Ocean Sun AS (OSL:OSUN) Beneish M-Score: 0.00 (As of Jun. 24, 2026)

What is Ocean Sun AS Beneish M-Score?

Ocean Sun AS OSL:OSUN 62 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates OSL:OSUN with a GF Score™ of 62/100 and a GF Value™ of kr1.22 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Ocean Sun AS 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 Ocean Sun AS's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Ocean Sun AS was 8.72. The lowest was -6.31. And the median was -3.39.

Ocean Sun AS Beneish M-Score Related Terms

Ocean Sun AS Beneish M-Score Historical Data

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The historical data trend for Ocean Sun 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.

Ocean Sun AS Beneish M-Score Chart

Ocean Sun AS Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.94

8.72

-4.84

0.00

Ocean Sun AS 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	0.00	0.00

Ocean Sun AS Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Ocean Sun 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.

Ocean Sun AS Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Ocean Sun AS's Beneish M-Score distribution charts can be found below:

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

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62GF Score

Ocean Sun AS OSL:OSUN

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

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Ocean Sun 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 Ocean Sun AS 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr7.19 Mil.
Revenue was kr2.19 Mil.
Gross Profit was kr1.85 Mil.
Total Current Assets was kr24.26 Mil.
Total Assets was kr24.83 Mil.
Property, Plant and Equipment(Net PPE) was kr0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.04 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.18 Mil.
Total Current Liabilities was kr7.65 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-20.59 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-21.89 Mil.

Total Receivables was kr6.75 Mil.
Revenue was kr7.21 Mil.
Gross Profit was kr3.45 Mil.
Total Current Assets was kr37.13 Mil.
Total Assets was kr37.14 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.01 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.88 Mil.
Total Current Liabilities was kr8.83 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(7.192 / 2.191)	/	(6.749 / 7.213)
	=	3.282519	/	0.935672
	=

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)
	=	(3.449 / 7.213)	/	(1.853 / 2.191)
	=	0.478164	/	0.845733
	=

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 - (24.256 + 0.119) / 24.826)	/	(1 - (37.132 + 0.003) / 37.135)
	=	0.018166	/	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
	=	2.191	/	7.213
	=

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))
	=	(0.007 / (0.007 + 0.003))	/	(0.036 / (0.036 + 0.119))
	=	0.7	/	0.232258
	=

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)
	=	(10.176 / 2.191)	/	(7.88 / 7.213)
	=	4.644455	/	1.092472
	=

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 + 7.651) / 24.826)	/	((0 + 8.83) / 37.135)
	=	0.308185	/	0.237781
	=

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
	=	(-20.593 - 0	-	-21.892)	/	24.826
	=	0.052324

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?

Ocean Sun AS (OSL:OSUN) 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 Ocean Sun AS and its competitors. According to the industry distribution chart, Ocean Sun AS ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry.

Is Ocean Sun AS's Beneish M-Score too high?

Ocean Sun AS's current Beneish M-Score is 0.00. Based on the distribution chart, Ocean Sun AS ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Ocean Sun AS has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Ocean Sun AS's Beneish M-Score compare to competitors?

According to the Utilities - Independent Power Producers industry distribution chart, Ocean Sun AS ranks #999999 out of 390 companies for Beneish M-Score. This places Ocean Sun 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 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 Ocean Sun AS and its competitors. Ocean Sun 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 Ocean Sun AS stock overvalued right now?

Based on GuruFocus' analysis, Ocean Sun AS (OSL:OSUN) is currently considered Possible Value Trap. The stock's GF Value™ is kr1.22, compared to a current price of kr0.52 — trading 57.4% below its estimated fair value. The current Beneish M-Score is 0.00. Ocean Sun AS's overall GF Score™ is 62/100 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 Ocean Sun AS (OSL:OSUN), 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 Ocean Sun AS (OSL:OSUN) Overvalued in 2026?

Based on GuruFocus' analysis, Ocean Sun AS stock appears to be undervalued. The current stock price of kr0.52 is trading 57.4% below its estimated GF Value™ of kr1.22. GuruFocus considers Ocean Sun AS to be Possible Value Trap.

Key valuation signals for OSL:OSUN:

Beneish M-Score: 0.00
GF Value™: kr1.22 vs. price of kr0.52 (57.4% below fair value)
GF Score™: 62/100 with 5 warning signs

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

Ocean Sun AS Business Description

Industry Utilities Utilities - Independent Power Producers

Comparable Companies OSL:NOFIN OSL:EAM OSL:SKAND SHSE:600900 SHSE:600930 OCSE:ORSTED SHSE:600025 BOM:541450 ISX:BREN BSP:AXIA3 WBO:VER OHEL:FORTUM SHSE:600905 XLIS:EDPR SHSE:600886 SZSE:001289 TSE:9503 XTAE:ENLT ATH:PPC BOM:544390

Other Exchanges OW7:Germany

Address Vollsveien 4, Lysaker, NOR, 1366

Website https://www.oceansun.no

Ocean Sun AS manufactures and distributes floating solar power production systems. The company operates as a technology provider, offering license agreements to developers and independent power producers across the world. Its Ocean Sun systems (OS-75 and OS-50) consist of one or multiple floaters anchored side-by-side to build larger power plants. The company's technology is used in various floating solar power production projects, including Alida, Siera Brava, Haiyang (offshore), and Soneva Secret, among others. Geographically, it generates maximum revenue from Europe and Middle East, followed by North East Asia (including China), South East Asia, and the Americas.

62GF Score

Get the complete analysis for OSL:OSUN

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

kr0.52

Price

kr1.22

GF Value

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