Albena (XBUL:ALB) Beneish M-Score: -2.91 (As of Jun. 27, 2026)

What is Albena Beneish M-Score?

Albena XBUL:ALB +3.08% 37 Beneish M-Score is -2.91 as of Jun. 27, 2026. GuruFocus rates XBUL:ALB with a GF Score™ of 37/100. The stock has 4 warning signs investors should review.

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 -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:ALB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61 Med: -2.36 Max: 228.28
Current: -2.91

During the past 13 years, the highest Beneish M-Score of Albena was 228.28. The lowest was -3.61. And the median was -2.36.

Albena Beneish M-Score Related Terms

Albena Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Albena'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.

Albena Beneish M-Score Chart

Albena Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.04

-2.41

-2.59

-2.36

-2.54

Albena 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															-2.11	-2.14	-1.00	-2.54	-2.91

XBUL:ALB vs LVS, WYNN, MGM: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Albena'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.

Albena Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Albena's Beneish M-Score distribution charts can be found below:

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

Save Embed

37GF Score

Albena XBUL:ALB

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

View Full Analysis

Albena 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 Albena 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 * 0.5864

0.528 * 0.9841

0.404 * 0.9434

0.892 * 1.0762

0.115 * 1.0267

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.031559

0.327 * 0.8101

-2.91

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €1.80 Mil.
Revenue was 1.791 + 4.134 + 56.252 + 12.226 = €74.40 Mil.
Gross Profit was 1.359 + 2.894 + 43.615 + 6.789 = €54.66 Mil.
Total Current Assets was €13.92 Mil.
Total Assets was €315.69 Mil.
Property, Plant and Equipment(Net PPE) was €286.76 Mil.
Depreciation, Depletion and Amortization(DDA) was €10.46 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €20.06 Mil.
Long-Term Debt & Capital Lease Obligation was €20.05 Mil.
Net Income was -5.111 + -5.533 + 20.887 + -8.671 = €1.57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 2.103 + -4.688 + 7.746 + 6.374 = €11.54 Mil.

Total Receivables was €2.86 Mil.
Revenue was 1.436 + 6.236 + 50.848 + 10.612 = €69.13 Mil.
Gross Profit was 0.722 + 4.544 + 38.466 + 6.246 = €49.98 Mil.
Total Current Assets was €14.77 Mil.
Total Assets was €303.00 Mil.
Property, Plant and Equipment(Net PPE) was €272.95 Mil.
Depreciation, Depletion and Amortization(DDA) was €10.23 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €23.83 Mil.
Long-Term Debt & Capital Lease Obligation was €23.69 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)
	=	(1.803 / 74.403)	/	(2.857 / 69.132)
	=	0.024233	/	0.041327
	=	0.5864

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)
	=	(49.978 / 69.132)	/	(54.657 / 74.403)
	=	0.722936	/	0.734607
	=	0.9841

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 - (13.915 + 286.756) / 315.692)	/	(1 - (14.772 + 272.948) / 303.003)
	=	0.047581	/	0.050438
	=	0.9434

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
	=	74.403	/	69.132
	=	1.0762

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))
	=	(10.234 / (10.234 + 272.948))	/	(10.462 / (10.462 + 286.756))
	=	0.036139	/	0.0352
	=	1.0267

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 / 74.403)	/	(0 / 69.132)
	=	0	/	0
	=	1

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)
	=	((20.05 + 20.056) / 315.692)	/	((23.687 + 23.832) / 303.003)
	=	0.127042	/	0.156827
	=	0.8101

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
	=	(1.572 - 0	-	11.535)	/	315.692
	=	-0.031559

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.

Albena has a M-score of -2.91 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 -2.91 mean?

Albena (XBUL:ALB) has a Beneish M-Score of -2.91 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Albena and its competitors.

Is Albena's Beneish M-Score too high?

Albena's current Beneish M-Score is -2.91. Overall, Albena has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.

How does Albena's Beneish M-Score compare to LVS and WYNN?

Albena's Beneish M-Score of -2.91 can be compared against companies in the Travel & Leisure 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Albena and its competitors. Albena's current Beneish M-Score is -2.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Albena stock overvalued right now?

Albena (XBUL:ALB) has a current Beneish M-Score of -2.91. The current Beneish M-Score is -2.91. Albena's overall GF Score™ is 37/100 with 4 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 Albena (XBUL:ALB), the current Beneish M-Score is -2.91 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.

Albena Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies XBUL:SLB LVS HKSE:00027 HKSE:01928 WYNN MGM SGX:G13 BYD HKSE:02282 MTN CZR HGV BOM:544325 HKSE:01128 XPAR:BAIN RRR XKLS:4715 XMAD:CIRSA XKLS:3182 XKRX:035250

Address 33-35, St. Ivan Rilski street, Sofia, BGR, 1000

Website https://www.albena.bg

Albena operates hotels and restaurants and provides international tourism services. Its facilities include hotels, restaurants, bars, internet cafes, medical services, congress halls, swimming pools and sports services.

37GF Score

Get the complete analysis for XBUL:ALB

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

€13.40

Price

View XBUL:ALB Analysis

See Beneish M-Score data for all stocks →