SAFLF (Safilo Group SpA) Beneish M-Score: -2.80 (As of Jun. 24, 2026)

What is Safilo Group SpA Beneish M-Score?

Safilo Group SpA SAFLF 62 Beneish M-Score is -2.80 as of Jun. 24, 2026. GuruFocus rates SAFLF with a GF Score™ of 62/100 and a GF Value™ of $1.24 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 765 Medical Devices & Instruments companies, Safilo Group SpA ranks better than 67.97% 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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAFLF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.8 Med: -2.75 Max: -2.15
Current: -2.8

During the past 13 years, the highest Beneish M-Score of Safilo Group SpA was -2.15. The lowest was -4.80. And the median was -2.75.

Safilo Group SpA Beneish M-Score Related Terms

Safilo Group SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Safilo Group SpA'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.

Safilo Group SpA Beneish M-Score Chart

Safilo Group SpA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.40

-2.15

-3.00

-2.61

-2.80

Safilo Group SpA 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															-3.00	0.00	-2.61	0.00	-2.80

SAFLF vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Safilo Group SpA'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.

Safilo Group SpA Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Safilo Group SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Safilo Group SpA's Beneish M-Score falls into.

Save Embed

62GF Score

Safilo Group SpA SAFLF

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

View Full Analysis

Safilo Group SpA 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 Safilo Group SpA 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 * 0.9066

0.528 * 0.9793

0.404 * 1.0606

0.892 * 1.1072

0.115 * 0.9787

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9816

4.679 * -0.054077

0.327 * 0.9678

-2.70

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $244 Mil.
Revenue was $1,151 Mil.
Gross Profit was $702 Mil.
Total Current Assets was $525 Mil.
Total Assets was $889 Mil.
Property, Plant and Equipment(Net PPE) was $131 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $389 Mil.
Total Current Liabilities was $307 Mil.
Long-Term Debt & Capital Lease Obligation was $68 Mil.
Net Income was $57 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $105 Mil.

Total Receivables was $243 Mil.
Revenue was $1,040 Mil.
Gross Profit was $621 Mil.
Total Current Assets was $535 Mil.
Total Assets was $882 Mil.
Property, Plant and Equipment(Net PPE) was $130 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $291 Mil.
Long-Term Debt & Capital Lease Obligation was $94 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)
	=	(244.308 / 1151.498)	/	(243.401 / 1040.02)
	=	0.212165	/	0.234035
	=	0.9066

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)
	=	(620.715 / 1040.02)	/	(701.741 / 1151.498)
	=	0.59683	/	0.609416
	=	0.9793

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 - (524.971 + 131.184) / 888.701)	/	(1 - (534.622 + 129.795) / 882.03)
	=	0.26167	/	0.246718
	=	1.0606

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
	=	1151.498	/	1040.02
	=	1.1072

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))
	=	(42.364 / (42.364 + 129.795))	/	(44.062 / (44.062 + 131.184))
	=	0.246075	/	0.251429
	=	0.9787

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)
	=	(388.833 / 1151.498)	/	(357.769 / 1040.02)
	=	0.337676	/	0.344002
	=	0.9816

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)
	=	((67.515 + 307.313) / 888.701)	/	((93.887 + 290.52) / 882.03)
	=	0.421771	/	0.435821
	=	0.9678

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
	=	(56.954 - 0	-	105.012)	/	888.701
	=	-0.054077

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.

Safilo Group SpA has a M-score of -2.70 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 -2.80 mean?

Safilo Group SpA (SAFLF) has a Beneish M-Score of -2.80 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Safilo Group SpA and its competitors. According to the industry distribution chart, Safilo Group SpA ranks #245 out of 765 companies in the Medical Devices & Instruments industry, placing it in the top 32%.

Is Safilo Group SpA's Beneish M-Score too high?

Safilo Group SpA's current Beneish M-Score is -2.80. Based on the distribution chart, Safilo Group SpA ranks #245 out of 765 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Safilo Group SpA has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Safilo Group SpA's Beneish M-Score compare to ISRG and BDX?

According to the Medical Devices & Instruments industry distribution chart, Safilo Group SpA ranks #245 out of 765 companies for Beneish M-Score. This puts Safilo Group SpA 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 Medical Devices & Instruments company?

A good Beneish M-Score depends on the Medical Devices & Instruments 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 Safilo Group SpA and its competitors. Safilo Group SpA's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Safilo Group SpA stock overvalued right now?

Based on GuruFocus' analysis, Safilo Group SpA (SAFLF) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.24, compared to a current price of $2.01 — trading 62.1% above its estimated fair value. The current Beneish M-Score is -2.80. Safilo Group SpA's overall GF Score™ is 62/100 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 Safilo Group SpA (SAFLF), the current Beneish M-Score is -2.80 as of Jun. 24, 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 Safilo Group SpA (SAFLF) Overvalued in 2026?

Based on GuruFocus' analysis, Safilo Group SpA stock appears to be overvalued. The current stock price of $2.01 is trading 62.1% above its estimated GF Value™ of $1.24. GuruFocus considers Safilo Group SpA to be Significantly Overvalued.

Key valuation signals for SAFLF:

Beneish M-Score: -2.80
GF Value™: $1.24 vs. price of $2.01 (62.1% above fair value)
GF Score™: 62/100 with 2 warning signs

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

Safilo Group SpA Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies MIL:SVS MIL:IMD MIL:OTO MIL:PRE MIL:ELN ISRG XPAR:EL TSE:7741 BDX XSWX:ALC MDLN RMD WST TSE:4543 XPAR:DIM XSWX:STMN XTER:SRT OCSE:COLO B NZSE:FPH SOLV

Other Exchanges SAFLY:USA SFL:Italy SFLm:UK 0NJ5:UK

Address Settima Strada, 15, Padua, ITA, 35129

Website https://www.safilogroup.com

Safilo Group SpA makes sunglasses and prescription eyewear. It is engaged in design, production, and wholesale distribution of its products through a network of independent distributors and commercial subsidiaries. Its products are sold through the Carrera, Smith, Polaroid and Oxydo brands, as well as a range of other licensed brands. The company operates solely through the wholesale segment channels and divides itself into the following four geographical segments: Europe, America, and Asia. The company earns the majority of its revenue from the Europe business segment.

62GF Score

Get the complete analysis for SAFLF

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

$2.01

Price

$1.24

GF Value

View SAFLF Analysis

See Beneish M-Score data for all stocks →