Refuels NV (OSL:REFL) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


OSL:REFL Refuels NV OSL:REFL
35 GF Score
Price kr15.70
! 2 Warning Signs
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What is Refuels NV Beneish M-Score?

Refuels NV OSL:REFL 35 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates OSL:REFL with a GF Score™ of 35/100. The stock has 2 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Refuels NV ranks worse than 91996.23% 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 Refuels NV's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Refuels NV was -4.11. The lowest was -4.11. And the median was -4.11.

Refuels NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Refuels NV'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.

Refuels NV Beneish M-Score Chart

Refuels NV Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -4.11 0.00

Refuels NV Quarterly Data
Nov22 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 -4.11 -0.89 -1.18 -1.58 0.00

OSL:REFL vs CASY, WSM, ULTA: Beneish M-Score Comparison

For the Specialty Retail subindustry, Refuels NV'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.

Refuels NV Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Refuels NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Refuels NV's Beneish M-Score falls into.


OSL:REFL
35GF Score
Refuels NV OSL:REFL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Refuels NV 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 Refuels NV 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 kr0.54 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = kr0.00 Mil.
Total Current Assets was kr1.65 Mil.
Total Assets was kr1,635.90 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr12.62 Mil.
Total Current Liabilities was kr12.30 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was -17.167 + -9.282 + 18.825 + 670.531 = kr662.91 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -4.636 + 0.663 + -2.687 + 103.301 = kr96.64 Mil.
 Total Receivables was kr0.01 Mil.
Revenue was 636.76 + 625.137 + 503.478 + 359.735 = kr2,125.11 Mil.
Gross Profit was 95.786 + 59.861 + 41.394 + 359.735 = kr556.78 Mil.
Total Current Assets was kr2,427.55 Mil.
Total Assets was kr2,427.55 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr31.84 Mil.
Selling, General, & Admin. Expense(SGA) was kr155.88 Mil.
Total Current Liabilities was kr1,107.14 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)
=(0.541 / 0) / (0.014 / 2125.11)
= / 7.0E-6
=

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)
=(556.776 / 2125.11) / (0 / 0)
=0.261999 /
=

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 - (1.648 + 0) / 1635.896) / (1 - (2427.552 + 0) / 2427.552)
=0.998993 / 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
=0 / 2125.11
=

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))
=(31.838 / (31.838 + 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

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)
=(12.624 / 0) / (155.882 / 2125.11)
= / 0.073352
=

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 + 12.299) / 1635.896) / ((0 + 1107.139) / 2427.552)
=0.007518 / 0.456072
=

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
=(662.907 - 0 - 96.641) / 1635.896
=0.34615

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?
Refuels NV (OSL:REFL) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Refuels NV and its competitors. According to the industry distribution chart, Refuels NV ranks #999999 out of 1087 companies in the Retail - Cyclical industry.
Is Refuels NV's Beneish M-Score too high?
Refuels NV's current Beneish M-Score is 0.00. Based on the distribution chart, Refuels NV ranks #999999 out of 1087 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Refuels NV has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Refuels NV's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Refuels NV ranks #999999 out of 1087 companies for Beneish M-Score. This places Refuels NV 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 a Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Refuels NV and its competitors. Refuels NV'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 Refuels NV stock overvalued right now?
Refuels NV (OSL:REFL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Refuels NV's overall GF Score™ is 35/100 with 2 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 Refuels NV (OSL:REFL), the current Beneish M-Score is 0.00 as of Jun. 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.

Refuels NV Business Description

Other Exchanges XF9:Germany
Address Evert van de Beekstraat 1-104, The Base B, Amsterdam, NLD, 1118CL
Refuels NV operates as a renewable biomethane supplier for decarbonizing heavy goods vehicles. The company is rolling out a network of stations offering renewable biomethane fuels to heavy goods vehicles, with hydrogen and electricity to be added.
35GF Score

Get the complete analysis for OSL:REFL

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

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