Etropal AD (XBUL:ETR) Beneish M-Score: -2.74 (As of Jul. 01, 2026)


XBUL:ETR Etropal AD XBUL:ETR
50 GF Score
Price €2.52
GF Value €8.55
Valuation Significantly Undervalued
! 3 Warning Signs
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What is Etropal AD Beneish M-Score?

Etropal AD XBUL:ETR 50 Beneish M-Score is -2.74 as of Jul. 01, 2026. GuruFocus rates XBUL:ETR with a GF Score™ of 50/100 and a GF Value™ of €8.55 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 764 Medical Devices & Instruments companies, Etropal AD ranks better than 63.87% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:ETR' s Beneish M-Score Range Over the Past 10 Years
Min: -6.89   Med: -2.37   Max: 2.44
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Etropal AD was 2.44. The lowest was -6.89. And the median was -2.37.

Etropal AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Etropal AD'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.

Etropal AD Beneish M-Score Chart

Etropal AD Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.44 -1.48 -2.10 -2.37 -2.74

Etropal AD Semi-Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec20 Dec21 Dec22 Dec23 Dec24 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 2.44 -1.48 -2.10 -2.37 -2.74

XBUL:ETR vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Etropal AD'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.

Etropal AD Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Etropal AD's Beneish M-Score distribution charts can be found below:

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


XBUL:ETR
50GF Score
Etropal AD XBUL:ETR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Etropal AD 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 Etropal AD 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 * 0.5542+0.528 * 1.0226+0.404 * 0.9409+0.892 * 1.2792+0.115 * 0.9853
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.1002+4.679 * 0.022898-0.327 * 1.0286
=-2.75

* 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 €0.92 Mil.
Revenue was €10.25 Mil.
Gross Profit was €3.03 Mil.
Total Current Assets was €3.78 Mil.
Total Assets was €9.87 Mil.
Property, Plant and Equipment(Net PPE) was €5.81 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.46 Mil.
Selling, General, & Admin. Expense(SGA) was €0.18 Mil.
Total Current Liabilities was €5.41 Mil.
Long-Term Debt & Capital Lease Obligation was €0.12 Mil.
Net Income was €0.15 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.07 Mil.
 Total Receivables was €1.30 Mil.
Revenue was €8.01 Mil.
Gross Profit was €2.42 Mil.
Total Current Assets was €3.28 Mil.
Total Assets was €9.32 Mil.
Property, Plant and Equipment(Net PPE) was €5.76 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.44 Mil.
Selling, General, & Admin. Expense(SGA) was €0.07 Mil.
Total Current Liabilities was €4.72 Mil.
Long-Term Debt & Capital Lease Obligation was €0.36 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)
=(0.923 / 10.246) / (1.302 / 8.01)
=0.090084 / 0.162547
=0.5542

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)
=(2.419 / 8.01) / (3.026 / 10.246)
=0.301998 / 0.295335
=1.0226

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 - (3.778 + 5.806) / 9.87) / (1 - (3.275 + 5.757) / 9.319)
=0.028977 / 0.030797
=0.9409

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
=10.246 / 8.01
=1.2792

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))
=(0.444 / (0.444 + 5.757)) / (0.455 / (0.455 + 5.806))
=0.071601 / 0.072672
=0.9853

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)
=(0.18 / 10.246) / (0.067 / 8.01)
=0.017568 / 0.008365
=2.1002

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)
=((0.118 + 5.413) / 9.87) / ((0.356 + 4.721) / 9.319)
=0.560385 / 0.544801
=1.0286

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
=(0.153 - 0 - -0.073) / 9.87
=0.022898

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.

Etropal AD has a M-score of -2.75 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 -2.74 mean?
Etropal AD (XBUL:ETR) has a Beneish M-Score of -2.74 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Etropal AD and its competitors. According to the industry distribution chart, Etropal AD ranks #276 out of 764 companies in the Medical Devices & Instruments industry, placing it in the top 36.1%.
Is Etropal AD's Beneish M-Score too high?
Etropal AD's current Beneish M-Score is -2.74. Based on the distribution chart, Etropal AD ranks #276 out of 764 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Etropal AD has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Etropal AD's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Etropal AD ranks #276 out of 764 companies for Beneish M-Score. This puts Etropal AD 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Etropal AD and its competitors. Etropal AD's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Etropal AD stock overvalued right now?
Based on GuruFocus' analysis, Etropal AD (XBUL:ETR) is currently considered Significantly Undervalued. The stock's GF Value™ is €8.55, compared to a current price of €2.52 — trading 70.5% below its estimated fair value. The current Beneish M-Score is -2.74. Etropal AD's overall GF Score™ is 50/100 with 3 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 Etropal AD (XBUL:ETR), the current Beneish M-Score is -2.74 as of Jul. 01, 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 Etropal AD (XBUL:ETR) Overvalued in 2026?

Based on GuruFocus' analysis, Etropal AD stock appears to be undervalued. The current stock price of €2.52 is trading 70.5% below its estimated GF Value™ of €8.55. GuruFocus considers Etropal AD to be Significantly Undervalued.

Key valuation signals for XBUL:ETR:

  • Beneish M-Score: -2.74
  • GF Value™: €8.55 vs. price of €2.52 (70.5% below fair value)
  • GF Score™: 50/100 with 3 warning signs

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

Etropal AD Business Description

Address 191 Rusky Boulevard, Etropole, Sofia, BGR, 2180
Etropal AD is engaged in the business of manufacturing medical accessories. The product portfolio includes fistula needles, blood taking sets, transfusion and infusion sets, catheters and tubes, urine collecting bags, colostomy bags, among others. The company also produces hip - joint endoprosthesis and instruments of implantation.
50GF Score

Get the complete analysis for XBUL:ETR

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

€2.52
Price
€8.55
GF Value