Novem Group (WBO:NVM) Beneish M-Score: -2.87 (As of Jun. 30, 2026)


What is Novem Group Beneish M-Score?

Novem Group WBO:NVM +1.55% Beneish M-Score is -2.87 as of Jun. 30, 2026. The stock has 6 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Novem Group ranks better than 79.51% 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WBO:NVM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.71   Max: -2.66
Current: -2.87

During the past 6 years, the highest Beneish M-Score of Novem Group was -2.66. The lowest was -2.87. And the median was -2.71.

Novem Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Novem Group'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.

Novem Group Beneish M-Score Chart

Novem Group Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.66 -2.72 -2.70 -2.87

Novem Group 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 0.00 0.00 0.00 -2.87

WBO:NVM vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Novem Group'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.

Novem Group Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Novem Group's Beneish M-Score distribution charts can be found below:

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


Novem Group 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 Novem Group 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 * 1.0487+0.528 * 1.0266+0.404 * 1.0276+0.892 * 0.9436+0.115 * 0.9373
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1406+4.679 * -0.081805-0.327 * 0.9907
=-2.87

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €61.4 Mil.
Revenue was €510.9 Mil.
Gross Profit was €249.5 Mil.
Total Current Assets was €332.0 Mil.
Total Assets was €554.1 Mil.
Property, Plant and Equipment(Net PPE) was €151.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €30.7 Mil.
Selling, General, & Admin. Expense(SGA) was €11.9 Mil.
Total Current Liabilities was €393.5 Mil.
Long-Term Debt & Capital Lease Obligation was €30.8 Mil.
Net Income was €11.3 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €56.6 Mil.
 Total Receivables was €62.0 Mil.
Revenue was €541.5 Mil.
Gross Profit was €271.4 Mil.
Total Current Assets was €326.2 Mil.
Total Assets was €568.1 Mil.
Property, Plant and Equipment(Net PPE) was €171.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €32.1 Mil.
Selling, General, & Admin. Expense(SGA) was €11.1 Mil.
Total Current Liabilities was €148.2 Mil.
Long-Term Debt & Capital Lease Obligation was €290.9 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)
=(61.372 / 510.925) / (62.02 / 541.464)
=0.120119 / 0.114541
=1.0487

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)
=(271.447 / 541.464) / (249.489 / 510.925)
=0.50132 / 0.488308
=1.0266

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 - (331.98 + 151.461) / 554.088) / (1 - (326.156 + 171.431) / 568.07)
=0.127501 / 0.124074
=1.0276

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
=510.925 / 541.464
=0.9436

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))
=(32.121 / (32.121 + 171.431)) / (30.661 / (30.661 + 151.461))
=0.157802 / 0.168354
=0.9373

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)
=(11.921 / 510.925) / (11.076 / 541.464)
=0.023332 / 0.020456
=1.1406

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)
=((30.761 + 393.475) / 554.088) / ((290.85 + 148.168) / 568.07)
=0.765647 / 0.772824
=0.9907

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
=(11.251 - 0 - 56.578) / 554.088
=-0.081805

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.

Novem Group has a M-score of -2.87 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 -2.87 mean?
Novem Group (WBO:NVM) has a Beneish M-Score of -2.87 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Novem Group and its competitors. According to the industry distribution chart, Novem Group ranks #261 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 20.5%.
Is Novem Group's Beneish M-Score too high?
Novem Group's current Beneish M-Score is -2.87. Based on the distribution chart, Novem Group ranks #261 out of 1274 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers.
How does Novem Group's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Novem Group ranks #261 out of 1274 companies for Beneish M-Score. This places Novem Group in the top 21% 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 a Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Novem Group and its competitors. Novem Group's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Novem Group stock overvalued right now?
Novem Group (WBO:NVM) has a current Beneish M-Score of -2.87. The stock's GF Value™ is €7.63, compared to a current price of €2.62 — trading 65.7% below its estimated fair value. The current Beneish M-Score is -2.87. 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 Novem Group (WBO:NVM), the current Beneish M-Score is -2.87 as of Jun. 30, 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.

Novem Group Business Description

Other Exchanges 0ABP:UKNVM:Germany
Address Industriestrasse 45, Vorbach, DEU, 95519
Novem Group SA operates as a developer, supplier, and system supplier for trim parts and decorative functional elements in vehicle interiors. The products of the company are central consoles, dashboards, beltlines, and others. The company operates in three reportable geographical segments namely Europe, Americas, and Asia. The business activities of these segments include the production, processing, and sale of high-quality trims and decorative functional elements in vehicle interiors. The three reportable operating segments of the Group are Europe, Americas, and Asia.