Nordic Financials ASAOSL:NOFIN -4.76%30 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates OSL:NOFIN with a GF Score™ of 30/100. The stock has 1 warning sign investors should review. Among 390 Utilities - Independent Power Producers companies, Nordic Financials ASA ranks worse than 256410% 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.
The historical rank and industry rank for Nordic Financials ASA's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Nordic Financials ASA was 4.98. The lowest was -32.26. And the median was -2.83.
Nordic Financials ASA Beneish M-Score Related Terms
Nordic Financials ASA Beneish M-Score Historical Data
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The historical data trend for Nordic Financials 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.
For the Utilities - Renewable subindustry, Nordic Financials 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.
Nordic Financials ASA Beneish M-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Nordic Financials ASA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nordic Financials ASA's Beneish M-Score falls into.
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 Nordic Financials ASA 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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.
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.
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))
=
(14.274 / (14.274 + 0))
/
(0 / (0 + 0))
=
1
/
=
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
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
=
(-11.915 - 0
-
-24.275)
/
29.738
=
0.41563
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.
Nordic Financials ASA (OSL:NOFIN) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nordic Financials ASA and its competitors. According to the industry distribution chart, Nordic Financials ASA ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry.
Is Nordic Financials ASA's Beneish M-Score too high?
Nordic Financials ASA's current Beneish M-Score is 0.00. Based on the distribution chart, Nordic Financials ASA ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Nordic Financials ASA has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does Nordic Financials ASA's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Nordic Financials ASA ranks #999999 out of 390 companies for Beneish M-Score. This places Nordic Financials ASA in the lower 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Nordic Financials ASA and its competitors. Nordic Financials ASA's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nordic Financials ASA stock overvalued right now?
Nordic Financials ASA (OSL:NOFIN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Nordic Financials ASA's overall GF Score™ is 30/100 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 Nordic Financials ASA (OSL:NOFIN), the current Beneish M-Score is 0.00 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.
Nordic Financials ASA is a Norway-based investment company engaged in the investment business. The company operates through a single operating segment, the investment business, and focuses on creating long-term shareholder value through investments in companies where it can take an active ownership role.
30GF Score
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