Saipem SpA (WBO:SPM3) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


WBO:SPM3 Saipem SpA WBO:SPM3
44 GF Score
Price €4.55
GF Value €2.49
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Saipem SpA Beneish M-Score?

Saipem SpA WBO:SPM3 +1.90% 44 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates WBO:SPM3 with a GF Score™ of 44/100 and a GF Value™ of €2.49 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 822 Oil & Gas companies, Saipem SpA ranks worse than 121654.38% 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.

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

During the past 13 years, the highest Beneish M-Score of Saipem SpA was 28.98. The lowest was -9.75. And the median was -2.91.

Saipem SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Saipem 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.

Saipem SpA Beneish M-Score Chart

Saipem SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.69 28.98 -2.78 -2.13 -2.93

Saipem SpA Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Dec22 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 -2.67 -2.91 -2.87 -2.93 0.00

WBO:SPM3 vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Saipem 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.

Saipem SpA Beneish M-Score vs Oil & Gas Industry

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

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


WBO:SPM3
44GF Score
Saipem SpA WBO:SPM3
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Saipem 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 Saipem SpA 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 3528 + 4517 + 3772 + 3697 = €15,514 Mil.
Gross Profit was 721 + 840 + 687 + 1134 = €3,382 Mil.
Total Current Assets was €41 Mil.
Total Assets was €4,501 Mil.
Property, Plant and Equipment(Net PPE) was €3,781 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,066 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,240 Mil.
Net Income was 78 + 89 + 81 + 63 = €311 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 392 + 451 + 211 + 447 = €1,501 Mil.
 Total Receivables was €0 Mil.
Revenue was 3518 + 4759 + 3372 + 3371 = €15,020 Mil.
Gross Profit was 279 + 840 + 624 + 993 = €2,736 Mil.
Total Current Assets was €0 Mil.
Total Assets was €0 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €648 Mil.
Selling, General, & Admin. Expense(SGA) was €82 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €852 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)
=(0 / 15514) / (0 / 15020)
=0 / 0
=

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)
=(2736 / 15020) / (3382 / 15514)
=0.182157 / 0.217997
=

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 - (41 + 3781) / 4501) / (1 - (0 + 0) / 0)
=0.150855 /
=

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
=15514 / 15020
=

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))
=(648 / (648 + 0)) / (1066 / (1066 + 3781))
=1 / 0.21993
=

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)
=(0 / 15514) / (82 / 15020)
=0 / 0.005459
=

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)
=((1240 + 0) / 4501) / ((852 + 0) / 0)
=0.275494 /
=

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
=(311 - 0 - 1501) / 4501
=-0.264386

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?
Saipem SpA (WBO:SPM3) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saipem SpA and its competitors. According to the industry distribution chart, Saipem SpA ranks #999999 out of 822 companies in the Oil & Gas industry.
Is Saipem SpA's Beneish M-Score too high?
Saipem SpA's current Beneish M-Score is 0.00. Based on the distribution chart, Saipem SpA ranks #999999 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Saipem SpA has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saipem SpA's Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Saipem SpA ranks #999999 out of 822 companies for Beneish M-Score. This places Saipem SpA 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 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 Saipem SpA and its competitors. Saipem SpA'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 Saipem SpA stock overvalued right now?
Based on GuruFocus' analysis, Saipem SpA (WBO:SPM3) is currently considered Significantly Overvalued. The stock's GF Value™ is €2.49, compared to a current price of €4.55 — trading 82.8% above its estimated fair value. The current Beneish M-Score is 0.00. Saipem SpA's overall GF Score™ is 44/100 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 Saipem SpA (WBO:SPM3), the current Beneish M-Score is 0.00 as of Jun. 24, 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 Saipem SpA (WBO:SPM3) Overvalued in 2026?

Based on GuruFocus' analysis, Saipem SpA stock appears to be overvalued. The current stock price of €4.55 is trading 82.8% above its estimated GF Value™ of €2.49. GuruFocus considers Saipem SpA to be Significantly Overvalued.

Key valuation signals for WBO:SPM3:

  • Beneish M-Score: 0.00
  • GF Value™: €2.49 vs. price of €4.55 (82.8% above fair value)
  • GF Score™: 44/100 with 8 warning signs

No single metric tells the full story. See the WBO:SPM3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Saipem SpA Business Description

Industry EnergyOil & Gas
Address Via Luigi Russolo, 5, Milano, ITA, 20138
Saipem SpA specializes in engineering and construction of projects for the energy and infrastructure sectors, offshore and onshore. The company operates through Asset-Based Services, Offshore Drilling, and Energy Carriers segments. Key revenue is generated from Asset-Based Services, which includes the Offshore Engineering & Construction and Offshore Wind activities. The Energy Carriers segment includes the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics & Industrialized Solutions activities. Its revenue by geographical segment includes Italy, Rest of Europe, CSI, Rest of Asia, etc.
44GF Score

Get the complete analysis for WBO:SPM3

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

€4.55
Price
€2.49
GF Value