NEPI Rockcastle NV (XAMS:NRP) Beneish M-Score: -2.44 (As of Jun. 27, 2026)


XAMS:NRP NEPI Rockcastle NV XAMS:NRP
86 GF Score
Price €7.85
GF Value €6.85
Valuation Modestly Overvalued
! 6 Warning Signs
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What is NEPI Rockcastle NV Beneish M-Score?

NEPI Rockcastle NV XAMS:NRP +0.63% 86 Beneish M-Score is -2.44 as of Jun. 27, 2026. GuruFocus rates XAMS:NRP with a GF Score™ of 86/100 and a GF Value™ of €6.85 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, NEPI Rockcastle NV ranks better than 55.71% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XAMS:NRP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.21   Max: -1.8
Current: -2.44

During the past 13 years, the highest Beneish M-Score of NEPI Rockcastle NV was -1.80. The lowest was -2.95. And the median was -2.21.

NEPI Rockcastle NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NEPI Rockcastle 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.

NEPI Rockcastle NV Beneish M-Score Chart

NEPI Rockcastle NV 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 -2.17 -2.18 -2.00 -1.80 -2.44

NEPI Rockcastle 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 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 -2.00 0.00 -1.80 0.00 -2.44

XAMS:NRP vs JOE: Beneish M-Score Comparison

For the Real Estate - Diversified subindustry, NEPI Rockcastle 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.

NEPI Rockcastle NV Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, NEPI Rockcastle NV's Beneish M-Score distribution charts can be found below:

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


XAMS:NRP
86GF Score
NEPI Rockcastle NV XAMS:NRP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

NEPI Rockcastle 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 NEPI Rockcastle NV 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 * 0.8302+0.528 * 0.9958+0.404 * 1.0129+0.892 * 1.1072+0.115 * 1.3823
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0454+4.679 * 0.00506-0.327 * 0.9901
=-2.47

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €90.4 Mil.
Revenue was €924.2 Mil.
Gross Profit was €618.1 Mil.
Total Current Assets was €430.7 Mil.
Total Assets was €8,950.9 Mil.
Property, Plant and Equipment(Net PPE) was €91.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.2 Mil.
Selling, General, & Admin. Expense(SGA) was €14.6 Mil.
Total Current Liabilities was €501.2 Mil.
Long-Term Debt & Capital Lease Obligation was €2,801.9 Mil.
Net Income was €498.8 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €453.5 Mil.
 Total Receivables was €98.4 Mil.
Revenue was €834.7 Mil.
Gross Profit was €555.9 Mil.
Total Current Assets was €572.9 Mil.
Total Assets was €8,742.7 Mil.
Property, Plant and Equipment(Net PPE) was €41.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.1 Mil.
Selling, General, & Admin. Expense(SGA) was €12.6 Mil.
Total Current Liabilities was €245.0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,013.3 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)
=(90.412 / 924.166) / (98.364 / 834.68)
=0.097831 / 0.117846
=0.8302

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)
=(555.939 / 834.68) / (618.11 / 924.166)
=0.66605 / 0.66883
=0.9958

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 - (430.656 + 91.108) / 8950.935) / (1 - (572.942 + 41.624) / 8742.671)
=0.941708 / 0.929705
=1.0129

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
=924.166 / 834.68
=1.1072

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))
=(2.053 / (2.053 + 41.624)) / (3.207 / (3.207 + 91.108))
=0.047004 / 0.034003
=1.3823

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)
=(14.632 / 924.166) / (12.641 / 834.68)
=0.015833 / 0.015145
=1.0454

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)
=((2801.865 + 501.179) / 8950.935) / ((3013.333 + 245.022) / 8742.671)
=0.369017 / 0.372696
=0.9901

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
=(498.839 - 0 - 453.549) / 8950.935
=0.00506

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.

NEPI Rockcastle NV has a M-score of -2.47 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 -2.44 mean?
NEPI Rockcastle NV (XAMS:NRP) has a Beneish M-Score of -2.44 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NEPI Rockcastle NV and its competitors. According to the industry distribution chart, NEPI Rockcastle NV ranks #745 out of 1682 companies in the Real Estate industry, placing it in the top 44.3%.
Is NEPI Rockcastle NV's Beneish M-Score too high?
NEPI Rockcastle NV's current Beneish M-Score is -2.44. Based on the distribution chart, NEPI Rockcastle NV ranks #745 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, NEPI Rockcastle NV has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NEPI Rockcastle NV's Beneish M-Score compare to JOE?
According to the Real Estate industry distribution chart, NEPI Rockcastle NV ranks #745 out of 1682 companies for Beneish M-Score. This puts NEPI Rockcastle 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 a Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 NEPI Rockcastle NV and its competitors. NEPI Rockcastle NV's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NEPI Rockcastle NV stock overvalued right now?
Based on GuruFocus' analysis, NEPI Rockcastle NV (XAMS:NRP) is currently considered Modestly Overvalued. The stock's GF Value™ is €6.85, compared to a current price of €7.85 — trading 14.6% above its estimated fair value. The current Beneish M-Score is -2.44. NEPI Rockcastle NV's overall GF Score™ is 86/100 with 6 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 NEPI Rockcastle NV (XAMS:NRP), the current Beneish M-Score is -2.44 as of Jun. 27, 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 NEPI Rockcastle NV (XAMS:NRP) Overvalued in 2026?

Based on GuruFocus' analysis, NEPI Rockcastle NV stock appears to be overvalued. The current stock price of €7.85 is trading 14.6% above its estimated GF Value™ of €6.85. GuruFocus considers NEPI Rockcastle NV to be Modestly Overvalued.

Key valuation signals for XAMS:NRP:

  • Beneish M-Score: -2.44
  • GF Value™: €6.85 vs. price of €7.85 (14.6% above fair value)
  • GF Score™: 86/100 with 6 warning signs

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

NEPI Rockcastle NV Business Description

Address WTC Zuidas Tower 10, 5th Floor, Strawinskylaan 563, Amsterdam, NH, NLD, 1077 XX
NEPI Rockcastle NV is a commercial property investor and developer. The business activities of the group have functioned through Retail, Office, Residential, Industrial, and Corporate segments. The company's geographic segment includes Romania, Poland, Bulgaria, Slovakia, Hungary, Croatia, Serbia, the Czech Republic, and Lithuania. The company generates the majority of its revenue from the Romania region, followed by Poland. The company has two business segments - Residential and Energy.
86GF Score

Get the complete analysis for XAMS:NRP

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

€7.85
Price
€6.85
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