Zelluna ASA (OSTO:ULTIO) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


OSTO:ULTIO Zelluna ASA OSTO:ULTIO
28 GF Score
Price kr21.95
! 2 Warning Signs
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What is Zelluna ASA Beneish M-Score?

Zelluna ASA OSTO:ULTIO 28 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates OSTO:ULTIO with a GF Score™ of 28/100. The stock has 2 warning signs investors should review. Among 831 Biotechnology companies, Zelluna ASA ranks worse than 120336.82% 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.

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

During the past 11 years, the highest Beneish M-Score of Zelluna ASA was 0.00. The lowest was 0.00. And the median was 0.00.

Zelluna ASA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zelluna ASA'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.

Zelluna ASA Beneish M-Score Chart

Zelluna ASA 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 0.00 0.00 0.00 0.00 0.00

Zelluna ASA 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 0.00 0.00

OSTO:ULTIO vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Zelluna ASA'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.

Zelluna ASA Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Zelluna ASA's Beneish M-Score distribution charts can be found below:

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


OSTO:ULTIO
28GF Score
Zelluna ASA OSTO:ULTIO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Zelluna ASA 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 Zelluna ASA 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 kr7.70 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = kr0.00 Mil.
Total Current Assets was kr59.01 Mil.
Total Assets was kr75.84 Mil.
Property, Plant and Equipment(Net PPE) was kr2.73 Mil.
Depreciation, Depletion and Amortization(DDA) was kr5.35 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.68 Mil.
Total Current Liabilities was kr8.80 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was -20.369 + -34.605 + -39.263 + -37.537 = kr-131.77 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.00 Mil.
Cash Flow from Operations was -28.587 + -25.206 + -28.959 + -59.38 = kr-142.13 Mil.
 Total Receivables was kr12.58 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = kr0.00 Mil.
Total Current Assets was kr151.08 Mil.
Total Assets was kr169.48 Mil.
Property, Plant and Equipment(Net PPE) was kr5.77 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.67 Mil.
Selling, General, & Admin. Expense(SGA) was kr7.07 Mil.
Total Current Liabilities was kr42.51 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)
=(7.704 / 0) / (12.58 / 0)
= /
=

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)
=(0 / 0) / (0 / 0)
= /
=

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 - (59.013 + 2.732) / 75.838) / (1 - (151.083 + 5.772) / 169.478)
=0.18583 / 0.074482
=

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
=0 / 0
=

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))
=(3.669 / (3.669 + 5.772)) / (5.351 / (5.351 + 2.732))
=0.388624 / 0.662007
=

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)
=(7.678 / 0) / (7.072 / 0)
= /
=

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 + 8.802) / 75.838) / ((0 + 42.507) / 169.478)
=0.116063 / 0.250811
=

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
=(-131.774 - 0 - -142.132) / 75.838
=0.136581

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Zelluna ASA (OSTO:ULTIO) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zelluna ASA and its competitors. According to the industry distribution chart, Zelluna ASA ranks #999999 out of 831 companies in the Biotechnology industry.
Is Zelluna ASA's Beneish M-Score too high?
Zelluna ASA's current Beneish M-Score is 0.00. Based on the distribution chart, Zelluna ASA ranks #999999 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Zelluna ASA has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Zelluna ASA's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Zelluna ASA ranks #999999 out of 831 companies for Beneish M-Score. This places Zelluna ASA 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 a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Zelluna ASA and its competitors. Zelluna ASA's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zelluna ASA stock overvalued right now?
Zelluna ASA (OSTO:ULTIO) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Zelluna ASA's overall GF Score™ is 28/100 with 2 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 Zelluna ASA (OSTO:ULTIO), the current Beneish M-Score is 0.00 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.

Zelluna ASA Business Description

Other Exchanges ZLNA:Norway7UM0:Germany
Address Ullernchausseen 64, Oslo Cancer Cluster Innovation Park, Oslo, NOR, 0379
Zelluna ASA is a biotechnology company established to eliminate solid cancers by unleashing the powerful elements of the immune system through pioneering the development of T cell receptor (TCR) guided natural killer (NK) cell therapies (TCR-NK). Its TCR-NK products are composed of healthy donor-derived NK cells that are genetically engineered to express a tumour-specific TCR that enable the TCR-NK cells to identify and eliminate cancer cells in the body of the patient. Its programme ZI-MA4-1, the first MAGE-A4-targeting TCR-NK therapy for solid tumours with high unmet medical need. Its other programmes include ZI-KL1-1, and ZI-PR-1.
28GF Score

Get the complete analysis for OSTO:ULTIO

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

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