Solstad Maritime ASA (OSL:SOMA) Beneish M-Score: -2.81 (As of Jun. 29, 2026)


OSL:SOMA Solstad Maritime ASA OSL:SOMA
14 GF Score
Price kr24.80
! 3 Warning Signs
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What is Solstad Maritime ASA Beneish M-Score?

Solstad Maritime ASA OSL:SOMA +0.81% 14 Beneish M-Score is -2.81 as of Jun. 29, 2026. GuruFocus rates OSL:SOMA with a GF Score™ of 14/100. The stock has 3 warning signs investors should review. Among 960 Transportation companies, Solstad Maritime ASA ranks better than 71.56% 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Solstad Maritime ASA's Beneish M-Score or its related term are showing as below:

OSL:SOMA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -2.63   Max: 6.31
Current: -2.81

During the past 6 years, the highest Beneish M-Score of Solstad Maritime ASA was 6.31. The lowest was -3.32. And the median was -2.63.

Solstad Maritime ASA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Solstad Maritime ASA'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.

Solstad Maritime ASA Beneish M-Score Chart

Solstad Maritime ASA Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.44 -3.32 6.31 -2.81

Solstad Maritime ASA Semi-Annual Data
Dec20 Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -3.32 0.00 6.31 0.00 -2.81

Solstad Maritime ASA Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Solstad Maritime ASA'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.

Solstad Maritime ASA Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Solstad Maritime ASA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Solstad Maritime ASA's Beneish M-Score falls into.


OSL:SOMA
14GF Score
Solstad Maritime ASA OSL:SOMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Solstad Maritime ASA 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 Solstad Maritime ASA 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 * 0.9135+0.528 * 1.0114+0.404 * 1.0828+0.892 * 0.9472+0.115 * 0.2865
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9532+4.679 * -0.04536-0.327 * 0.8521
=-2.81

* 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 kr1,482 Mil.
Revenue was kr5,865 Mil.
Gross Profit was kr3,999 Mil.
Total Current Assets was kr2,575 Mil.
Total Assets was kr16,440 Mil.
Property, Plant and Equipment(Net PPE) was kr11,458 Mil.
Depreciation, Depletion and Amortization(DDA) was kr799 Mil.
Selling, General, & Admin. Expense(SGA) was kr385 Mil.
Total Current Liabilities was kr2,391 Mil.
Long-Term Debt & Capital Lease Obligation was kr5,145 Mil.
Net Income was kr2,152 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr2,898 Mil.
 Total Receivables was kr1,712 Mil.
Revenue was kr6,191 Mil.
Gross Profit was kr4,270 Mil.
Total Current Assets was kr3,951 Mil.
Total Assets was kr18,953 Mil.
Property, Plant and Equipment(Net PPE) was kr12,439 Mil.
Depreciation, Depletion and Amortization(DDA) was kr237 Mil.
Selling, General, & Admin. Expense(SGA) was kr426 Mil.
Total Current Liabilities was kr3,047 Mil.
Long-Term Debt & Capital Lease Obligation was kr7,149 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)
=(1481.601 / 5864.569) / (1712.334 / 6191.383)
=0.252636 / 0.276567
=0.9135

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)
=(4270.159 / 6191.383) / (3999.27 / 5864.569)
=0.689694 / 0.681938
=1.0114

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 - (2574.672 + 11458.112) / 16439.884) / (1 - (3951.342 + 12438.733) / 18952.793)
=0.146418 / 0.135216
=1.0828

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
=5864.569 / 6191.383
=0.9472

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))
=(236.706 / (236.706 + 12438.733)) / (798.91 / (798.91 + 11458.112))
=0.018674 / 0.06518
=0.2865

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)
=(384.669 / 5864.569) / (426.027 / 6191.383)
=0.065592 / 0.06881
=0.9532

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)
=((5144.786 + 2391.04) / 16439.884) / ((7149.168 + 3047.034) / 18952.793)
=0.458387 / 0.537979
=0.8521

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
=(2152.214 - 0 - 2897.931) / 16439.884
=-0.04536

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.

Solstad Maritime ASA has a M-score of -2.81 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 -2.81 mean?
Solstad Maritime ASA (OSL:SOMA) has a Beneish M-Score of -2.81 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Solstad Maritime ASA and its competitors. According to the industry distribution chart, Solstad Maritime ASA ranks #273 out of 960 companies in the Transportation industry, placing it in the top 28.4%.
Is Solstad Maritime ASA's Beneish M-Score too high?
Solstad Maritime ASA's current Beneish M-Score is -2.81. Based on the distribution chart, Solstad Maritime ASA ranks #273 out of 960 companies in the Transportation industry, which is above the industry midpoint. Overall, Solstad Maritime ASA has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Solstad Maritime ASA's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Solstad Maritime ASA ranks #273 out of 960 companies for Beneish M-Score. This puts Solstad Maritime ASA 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Solstad Maritime ASA and its competitors. Solstad Maritime ASA's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Solstad Maritime ASA stock overvalued right now?
Solstad Maritime ASA (OSL:SOMA) has a current Beneish M-Score of -2.81. The current Beneish M-Score is -2.81. Solstad Maritime ASA's overall GF Score™ is 14/100 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 Solstad Maritime ASA (OSL:SOMA), the current Beneish M-Score is -2.81 as of Jun. 29, 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.

Solstad Maritime ASA Business Description

Other Exchanges SOMAo:UKO6O:Germany
Address Nesavegen 39, Skudeneshavn, NOR, 4280
Solstad Maritime ASA operates offshore service and construction vessels, offering ships, additional services (ROVs, etc.), and maritime personnel across all geographical regions. Its operating business segments include AHTS, CSV, Services, and Others. The AHTS segment includes anchor handling tug supply vessels; the CSV segment represents operations of construction vessels performing subsea construction contracts; and the Services segment includes additional services provided across vessel spreads, i.e., ROVs, tooling, project personnel, and engineering support. All of the company's income is classified as Oil and Gas, which generates the majority of revenue, or Renewable. Geographically, it generates maximum revenue from the North Sea region.
14GF Score

Get the complete analysis for OSL:SOMA

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

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