VOPKF (Koninklijke Vopak NV) Beneish M-Score: -2.76 (As of Jun. 26, 2026)

What is Koninklijke Vopak NV Beneish M-Score?

Koninklijke Vopak NV VOPKF 77 Beneish M-Score is -2.76 as of Jun. 26, 2026. GuruFocus rates VOPKF with a GF Score™ of 77/100 and a GF Value™ of $44.13 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Koninklijke Vopak NV ranks better than 56.33% 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VOPKF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.76 Max: -2.52
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Koninklijke Vopak NV was -2.52. The lowest was -2.95. And the median was -2.76.

Koninklijke Vopak NV Beneish M-Score Related Terms

Koninklijke Vopak NV Beneish M-Score Historical Data

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The historical data trend for Koninklijke Vopak 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.

Koninklijke Vopak NV Beneish M-Score Chart

Koninklijke Vopak NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.73

-2.87

-2.57

-2.86

-2.76

Koninklijke Vopak 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															-2.57	0.00	-2.86	0.00	-2.76

VOPKF vs WMB, EPD, KMI: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, Koninklijke Vopak 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.

Koninklijke Vopak NV Beneish M-Score vs Oil & Gas Industry

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

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

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77GF Score

Koninklijke Vopak NV VOPKF

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

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Koninklijke Vopak 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 Koninklijke Vopak 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 * 0.9366

0.528 * 1.0119

0.404 * 1.0103

0.892 * 1.1041

0.115 * 0.9925

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1434

4.679 * -0.042761

0.327 * 0.974

-2.65

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $368 Mil.
Revenue was $1,521 Mil.
Gross Profit was $1,152 Mil.
Total Current Assets was $611 Mil.
Total Assets was $8,108 Mil.
Property, Plant and Equipment(Net PPE) was $4,531 Mil.
Depreciation, Depletion and Amortization(DDA) was $369 Mil.
Selling, General, & Admin. Expense(SGA) was $30 Mil.
Total Current Liabilities was $676 Mil.
Long-Term Debt & Capital Lease Obligation was $3,059 Mil.
Net Income was $707 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,054 Mil.

Total Receivables was $356 Mil.
Revenue was $1,378 Mil.
Gross Profit was $1,056 Mil.
Total Current Assets was $560 Mil.
Total Assets was $7,123 Mil.
Property, Plant and Equipment(Net PPE) was $3,984 Mil.
Depreciation, Depletion and Amortization(DDA) was $322 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $917 Mil.
Long-Term Debt & Capital Lease Obligation was $2,452 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)
	=	(368.384 / 1520.96)	/	(356.23 / 1377.592)
	=	0.242205	/	0.258589
	=	0.9366

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)
	=	(1055.707 / 1377.592)	/	(1151.874 / 1520.96)
	=	0.766342	/	0.757334
	=	1.0119

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 - (611.124 + 4530.796) / 8108.314)	/	(1 - (559.686 + 3983.77) / 7122.827)
	=	0.365846	/	0.362127
	=	1.0103

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
	=	1520.96	/	1377.592
	=	1.1041

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))
	=	(321.885 / (321.885 + 3983.77))	/	(369.087 / (369.087 + 4530.796))
	=	0.074759	/	0.075326
	=	0.9925

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)
	=	(29.742 / 1520.96)	/	(23.56 / 1377.592)
	=	0.019555	/	0.017102
	=	1.1434

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)
	=	((3059.485 + 675.761) / 8108.314)	/	((2451.728 + 916.963) / 7122.827)
	=	0.460669	/	0.472943
	=	0.974

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
	=	(707.26 - 0	-	1053.981)	/	8108.314
	=	-0.042761

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.

Koninklijke Vopak NV has a M-score of -2.65 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 -2.76 mean?

Koninklijke Vopak NV (VOPKF) has a Beneish M-Score of -2.76 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Koninklijke Vopak NV and its competitors. According to the industry distribution chart, Koninklijke Vopak NV ranks #359 out of 822 companies in the Oil & Gas industry, placing it in the top 43.7%.

Is Koninklijke Vopak NV's Beneish M-Score too high?

Koninklijke Vopak NV's current Beneish M-Score is -2.76. Based on the distribution chart, Koninklijke Vopak NV ranks #359 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Koninklijke Vopak NV has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Koninklijke Vopak NV's Beneish M-Score compare to WMB and EPD?

According to the Oil & Gas industry distribution chart, Koninklijke Vopak NV ranks #359 out of 822 companies for Beneish M-Score. This puts Koninklijke Vopak 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 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 Koninklijke Vopak NV and its competitors. Koninklijke Vopak NV's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Koninklijke Vopak NV stock overvalued right now?

Based on GuruFocus' analysis, Koninklijke Vopak NV (VOPKF) is currently considered Modestly Overvalued. The stock's GF Value™ is $44.13, compared to a current price of $53.25 — trading 20.7% above its estimated fair value. The current Beneish M-Score is -2.76. Koninklijke Vopak NV's overall GF Score™ is 77/100 with 5 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 Koninklijke Vopak NV (VOPKF), the current Beneish M-Score is -2.76 as of Jun. 26, 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 Koninklijke Vopak NV (VOPKF) Overvalued in 2026?

Based on GuruFocus' analysis, Koninklijke Vopak NV stock appears to be overvalued. The current stock price of $53.25 is trading 20.7% above its estimated GF Value™ of $44.13. GuruFocus considers Koninklijke Vopak NV to be Modestly Overvalued.

Key valuation signals for VOPKF:

Beneish M-Score: -2.76
GF Value™: $44.13 vs. price of $53.25 (20.7% above fair value)
GF Score™: 77/100 with 5 warning signs

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

Koninklijke Vopak NV Business Description

Industry Energy Oil & Gas

Comparable Companies XAMS:SBMO XAMS:FUR TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG VG CQP TSX:PPL SHSE:601872 WES PAA HKSE:01138 DTM

Other Exchanges VOPKY:USA VPK:Netherlands VPKa:UK 0O8V:UK VPK5:Germany

Address Westerlaan 10, Rotterdam, NLD, 3016 CK

Website https://www.vopak.com

Koninklijke Vopak NV is a tank storage provider for the oil and chemical industry. The company provides storage facilities and handling services for bulk liquid products and gases, including oil, chemicals, gases, liquefied natural gas, and biofuels. It operates a network of terminals located at strategic locations along key trade routes around the world. The company organizes itself into the following six reporting segments, which are principally based on its geographical markets: Asia & Middle East, China & North Asia, Netherlands, Singapore, USA & Canada, and All other Business Units (consisting of business units Brazil, North Latin America, South Africa, and Belgium). The majority of its revenue is generated from the Netherlands.

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.

$53.25

Price

$44.13

GF Value

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