KDM Shipping (WAR:KDM) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


What is KDM Shipping Beneish M-Score?

KDM Shipping WAR:KDM Beneish M-Score is 0.00 as of Jun. 26, 2026.

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.

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

During the past 7 years, the highest Beneish M-Score of KDM Shipping was 0.00. The lowest was 0.00. And the median was 0.00.

KDM Shipping Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KDM Shipping'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.

KDM Shipping Beneish M-Score Chart

KDM Shipping Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
Beneish M-Score
Get a 7-Day Free Trial -2.14 2.71 2.34 28.91 -10,000,000.00

KDM Shipping Semi-Annual Data
Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 28.91 0.00 -10,000,000.00 0.00

WAR:KDM vs ESEA, GLBS, SHIP: Beneish M-Score Comparison

For the Marine Shipping subindustry, KDM Shipping'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.

KDM Shipping Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, KDM Shipping's Beneish M-Score distribution charts can be found below:

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


KDM Shipping 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 KDM Shipping for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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.

This Year (Dec17) TTM:Last Year (Dec16) TTM:
Total Receivables was zł11.4 Mil.
Revenue was zł104.9 Mil.
Gross Profit was zł4.4 Mil.
Total Current Assets was zł104.6 Mil.
Total Assets was zł137.4 Mil.
Property, Plant and Equipment(Net PPE) was zł28.2 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2.8 Mil.
Selling, General, & Admin. Expense(SGA) was zł3.3 Mil.
Total Current Liabilities was zł19.6 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.0 Mil.
Net Income was zł4.1 Mil.
Gross Profit was zł0.0 Mil.
Cash Flow from Operations was zł-12.4 Mil.
 Total Receivables was zł10.1 Mil.
Revenue was zł95.9 Mil.
Gross Profit was zł-4.4 Mil.
Total Current Assets was zł108.8 Mil.
Total Assets was zł141.7 Mil.
Property, Plant and Equipment(Net PPE) was zł32.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.2 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.8 Mil.
Total Current Liabilities was zł29.4 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.1 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)
=(11.402 / 104.866) / (10.142 / 95.893)
=0.108729 / 0.105764
=

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)
=(-4.391 / 95.893) / (4.439 / 104.866)
=-0.045791 / 0.04233
=

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 - (104.58 + 28.17) / 137.361) / (1 - (108.776 + 32.914) / 141.69)
=0.033568 / 0
=

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
=104.866 / 95.893
=

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))
=(4.211 / (4.211 + 32.914)) / (2.756 / (2.756 + 28.17))
=0.113428 / 0.089116
=

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)
=(3.318 / 104.866) / (1.782 / 95.893)
=0.03164 / 0.018583
=

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)
=((0 + 19.564) / 137.361) / ((0.143 + 29.445) / 141.69)
=0.142428 / 0.208822
=

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
=(4.116 - 0 - -12.428) / 137.361
=0.120442

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
KDM Shipping (WAR:KDM) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KDM Shipping and its competitors.
Is KDM Shipping's Beneish M-Score too high?
KDM Shipping's current Beneish M-Score is 0.00.
How does KDM Shipping's Beneish M-Score compare to ESEA and GLBS?
KDM Shipping's Beneish M-Score of 0.00 can be compared against companies in the Transportation 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 KDM Shipping and its competitors. KDM Shipping's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KDM Shipping stock overvalued right now?
KDM Shipping (WAR:KDM) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 KDM Shipping (WAR:KDM), the current Beneish M-Score is 0.00 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.

KDM Shipping Business Description

Address 3 Michael Koutsofta Street, Limassol, CYP, 3031
KDM Shipping PLC is engaged in the shipping industry. It mainly focuses on the bulk river-sea freight in the Black, Azov and Mediterranean Sea regions. In addition, it is engaged in cargo freight, ship repair, and trading in grain, corn, oil and barley. The principal cargo of the company includes Grain, Metal Scrap, Sunflower seed meal, Bran, Fertilizers, and Cement.