Heliospectra AB (OSTO:HELIO) Beneish M-Score: -3.57 (As of Jul. 23, 2026)

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What is Heliospectra AB Beneish M-Score?

Heliospectra AB OSTO:HELIO +1.08% Beneish M-Score is -3.57 as of Jul. 23, 2026. The stock has 4 warning signs investors should review. Among 2,911 Industrial Products companies, Heliospectra AB ranks better than 94.85% 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 -3.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:HELIO' s Beneish M-Score Range Over the Past 10 Years
Min: -7.44   Med: -3.31   Max: -0.51
Current: -3.57

During the past 13 years, the highest Beneish M-Score of Heliospectra AB was -0.51. The lowest was -7.44. And the median was -3.31.

Heliospectra AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Heliospectra 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.

Heliospectra AB Beneish M-Score Chart

Heliospectra AB 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 -4.67 -2.37 -2.19 -2.17 -3.57

Heliospectra 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 0.00 0.00 0.00 -3.57 0.00

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

For the Electrical Equipment & Parts subindustry, Heliospectra 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.

Heliospectra AB Beneish M-Score vs Industrial Products Industry

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

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


Heliospectra 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 Heliospectra 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 * 1.1024+0.528 * 1.144+0.404 * 0.4568+0.892 * 0.8781+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.188792-0.327 * 1.1412
=-3.57

* 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 kr3.12 Mil.
Revenue was kr28.46 Mil.
Gross Profit was kr5.75 Mil.
Total Current Assets was kr42.62 Mil.
Total Assets was kr55.16 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.61 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr19.99 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-42.77 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-32.36 Mil.
 Total Receivables was kr3.22 Mil.
Revenue was kr32.41 Mil.
Gross Profit was kr7.50 Mil.
Total Current Assets was kr15.85 Mil.
Total Assets was kr31.54 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.77 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr10.02 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
=(3.118 / 28.461) / (3.221 / 32.411)
=0.109553 / 0.09938
=1.1024

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)
=(7.496 / 32.411) / (5.754 / 28.461)
=0.23128 / 0.202171
=1.144

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 - (42.624 + 0) / 55.156) / (1 - (15.852 + 0) / 31.541)
=0.22721 / 0.497416
=0.4568

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
=28.461 / 32.411
=0.8781

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))
=(2.772 / (2.772 + 0)) / (3.606 / (3.606 + 0))
=1 / 1
=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)
=(0 / 28.461) / (0 / 32.411)
=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)
=((0 + 19.993) / 55.156) / ((0 + 10.018) / 31.541)
=0.362481 / 0.317618
=1.1412

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
=(-42.768 - 0 - -32.355) / 55.156
=-0.188792

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.

Heliospectra AB has a M-score of -3.57 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 -3.57 mean?
Heliospectra AB (OSTO:HELIO) has a Beneish M-Score of -3.57 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heliospectra AB and its competitors. According to the industry distribution chart, Heliospectra AB ranks #150 out of 2911 companies in the Industrial Products industry, placing it in the top 5.2%.
Is Heliospectra AB's Beneish M-Score too high?
Heliospectra AB's current Beneish M-Score is -3.57. Based on the distribution chart, Heliospectra AB ranks #150 out of 2911 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers.
How does Heliospectra AB's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Heliospectra AB ranks #150 out of 2911 companies for Beneish M-Score. This places Heliospectra AB in the top 5% 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 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 Heliospectra AB and its competitors. Heliospectra AB's current Beneish M-Score is -3.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heliospectra AB stock overvalued right now?
Based on GuruFocus' analysis, Heliospectra AB (OSTO:HELIO) is currently considered Modestly Undervalued. The stock's GF Value™ is kr0.11, compared to a current price of kr0.09 — trading 14.5% below its estimated fair value. The current Beneish M-Score is -3.57. 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 Heliospectra AB (OSTO:HELIO), the current Beneish M-Score is -3.57 as of Jul. 23, 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.

Heliospectra AB Business Description

Other Exchanges H00:Germany
Address Johan Willins gata 8, Gothenburg, SWE, 416 64
Heliospectra AB is engaged in the development of lighting systems for controlled environments using light-emitting diode technology. The company's offering is targeted at greenhouses and indoor growers of medicinal plants, foodstuffs, herbs, and microgreens, and academic and agtech researchers. The offering consists of total solutions that rest on three pillars: Lighting, control systems marketed under the brand name helioCORE, and services marketed under the brand name helioCARE.