NorAm Drilling AS (OSL:NORAM) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


OSL:NORAM NorAm Drilling AS OSL:NORAM
90 GF Score
Price kr38.95
GF Value kr33.21
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is NorAm Drilling AS Beneish M-Score?

NorAm Drilling AS OSL:NORAM -2.26% 90 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates OSL:NORAM with a GF Score™ of 90/100 and a GF Value™ of kr33.21 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 822 Oil & Gas companies, NorAm Drilling AS ranks worse than 121654.38% 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 NorAm Drilling AS's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of NorAm Drilling AS was -3.17. The lowest was -8.09. And the median was -4.37.

NorAm Drilling AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NorAm Drilling 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.

NorAm Drilling AS Beneish M-Score Chart

NorAm Drilling AS Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 -4.73 -3.77 0.00

NorAm Drilling AS Quarterly Data
Dec20 Jun21 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 -3.17 0.00 0.00

OSL:NORAM vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, NorAm Drilling 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.

NorAm Drilling AS Beneish M-Score vs Oil & Gas Industry

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

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


OSL:NORAM
90GF Score
NorAm Drilling AS OSL:NORAM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

NorAm Drilling 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 NorAm Drilling AS 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was kr144 Mil.
Revenue was 252.91 + 267.56 + 237.899 + 250.694 = kr1,009 Mil.
Gross Profit was 162.284 + 171.787 + 146.86 + 163.142 = kr644 Mil.
Total Current Assets was kr223 Mil.
Total Assets was kr721 Mil.
Property, Plant and Equipment(Net PPE) was kr498 Mil.
Depreciation, Depletion and Amortization(DDA) was kr59 Mil.
Selling, General, & Admin. Expense(SGA) was kr77 Mil.
Total Current Liabilities was kr170 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 Mil.
Net Income was 24.803 + 20.163 + 39.922 + 36.699 = kr122 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 19.365 + 53.243 + 59.718 + 11.489 = kr144 Mil.
 Total Receivables was kr119 Mil.
Revenue was 275.348 + 298.508 + 281.796 + 264.642 = kr1,120 Mil.
Gross Profit was 188.577 + 157.714 + 146.082 + 121.982 = kr614 Mil.
Total Current Assets was kr257 Mil.
Total Assets was kr850 Mil.
Property, Plant and Equipment(Net PPE) was kr593 Mil.
Depreciation, Depletion and Amortization(DDA) was kr176 Mil.
Selling, General, & Admin. Expense(SGA) was kr68 Mil.
Total Current Liabilities was kr168 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 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)
=(143.807 / 1009.063) / (118.645 / 1120.294)
=0.142515 / 0.105905
=

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)
=(614.355 / 1120.294) / (644.073 / 1009.063)
=0.548387 / 0.638288
=

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 - (223.22 + 498.171) / 721.391) / (1 - (257.43 + 592.523) / 849.953)
=0 / 0
=

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
=1009.063 / 1120.294
=

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))
=(175.962 / (175.962 + 592.523)) / (58.874 / (58.874 + 498.171))
=0.228973 / 0.10569
=

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)
=(76.835 / 1009.063) / (67.73 / 1120.294)
=0.076145 / 0.060457
=

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 + 170.03) / 721.391) / ((0 + 167.776) / 849.953)
=0.235697 / 0.197394
=

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
=(121.587 - 0 - 143.815) / 721.391
=-0.030813

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
NorAm Drilling AS (OSL:NORAM) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NorAm Drilling AS and its competitors. According to the industry distribution chart, NorAm Drilling AS ranks #999999 out of 822 companies in the Oil & Gas industry.
Is NorAm Drilling AS's Beneish M-Score too high?
NorAm Drilling AS's current Beneish M-Score is 0.00. Based on the distribution chart, NorAm Drilling AS ranks #999999 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, NorAm Drilling AS has a GF Score™ of 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NorAm Drilling AS's Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, NorAm Drilling AS ranks #999999 out of 822 companies for Beneish M-Score. This places NorAm Drilling AS 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 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 NorAm Drilling AS and its competitors. NorAm Drilling AS'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 NorAm Drilling AS stock overvalued right now?
Based on GuruFocus' analysis, NorAm Drilling AS (OSL:NORAM) is currently considered Modestly Overvalued. The stock's GF Value™ is kr33.21, compared to a current price of kr38.95 — trading 17.3% above its estimated fair value. The current Beneish M-Score is 0.00. NorAm Drilling AS's overall GF Score™ is 90/100 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 NorAm Drilling AS (OSL:NORAM), the current Beneish M-Score is 0.00 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 NorAm Drilling AS (OSL:NORAM) Overvalued in 2026?

Based on GuruFocus' analysis, NorAm Drilling AS stock appears to be overvalued. The current stock price of kr38.95 is trading 17.3% above its estimated GF Value™ of kr33.21. GuruFocus considers NorAm Drilling AS to be Modestly Overvalued.

Key valuation signals for OSL:NORAM:

  • Beneish M-Score: 0.00
  • GF Value™: kr33.21 vs. price of kr38.95 (17.3% above fair value)
  • GF Score™: 90/100 with 3 warning signs

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

NorAm Drilling AS Business Description

Industry EnergyOil & Gas
Other Exchanges TM9:Germany
Address Bryggegata 3, P.O. Box 1327 - Vika, Oslo, NOR, 0112
NorAm Drilling AS owns and operates a quality rig portfolio of super spec developed high-end AC driven rigs tailored for the drilling of horizontal wells in the USA land drilling market. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. The group's operating segments are NorAm Drilling Company, which derives maximum revenue, and NorAm Drilling AS.
90GF Score

Get the complete analysis for OSL:NORAM

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

kr38.95
Price
kr33.21
GF Value