Deme Group NV (STU:MT0) Beneish M-Score: -2.73 (As of Jun. 27, 2026)

What is Deme Group NV Beneish M-Score?

Deme Group NV STU:MT0 -0.79% 76 Beneish M-Score is -2.73 as of Jun. 27, 2026. GuruFocus rates STU:MT0 with a GF Score™ of 76/100 and a GF Value™ of €160.52 (Fairly Valued). The stock has 8 warning signs investors should review. Among 1,704 Construction companies, Deme Group NV ranks better than 68.31% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:MT0' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.73 Max: -2.33
Current: -2.73

During the past 11 years, the highest Beneish M-Score of Deme Group NV was -2.33. The lowest was -3.13. And the median was -2.73.

Deme Group NV Beneish M-Score Related Terms

Deme Group NV Beneish M-Score Historical Data

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The historical data trend for Deme Group NV'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.

Deme Group NV Beneish M-Score Chart

Deme Group NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.56

-2.50

-2.51

-3.00

-2.73

Deme Group NV Semi-Annual Data
	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial											-2.51	0.00	-3.00	0.00	-2.73

STU:MT0 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Deme Group NV'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.

Deme Group NV Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Deme Group NV's Beneish M-Score distribution charts can be found below:

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

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76GF Score

Deme Group NV STU:MT0

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

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Deme Group NV 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 Deme Group NV 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 * 1.0173

0.528 * 0.8804

0.404 * 1.085

0.892 * 1.0131

0.115 * 0.9738

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.050349

0.327 * 1.0255

-2.73

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was €1,461 Mil.
Revenue was €4,155 Mil.
Gross Profit was €1,629 Mil.
Total Current Assets was €2,487 Mil.
Total Assets was €6,204 Mil.
Property, Plant and Equipment(Net PPE) was €3,170 Mil.
Depreciation, Depletion and Amortization(DDA) was €491 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €2,665 Mil.
Long-Term Debt & Capital Lease Obligation was €960 Mil.
Net Income was €346 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €659 Mil.

Total Receivables was €1,417 Mil.
Revenue was €4,101 Mil.
Gross Profit was €1,416 Mil.
Total Current Assets was €2,393 Mil.
Total Assets was €5,476 Mil.
Property, Plant and Equipment(Net PPE) was €2,638 Mil.
Depreciation, Depletion and Amortization(DDA) was €396 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €2,589 Mil.
Long-Term Debt & Capital Lease Obligation was €531 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)
	=	(1460.673 / 4154.733)	/	(1417.328 / 4101.159)
	=	0.351568	/	0.345592
	=	1.0173

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)
	=	(1415.612 / 4101.159)	/	(1629.015 / 4154.733)
	=	0.345174	/	0.392087
	=	0.8804

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 - (2486.66 + 3170.042) / 6203.648)	/	(1 - (2393.124 + 2637.538) / 5475.611)
	=	0.088165	/	0.08126
	=	1.085

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
	=	4154.733	/	4101.159
	=	1.0131

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))
	=	(395.83 / (395.83 + 2637.538))	/	(490.546 / (490.546 + 3170.042))
	=	0.130492	/	0.134007
	=	0.9738

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 / 4154.733)	/	(0 / 4101.159)
	=	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)
	=	((959.983 + 2665.075) / 6203.648)	/	((530.603 + 2589.478) / 5475.611)
	=	0.584343	/	0.569814
	=	1.0255

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
	=	(346.328 - 0	-	658.673)	/	6203.648
	=	-0.050349

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.

Deme Group NV has a M-score of -2.73 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 -2.73 mean?

Deme Group NV (STU:MT0) has a Beneish M-Score of -2.73 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Deme Group NV and its competitors. According to the industry distribution chart, Deme Group NV ranks #540 out of 1704 companies in the Construction industry, placing it in the top 31.7%.

Is Deme Group NV's Beneish M-Score too high?

Deme Group NV's current Beneish M-Score is -2.73. Based on the distribution chart, Deme Group NV ranks #540 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Deme Group NV has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Deme Group NV's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Deme Group NV ranks #540 out of 1704 companies for Beneish M-Score. This puts Deme Group NV 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Deme Group NV and its competitors. Deme Group NV's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Deme Group NV stock overvalued right now?

Based on GuruFocus' analysis, Deme Group NV (STU:MT0) is currently considered Fairly Valued. The stock's GF Value™ is €160.52, compared to a current price of €175.60 — trading 9.4% above its estimated fair value. The current Beneish M-Score is -2.73. Deme Group NV's overall GF Score™ is 76/100 with 8 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 Deme Group NV (STU:MT0), the current Beneish M-Score is -2.73 as of Jun. 27, 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 Deme Group NV (STU:MT0) Overvalued in 2026?

Based on GuruFocus' analysis, Deme Group NV stock appears to be overvalued. The current stock price of €175.60 is trading 9.4% above its estimated GF Value™ of €160.52. GuruFocus considers Deme Group NV to be Fairly Valued.

Key valuation signals for STU:MT0:

Beneish M-Score: -2.73
GF Value™: €160.52 vs. price of €175.60 (9.4% above fair value)
GF Score™: 76/100 with 8 warning signs

No single metric tells the full story. See the STU:MT0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Deme Group NV Business Description

Industry Industrials Construction

Comparable Companies XBRU:ACKB XBRU:CFEB XBRU:MOUR XBRU:ABO PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ SHSE:601668 STRL XPAR:EN TSX:WSP APG TSE:1812

Other Exchanges DEMEb:UK DEME:Belgium

Address Scheldedijk 30, Haven 1025, Zwijndrecht, BEL, 2070

Website https://www.deme-group.com

Deme Group NV Is a provider of dredging and construction services intended to cater to the renewable energy industries and environmental works. The company provides engineering and contracting services globally in the offshore renewables and non-renewables sectors and performs a wide variety of dredging activities and offers solutions for soil remediation and brownfield redevelopment, as well as environmental dredging and sediment treatment, thereby serving its clients. It has segments namely Offshore Energy, Dredging & Infra, Environmental and Concessions, out of which Offshore Energy derives maximum revenue. The company geographically operates in America, Africa, Europe, Middle East and Asia.

76GF Score

Get the complete analysis for STU:MT0

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

€175.60

Price

€160.52

GF Value

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