TKH Group NV (STU:TWSA) Beneish M-Score: -2.62 (As of Jun. 27, 2026)

What is TKH Group NV Beneish M-Score?

TKH Group NV STU:TWSA +1.69% 78 Beneish M-Score is -2.62 as of Jun. 27, 2026. GuruFocus rates STU:TWSA with a GF Score™ of 78/100 and a GF Value™ of €39.30 (Modestly Overvalued). The stock has 11 warning signs investors should review. Among 2,404 Hardware companies, TKH Group NV ranks better than 62.56% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:TWSA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.6 Max: -2.2
Current: -2.62

During the past 13 years, the highest Beneish M-Score of TKH Group NV was -2.20. The lowest was -2.98. And the median was -2.60.

TKH Group NV Beneish M-Score Related Terms

TKH Group NV Beneish M-Score Historical Data

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The historical data trend for TKH 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.

TKH Group NV Beneish M-Score Chart

TKH Group NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.57

-2.20

-2.47

-2.78

-2.62

TKH Group NV 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															-2.47	0.00	-2.78	0.00	-2.62

STU:TWSA vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, TKH 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.

TKH Group NV Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, TKH Group NV's Beneish M-Score distribution charts can be found below:

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

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78GF Score

TKH Group NV STU:TWSA

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

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TKH 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 TKH 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 * 1.048

0.528 * 1.0296

0.404 * 0.9638

0.892 * 1.0283

0.115 * 0.961

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.045535

0.327 * 0.9707

-2.62

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was €447 Mil.
Revenue was €1,761 Mil.
Gross Profit was €887 Mil.
Total Current Assets was €931 Mil.
Total Assets was €2,152 Mil.
Property, Plant and Equipment(Net PPE) was €579 Mil.
Depreciation, Depletion and Amortization(DDA) was €122 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €616 Mil.
Long-Term Debt & Capital Lease Obligation was €566 Mil.
Net Income was €94 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €192 Mil.

Total Receivables was €414 Mil.
Revenue was €1,713 Mil.
Gross Profit was €889 Mil.
Total Current Assets was €963 Mil.
Total Assets was €2,213 Mil.
Property, Plant and Equipment(Net PPE) was €564 Mil.
Depreciation, Depletion and Amortization(DDA) was €113 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €631 Mil.
Long-Term Debt & Capital Lease Obligation was €620 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)
	=	(446.569 / 1761.167)	/	(414.4 / 1712.735)
	=	0.253564	/	0.241952
	=	1.048

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)
	=	(888.506 / 1712.735)	/	(887.349 / 1761.167)
	=	0.518764	/	0.503841
	=	1.0296

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 - (930.707 + 578.888) / 2152.37)	/	(1 - (963.361 + 564.172) / 2213.341)
	=	0.298636	/	0.309852
	=	0.9638

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
	=	1761.167	/	1712.735
	=	1.0283

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))
	=	(113.148 / (113.148 + 564.172))	/	(121.805 / (121.805 + 578.888))
	=	0.167053	/	0.173835
	=	0.961

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 / 1761.167)	/	(0 / 1712.735)
	=	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)
	=	((565.599 + 615.613) / 2152.37)	/	((620.085 + 631.196) / 2213.341)
	=	0.548796	/	0.565336
	=	0.9707

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
	=	(94.372 - 0	-	192.381)	/	2152.37
	=	-0.045535

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.

TKH Group NV has a M-score of -2.62 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 -2.62 mean?

TKH Group NV (STU:TWSA) has a Beneish M-Score of -2.62 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TKH Group NV and its competitors. According to the industry distribution chart, TKH Group NV ranks #900 out of 2404 companies in the Hardware industry, placing it in the top 37.4%.

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

TKH Group NV's current Beneish M-Score is -2.62. Based on the distribution chart, TKH Group NV ranks #900 out of 2404 companies in the Hardware industry, which is above the industry midpoint. Overall, TKH Group NV has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does TKH Group NV's Beneish M-Score compare to CSCO and CIEN?

According to the Hardware industry distribution chart, TKH Group NV ranks #900 out of 2404 companies for Beneish M-Score. This puts TKH 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 TKH Group NV and its competitors. TKH Group NV's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TKH Group NV stock overvalued right now?

Based on GuruFocus' analysis, TKH Group NV (STU:TWSA) is currently considered Modestly Overvalued. The stock's GF Value™ is €39.30, compared to a current price of €43.44 — trading 10.5% above its estimated fair value. The current Beneish M-Score is -2.62. TKH Group NV's overall GF Score™ is 78/100 with 11 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 TKH Group NV (STU:TWSA), the current Beneish M-Score is -2.62 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 TKH Group NV (STU:TWSA) Overvalued in 2026?

Based on GuruFocus' analysis, TKH Group NV stock appears to be overvalued. The current stock price of €43.44 is trading 10.5% above its estimated GF Value™ of €39.30. GuruFocus considers TKH Group NV to be Modestly Overvalued.

Key valuation signals for STU:TWSA:

Beneish M-Score: -2.62
GF Value™: €39.30 vs. price of €43.44 (10.5% above fair value)
GF Score™: 78/100 with 11 warning signs

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

TKH Group NV Business Description

Industry Technology Hardware

Comparable Companies CSCO SHSE:601138 SZSE:300308 SZSE:300502 CIEN OHEL:NOKIA MSI LITE HPE SZSE:300394 TPE:2345 OSTO:ERIC B HKSE:06869 UI ASTS SHSE:600487 SZSE:000063 SZSE:002281 SHSE:688702 AAOI

Other Exchanges TWEKA:Netherlands TWEKAa:UK 0NO1:UK

Address Spinnerstraat 15, PO Box 5, Haaksbergen, OV, NLD, 7481 KJ

Website https://www.tkhgroup.com

TKH Group NV is a provider of vertical-specific communications and connectivity solutions. Its operations are organized into three segments, which include Smart Vision systems, Smart Connectivity systems, and Smart Manufacturing systems. The firm derives revenue from the Netherlands, Europe (other), Asia, North America, and other. The Smart Vision systems segment operates through a coherent, vertically integrated business model combining hardware, software, and service focused on delivering end-to-end 2D/3D vision and security solutions. Smart Manufacturing systems segment focuses on delivering automated, software-driven production systems for specialized industrial markets. Smart Connectivity systems segment operates as a technology-driven provider of specialized connectivity solutions.

78GF Score

Get the complete analysis for STU:TWSA

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

€43.44

Price

€39.30

GF Value

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