Loyal Solutions AS (OSTO:LOYAL) Beneish M-Score: -4.50 (As of Jul. 03, 2026)


OSTO:LOYAL Loyal Solutions AS OSTO:LOYAL
52 GF Score
Price kr6.72
GF Value kr11.00
Valuation Possible Value Trap
! 9 Warning Signs
View Full Analysis

What is Loyal Solutions AS Beneish M-Score?

Loyal Solutions AS OSTO:LOYAL -4.40% 52 Beneish M-Score is -4.50 as of Jul. 03, 2026. GuruFocus rates OSTO:LOYAL with a GF Score™ of 52/100 and a GF Value™ of kr11.00 (Possible Value Trap). The stock has 9 warning signs investors should review. Among 2,631 Software companies, Loyal Solutions AS ranks better than 94.22% 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 -4.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:LOYAL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.2   Med: -3.41   Max: 0.79
Current: -4.5

During the past 8 years, the highest Beneish M-Score of Loyal Solutions AS was 0.79. The lowest was -5.20. And the median was -3.41.

Loyal Solutions AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Loyal Solutions AS'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.

Loyal Solutions AS Beneish M-Score Chart

Loyal Solutions AS Annual Data
Trend Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial -1.01 0.79 -5.20 -4.00 -4.50

Loyal Solutions AS Semi-Annual Data
Jun18 Jun19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 -4.00 0.00 -4.50 0.00

OSTO:LOYAL vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Loyal Solutions AS'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.

Loyal Solutions AS Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Loyal Solutions AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Loyal Solutions AS's Beneish M-Score falls into.


OSTO:LOYAL
52GF Score
Loyal Solutions AS OSTO:LOYAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Loyal Solutions AS 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 Loyal Solutions AS 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 * 0.7492+0.528 * 1.1852+0.404 * 1.1342+0.892 * 0.9525+0.115 * 0.9773
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.384286-0.327 * 1.2884
=-4.50

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was kr11.04 Mil.
Revenue was kr57.76 Mil.
Gross Profit was kr15.40 Mil.
Total Current Assets was kr19.46 Mil.
Total Assets was kr27.54 Mil.
Property, Plant and Equipment(Net PPE) was kr0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.03 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr31.37 Mil.
Long-Term Debt & Capital Lease Obligation was kr37.23 Mil.
Net Income was kr-14.89 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-4.31 Mil.
 Total Receivables was kr15.47 Mil.
Revenue was kr60.64 Mil.
Gross Profit was kr19.16 Mil.
Total Current Assets was kr21.19 Mil.
Total Assets was kr28.68 Mil.
Property, Plant and Equipment(Net PPE) was kr0.13 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.55 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr30.50 Mil.
Long-Term Debt & Capital Lease Obligation was kr24.95 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)
=(11.036 / 57.756) / (15.465 / 60.639)
=0.19108 / 0.255034
=0.7492

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)
=(19.16 / 60.639) / (15.397 / 57.756)
=0.315968 / 0.266587
=1.1852

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 - (19.458 + 0.061) / 27.542) / (1 - (21.187 + 0.13) / 28.684)
=0.291301 / 0.256833
=1.1342

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
=57.756 / 60.639
=0.9525

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))
=(1.552 / (1.552 + 0.13)) / (1.032 / (1.032 + 0.061))
=0.922711 / 0.94419
=0.9773

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 / 57.756) / (0 / 60.639)
=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)
=((37.227 + 31.371) / 27.542) / ((24.953 + 30.498) / 28.684)
=2.490669 / 1.933168
=1.2884

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
=(-14.889 - 0 - -4.305) / 27.542
=-0.384286

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.

Loyal Solutions AS has a M-score of -4.50 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 -4.50 mean?
Loyal Solutions AS (OSTO:LOYAL) has a Beneish M-Score of -4.50 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Loyal Solutions AS and its competitors. According to the industry distribution chart, Loyal Solutions AS ranks #152 out of 2631 companies in the Software industry, placing it in the top 5.8%.
Is Loyal Solutions AS's Beneish M-Score too high?
Loyal Solutions AS's current Beneish M-Score is -4.50. Based on the distribution chart, Loyal Solutions AS ranks #152 out of 2631 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Loyal Solutions AS has a GF Score™ of 52/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Loyal Solutions AS's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Loyal Solutions AS ranks #152 out of 2631 companies for Beneish M-Score. This places Loyal Solutions AS in the top 6% 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 Software company?
A good Beneish M-Score depends on the Software 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 Loyal Solutions AS and its competitors. Loyal Solutions AS's current Beneish M-Score is -4.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Loyal Solutions AS stock overvalued right now?
Based on GuruFocus' analysis, Loyal Solutions AS (OSTO:LOYAL) is currently considered Possible Value Trap. The stock's GF Value™ is kr11.00, compared to a current price of kr6.72 — trading 38.9% below its estimated fair value. The current Beneish M-Score is -4.50. Loyal Solutions AS's overall GF Score™ is 52/100 with 9 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 Loyal Solutions AS (OSTO:LOYAL), the current Beneish M-Score is -4.50 as of Jul. 03, 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 Loyal Solutions AS (OSTO:LOYAL) Overvalued in 2026?

Based on GuruFocus' analysis, Loyal Solutions AS stock appears to be undervalued. The current stock price of kr6.72 is trading 38.9% below its estimated GF Value™ of kr11.00. GuruFocus considers Loyal Solutions AS to be Possible Value Trap.

Key valuation signals for OSTO:LOYAL:

  • Beneish M-Score: -4.50
  • GF Value™: kr11.00 vs. price of kr6.72 (38.9% below fair value)
  • GF Score™: 52/100 with 9 warning signs

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

Loyal Solutions AS Business Description

Address Edvard Thomsens Vej 10, 6th floor, Copenhagen S, DNK, DK-2300
Loyal Solutions A/S is a software-as-a-service company. The company is engaged in the development and implementation of bespoke loyalty schemes that enhance customer retention and brand engagement. Their core business revolves around creating loyalty solution platforms that provide customer engagement programs across industries such as airlines, financial services, malls, hospitality, telecom, and media. LoyalTfacts is its proprietary SaaS end-to-end platform.
52GF Score

Get the complete analysis for OSTO:LOYAL

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

kr6.72
Price
kr11.00
GF Value