TSMCF (Tesmec SpA) Beneish M-Score: -3.14 (As of Jun. 25, 2026)

What is Tesmec SpA Beneish M-Score?

Tesmec SpA TSMCF +4.17% 37 Beneish M-Score is -3.14 as of Jun. 25, 2026. GuruFocus rates TSMCF with a GF Score™ of 37/100 and a GF Value™ of $0.16 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 2,926 Industrial Products companies, Tesmec SpA ranks better than 91.05% 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 -3.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSMCF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.71 Max: -2.17
Current: -3.14

During the past 13 years, the highest Beneish M-Score of Tesmec SpA was -2.17. The lowest was -3.23. And the median was -2.71.

Tesmec SpA Beneish M-Score Related Terms

Tesmec SpA Beneish M-Score Historical Data

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The historical data trend for Tesmec 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.

Tesmec SpA Beneish M-Score Chart

Tesmec SpA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.63

-2.61

-2.45

-2.39

-3.14

Tesmec SpA 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	-3.14	0.00

TSMCF vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Tesmec 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.

Tesmec SpA Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Tesmec SpA's Beneish M-Score distribution charts can be found below:

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

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37GF Score

Tesmec SpA TSMCF

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

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Tesmec 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 Tesmec 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 * 0.8511

0.528 * 1.0026

0.404 * 0.8848

0.892 * 1.21

0.115 * 0.9851

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0434

4.679 * -0.116148

0.327 * 0.9983

-3.03

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $140.5 Mil.
Revenue was $298.6 Mil.
Gross Profit was $163.7 Mil.
Total Current Assets was $309.4 Mil.
Total Assets was $471.2 Mil.
Property, Plant and Equipment(Net PPE) was $67.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.6 Mil.
Selling, General, & Admin. Expense(SGA) was $20.2 Mil.
Total Current Liabilities was $261.1 Mil.
Long-Term Debt & Capital Lease Obligation was $116.8 Mil.
Net Income was $2.0 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $56.7 Mil.

Total Receivables was $136.4 Mil.
Revenue was $246.7 Mil.
Gross Profit was $135.6 Mil.
Total Current Assets was $282.7 Mil.
Total Assets was $443.9 Mil.
Property, Plant and Equipment(Net PPE) was $60.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.6 Mil.
Selling, General, & Admin. Expense(SGA) was $16.0 Mil.
Total Current Liabilities was $248.4 Mil.
Long-Term Debt & Capital Lease Obligation was $108.3 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)
	=	(140.458 / 298.56)	/	(136.393 / 246.74)
	=	0.470452	/	0.55278
	=	0.8511

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)
	=	(135.619 / 246.74)	/	(163.678 / 298.56)
	=	0.549643	/	0.548225
	=	1.0026

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 - (309.368 + 66.991) / 471.165)	/	(1 - (282.726 + 60.244) / 443.928)
	=	0.201216	/	0.22742
	=	0.8848

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
	=	298.56	/	246.74
	=	1.21

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))
	=	(21.64 / (21.64 + 60.244))	/	(24.562 / (24.562 + 66.991))
	=	0.264276	/	0.268282
	=	0.9851

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)
	=	(20.171 / 298.56)	/	(15.977 / 246.74)
	=	0.067561	/	0.064752
	=	1.0434

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)
	=	((116.84 + 261.093) / 471.165)	/	((108.312 + 248.372) / 443.928)
	=	0.802125	/	0.803473
	=	0.9983

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
	=	(1.98 - 0	-	56.705)	/	471.165
	=	-0.116148

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.

Tesmec SpA has a M-score of -3.03 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 -3.14 mean?

Tesmec SpA (TSMCF) has a Beneish M-Score of -3.14 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tesmec SpA and its competitors. According to the industry distribution chart, Tesmec SpA ranks #262 out of 2926 companies in the Industrial Products industry, placing it in the top 9%.

Is Tesmec SpA's Beneish M-Score too high?

Tesmec SpA's current Beneish M-Score is -3.14. Based on the distribution chart, Tesmec SpA ranks #262 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Tesmec SpA has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Tesmec SpA's Beneish M-Score compare to GEV and ETN?

According to the Industrial Products industry distribution chart, Tesmec SpA ranks #262 out of 2926 companies for Beneish M-Score. This places Tesmec SpA 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 Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Tesmec SpA and its competitors. Tesmec SpA's current Beneish M-Score is -3.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tesmec SpA stock overvalued right now?

Based on GuruFocus' analysis, Tesmec SpA (TSMCF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.16, compared to a current price of $0.50 — trading 212.3% above its estimated fair value. The current Beneish M-Score is -3.14. Tesmec SpA's overall GF Score™ is 37/100 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 Tesmec SpA (TSMCF), the current Beneish M-Score is -3.14 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 Tesmec SpA (TSMCF) Overvalued in 2026?

Based on GuruFocus' analysis, Tesmec SpA stock appears to be overvalued. The current stock price of $0.50 is trading 212.3% above its estimated GF Value™ of $0.16. GuruFocus considers Tesmec SpA to be Significantly Overvalued.

Key valuation signals for TSMCF:

Beneish M-Score: -3.14
GF Value™: $0.16 vs. price of $0.50 (212.3% above fair value)
GF Score™: 37/100 with 8 warning signs

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

Tesmec SpA Business Description

Industry Industrials Industrial Products

Comparable Companies MIL:EGLA MIL:BSS MIL:ILP MIL:RDUE MIL:SIT MIL:VLT MIL:ESAU MIL:MARP MIL:ELSA MIL:VNE GEV XTER:SIE XPAR:SU XTER:ENR ETN PH OSTO:ATCO A CMI EMR TSE:7011

Other Exchanges TES:Italy 0MVJ:UK 2GV:Germany

Address Via Zanica 17/O, Grassobbio, Bergamo, ITA, 24050

Website https://www.tesmec.com

Tesmec SpA specialises in developing technologies and solutions for the construction, maintenance, and management of strategic infrastructure in the energy, telecommunications, rail, and natural resources sectors. Its product portfolio consists of rock trenching equipment, surface miners, stringing equipment, railway equipment, and electronic devices for smart grid management. The Group's operating segments are: Energy, Trencher, and Rail. The majority of its revenue is generated from the Trencher segment, which offers crawler trenching machines for excavation, surface mines, and earth-moving works. This segment also includes the provision of excavation services for power networks and fibre optic cables. Geographically, the Group operates globally and generates maximum revenue from Italy.

37GF Score

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

$0.50

Price

$0.16

GF Value

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