RPNMF (Rapala VMC) Beneish M-Score: -2.75 (As of Jun. 25, 2026)

What is Rapala VMC Beneish M-Score?

Rapala VMC RPNMF 49 Beneish M-Score is -2.75 as of Jun. 25, 2026. GuruFocus rates RPNMF with a GF Score™ of 49/100 and a GF Value™ of $5.82 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 824 Travel & Leisure companies, Rapala VMC ranks better than 61.89% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

RPNMF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.83 Max: -2.44
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Rapala VMC was -2.44. The lowest was -3.19. And the median was -2.83.

Rapala VMC Beneish M-Score Related Terms

Rapala VMC Beneish M-Score Historical Data

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The historical data trend for Rapala VMC'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.

Rapala VMC Beneish M-Score Chart

Rapala VMC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-2.48

-3.19

-2.89

-2.75

Rapala VMC Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.19	0.00	-2.89	0.00	-2.75

RPNMF vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Rapala VMC'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.

Rapala VMC Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Rapala VMC's Beneish M-Score distribution charts can be found below:

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

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49GF Score

Rapala VMC Corp RPNMF

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

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Rapala VMC 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 Rapala VMC 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 * 0.8871

0.528 * 1.0094

0.404 * 1.0084

0.892 * 1.1517

0.115 * 0.9796

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9674

4.679 * -0.037559

0.327 * 1.082

-2.64

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $32.2 Mil.
Revenue was $266.4 Mil.
Gross Profit was $147.2 Mil.
Total Current Assets was $155.3 Mil.
Total Assets was $324.2 Mil.
Property, Plant and Equipment(Net PPE) was $34.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.0 Mil.
Selling, General, & Admin. Expense(SGA) was $31.9 Mil.
Total Current Liabilities was $71.0 Mil.
Long-Term Debt & Capital Lease Obligation was $80.9 Mil.
Net Income was $-5.7 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $6.4 Mil.

Total Receivables was $31.5 Mil.
Revenue was $231.3 Mil.
Gross Profit was $129.0 Mil.
Total Current Assets was $145.2 Mil.
Total Assets was $307.4 Mil.
Property, Plant and Equipment(Net PPE) was $36.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.1 Mil.
Selling, General, & Admin. Expense(SGA) was $28.6 Mil.
Total Current Liabilities was $73.4 Mil.
Long-Term Debt & Capital Lease Obligation was $59.7 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)
	=	(32.201 / 266.393)	/	(31.518 / 231.309)
	=	0.120878	/	0.136259
	=	0.8871

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)
	=	(129.005 / 231.309)	/	(147.19 / 266.393)
	=	0.557717	/	0.55253
	=	1.0094

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 - (155.269 + 34.778) / 324.239)	/	(1 - (145.236 + 36.021) / 307.435)
	=	0.413868	/	0.410422
	=	1.0084

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
	=	266.393	/	231.309
	=	1.1517

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))
	=	(13.089 / (13.089 + 36.021))	/	(12.998 / (12.998 + 34.778))
	=	0.266524	/	0.272061
	=	0.9796

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)
	=	(31.85 / 266.393)	/	(28.586 / 231.309)
	=	0.11956	/	0.123584
	=	0.9674

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)
	=	((80.913 + 70.96) / 324.239)	/	((59.686 + 73.403) / 307.435)
	=	0.468398	/	0.432901
	=	1.082

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
	=	(-5.738 - 0	-	6.44)	/	324.239
	=	-0.037559

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.

Rapala VMC has a M-score of -2.64 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 -2.75 mean?

Rapala VMC (RPNMF) has a Beneish M-Score of -2.75 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rapala VMC and its competitors. According to the industry distribution chart, Rapala VMC ranks #314 out of 824 companies in the Travel & Leisure industry, placing it in the top 38.1%.

Is Rapala VMC's Beneish M-Score too high?

Rapala VMC's current Beneish M-Score is -2.75. Based on the distribution chart, Rapala VMC ranks #314 out of 824 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Rapala VMC has a GF Score™ of 49/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Rapala VMC's Beneish M-Score compare to AS and HAS?

According to the Travel & Leisure industry distribution chart, Rapala VMC ranks #314 out of 824 companies for Beneish M-Score. This puts Rapala VMC in the upper 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Rapala VMC and its competitors. Rapala VMC's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Rapala VMC stock overvalued right now?

Based on GuruFocus' analysis, Rapala VMC (RPNMF) is currently considered Significantly Undervalued. The stock's GF Value™ is $5.82, compared to a current price of $1.45 — trading 75.1% below its estimated fair value. The current Beneish M-Score is -2.75. Rapala VMC's overall GF Score™ is 49/100 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 Rapala VMC (RPNMF), the current Beneish M-Score is -2.75 as of Jun. 25, 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 Rapala VMC (RPNMF) Overvalued in 2026?

Based on GuruFocus' analysis, Rapala VMC stock appears to be undervalued. The current stock price of $1.45 is trading 75.1% below its estimated GF Value™ of $5.82. GuruFocus considers Rapala VMC to be Significantly Undervalued.

Key valuation signals for RPNMF:

Beneish M-Score: -2.75
GF Value™: $5.82 vs. price of $1.45 (75.1% below fair value)
GF Score™: 49/100 with 4 warning signs

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

Rapala VMC Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies OHEL:SBI HKSE:09992 HKSE:02020 TSE:4661 AS TSE:7832 HAS TSE:7309 LSE:GAW LTH HKSE:02331 GOLF MAT PLNT XMAD:FDR MIL:TGYM SHSE:689009 WAR:BFT TSE:7731 OSTO:ASMDEE B

Other Exchanges 0MEF:UK RAP1V:Finland RAP:Germany

Address Makelankatu 87, Helsinki, FIN, 00610

Website https://www.rapalavmc.com

Rapala VMC Corp is a fishing tackle company. It is engaged in the business of manufacturing, sourcing, and distributing mainly fishing tackle equipment, as well as hunting, outdoor, and winter sports equipment. The company's products include fishing lures, treble hooks, fishing-related knives and hooks, etc. The firm markets and sells its products under the Sufix, Mora Ice, Peltonen, Williamson, VMC, Storm, Blue Fox, Rapala, and other brands. Geographically, the company generates maximum revenue from North America, followed by the Nordic regions, Rest of Europe, and the Rest of the World.

49GF Score

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

$1.45

Price

$5.82

GF Value

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