr41,228 Mil.
Property, Plant and Equipment(Net PPE) was kr265 Mil.
Depreciation, Depletion and Amortization(DDA) was kr30 Mil.
Selling, General, & Admin. Expense(SGA) was kr149 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr8,650 Mil.
Net Income was 133 + 56 + 157 + 136 = kr482 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 612 + 769 + -632 + 288 = kr1,037 Mil.
 Total Receivables was kr0 Mil.
Revenue was 310 + 307 + 305 + 300 = kr1,222 Mil.
Gross Profit was 310 + 307 + 305 + 300 = kr1,222 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr38,987 Mil.
Property, Plant and Equipment(Net PPE) was kr264 Mil.
Depreciation, Depletion and Amortization(DDA) was kr34 Mil.
Selling, General, & Admin. Expense(SGA) was kr132 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr8,113 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 / 1164) / (0 / 1222)
=0 / 0
=1

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)
=(1222 / 1222) / (1164 / 1164)
=1 / 1
=1

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 - (0 + 265) / 41228) / (1 - (0 + 264) / 38987)
=0.993572 / 0.993229
=1.0003

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
=1164 / 1222
=0.9525

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))
=(34 / (34 + 264)) / (30 / (30 + 265))
=0.114094 / 0.101695
=1.1219

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)
=(149 / 1164) / (132 / 1222)
=0.128007 / 0.10802
=1.185

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)
=((8650 + 0) / 41228) / ((8113 + 0) / 38987)
=0.209809 / 0.208095
=1.0082

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
=(482 - 0 - 1037) / 41228
=-0.013462

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.

SpareBank 1 Helgeland has a M-score of -2.61 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 -2.61 mean?
SpareBank 1 Helgeland (OSL:HELG) has a Beneish M-Score of -2.61 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SpareBank 1 Helgeland and its competitors. According to the industry distribution chart, SpareBank 1 Helgeland ranks #253 out of 1391 companies in the Banks industry, placing it in the top 18.2%.
Is SpareBank 1 Helgeland's Beneish M-Score too high?
SpareBank 1 Helgeland's current Beneish M-Score is -2.61. Based on the distribution chart, SpareBank 1 Helgeland ranks #253 out of 1391 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, SpareBank 1 Helgeland has a GF Score™ of 52/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SpareBank 1 Helgeland's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SpareBank 1 Helgeland ranks #253 out of 1391 companies for Beneish M-Score. This places SpareBank 1 Helgeland in the top 18% 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 Banks company?
A good Beneish M-Score depends on the Banks 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 SpareBank 1 Helgeland and its competitors. SpareBank 1 Helgeland's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SpareBank 1 Helgeland stock overvalued right now?
Based on GuruFocus' analysis, SpareBank 1 Helgeland (OSL:HELG) is currently considered Modestly Overvalued. The stock's GF Value™ is kr131.63, compared to a current price of kr158.76 — trading 20.6% above its estimated fair value. The current Beneish M-Score is -2.61. SpareBank 1 Helgeland's overall GF Score™ is 52/100 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 SpareBank 1 Helgeland (OSL:HELG), the current Beneish M-Score is -2.61 as of Jul. 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 SpareBank 1 Helgeland (OSL:HELG) Overvalued in 2026?

Based on GuruFocus' analysis, SpareBank 1 Helgeland stock appears to be overvalued. The current stock price of kr158.76 is trading 20.6% above its estimated GF Value™ of kr131.63. GuruFocus considers SpareBank 1 Helgeland to be Modestly Overvalued.

Key valuation signals for OSL:HELG:

  • Beneish M-Score: -2.61
  • GF Value™: kr131.63 vs. price of kr158.76 (20.6% above fair value)
  • GF Score™: 52/100 with 5 warning signs

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

SpareBank 1 Helgeland Business Description

Other Exchanges 0EO8:UK
Address Jernbanegata 15, Mo i Rana, NOR, 8622
SpareBank 1 Helgeland is a regional bank engaged in providing banking and financial services. It offers savings products, payment services, credit cards, saving accounts, placement services, loans, insurance, shares, and currencies, as well as an online banking facility. The bank's operations are divided into two segments: Retail Market (RM) and Corporate Market (CM). The company serves creditors, customers, employees, management, and society in general. Geographically, all the operations of the bank are carried out from Helgeland.
52GF Score

Get the complete analysis for OSL:HELG

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

kr158.76
Price
kr131.63
GF Value