MFG Invest AD-Sofia (XBUL:MFG) Beneish M-Score: -0.85 (As of Jul. 21, 2026)

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XBUL:MFG MFG Invest AD-Sofia XBUL:MFG
23 GF Score
Price €1.80
! 3 Warning Signs
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What is MFG Invest AD-Sofia Beneish M-Score?

MFG Invest AD-Sofia XBUL:MFG 23 Beneish M-Score is -0.85 as of Jul. 21, 2026. GuruFocus rates XBUL:MFG with a GF Score™ of 23/100. The stock has 3 warning signs investors should review. Among 952 Asset Management companies, MFG Invest AD-Sofia ranks worse than 80.04% 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.

Warning Sign:

Beneish M-Score -0.85 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XBUL:MFG' s Beneish M-Score Range Over the Past 10 Years
Min: -0.91   Med: -0.58   Max: -0.24
Current: -0.85

During the past 4 years, the highest Beneish M-Score of MFG Invest AD-Sofia was -0.24. The lowest was -0.91. And the median was -0.58.

MFG Invest AD-Sofia Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MFG Invest AD-Sofia'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.

MFG Invest AD-Sofia Beneish M-Score Chart

MFG Invest AD-Sofia Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -0.31 -0.85

MFG Invest AD-Sofia Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -0.31 0.00 -0.85

XBUL:MFG vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, MFG Invest AD-Sofia'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.

MFG Invest AD-Sofia Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, MFG Invest AD-Sofia's Beneish M-Score distribution charts can be found below:

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


XBUL:MFG
23GF Score
MFG Invest AD-Sofia XBUL:MFG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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MFG Invest AD-Sofia 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 MFG Invest AD-Sofia 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 * 0.3312+0.528 * -2.0192+0.404 * 0.9999+0.892 * 5.12+0.115 * 0.75
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.059096-0.327 * 1.2476
=-0.85

* 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 €0.04 Mil.
Revenue was €0.13 Mil.
Gross Profit was €0.07 Mil.
Total Current Assets was €0.06 Mil.
Total Assets was €26.60 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €1.57 Mil.
Net Income was €1.24 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.33 Mil.
 Total Receivables was €0.02 Mil.
Revenue was €0.03 Mil.
Gross Profit was €-0.03 Mil.
Total Current Assets was €0.05 Mil.
Total Assets was €24.92 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €1.18 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)
=(0.039 / 0.128) / (0.023 / 0.025)
=0.304688 / 0.92
=0.3312

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)
=(-0.028 / 0.025) / (0.071 / 0.128)
=-1.12 / 0.554688
=-2.0192

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 - (0.055 + 0) / 26.601) / (1 - (0.048 + 0.001) / 24.917)
=0.997932 / 0.998033
=0.9999

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
=0.128 / 0.025
=5.12

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))
=(0.003 / (0.003 + 0.001)) / (0.001 / (0.001 + 0))
=0.75 / 1
=0.75

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 / 0.128) / (0 / 0.025)
=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)
=((1.571 + 0.014) / 26.601) / ((1.179 + 0.011) / 24.917)
=0.059584 / 0.047759
=1.2476

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
=(1.24 - 0 - -0.332) / 26.601
=0.059096

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.

MFG Invest AD-Sofia has a M-score of -0.85 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 -0.85 mean?
MFG Invest AD-Sofia (XBUL:MFG) has a Beneish M-Score of -0.85 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MFG Invest AD-Sofia and its competitors. According to the industry distribution chart, MFG Invest AD-Sofia ranks #762 out of 952 companies in the Asset Management industry, placing it in the top 80%.
Is MFG Invest AD-Sofia's Beneish M-Score too high?
MFG Invest AD-Sofia's current Beneish M-Score is -0.85. Based on the distribution chart, MFG Invest AD-Sofia ranks #762 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, MFG Invest AD-Sofia has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does MFG Invest AD-Sofia's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, MFG Invest AD-Sofia ranks #762 out of 952 companies for Beneish M-Score. This places MFG Invest AD-Sofia 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 MFG Invest AD-Sofia and its competitors. MFG Invest AD-Sofia's current Beneish M-Score is -0.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MFG Invest AD-Sofia stock overvalued right now?
MFG Invest AD-Sofia (XBUL:MFG) has a current Beneish M-Score of -0.85. The current Beneish M-Score is -0.85. MFG Invest AD-Sofia's overall GF Score™ is 23/100 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 MFG Invest AD-Sofia (XBUL:MFG), the current Beneish M-Score is -0.85 as of Jul. 21, 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.

MFG Invest AD-Sofia Business Description

Address 28 Jawaharlal Nehru Boulevard, Silver Centre, Floor 2, Office 40-46, Lyulin District, Sofia, BGR
MFG Invest AD-Sofia is a holding company bringing together companies in the non-banking financial sector. The group has a portfolio of businesses operating in consumer lending, credit cards, P2P investments, and other alternative financial services sectors. It engages in intermediation and consulting activities, commercial representation, brokerage, acquisition, and management of shareholdings.
23GF Score

Get the complete analysis for XBUL:MFG

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

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