Akiles SE (XMAD:TES) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Akiles SE Beneish M-Score?

Akiles SE XMAD:TES 4 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates XMAD:TES with a GF Score™ of 4/100.

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 Akiles SE's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Akiles SE was 0.00. The lowest was 0.00. And the median was 0.00.

Akiles SE Beneish M-Score Related Terms

Akiles SE Beneish M-Score Historical Data

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The historical data trend for Akiles SE'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.

Akiles SE Beneish M-Score Chart

Akiles SE Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Beneish M-Score

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-0.38

-1.04

-4.22

-5.65

-2.56

Akiles SE Semi-Annual Data
	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19
Beneish M-Score	Get a 7-Day Free Trial										-4.22	0.00	-5.65	0.00	-2.56

XMAD:TES vs WM, RSG, WCN: Beneish M-Score Comparison

For the Conglomerates subindustry, Akiles SE'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.

Akiles SE Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Akiles SE's Beneish M-Score distribution charts can be found below:

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

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Akiles Corp SE XMAD:TES

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Akiles SE 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 Akiles SE 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 * 1.4496

0.528 * 3.7832

0.404 * 1.0403

0.892 * 1.4819

0.115 * 3.3232

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2941

4.679 * -0.73537

0.327 * 1.6061

-3.40

This Year (Dec19) TTM:

Last Year (Dec18) TTM:

Total Receivables was €1.99 Mil.
Revenue was €3.86 Mil.
Gross Profit was €0.33 Mil.
Total Current Assets was €12.60 Mil.
Total Assets was €27.10 Mil.
Property, Plant and Equipment(Net PPE) was €4.39 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.17 Mil.
Selling, General, & Admin. Expense(SGA) was €0.28 Mil.
Total Current Liabilities was €31.59 Mil.
Long-Term Debt & Capital Lease Obligation was €0.75 Mil.
Net Income was €-21.35 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.42 Mil.

Total Receivables was €0.92 Mil.
Revenue was €2.60 Mil.
Gross Profit was €0.85 Mil.
Total Current Assets was €22.30 Mil.
Total Assets was €39.79 Mil.
Property, Plant and Equipment(Net PPE) was €3.23 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.45 Mil.
Selling, General, & Admin. Expense(SGA) was €0.63 Mil.
Total Current Liabilities was €13.66 Mil.
Long-Term Debt & Capital Lease Obligation was €15.90 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)
	=	(1.985 / 3.856)	/	(0.924 / 2.602)
	=	0.514782	/	0.355111
	=	1.4496

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)
	=	(0.845 / 2.602)	/	(0.331 / 3.856)
	=	0.32475	/	0.08584
	=	3.7832

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 - (12.604 + 4.394) / 27.102)	/	(1 - (22.301 + 3.227) / 39.786)
	=	0.372814	/	0.358367
	=	1.0403

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
	=	3.856	/	2.602
	=	1.4819

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))
	=	(0.45 / (0.45 + 3.227))	/	(0.168 / (0.168 + 4.394))
	=	0.122382	/	0.036826
	=	3.3232

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)
	=	(0.275 / 3.856)	/	(0.631 / 2.602)
	=	0.071317	/	0.242506
	=	0.2941

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)
	=	((0.754 + 31.588) / 27.102)	/	((15.898 + 13.664) / 39.786)
	=	1.193344	/	0.743025
	=	1.6061

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
	=	(-21.348 - 0	-	-1.418)	/	27.102
	=	-0.73537

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.

Akiles SE has a M-score of -3.40 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 0.00 mean?

Akiles SE (XMAD:TES) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Akiles SE and its competitors.

Is Akiles SE's Beneish M-Score too high?

Akiles SE's current Beneish M-Score is 0.00. Overall, Akiles SE has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.

How does Akiles SE's Beneish M-Score compare to WM and RSG?

Akiles SE's Beneish M-Score of 0.00 can be compared against companies in the Conglomerates 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 Akiles SE and its competitors. Akiles SE'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 Akiles SE stock overvalued right now?

Akiles SE (XMAD:TES) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Akiles SE's overall GF Score™ is 4/100. 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 Akiles SE (XMAD:TES), the current Beneish M-Score is 0.00 as of Jun. 25, 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.

Akiles SE Business Description

Industry Industrials Conglomerates

Comparable Companies WM RSG WCN XPAR:VIE GFL OSL:TOM SRCL SHSE:603568 XMAD:FCC SZSE:300070 CLH HKSE:00257 SZSE:002340 ADSW SZSE:300815 ASX:CWY CWST SZSE:000035 SHSE:601200 SZSE:000826

Address VITOSHA Boulevard, Stolichna 68, 1st floor, Sofia, BGR, 1463

Website https://www.akiles.eu

Akiles Corp SE is a conglomerate of businesses focused on the Infrastructure & Utilities and Tourism sectors that aims to consolidate its sales, profits and cash flows for the Group. The Company currently operates mainly in the Balkans, Spain and Greece.

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€0.11

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