Cell Impact (OSTO:CI) Beneish M-Score: -0.95 (As of Jun. 24, 2026)


What is Cell Impact Beneish M-Score?

Cell Impact OSTO:CI +11.13% Beneish M-Score is -0.95 as of Jun. 24, 2026. The stock has 7 warning signs investors should review. Among 2,926 Industrial Products companies, Cell Impact ranks worse than 93.64% 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.

Warning Sign:

Beneish M-Score -0.95 higher than -1.78, which implies that the company might have manipulated its financial results.

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

OSTO:CI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.72   Med: -1.61   Max: 9.16
Current: -0.95

During the past 13 years, the highest Beneish M-Score of Cell Impact was 9.16. The lowest was -5.72. And the median was -1.61.

Cell Impact Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cell Impact'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.

Cell Impact Beneish M-Score Chart

Cell Impact Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.36 -2.51 -3.63 -0.60 -0.95

Cell Impact 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -0.95 0.00

OSTO:CI vs ATI, CRS, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Cell Impact'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.

Cell Impact Beneish M-Score vs Industrial Products Industry

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

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


Cell Impact 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 Cell Impact 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 * 6.8236+0.528 * -0.1589+0.404 * 1.6986+0.892 * 0.1492+0.115 * 0.4792
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.530201-0.327 * 1.6058
=-0.95

* 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 kr7.68 Mil.
Revenue was kr5.57 Mil.
Gross Profit was kr-5.09 Mil.
Total Current Assets was kr71.47 Mil.
Total Assets was kr163.37 Mil.
Property, Plant and Equipment(Net PPE) was kr82.82 Mil.
Depreciation, Depletion and Amortization(DDA) was kr30.14 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr35.37 Mil.
Long-Term Debt & Capital Lease Obligation was kr6.98 Mil.
Net Income was kr-131.98 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-45.36 Mil.
 Total Receivables was kr7.55 Mil.
Revenue was kr37.33 Mil.
Gross Profit was kr5.42 Mil.
Total Current Assets was kr73.04 Mil.
Total Assets was kr261.25 Mil.
Property, Plant and Equipment(Net PPE) was kr179.66 Mil.
Depreciation, Depletion and Amortization(DDA) was kr26.34 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr24.08 Mil.
Long-Term Debt & Capital Lease Obligation was kr18.09 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)
=(7.684 / 5.57) / (7.546 / 37.325)
=1.379533 / 0.20217
=6.8236

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)
=(5.416 / 37.325) / (-5.086 / 5.57)
=0.145104 / -0.913106
=-0.1589

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 - (71.468 + 82.821) / 163.372) / (1 - (73.04 + 179.655) / 261.246)
=0.055597 / 0.032732
=1.6986

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
=5.57 / 37.325
=0.1492

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))
=(26.338 / (26.338 + 179.655)) / (30.14 / (30.14 + 82.821))
=0.127859 / 0.266818
=0.4792

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)
=(0 / 5.57) / (0 / 37.325)
=0 / 0
=1

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)
=((6.975 + 35.367) / 163.372) / ((18.088 + 24.078) / 261.246)
=0.259175 / 0.161403
=1.6058

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
=(-131.984 - 0 - -45.364) / 163.372
=-0.530201

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.

Cell Impact has a M-score of -0.95 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 -0.95 mean?
Cell Impact (OSTO:CI) has a Beneish M-Score of -0.95 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cell Impact and its competitors. According to the industry distribution chart, Cell Impact ranks #2740 out of 2926 companies in the Industrial Products industry, placing it in the top 93.6%.
Is Cell Impact's Beneish M-Score too high?
Cell Impact's current Beneish M-Score is -0.95. Based on the distribution chart, Cell Impact ranks #2740 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers.
How does Cell Impact's Beneish M-Score compare to ATI and CRS?
According to the Industrial Products industry distribution chart, Cell Impact ranks #2740 out of 2926 companies for Beneish M-Score. This places Cell Impact 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 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 Cell Impact and its competitors. Cell Impact's current Beneish M-Score is -0.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cell Impact stock overvalued right now?
Based on GuruFocus' analysis, Cell Impact (OSTO:CI) is currently considered Significantly Overvalued. The stock's GF Value™ is kr0.06, compared to a current price of kr0.11 — trading 79.7% above its estimated fair value. The current Beneish M-Score is -0.95. 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 Cell Impact (OSTO:CI), the current Beneish M-Score is -0.95 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.

Cell Impact Business Description

Other Exchanges ICL:Germany
Address Kallmossvagen 7A, Karlskoga, SWE, 691 52
Cell Impact develops and manufactures flow plates for fuel cells and electrolyzers using materials such as graphite, stainless steel, and titanium. The company has developed and patented a high-velocity forming method, known as Cell Impact Forming, which enables the production of flow plates with advanced designs. Geographically, it operates in Sweden, Asia, the U.S., and Other Europe. It generates the majority of its revenue from Sweden.