Rolling Optics Holding AB (OSTO:RO) Beneish M-Score: -1.87 (As of Jun. 26, 2026)

What is Rolling Optics Holding AB Beneish M-Score?

Rolling Optics Holding AB OSTO:RO -9.27% 30 Beneish M-Score is -1.87 as of Jun. 26, 2026. GuruFocus rates OSTO:RO with a GF Score™ of 30/100 and a GF Value™ of kr0.78. The stock has 4 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 -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:RO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.63 Med: -2.44 Max: 2.81
Current: -1.87

During the past 13 years, the highest Beneish M-Score of Rolling Optics Holding AB was 2.81. The lowest was -4.63. And the median was -2.44.

Rolling Optics Holding AB Beneish M-Score Related Terms

Rolling Optics Holding AB Beneish M-Score Historical Data

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The historical data trend for Rolling Optics Holding 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.

Rolling Optics Holding AB Beneish M-Score Chart

Rolling Optics Holding AB Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.71

-2.58

-2.29

-2.60

-1.87

Rolling Optics Holding AB Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.60	-2.76	-3.42	-1.96	-1.87

OSTO:RO vs GRMN, COHR, KEYS: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, Rolling Optics Holding 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.

Rolling Optics Holding AB Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Rolling Optics Holding AB's Beneish M-Score distribution charts can be found below:

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

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30GF Score

Rolling Optics Holding AB OSTO:RO

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

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Rolling Optics Holding 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 Rolling Optics Holding AB 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 * 1.3493

0.528 * 1.0654

0.404 * 1.0785

0.892 * 1.0072

0.115 * 0.7812

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.036577

0.327 * 0.7761

-1.87

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr11.56 Mil.
Revenue was 12.147 + 6.649 + 14.282 + 6.771 = kr39.85 Mil.
Gross Profit was 10.755 + 5.86 + 6.78 + 4.6 = kr28.00 Mil.
Total Current Assets was kr34.66 Mil.
Total Assets was kr96.59 Mil.
Property, Plant and Equipment(Net PPE) was kr43.20 Mil.
Depreciation, Depletion and Amortization(DDA) was kr7.06 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr13.11 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was -4.331 + -7.352 + -5.604 + -6.209 = kr-23.50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -2.196 + -12.968 + -9.264 + -2.601 = kr-27.03 Mil.

Total Receivables was kr8.51 Mil.
Revenue was 13.924 + 6.871 + 9.917 + 8.851 = kr39.56 Mil.
Gross Profit was 11.614 + 5.678 + 6.481 + 5.838 = kr29.61 Mil.
Total Current Assets was kr48.29 Mil.
Total Assets was kr109.21 Mil.
Property, Plant and Equipment(Net PPE) was kr41.29 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5.09 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr19.10 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)
	=	(11.559 / 39.849)	/	(8.505 / 39.563)
	=	0.29007	/	0.214974
	=	1.3493

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)
	=	(29.611 / 39.563)	/	(27.995 / 39.849)
	=	0.748452	/	0.702527
	=	1.0654

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 - (34.661 + 43.198) / 96.59)	/	(1 - (48.285 + 41.287) / 109.209)
	=	0.193923	/	0.179811
	=	1.0785

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
	=	39.849	/	39.563
	=	1.0072

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))
	=	(5.091 / (5.091 + 41.287))	/	(7.062 / (7.062 + 43.198))
	=	0.109772	/	0.140509
	=	0.7812

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 / 39.849)	/	(0 / 39.563)
	=	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 + 13.111) / 96.59)	/	((0 + 19.101) / 109.209)
	=	0.135739	/	0.174903
	=	0.7761

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
	=	(-23.496 - 0	-	-27.029)	/	96.59
	=	0.036577

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.

Rolling Optics Holding AB has a M-score of -1.87 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 -1.87 mean?

Rolling Optics Holding AB (OSTO:RO) has a Beneish M-Score of -1.87 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rolling Optics Holding AB and its competitors.

Is Rolling Optics Holding AB's Beneish M-Score too high?

Rolling Optics Holding AB's current Beneish M-Score is -1.87. Overall, Rolling Optics Holding AB has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.

How does Rolling Optics Holding AB's Beneish M-Score compare to GRMN and COHR?

Rolling Optics Holding AB's Beneish M-Score of -1.87 can be compared against companies in the Hardware 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 a Hardware company?

A good Beneish M-Score depends on the Hardware 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 Rolling Optics Holding AB and its competitors. Rolling Optics Holding AB's current Beneish M-Score is -1.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Rolling Optics Holding AB stock overvalued right now?

Rolling Optics Holding AB (OSTO:RO) has a current Beneish M-Score of -1.87. The stock's GF Value™ is kr0.78, compared to a current price of kr0.23 — trading 71.2% below its estimated fair value. The current Beneish M-Score is -1.87. Rolling Optics Holding AB's overall GF Score™ is 30/100 with 4 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 Rolling Optics Holding AB (OSTO:RO), the current Beneish M-Score is -1.87 as of Jun. 26, 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 Rolling Optics Holding AB (OSTO:RO) Overvalued in 2026?

Based on GuruFocus' analysis, Rolling Optics Holding AB stock appears to be undervalued. The current stock price of kr0.23 is trading 71.2% below its estimated GF Value™ of kr0.78.

Key valuation signals for OSTO:RO:

Beneish M-Score: -1.87
GF Value™: kr0.78 vs. price of kr0.23 (71.2% below fair value)
GF Score™: 30/100 with 4 warning signs

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

Rolling Optics Holding AB Business Description

Industry Technology Hardware

Comparable Companies OSTO:GPX XSAT:MIR XSAT:NFO NGM:SARS NGM:RLOS B OSTO:INSP OSTO:FING B NGM:EMART TSE:6861 GRMN COHR KEYS TDY OSTO:HEXA B FTV MKSI TRMB TPE:2360 SZSE:002414 CGNX

Address Strandvag 3, Solna, Stockholm, SWE, 171 54

Website https://www.rollingoptics.com

Rolling Optics Holding AB is engaged in the business of supplying micro optical security materials and anti-counterfeit solutions for brand protection. The company operates in two areas - Brand Security, which protects companies and brands from counterfeits and High Security, which includes bank notes, ID cards and passports.

30GF Score

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

kr0.23

Price

kr0.78

GF Value

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