Kistos Holdings (STU:LU0) Beneish M-Score: -3.83 (As of Jun. 25, 2026)


STU:LU0 Kistos Holdings PLC STU:LU0
43 GF Score
Price €2.50
GF Value €1.23
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Kistos Holdings Beneish M-Score?

Kistos Holdings STU:LU0 +1.63% 43 Beneish M-Score is -3.83 as of Jun. 25, 2026. GuruFocus rates STU:LU0 with a GF Score™ of 43/100 and a GF Value™ of €1.23 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, Kistos Holdings ranks better than 91.24% 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 -3.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:LU0' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Med: -3.65   Max: -3.47
Current: -3.83

During the past 4 years, the highest Beneish M-Score of Kistos Holdings was -3.47. The lowest was -3.83. And the median was -3.65.

Kistos Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kistos Holdings'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.

Kistos Holdings Beneish M-Score Chart

Kistos Holdings Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -3.47 -3.83

Kistos Holdings Semi-Annual Data
Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.47 0.00 -3.83 0.00

STU:LU0 vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Kistos Holdings'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.

Kistos Holdings Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Kistos Holdings's Beneish M-Score distribution charts can be found below:

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


STU:LU0
43GF Score
Kistos Holdings PLC STU:LU0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kistos Holdings 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 Kistos Holdings 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 * 0.6661+0.528 * 1.2275+0.404 * 1.0141+0.892 * 1.0353+0.115 * 1.1118
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.6962+4.679 * -0.189703-0.327 * 1.0014
=-3.80

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €13.7 Mil.
Revenue was €211.5 Mil.
Gross Profit was €111.7 Mil.
Total Current Assets was €236.5 Mil.
Total Assets was €782.9 Mil.
Property, Plant and Equipment(Net PPE) was €496.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €95.4 Mil.
Selling, General, & Admin. Expense(SGA) was €7.8 Mil.
Total Current Liabilities was €137.7 Mil.
Long-Term Debt & Capital Lease Obligation was €241.2 Mil.
Net Income was €-49.7 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €98.9 Mil.
 Total Receivables was €19.8 Mil.
Revenue was €204.3 Mil.
Gross Profit was €132.4 Mil.
Total Current Assets was €325.9 Mil.
Total Assets was €827.0 Mil.
Property, Plant and Equipment(Net PPE) was €448.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €98.1 Mil.
Selling, General, & Admin. Expense(SGA) was €2.8 Mil.
Total Current Liabilities was €181.0 Mil.
Long-Term Debt & Capital Lease Obligation was €218.8 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)
=(13.666 / 211.544) / (19.816 / 204.334)
=0.064601 / 0.096978
=0.6661

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)
=(132.421 / 204.334) / (111.687 / 211.544)
=0.648062 / 0.527961
=1.2275

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 - (236.483 + 496.088) / 782.859) / (1 - (325.923 + 448.736) / 827.044)
=0.064236 / 0.06334
=1.0141

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
=211.544 / 204.334
=1.0353

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))
=(98.072 / (98.072 + 448.736)) / (95.426 / (95.426 + 496.088))
=0.179354 / 0.161325
=1.1118

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)
=(7.757 / 211.544) / (2.779 / 204.334)
=0.036668 / 0.0136
=2.6962

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)
=((241.22 + 137.738) / 782.859) / ((218.809 + 180.977) / 827.044)
=0.484069 / 0.483391
=1.0014

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
=(-49.659 - 0 - 98.852) / 782.859
=-0.189703

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.

Kistos Holdings has a M-score of -3.80 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 -3.83 mean?
Kistos Holdings (STU:LU0) has a Beneish M-Score of -3.83 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kistos Holdings and its competitors. According to the industry distribution chart, Kistos Holdings ranks #72 out of 822 companies in the Oil & Gas industry, placing it in the top 8.8%.
Is Kistos Holdings' Beneish M-Score too high?
Kistos Holdings' current Beneish M-Score is -3.83. Based on the distribution chart, Kistos Holdings ranks #72 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Kistos Holdings has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kistos Holdings' Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Kistos Holdings ranks #72 out of 822 companies for Beneish M-Score. This places Kistos Holdings in the top 9% 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Kistos Holdings and its competitors. Kistos Holdings's current Beneish M-Score is -3.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kistos Holdings stock overvalued right now?
Based on GuruFocus' analysis, Kistos Holdings (STU:LU0) is currently considered Significantly Overvalued. The stock's GF Value™ is €1.23, compared to a current price of €2.50 — trading 103.3% above its estimated fair value. The current Beneish M-Score is -3.83. Kistos Holdings' overall GF Score™ is 43/100 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 Kistos Holdings (STU:LU0), the current Beneish M-Score is -3.83 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 Kistos Holdings (STU:LU0) Overvalued in 2026?

Based on GuruFocus' analysis, Kistos Holdings stock appears to be overvalued. The current stock price of €2.50 is trading 103.3% above its estimated GF Value™ of €1.23. GuruFocus considers Kistos Holdings to be Significantly Overvalued.

Key valuation signals for STU:LU0:

  • Beneish M-Score: -3.83
  • GF Value™: €1.23 vs. price of €2.50 (103.3% above fair value)
  • GF Score™: 43/100 with 4 warning signs

No single metric tells the full story. See the STU:LU0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kistos Holdings Business Description

Industry EnergyOil & Gas
Other Exchanges KSTOF:USAKIST:UKLU0:Germany
Address 3 St James's Square, 2nd Floor, London, GBR, SW1Y 4JU
Kistos Holdings PLC is established to create value for its investors through the acquisition and management of companies or businesses in the energy sector. Its principal area of activity is the acquisition and operation of companies or businesses in the energy sector, with a focus on upstream oil and gas activities. The company's reportable segments are; the Netherlands, comprising the production and sale of gas and other hydrocarbons in the Q10-A field and the related costs; the Norway segment comprises the production of oil from interests in the Balder and Ringhorne Ost fields offshore Norway; and the UK segment represents the production and sale of gas and other hydrocarbons from its interest in GLA and related costs.
43GF Score

Get the complete analysis for STU:LU0

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

€2.50
Price
€1.23
GF Value