Reisswolf Bulgaria AD (XBUL:RSW) Beneish M-Score: -3.26 (As of Jul. 03, 2026)


XBUL:RSW Reisswolf Bulgaria AD XBUL:RSW
15 GF Score
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What is Reisswolf Bulgaria AD Beneish M-Score?

Reisswolf Bulgaria AD XBUL:RSW 15 Beneish M-Score is -3.26 as of Jul. 03, 2026. GuruFocus rates XBUL:RSW with a GF Score™ of 15/100. The stock has 4 warning signs investors should review. Among 2,631 Software companies, Reisswolf Bulgaria AD ranks better than 83.81% 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 -3.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:RSW' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -3.26   Max: -3.26
Current: -3.26

During the past 3 years, the highest Beneish M-Score of Reisswolf Bulgaria AD was -3.26. The lowest was -3.26. And the median was -3.26.

Reisswolf Bulgaria AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Reisswolf Bulgaria 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.

Reisswolf Bulgaria AD Beneish M-Score Chart

Reisswolf Bulgaria AD Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.26

Reisswolf Bulgaria AD Quarterly Data
Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 -3.26

XBUL:RSW vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Reisswolf Bulgaria 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.

Reisswolf Bulgaria AD Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Reisswolf Bulgaria AD's Beneish M-Score distribution charts can be found below:

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


XBUL:RSW
15GF Score
Reisswolf Bulgaria AD XBUL:RSW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Reisswolf Bulgaria 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 Reisswolf Bulgaria 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 * 0.2787+0.528 * 1.034+0.404 * -0.1284+0.892 * 1.196+0.115 * 3.3635
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.059697-0.327 * 0.5436
=-3.26

* 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 €0.05 Mil.
Revenue was €1.55 Mil.
Gross Profit was €1.29 Mil.
Total Current Assets was €0.10 Mil.
Total Assets was €35.92 Mil.
Property, Plant and Equipment(Net PPE) was €35.81 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.19 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.18 Mil.
Long-Term Debt & Capital Lease Obligation was €10.25 Mil.
Net Income was €0.41 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €2.55 Mil.
 Total Receivables was €0.14 Mil.
Revenue was €1.30 Mil.
Gross Profit was €1.12 Mil.
Total Current Assets was €0.93 Mil.
Total Assets was €13.79 Mil.
Property, Plant and Equipment(Net PPE) was €12.87 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.23 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.59 Mil.
Long-Term Debt & Capital Lease Obligation was €6.49 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)
=(0.046 / 1.55) / (0.138 / 1.296)
=0.029677 / 0.106481
=0.2787

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)
=(1.117 / 1.296) / (1.292 / 1.55)
=0.861883 / 0.833548
=1.034

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 - (0.101 + 35.813) / 35.915) / (1 - (0.928 + 12.865) / 13.79)
=2.8E-5 / -0.000218
=-0.1284

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
=1.55 / 1.296
=1.196

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))
=(0.23 / (0.23 + 12.865)) / (0.188 / (0.188 + 35.813))
=0.017564 / 0.005222
=3.3635

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 / 1.55) / (0 / 1.296)
=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)
=((10.246 + 1.18) / 35.915) / ((6.485 + 1.586) / 13.79)
=0.31814 / 0.585279
=0.5436

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
=(0.41 - 0 - 2.554) / 35.915
=-0.059697

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.

Reisswolf Bulgaria AD has a M-score of -3.26 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 -3.26 mean?
Reisswolf Bulgaria AD (XBUL:RSW) has a Beneish M-Score of -3.26 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Reisswolf Bulgaria AD and its competitors. According to the industry distribution chart, Reisswolf Bulgaria AD ranks #426 out of 2631 companies in the Software industry, placing it in the top 16.2%.
Is Reisswolf Bulgaria AD's Beneish M-Score too high?
Reisswolf Bulgaria AD's current Beneish M-Score is -3.26. Based on the distribution chart, Reisswolf Bulgaria AD ranks #426 out of 2631 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Reisswolf Bulgaria AD has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Reisswolf Bulgaria AD's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Reisswolf Bulgaria AD ranks #426 out of 2631 companies for Beneish M-Score. This places Reisswolf Bulgaria AD in the top 16% of its industry — outperforming the majority of peers. 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 Software company?
A good Beneish M-Score depends on the Software 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 Reisswolf Bulgaria AD and its competitors. Reisswolf Bulgaria AD's current Beneish M-Score is -3.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Reisswolf Bulgaria AD stock overvalued right now?
Reisswolf Bulgaria AD (XBUL:RSW) has a current Beneish M-Score of -3.26. The current Beneish M-Score is -3.26. Reisswolf Bulgaria AD's overall GF Score™ is 15/100 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 Reisswolf Bulgaria AD (XBUL:RSW), the current Beneish M-Score is -3.26 as of Jul. 03, 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.

Reisswolf Bulgaria AD Business Description

Address 10 Europa Boulevard, Logistics Park Bozhurishte, Bozhurishte, BGR, PK 2227
Reisswolf Bulgaria AD is a closed cycle of services for complete information protection. Its digital services include Digital Management, Scanning and image processing, DMS solutions, and Backup software.
15GF Score

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

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