Nordic Technology Group AS (OSL:NTG) Beneish M-Score: -2.78 (As of Jul. 26, 2026)

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OSL:NTG Nordic Technology Group AS OSL:NTG
28 GF Score
Price kr1.69
GF Value kr1.09
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Nordic Technology Group AS Beneish M-Score?

Nordic Technology Group AS OSL:NTG -0.59% 28 Beneish M-Score is -2.78 as of Jul. 26, 2026. GuruFocus rates OSL:NTG with a GF Score™ of 28/100 and a GF Value™ of kr1.09 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,403 Hardware companies, Nordic Technology Group AS ranks better than 72.87% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nordic Technology Group AS's Beneish M-Score or its related term are showing as below:

OSL:NTG' s Beneish M-Score Range Over the Past 10 Years
Min: -5.69   Med: -4.24   Max: -2.78
Current: -2.78

During the past 5 years, the highest Beneish M-Score of Nordic Technology Group AS was -2.78. The lowest was -5.69. And the median was -4.24.

Nordic Technology Group AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nordic Technology Group 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.

Nordic Technology Group AS Beneish M-Score Chart

Nordic Technology Group AS Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -5.69 -2.78

Nordic Technology Group AS Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -5.69 0.00 -2.78

OSL:NTG vs COHR, KEYS, GRMN: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, Nordic Technology Group 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.

Nordic Technology Group AS Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Nordic Technology Group AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nordic Technology Group AS's Beneish M-Score falls into.


OSL:NTG
28GF Score
Nordic Technology Group AS OSL:NTG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nordic Technology Group 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 Nordic Technology Group 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 * 2.3561+0.528 * 1.1622+0.404 * 0.9627+0.892 * 0.6793+0.115 * 0.9838
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.280453-0.327 * 1.0521
=-2.78

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was kr25.30 Mil.
Revenue was kr33.34 Mil.
Gross Profit was kr42.22 Mil.
Total Current Assets was kr47.30 Mil.
Total Assets was kr333.18 Mil.
Property, Plant and Equipment(Net PPE) was kr7.12 Mil.
Depreciation, Depletion and Amortization(DDA) was kr87.45 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr113.31 Mil.
Long-Term Debt & Capital Lease Obligation was kr21.56 Mil.
Net Income was kr-163.23 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-69.79 Mil.
 Total Receivables was kr15.80 Mil.
Revenue was kr49.09 Mil.
Gross Profit was kr72.23 Mil.
Total Current Assets was kr41.99 Mil.
Total Assets was kr408.56 Mil.
Property, Plant and Equipment(Net PPE) was kr11.51 Mil.
Depreciation, Depletion and Amortization(DDA) was kr116.09 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr112.47 Mil.
Long-Term Debt & Capital Lease Obligation was kr44.73 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)
=(25.295 / 33.344) / (15.804 / 49.085)
=0.758607 / 0.321972
=2.3561

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)
=(72.234 / 49.085) / (42.22 / 33.344)
=1.47161 / 1.266195
=1.1622

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 - (47.302 + 7.12) / 333.175) / (1 - (41.991 + 11.513) / 408.557)
=0.836656 / 0.869042
=0.9627

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
=33.344 / 49.085
=0.6793

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))
=(116.092 / (116.092 + 11.513)) / (87.45 / (87.45 + 7.12))
=0.909776 / 0.924712
=0.9838

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)
=(0 / 33.344) / (0 / 49.085)
=0 / 0
=1

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)
=((21.562 + 113.308) / 333.175) / ((44.726 + 112.472) / 408.557)
=0.404802 / 0.384764
=1.0521

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
=(-163.232 - 0 - -69.792) / 333.175
=-0.280453

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 Technology Group AS has a M-score of -2.78 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 -2.78 mean?
Nordic Technology Group AS (OSL:NTG) has a Beneish M-Score of -2.78 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nordic Technology Group AS and its competitors. According to the industry distribution chart, Nordic Technology Group AS ranks #652 out of 2403 companies in the Hardware industry, placing it in the top 27.1%.
Is Nordic Technology Group AS's Beneish M-Score too high?
Nordic Technology Group AS's current Beneish M-Score is -2.78. Based on the distribution chart, Nordic Technology Group AS ranks #652 out of 2403 companies in the Hardware industry, which is above the industry midpoint. Overall, Nordic Technology Group AS has a GF Score™ of 28/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nordic Technology Group AS's Beneish M-Score compare to COHR and KEYS?
According to the Hardware industry distribution chart, Nordic Technology Group AS ranks #652 out of 2403 companies for Beneish M-Score. This puts Nordic Technology Group AS in the upper 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 a Hardware company?
A good Beneish M-Score depends on the Hardware 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 Technology Group AS and its competitors. Nordic Technology Group AS's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nordic Technology Group AS stock overvalued right now?
Based on GuruFocus' analysis, Nordic Technology Group AS (OSL:NTG) is currently considered Significantly Overvalued. The stock's GF Value™ is kr1.09, compared to a current price of kr1.69 — trading 55% above its estimated fair value. The current Beneish M-Score is -2.78. Nordic Technology Group AS's overall GF Score™ is 28/100 with 4 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 Nordic Technology Group AS (OSL:NTG), the current Beneish M-Score is -2.78 as of Jul. 26, 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 Nordic Technology Group AS (OSL:NTG) Overvalued in 2026?

Based on GuruFocus' analysis, Nordic Technology Group AS stock appears to be overvalued. The current stock price of kr1.69 is trading 55% above its estimated GF Value™ of kr1.09. GuruFocus considers Nordic Technology Group AS to be Significantly Overvalued.

Key valuation signals for OSL:NTG:

  • Beneish M-Score: -2.78
  • GF Value™: kr1.09 vs. price of kr1.69 (55% above fair value)
  • GF Score™: 28/100 with 4 warning signs

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

Nordic Technology Group AS Business Description

Address Fridtjof Nansens plass 5, Oslo, NOR, 0160
Nordic Technology Group AS was founded with the primary purpose of acquiring selected companies distinguished by patented products and solutions developed through extensive periods of concept development, product design, testing, qualification, certification, and market acceptance. It is organized into two business areas: sensor technology, and clean technology. The Group generates revenues from Norway, with additional revenues from Europe and other countries.
28GF Score

Get the complete analysis for OSL:NTG

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

kr1.69
Price
kr1.09
GF Value