Gradus AD (XBUL:GR6) Beneish M-Score: 0.00 (As of Aug. 05, 2026)

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XBUL:GR6 Gradus AD XBUL:GR6
66 GF Score
Price €0.91
GF Value €1.60
Valuation Significantly Undervalued
! 5 Warning Signs
View Full Analysis

What is Gradus AD Beneish M-Score?

Gradus AD XBUL:GR6 +1.69% 66 Beneish M-Score is 0.00 as of Aug. 05, 2026. GuruFocus rates XBUL:GR6 with a GF Score™ of 66/100 and a GF Value™ of €1.60 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,857 Consumer Packaged Goods companies, Gradus AD ranks worse than 53850.24% 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 Gradus AD's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Gradus AD was -1.76. The lowest was -3.54. And the median was -2.80.

Gradus AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gradus 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.

Gradus AD Beneish M-Score Chart

Gradus AD Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.65 -3.08 -1.76 -3.54

Gradus AD 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 -2.15 -2.33 -3.06 -3.54 0.00

XBUL:GR6 vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Gradus 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.

Gradus AD Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Gradus AD's Beneish M-Score distribution charts can be found below:

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


XBUL:GR6
66GF Score
Gradus AD XBUL:GR6
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Gradus 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 Gradus 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 * +0.528 * +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 €13.9 Mil.
Revenue was 34.36 + 24.262 + 25.566 + 29.829 = €114.0 Mil.
Gross Profit was 16.169 + 4.623 + 22.685 + 14.174 = €57.7 Mil.
Total Current Assets was €58.8 Mil.
Total Assets was €205.0 Mil.
Property, Plant and Equipment(Net PPE) was €108.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.8 Mil.
Selling, General, & Admin. Expense(SGA) was €1.6 Mil.
Total Current Liabilities was €42.0 Mil.
Long-Term Debt & Capital Lease Obligation was €15.0 Mil.
Net Income was 4.069 + 2.539 + 0.043 + 1.898 = €8.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 9.287 + -7.133 + -8.451 + 13.973 = €7.7 Mil.
 Total Receivables was €0.0 Mil.
Revenue was 22.151 + 15.157 + 26.568 + 21.878 = €85.8 Mil.
Gross Profit was 11.988 + 5.601 + 18.551 + 12.753 = €48.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €0.0 Mil.
Property, Plant and Equipment(Net PPE) was €0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.7 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 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)
=(13.941 / 114.017) / (0 / 85.754)
=0.122271 / 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)
=(48.893 / 85.754) / (57.651 / 114.017)
=0.570154 / 0.505635
=

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 - (58.827 + 108.909) / 204.964) / (1 - (0 + 0) / 0)
=0.181632 /
=

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
=114.017 / 85.754
=

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))
=(4.1 / (4.1 + 0)) / (4.795 / (4.795 + 108.909))
=1 / 0.042171
=

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)
=(1.554 / 114.017) / (0.658 / 85.754)
=0.01363 / 0.007673
=

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)
=((14.951 + 41.996) / 204.964) / ((0 + 0) / 0)
=0.277839 /
=

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
=(8.549 - 0 - 7.676) / 204.964
=0.004259

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?
Gradus AD (XBUL:GR6) has a Beneish M-Score of 0.00 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gradus AD and its competitors. According to the industry distribution chart, Gradus AD ranks #999999 out of 1857 companies in the Consumer Packaged Goods industry.
Is Gradus AD's Beneish M-Score too high?
Gradus AD's current Beneish M-Score is 0.00. Based on the distribution chart, Gradus AD ranks #999999 out of 1857 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Gradus AD has a GF Score™ of 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Gradus AD's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Gradus AD ranks #999999 out of 1857 companies for Beneish M-Score. This places Gradus AD 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 a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Gradus AD and its competitors. Gradus AD'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 Gradus AD stock overvalued right now?
Based on GuruFocus' analysis, Gradus AD (XBUL:GR6) is currently considered Significantly Undervalued. The stock's GF Value™ is €1.60, compared to a current price of €0.91 — trading 43.4% below its estimated fair value. The current Beneish M-Score is 0.00. Gradus AD's overall GF Score™ is 66/100 with 5 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 Gradus AD (XBUL:GR6), the current Beneish M-Score is 0.00 as of Aug. 05, 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 Gradus AD (XBUL:GR6) Overvalued in 2026?

Based on GuruFocus' analysis, Gradus AD stock appears to be undervalued. The current stock price of €0.91 is trading 43.4% below its estimated GF Value™ of €1.60. GuruFocus considers Gradus AD to be Significantly Undervalued.

Key valuation signals for XBUL:GR6:

  • Beneish M-Score: 0.00
  • GF Value™: €1.60 vs. price of €0.91 (43.4% below fair value)
  • GF Score™: 66/100 with 5 warning signs

No single metric tells the full story. See the XBUL:GR6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Gradus AD Business Description

Address 110B Simeonovsko shose Boulevard, Floor 4, office 22, Stara Zagora, BGR
Gradus AD is a poultry producer. The product line of the company includes fresh products, frozen products, specialties, sausages, and delicacies. Its product offerings include whole chicken, chicken fillet, chicken bon fillet, chicken legs, chicken drumsticks, boneless chicken, flavored chicken wings, minced chicken, skinless thigh steak, ham sausage, chicken pate, chicken pate with olives, among others.
66GF Score

Get the complete analysis for XBUL:GR6

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

€0.91
Price
€1.60
GF Value