Sopharma Trading AD (XBUL:SFT) Beneish M-Score: -2.39 (As of Jun. 29, 2026)

What is Sopharma Trading AD Beneish M-Score?

Sopharma Trading AD XBUL:SFT +0.68% 84 Beneish M-Score is -2.39 as of Jun. 29, 2026. GuruFocus rates XBUL:SFT with a GF Score™ of 84/100 and a GF Value™ of €7.60 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 112 Medical Distribution companies, Sopharma Trading AD ranks worse than 62.5% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:SFT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -1.27 Max: 0.39
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Sopharma Trading AD was 0.39. The lowest was -2.85. And the median was -1.27.

Sopharma Trading AD Beneish M-Score Related Terms

Sopharma Trading AD Beneish M-Score Historical Data

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The historical data trend for Sopharma Trading 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.

Sopharma Trading AD Beneish M-Score Chart

Sopharma Trading AD Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.18

-2.65

-2.61

-2.49

-2.09

Sopharma Trading 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															-2.35	-2.01	-2.10	-2.09	-2.39

XBUL:SFT vs MCK, CAH, COR: Beneish M-Score Comparison

For the Medical Distribution subindustry, Sopharma Trading 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.

Sopharma Trading AD Beneish M-Score vs Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, Sopharma Trading AD's Beneish M-Score distribution charts can be found below:

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

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84GF Score

Sopharma Trading AD XBUL:SFT

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

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Sopharma Trading 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 Sopharma Trading AD 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 * 0.8861

0.528 * 0.9904

0.404 * 0.8733

0.892 * 1.1347

0.115 * 0.9852

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8621

4.679 * 0.020556

0.327 * 0.9539

-2.39

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €177 Mil.
Revenue was 303.303 + 304.694 + 284.744 + 285.559 = €1,178 Mil.
Gross Profit was 39.979 + 37.378 + 36.728 + 39.442 = €154 Mil.
Total Current Assets was €370 Mil.
Total Assets was €484 Mil.
Property, Plant and Equipment(Net PPE) was €82 Mil.
Depreciation, Depletion and Amortization(DDA) was €23 Mil.
Selling, General, & Admin. Expense(SGA) was €8 Mil.
Total Current Liabilities was €296 Mil.
Long-Term Debt & Capital Lease Obligation was €58 Mil.
Net Income was 8.367 + 1.974 + 6.319 + 9.143 = €26 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 8.259 + 21.286 + 5.727 + -19.419 = €16 Mil.

Total Receivables was €176 Mil.
Revenue was 286.476 + 275.836 + 248.802 + 227.31 = €1,038 Mil.
Gross Profit was 39.988 + 35.469 + 30.795 + 27.757 = €134 Mil.
Total Current Assets was €342 Mil.
Total Assets was €448 Mil.
Property, Plant and Equipment(Net PPE) was €73 Mil.
Depreciation, Depletion and Amortization(DDA) was €20 Mil.
Selling, General, & Admin. Expense(SGA) was €8 Mil.
Total Current Liabilities was €283 Mil.
Long-Term Debt & Capital Lease Obligation was €61 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)
	=	(176.51 / 1178.3)	/	(175.544 / 1038.424)
	=	0.149801	/	0.169048
	=	0.8861

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)
	=	(134.009 / 1038.424)	/	(153.527 / 1178.3)
	=	0.12905	/	0.130295
	=	0.9904

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 - (370.144 + 81.918) / 484.036)	/	(1 - (341.774 + 72.517) / 448.191)
	=	0.066057	/	0.075637
	=	0.8733

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
	=	1178.3	/	1038.424
	=	1.1347

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))
	=	(20.045 / (20.045 + 72.517))	/	(23.08 / (23.08 + 81.918))
	=	0.216558	/	0.219814
	=	0.9852

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)
	=	(7.687 / 1178.3)	/	(7.859 / 1038.424)
	=	0.006524	/	0.007568
	=	0.8621

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)
	=	((58.241 + 295.974) / 484.036)	/	((61.197 + 282.642) / 448.191)
	=	0.731795	/	0.767171
	=	0.9539

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
	=	(25.803 - 0	-	15.853)	/	484.036
	=	0.020556

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.

Sopharma Trading AD has a M-score of -2.39 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 -2.39 mean?

Sopharma Trading AD (XBUL:SFT) has a Beneish M-Score of -2.39 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sopharma Trading AD and its competitors. According to the industry distribution chart, Sopharma Trading AD ranks #70 out of 112 companies in the Medical Distribution industry, placing it in the top 62.5%.

Is Sopharma Trading AD's Beneish M-Score too high?

Sopharma Trading AD's current Beneish M-Score is -2.39. Based on the distribution chart, Sopharma Trading AD ranks #70 out of 112 companies in the Medical Distribution industry, which is below the industry midpoint. Overall, Sopharma Trading AD has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sopharma Trading AD's Beneish M-Score compare to MCK and CAH?

According to the Medical Distribution industry distribution chart, Sopharma Trading AD ranks #70 out of 112 companies for Beneish M-Score. This places Sopharma Trading 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 Medical Distribution company?

A good Beneish M-Score depends on the Medical Distribution 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 Sopharma Trading AD and its competitors. Sopharma Trading AD's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sopharma Trading AD stock overvalued right now?

Based on GuruFocus' analysis, Sopharma Trading AD (XBUL:SFT) is currently considered Significantly Undervalued. The stock's GF Value™ is €7.60, compared to a current price of €2.94 — trading 61.3% below its estimated fair value. The current Beneish M-Score is -2.39. Sopharma Trading AD's overall GF Score™ is 84/100 with 2 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 Sopharma Trading AD (XBUL:SFT), the current Beneish M-Score is -2.39 as of Jun. 29, 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 Sopharma Trading AD (XBUL:SFT) Overvalued in 2026?

Based on GuruFocus' analysis, Sopharma Trading AD stock appears to be undervalued. The current stock price of €2.94 is trading 61.3% below its estimated GF Value™ of €7.60. GuruFocus considers Sopharma Trading AD to be Significantly Undervalued.

Key valuation signals for XBUL:SFT:

Beneish M-Score: -2.39
GF Value™: €7.60 vs. price of €2.94 (61.3% below fair value)
GF Score™: 84/100 with 2 warning signs

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

Sopharma Trading AD Business Description

Industry Healthcare Medical Distribution

Comparable Companies MCK CAH COR ASX:SIG HSIC SHSE:601607 HKSE:01099 XSWX:GALE SHSE:600332 SHSE:600998 TSE:7459 OSTO:ASKER MIL:AMP SHSE:600511 IST:SELEC NZSE:EBO TSE:2784 SHSE:600739 TSE:9987 SHSE:600056

Address Sunrise Street, Lachezar Stanchev, 5 Sopharma, Business Towers, Building A Floor 12, Sofia, BGR, 1756

Website http://www.sopharmatrading.bg

Sopharma Trading AD is a Bulgaria based company operating in the pharmaceutical sector. The company is engaged in the distribution of pharmaceutical items, including a portfolio of international brands, medicinal products, medical supplies, sanitary and hygienic materials, vitamins, nutritional supplements, cosmetics, medical equipment, and equipment. It also provides turnkey solutions for the construction of medical and hospital establishments. In addition, the group also caters logistics solutions for import, storage, and distribution of goods to end customers.

84GF Score

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

€2.94

Price

€7.60

GF Value

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