Nicolas Miguet (XPAR:MLNMA) Beneish M-Score: -2.61 (As of Jul. 14, 2026)

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XPAR:MLNMA Nicolas Miguet XPAR:MLNMA
27 GF Score
Price €0.18
! 1 Warning Sign
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What is Nicolas Miguet Beneish M-Score?

Nicolas Miguet XPAR:MLNMA 27 Beneish M-Score is -2.61 as of Jul. 14, 2026. GuruFocus rates XPAR:MLNMA with a GF Score™ of 27/100. The stock has 1 warning sign investors should review. Among 704 Capital Markets companies, Nicolas Miguet ranks better than 71.02% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:MLNMA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.58   Max: -2.58
Current: -2.61

During the past 3 years, the highest Beneish M-Score of Nicolas Miguet was -2.58. The lowest was -2.61. And the median was -2.58.

Nicolas Miguet Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nicolas Miguet'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.

Nicolas Miguet Beneish M-Score Chart

Nicolas Miguet Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.61

Nicolas Miguet Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.61

XPAR:MLNMA vs SPGI, CME, MCO: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, Nicolas Miguet'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.

Nicolas Miguet Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Nicolas Miguet's Beneish M-Score distribution charts can be found below:

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


XPAR:MLNMA
27GF Score
Nicolas Miguet XPAR:MLNMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nicolas Miguet 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 Nicolas Miguet 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 * 1.0998+0.528 * 0.8571+0.404 * 0.9813+0.892 * 1+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.053615-0.327 * 0.6714
=-2.61

* 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 €0.68 Mil.
Revenue was €0.02 Mil.
Gross Profit was €-0.05 Mil.
Total Current Assets was €1.18 Mil.
Total Assets was €1.23 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 €0.14 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.07 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.
 Total Receivables was €0.62 Mil.
Revenue was €0.02 Mil.
Gross Profit was €-0.04 Mil.
Total Current Assets was €1.16 Mil.
Total Assets was €1.21 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.21 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(0.683 / 0.023) / (0.621 / 0.023)
=29.695652 / 27
=1.0998

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)
=(-0.042 / 0.023) / (-0.049 / 0.023)
=-1.826087 / -2.130435
=0.8571

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 - (1.181 + 0) / 1.231) / (1 - (1.158 + 0) / 1.208)
=0.040617 / 0.041391
=0.9813

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
=0.023 / 0.023
=1

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))
=(0.07 / (0.07 + 0)) / (0 / (0 + 0))
=1 /
=1

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 / 0.023) / (0 / 0.023)
=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)
=((0 + 0.143) / 1.231) / ((0 + 0.209) / 1.208)
=0.116166 / 0.173013
=0.6714

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
=(-0.066 - 0 - 0) / 1.231
=-0.053615

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.

Nicolas Miguet has a M-score of -2.61 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 -2.61 mean?
Nicolas Miguet (XPAR:MLNMA) has a Beneish M-Score of -2.61 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nicolas Miguet and its competitors. According to the industry distribution chart, Nicolas Miguet ranks #204 out of 704 companies in the Capital Markets industry, placing it in the top 29%.
Is Nicolas Miguet's Beneish M-Score too high?
Nicolas Miguet's current Beneish M-Score is -2.61. Based on the distribution chart, Nicolas Miguet ranks #204 out of 704 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Nicolas Miguet has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does Nicolas Miguet's Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Nicolas Miguet ranks #204 out of 704 companies for Beneish M-Score. This puts Nicolas Miguet in the upper 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Nicolas Miguet and its competitors. Nicolas Miguet's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nicolas Miguet stock overvalued right now?
Nicolas Miguet (XPAR:MLNMA) has a current Beneish M-Score of -2.61. The current Beneish M-Score is -2.61. Nicolas Miguet's overall GF Score™ is 27/100 with 1 warning sign 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 Nicolas Miguet (XPAR:MLNMA), the current Beneish M-Score is -2.61 as of Jul. 14, 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.

Nicolas Miguet Business Description

Address Moulin de la Tour Grise, Vernueil d'Avre et d'Iton, FRA, 27130
Nicolas Miguet is engaged in stock exchange consulting. The company produces stock exchange information and distributes it through various media, including the press, the Internet, and the telephone.
27GF Score

Get the complete analysis for XPAR:MLNMA

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

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