TAVHY (TAV Havalimanlari Holding AS) Beneish M-Score: -2.38 (As of Jun. 27, 2026)

What is TAV Havalimanlari Holding AS Beneish M-Score?

TAV Havalimanlari Holding AS TAVHY -1.52% 77 Beneish M-Score is -2.38 as of Jun. 27, 2026. GuruFocus rates TAVHY with a GF Score™ of 77/100 and a GF Value™ of $33.61 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 966 Transportation companies, TAV Havalimanlari Holding AS ranks worse than 66.36% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TAV Havalimanlari Holding AS's Beneish M-Score or its related term are showing as below:

TAVHY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.17 Max: 0.01
Current: -2.38

During the past 13 years, the highest Beneish M-Score of TAV Havalimanlari Holding AS was 0.01. The lowest was -3.34. And the median was -2.17.

TAV Havalimanlari Holding AS Beneish M-Score Related Terms

TAV Havalimanlari Holding AS Beneish M-Score Historical Data

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The historical data trend for TAV Havalimanlari Holding AS'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.

TAV Havalimanlari Holding AS Beneish M-Score Chart

TAV Havalimanlari Holding AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.77

-1.78

-1.62

-2.17

-2.38

TAV Havalimanlari Holding AS Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.38	0.00

TAVHY vs JOBY, CAAP: Beneish M-Score Comparison

For the Airports & Air Services subindustry, TAV Havalimanlari Holding AS'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.

TAV Havalimanlari Holding AS Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, TAV Havalimanlari Holding AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TAV Havalimanlari Holding AS's Beneish M-Score falls into.

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77GF Score

TAV Havalimanlari Holding AS TAVHY

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

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TAV Havalimanlari Holding AS 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 TAV Havalimanlari Holding AS 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 * 0.9561

0.528 * 0.888

0.404 * 1.051

0.892 * 1.2282

0.115 * 0.8908

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8851

4.679 * -0.059209

0.327 * 0.9942

-2.62

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $214 Mil.
Revenue was $2,135 Mil.
Gross Profit was $689 Mil.
Total Current Assets was $1,095 Mil.
Total Assets was $5,870 Mil.
Property, Plant and Equipment(Net PPE) was $1,061 Mil.
Depreciation, Depletion and Amortization(DDA) was $231 Mil.
Selling, General, & Admin. Expense(SGA) was $50 Mil.
Total Current Liabilities was $1,411 Mil.
Long-Term Debt & Capital Lease Obligation was $1,566 Mil.
Net Income was $59 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $407 Mil.

Total Receivables was $182 Mil.
Revenue was $1,738 Mil.
Gross Profit was $498 Mil.
Total Current Assets was $891 Mil.
Total Assets was $5,092 Mil.
Property, Plant and Equipment(Net PPE) was $1,135 Mil.
Depreciation, Depletion and Amortization(DDA) was $215 Mil.
Selling, General, & Admin. Expense(SGA) was $46 Mil.
Total Current Liabilities was $847 Mil.
Long-Term Debt & Capital Lease Obligation was $1,751 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)
	=	(213.899 / 2134.87)	/	(182.156 / 1738.22)
	=	0.100193	/	0.104795
	=	0.9561

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)
	=	(498.431 / 1738.22)	/	(689.379 / 2134.87)
	=	0.286748	/	0.322914
	=	0.888

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 - (1094.641 + 1061.18) / 5870.463)	/	(1 - (891.2 + 1135.273) / 5092.25)
	=	0.632768	/	0.602048
	=	1.051

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
	=	2134.87	/	1738.22
	=	1.2282

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))
	=	(215.361 / (215.361 + 1135.273))	/	(231.365 / (231.365 + 1061.18))
	=	0.159452	/	0.179
	=	0.8908

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)
	=	(49.526 / 2134.87)	/	(45.56 / 1738.22)
	=	0.023199	/	0.026211
	=	0.8851

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)
	=	((1565.807 + 1411.302) / 5870.463)	/	((1750.734 + 846.679) / 5092.25)
	=	0.507134	/	0.510072
	=	0.9942

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
	=	(59.32 - 0	-	406.902)	/	5870.463
	=	-0.059209

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.

TAV Havalimanlari Holding AS 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 -2.38 mean?

TAV Havalimanlari Holding AS (TAVHY) has a Beneish M-Score of -2.38 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TAV Havalimanlari Holding AS and its competitors. According to the industry distribution chart, TAV Havalimanlari Holding AS ranks #641 out of 966 companies in the Transportation industry, placing it in the top 66.4%.

Is TAV Havalimanlari Holding AS's Beneish M-Score too high?

TAV Havalimanlari Holding AS's current Beneish M-Score is -2.38. Based on the distribution chart, TAV Havalimanlari Holding AS ranks #641 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, TAV Havalimanlari Holding AS has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does TAV Havalimanlari Holding AS's Beneish M-Score compare to JOBY and CAAP?

According to the Transportation industry distribution chart, TAV Havalimanlari Holding AS ranks #641 out of 966 companies for Beneish M-Score. This places TAV Havalimanlari Holding AS in the lower 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 TAV Havalimanlari Holding AS and its competitors. TAV Havalimanlari Holding AS's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TAV Havalimanlari Holding AS stock overvalued right now?

Based on GuruFocus' analysis, TAV Havalimanlari Holding AS (TAVHY) is currently considered Modestly Undervalued. The stock's GF Value™ is $33.61, compared to a current price of $24.04 — trading 28.5% below its estimated fair value. The current Beneish M-Score is -2.38. TAV Havalimanlari Holding AS's overall GF Score™ is 77/100 with 7 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 TAV Havalimanlari Holding AS (TAVHY), the current Beneish M-Score is -2.38 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 TAV Havalimanlari Holding AS (TAVHY) Overvalued in 2026?

Based on GuruFocus' analysis, TAV Havalimanlari Holding AS stock appears to be undervalued. The current stock price of $24.04 is trading 28.5% below its estimated GF Value™ of $33.61. GuruFocus considers TAV Havalimanlari Holding AS to be Modestly Undervalued.

Key valuation signals for TAVHY:

Beneish M-Score: -2.38
GF Value™: $33.61 vs. price of $24.04 (28.5% below fair value)
GF Score™: 77/100 with 7 warning signs

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

TAV Havalimanlari Holding AS Business Description

Industry Industrials Transportation

Comparable Companies IST:CLEBI XMAD:AENA BKK:AOT MEX:GAPB XPAR:ADP JOBY BOM:532754 XSWX:FHZN SHSE:600009 MEX:ASURB NZSE:AIA XTER:FRA OCSE:KBHL HSTC:ACV MEX:OMAB WBO:FLU SGX:S58 CAAP ATH:AIA MIL:ENAV

Other Exchanges TAVHF:USA TAVHL:Turkey 5THA:Germany

Address Ayazaga Mahallesi, Azerbaycan Caddesi, 2C Blok No:3L/6, Vadistanbul Bulvar, Sariyer, Istanbul, TUR, 34485

Website https://www.tavhavalimanlari.com.tr

TAV Havalimanlari Holding AS constructs, manages, and operates terminal buildings and the operation of terminals or airports. The company organises itself into five segments: Terminal operations, Catering operations, Duty free operations, Ground handling and bus operations, and Other operations. Terminal operations, which contribute approximately half the company's revenue and the majority of profit, operate terminal buildings and car parks. Ground handling, bus operations, and duty-free operations are the next segments. The company is headquartered in Turkey and derives the majority of its revenue domestically.

77GF Score

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

$24.04

Price

$33.61

GF Value

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