Arverne Group (XPAR:ARVEN) Beneish M-Score: -2.49 (As of Jul. 11, 2026)


XPAR:ARVEN Arverne Group SA XPAR:ARVEN
47 GF Score
Price €9.16
GF Value €5.86
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Arverne Group Beneish M-Score?

Arverne Group XPAR:ARVEN +2.92% 47 Beneish M-Score is -2.49 as of Jul. 11, 2026. GuruFocus rates XPAR:ARVEN with a GF Score™ of 47/100 and a GF Value™ of €5.86 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 392 Utilities - Independent Power Producers companies, Arverne Group ranks worse than 59.69% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:ARVEN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.49   Med: -1.26   Max: 10.49
Current: -2.49

During the past 5 years, the highest Beneish M-Score of Arverne Group was 10.49. The lowest was -2.49. And the median was -1.26.

Arverne Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Arverne Group'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.

Arverne Group Beneish M-Score Chart

Arverne Group Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 10.49 -1.26 -2.49

Arverne Group Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 10.49 0.00 -1.26 -2.49

Arverne Group Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Arverne Group'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.

Arverne Group Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Arverne Group's Beneish M-Score distribution charts can be found below:

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


XPAR:ARVEN
47GF Score
Arverne Group SA XPAR:ARVEN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Arverne Group 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 Arverne Group 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 * 0.773+0.528 * 0.9237+0.404 * 1.5829+0.892 * 1.2063+0.115 * 0.707
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0181+4.679 * -0.028454-0.327 * 1.0323
=-2.49

* 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 €8.41 Mil.
Revenue was €18.28 Mil.
Gross Profit was €23.98 Mil.
Total Current Assets was €101.23 Mil.
Total Assets was €241.09 Mil.
Property, Plant and Equipment(Net PPE) was €55.79 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.36 Mil.
Selling, General, & Admin. Expense(SGA) was €1.13 Mil.
Total Current Liabilities was €36.85 Mil.
Long-Term Debt & Capital Lease Obligation was €32.47 Mil.
Net Income was €-20.71 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-13.85 Mil.
 Total Receivables was €9.02 Mil.
Revenue was €15.16 Mil.
Gross Profit was €18.36 Mil.
Total Current Assets was €146.64 Mil.
Total Assets was €255.12 Mil.
Property, Plant and Equipment(Net PPE) was €52.27 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.82 Mil.
Selling, General, & Admin. Expense(SGA) was €0.92 Mil.
Total Current Liabilities was €39.22 Mil.
Long-Term Debt & Capital Lease Obligation was €31.84 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)
=(8.413 / 18.282) / (9.022 / 15.155)
=0.460179 / 0.595315
=0.773

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)
=(18.358 / 15.155) / (23.976 / 18.282)
=1.211349 / 1.311454
=0.9237

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 - (101.226 + 55.793) / 241.094) / (1 - (146.641 + 52.274) / 255.119)
=0.348723 / 0.220305
=1.5829

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
=18.282 / 15.155
=1.2063

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))
=(2.821 / (2.821 + 52.274)) / (4.356 / (4.356 + 55.793))
=0.051202 / 0.07242
=0.707

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)
=(1.125 / 18.282) / (0.916 / 15.155)
=0.061536 / 0.060442
=1.0181

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)
=((32.467 + 36.853) / 241.094) / ((31.838 + 39.219) / 255.119)
=0.287523 / 0.278525
=1.0323

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
=(-20.712 - 0 - -13.852) / 241.094
=-0.028454

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.

Arverne Group has a M-score of -2.49 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 -2.49 mean?
Arverne Group (XPAR:ARVEN) has a Beneish M-Score of -2.49 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arverne Group and its competitors. According to the industry distribution chart, Arverne Group ranks #234 out of 392 companies in the Utilities - Independent Power Producers industry, placing it in the top 59.7%.
Is Arverne Group's Beneish M-Score too high?
Arverne Group's current Beneish M-Score is -2.49. Based on the distribution chart, Arverne Group ranks #234 out of 392 companies in the Utilities - Independent Power Producers industry, which is below the industry midpoint. Overall, Arverne Group has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Arverne Group's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Arverne Group ranks #234 out of 392 companies for Beneish M-Score. This places Arverne Group 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 Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Arverne Group and its competitors. Arverne Group's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arverne Group stock overvalued right now?
Based on GuruFocus' analysis, Arverne Group (XPAR:ARVEN) is currently considered Significantly Overvalued. The stock's GF Value™ is €5.86, compared to a current price of €9.16 — trading 56.3% above its estimated fair value. The current Beneish M-Score is -2.49. Arverne Group's overall GF Score™ is 47/100 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 Arverne Group (XPAR:ARVEN), the current Beneish M-Score is -2.49 as of Jul. 11, 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 Arverne Group (XPAR:ARVEN) Overvalued in 2026?

Based on GuruFocus' analysis, Arverne Group stock appears to be overvalued. The current stock price of €9.16 is trading 56.3% above its estimated GF Value™ of €5.86. GuruFocus considers Arverne Group to be Significantly Overvalued.

Key valuation signals for XPAR:ARVEN:

  • Beneish M-Score: -2.49
  • GF Value™: €5.86 vs. price of €9.16 (56.3% above fair value)
  • GF Score™: 47/100 with 5 warning signs

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

Arverne Group Business Description

Other Exchanges 5H1:Germany
Address 2 avenue du President Pierre Angot, Pau, FRA, 64000
Arverne Group SA is a mission-driven company. It is a specialist in the energy recovery of subsoil resources, particularly in the geothermal and energy sectors. its expertise in geosciences and its mastery of exploration and drilling operations, which allow it to access unexploited underground resources in order to transform them into renewable energy (geothermal heat) and to extract minerals essential to the electric battery industry.
47GF Score

Get the complete analysis for XPAR:ARVEN

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

€9.16
Price
€5.86
GF Value