Airthings ASA (OSTO:AIRXO) Beneish M-Score: -4.58 (As of Jul. 04, 2026)

What is Airthings ASA Beneish M-Score?

Airthings ASA OSTO:AIRXO 61 Beneish M-Score is -4.58 as of Jul. 04, 2026. GuruFocus rates OSTO:AIRXO with a GF Score™ of 61/100 and a GF Value™ of kr6.78. The stock has 6 warning signs investors should review.

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 -4.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:AIRXo' s Beneish M-Score Range Over the Past 10 Years
Min: -4.58 Med: -1.6 Max: 1.22
Current: -4.58

During the past 8 years, the highest Beneish M-Score of Airthings ASA was 1.22. The lowest was -4.58. And the median was -1.60.

Airthings ASA Beneish M-Score Related Terms

Airthings ASA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Airthings 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.

Airthings ASA Beneish M-Score Chart

Airthings ASA Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.67

-1.40

-1.53

-2.60

-4.58

Airthings ASA Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-4.58	0.00	0.00	0.00

OSTO:AIRXO vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Airthings 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.

Airthings ASA Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Airthings ASA's Beneish M-Score distribution charts can be found below:

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

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61GF Score

Airthings ASA OSTO:AIRXO

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

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Airthings 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 Airthings ASA 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 * 0.9062

0.528 * 1.0829

0.404 * 0.6005

0.892 * 1.1189

0.115 * 0.462

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1705

4.679 * -0.366746

0.327 * 1.5196

-4.55

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was kr131.9 Mil.
Revenue was kr431.9 Mil.
Gross Profit was kr243.0 Mil.
Total Current Assets was kr390.3 Mil.
Total Assets was kr481.2 Mil.
Property, Plant and Equipment(Net PPE) was kr22.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr52.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr92.3 Mil.
Total Current Liabilities was kr137.1 Mil.
Long-Term Debt & Capital Lease Obligation was kr24.4 Mil.
Net Income was kr-198.5 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr-22.0 Mil.

Total Receivables was kr130.1 Mil.
Revenue was kr386.0 Mil.
Gross Profit was kr235.1 Mil.
Total Current Assets was kr486.8 Mil.
Total Assets was kr682.1 Mil.
Property, Plant and Equipment(Net PPE) was kr33.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr16.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr70.5 Mil.
Total Current Liabilities was kr116.1 Mil.
Long-Term Debt & Capital Lease Obligation was kr34.6 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)
	=	(131.873 / 431.941)	/	(130.053 / 386.024)
	=	0.305303	/	0.336904
	=	0.9062

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)
	=	(235.146 / 386.024)	/	(242.967 / 431.941)
	=	0.609149	/	0.5625
	=	1.0829

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 - (390.279 + 22.396) / 481.221)	/	(1 - (486.781 + 33.484) / 682.05)
	=	0.142442	/	0.237204
	=	0.6005

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
	=	431.941	/	386.024
	=	1.1189

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))
	=	(16.003 / (16.003 + 33.484))	/	(52.242 / (52.242 + 22.396))
	=	0.323378	/	0.699938
	=	0.462

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)
	=	(92.31 / 431.941)	/	(70.481 / 386.024)
	=	0.21371	/	0.182582
	=	1.1705

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)
	=	((24.393 + 137.125) / 481.221)	/	((34.591 + 116.054) / 682.05)
	=	0.335642	/	0.220871
	=	1.5196

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
	=	(-198.489 - 0	-	-22.003)	/	481.221
	=	-0.366746

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.

Airthings ASA has a M-score of -4.55 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 -4.58 mean?

Airthings ASA (OSTO:AIRXO) has a Beneish M-Score of -4.58 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Airthings ASA and its competitors.

Is Airthings ASA's Beneish M-Score too high?

Airthings ASA's current Beneish M-Score is -4.58. Overall, Airthings ASA has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.

How does Airthings ASA's Beneish M-Score compare to VRT and BE?

Airthings ASA's Beneish M-Score of -4.58 can be compared against companies in the Industrial Products 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 Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Airthings ASA and its competitors. Airthings ASA's current Beneish M-Score is -4.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Airthings ASA stock overvalued right now?

Airthings ASA (OSTO:AIRXO) has a current Beneish M-Score of -4.58. The stock's GF Value™ is kr6.78, compared to a current price of kr0.31 — trading 95.5% below its estimated fair value. The current Beneish M-Score is -4.58. Airthings ASA's overall GF Score™ is 61/100 with 6 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 Airthings ASA (OSTO:AIRXO), the current Beneish M-Score is -4.58 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 Airthings ASA (OSTO:AIRXO) Overvalued in 2026?

Based on GuruFocus' analysis, Airthings ASA stock appears to be undervalued. The current stock price of kr0.31 is trading 95.5% below its estimated GF Value™ of kr6.78.

Key valuation signals for OSTO:AIRXO:

Beneish M-Score: -4.58
GF Value™: kr6.78 vs. price of kr0.31 (95.5% below fair value)
GF Score™: 61/100 with 6 warning signs

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

Airthings ASA Business Description

Industry Industrials Industrial Products

Comparable Companies OSL:OCEAN OSL:HYPRO OSL:MVW OSL:NOSN OSL:CAPSL OSL:STRO OSL:SCANA OSL:VOW SZSE:300750 XSWX:ABBN BKK:DELTA VRT TSE:6503 XKRX:373220 XPAR:LR SZSE:300274 BSP:WEGE3 BE MIL:PRY SZSE:300124

Address Wergelandsveien 7, Oslo, NOR, 0167

Website https://www.airthings.com

Airthings ASA is a hardware-enabled software company that develops products and systems for monitoring indoor air quality, radon, and energy efficiency. The company's solutions resolve issues related to air quality and air containment and enable a reduced CO2 footprint by optimizing energy consumption for buildings. It is engaged in three business segments, which include Airthings for Consumer (Consumer), Airthings for Business (AfB), and Airthings for Professionals (Pro). The majority of the revenue comes from the Airthings for Consumer segment, which offers air quality monitors and air purifiers with software solutions to enable consumers to create and maintain a healthy home environment.

61GF Score

Get the complete analysis for OSTO:AIRXO

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

kr0.31

Price

kr6.78

GF Value

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