SpareBank 1 Ringerike Hadeland (OSL:RING) Beneish M-Score: -2.42 (As of Jul. 04, 2026)


OSL:RING SpareBank 1 Ringerike Hadeland OSL:RING
66 GF Score
Price kr429.40
GF Value kr401.24
Valuation Fairly Valued
! 7 Warning Signs
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What is SpareBank 1 Ringerike Hadeland Beneish M-Score?

SpareBank 1 Ringerike Hadeland OSL:RING -1.29% 66 Beneish M-Score is -2.42 as of Jul. 04, 2026. GuruFocus rates OSL:RING with a GF Score™ of 66/100 and a GF Value™ of kr401.24 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, SpareBank 1 Ringerike Hadeland ranks better than 54.04% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SpareBank 1 Ringerike Hadeland's Beneish M-Score or its related term are showing as below:

OSL:RING' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46   Med: -2.34   Max: -1.92
Current: -2.42

During the past 13 years, the highest Beneish M-Score of SpareBank 1 Ringerike Hadeland was -1.92. The lowest was -2.46. And the median was -2.34.

OSL:RING
66GF Score
SpareBank 1 Ringerike Hadeland OSL:RING
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SpareBank 1 Ringerike Hadeland 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 SpareBank 1 Ringerike Hadeland 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 * 1+0.528 * 1+0.404 * 0.9993+0.892 * 1.0572+0.115 * 1.0296
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9459+4.679 * -0.009834-0.327 * 0.8696
=-2.42

* 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 kr0 Mil.
Revenue was kr1,368 Mil.
Gross Profit was kr1,368 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr32,744 Mil.
Property, Plant and Equipment(Net PPE) was kr124 Mil.
Depreciation, Depletion and Amortization(DDA) was kr15 Mil.
Selling, General, & Admin. Expense(SGA) was kr44 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,391 Mil.
Net Income was kr734 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr1,056 Mil.
 Total Receivables was kr0 Mil.
Revenue was kr1,294 Mil.
Gross Profit was kr1,294 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr31,534 Mil.
Property, Plant and Equipment(Net PPE) was kr96 Mil.
Depreciation, Depletion and Amortization(DDA) was kr12 Mil.
Selling, General, & Admin. Expense(SGA) was kr44 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,863 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 / 1368) / (0 / 1294)
=0 / 0
=1

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)
=(1294 / 1294) / (1368 / 1368)
=1 / 1
=1

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 - (0 + 124) / 32744) / (1 - (0 + 96) / 31534)
=0.996213 / 0.996956
=0.9993

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
=1368 / 1294
=1.0572

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))
=(12 / (12 + 96)) / (15 / (15 + 124))
=0.111111 / 0.107914
=1.0296

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)
=(44 / 1368) / (44 / 1294)
=0.032164 / 0.034003
=0.9459

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)
=((4391 + 0) / 32744) / ((4863 + 0) / 31534)
=0.134101 / 0.154214
=0.8696

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
=(734 - 0 - 1056) / 32744
=-0.009834

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.

SpareBank 1 Ringerike Hadeland has a M-score of -2.42 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 -2.42 mean?
SpareBank 1 Ringerike Hadeland (OSL:RING) has a Beneish M-Score of -2.42 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SpareBank 1 Ringerike Hadeland and its competitors. According to the industry distribution chart, SpareBank 1 Ringerike Hadeland ranks #642 out of 1397 companies in the Banks industry, placing it in the top 46%.
Is SpareBank 1 Ringerike Hadeland's Beneish M-Score too high?
SpareBank 1 Ringerike Hadeland's current Beneish M-Score is -2.42. Based on the distribution chart, SpareBank 1 Ringerike Hadeland ranks #642 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, SpareBank 1 Ringerike Hadeland has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SpareBank 1 Ringerike Hadeland's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SpareBank 1 Ringerike Hadeland ranks #642 out of 1397 companies for Beneish M-Score. This puts SpareBank 1 Ringerike Hadeland 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 Banks company?
A good Beneish M-Score depends on the Banks 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 SpareBank 1 Ringerike Hadeland and its competitors. SpareBank 1 Ringerike Hadeland's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SpareBank 1 Ringerike Hadeland stock overvalued right now?
Based on GuruFocus' analysis, SpareBank 1 Ringerike Hadeland (OSL:RING) is currently considered Fairly Valued. The stock's GF Value™ is kr401.24, compared to a current price of kr429.40 — trading 7% above its estimated fair value. The current Beneish M-Score is -2.42. SpareBank 1 Ringerike Hadeland's overall GF Score™ is 66/100 with 7 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 SpareBank 1 Ringerike Hadeland (OSL:RING), the current Beneish M-Score is -2.42 as of Jul. 04, 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 SpareBank 1 Ringerike Hadeland (OSL:RING) Overvalued in 2026?

Based on GuruFocus' analysis, SpareBank 1 Ringerike Hadeland stock appears to be overvalued. The current stock price of kr429.40 is trading 7% above its estimated GF Value™ of kr401.24. GuruFocus considers SpareBank 1 Ringerike Hadeland to be Fairly Valued.

Key valuation signals for OSL:RING:

  • Beneish M-Score: -2.42
  • GF Value™: kr401.24 vs. price of kr429.40 (7% above fair value)
  • GF Score™: 66/100 with 7 warning signs

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

SpareBank 1 Ringerike Hadeland Business Description

Address Sondre Torv 6, Honefoss, NOR, 3510
SpareBank 1 Ringerike Hadeland is a savings bank in Norway offering financing, placement, payment services, pensions, and life insurance. Its business is organized into two sections, personal and corporate market. The Bank serves less self-employed, agricultural, and business class customers as well. The Bank also provides credit cards, debit cards, structured products, stock savings, mobile banking and online banking services. The company has one segment, which is lending to finance commercial property, including lending that represents the joint debt of a condominium or housing association.
66GF Score

Get the complete analysis for OSL:RING

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

kr429.40
Price
kr401.24
GF Value