Desenio Group AB (OSTO:DSNO) Beneish M-Score: -4.46 (As of Jun. 27, 2026)


What is Desenio Group AB Beneish M-Score?

Desenio Group AB OSTO:DSNO Beneish M-Score is -4.46 as of Jun. 27, 2026. The stock has 4 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Desenio Group AB ranks better than 97.52% 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 -4.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:DSNO' s Beneish M-Score Range Over the Past 10 Years
Min: -5.36   Med: -3.07   Max: -1.28
Current: -4.46

During the past 7 years, the highest Beneish M-Score of Desenio Group AB was -1.28. The lowest was -5.36. And the median was -3.07.

Desenio Group AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Desenio Group AB'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.

Desenio Group AB Beneish M-Score Chart

Desenio Group AB Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.73 -2.94 -3.01 -2.77 -4.14

Desenio Group AB 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 -2.11 -3.82 -4.22 -4.14 -4.46

OSTO:DSNO vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, Desenio Group AB'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.

Desenio Group AB Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where Desenio Group AB's Beneish M-Score falls into.


Desenio Group AB 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 Desenio Group AB 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 * 0.65+0.528 * 0.9996+0.404 * 0.9707+0.892 * 0.8578+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0832+4.679 * -0.309721-0.327 * 1.1626
=-4.46

* 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 kr21.8 Mil.
Revenue was 181.4 + 217.8 + 167 + 147.3 = kr713.5 Mil.
Gross Profit was 153 + 189.9 + 141.4 + 123.1 = kr607.4 Mil.
Total Current Assets was kr156.6 Mil.
Total Assets was kr967.0 Mil.
Property, Plant and Equipment(Net PPE) was kr39.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr381.5 Mil.
Total Current Liabilities was kr142.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr5.1 Mil.
Net Income was -2.7 + 9.4 + -7.2 + -264.1 = kr-264.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was -7.2 + 26.9 + 22.3 + -7.1 = kr34.9 Mil.
 Total Receivables was kr39.1 Mil.
Revenue was 206 + 267.2 + 192.6 + 166 = kr831.8 Mil.
Gross Profit was 172.3 + 232.6 + 164.1 + 138.8 = kr707.8 Mil.
Total Current Assets was kr167.5 Mil.
Total Assets was kr1,242.5 Mil.
Property, Plant and Equipment(Net PPE) was kr53.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr410.6 Mil.
Total Current Liabilities was kr137.6 Mil.
Long-Term Debt & Capital Lease Obligation was kr25.3 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)
=(21.8 / 713.5) / (39.1 / 831.8)
=0.030554 / 0.047006
=0.65

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)
=(707.8 / 831.8) / (607.4 / 713.5)
=0.850926 / 0.851296
=0.9996

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 - (156.6 + 39) / 967) / (1 - (167.5 + 53.9) / 1242.5)
=0.797725 / 0.821811
=0.9707

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
=713.5 / 831.8
=0.8578

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))
=(0 / (0 + 53.9)) / (0 / (0 + 39))
=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)
=(381.5 / 713.5) / (410.6 / 831.8)
=0.534688 / 0.493628
=1.0832

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)
=((5.1 + 142.3) / 967) / ((25.3 + 137.6) / 1242.5)
=0.15243 / 0.131107
=1.1626

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
=(-264.6 - 0 - 34.9) / 967
=-0.309721

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.

Desenio Group AB has a M-score of -4.46 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 -4.46 mean?
Desenio Group AB (OSTO:DSNO) has a Beneish M-Score of -4.46 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Desenio Group AB and its competitors. According to the industry distribution chart, Desenio Group AB ranks #27 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 2.5%.
Is Desenio Group AB's Beneish M-Score too high?
Desenio Group AB's current Beneish M-Score is -4.46. Based on the distribution chart, Desenio Group AB ranks #27 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers.
How does Desenio Group AB's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Desenio Group AB ranks #27 out of 1087 companies for Beneish M-Score. This places Desenio Group AB in the top 3% of its industry — outperforming the majority of peers. 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 Desenio Group AB and its competitors. Desenio Group AB's current Beneish M-Score is -4.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Desenio Group AB stock overvalued right now?
Based on GuruFocus' analysis, Desenio Group AB (OSTO:DSNO) is currently considered Significantly Overvalued. The stock's GF Value™ is kr0.01, compared to a current price of kr0.08 — trading 656% above its estimated fair value. The current Beneish M-Score is -4.46. 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 Desenio Group AB (OSTO:DSNO), the current Beneish M-Score is -4.46 as of Jun. 27, 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.

Desenio Group AB Business Description

Address Maria Bangata 4A, Stockholm, SWE, 100 61
Desenio Group AB is an e-commerce company within affordable wall art in Europe, with a growing presence in North America. The company offers its customers a range of posters and hanging accessories in the form of frames, picture frames, clamps, and poster hangers in more than 35 countries, including Denmark, Australia, Belgium, Germany, France, Spain, Norway, and Italy. The operating segments identified by the company: Nordics, Core Europe, which consists of Germany, France, the Netherlands, and Great Britain; Rest of Europe, and Rest of World.