Phone Web (XPAR:MLPHW) Beneish M-Score: -2.33 (As of Jul. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XPAR:MLPHW Phone Web SA XPAR:MLPHW
40 GF Score
Price €0.91
! 2 Warning Signs
View Full Analysis

What is Phone Web Beneish M-Score?

Phone Web XPAR:MLPHW 40 Beneish M-Score is -2.33 as of Jul. 21, 2026. GuruFocus rates XPAR:MLPHW with a GF Score™ of 40/100. The stock has 2 warning signs investors should review. Among 1,021 Business Services companies, Phone Web ranks worse than 66.9% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:MLPHW' s Beneish M-Score Range Over the Past 10 Years
Min: -2.33   Med: -2.33   Max: -2.33
Current: -2.33

During the past 3 years, the highest Beneish M-Score of Phone Web was -2.33. The lowest was -2.33. And the median was -2.33.

Phone Web Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Phone Web'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.

Phone Web Beneish M-Score Chart

Phone Web Annual Data
Trend Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -2.33

Phone Web Semi-Annual Data
Dec22 Dec23 Dec24
Beneish M-Score 0.00 0.00 -2.33

XPAR:MLPHW vs CTAS, CPRT, ULS: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Phone Web'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.

Phone Web Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Phone Web's Beneish M-Score distribution charts can be found below:

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


XPAR:MLPHW
40GF Score
Phone Web SA XPAR:MLPHW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Phone Web 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 Phone Web 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 * 0.7888+0.528 * 0.9714+0.404 * 1.007+0.892 * 0.9208+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.083991-0.327 * 0.901
=-2.33

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €0.40 Mil.
Revenue was €1.79 Mil.
Gross Profit was €1.56 Mil.
Total Current Assets was €1.75 Mil.
Total Assets was €1.77 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 €0.37 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.15 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.
 Total Receivables was €0.55 Mil.
Revenue was €1.94 Mil.
Gross Profit was €1.65 Mil.
Total Current Assets was €1.69 Mil.
Total Assets was €1.72 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 €0.36 Mil.
Long-Term Debt & Capital Lease Obligation was €0.04 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)
=(0.398 / 1.79) / (0.548 / 1.944)
=0.222346 / 0.281893
=0.7888

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)
=(1.649 / 1.944) / (1.563 / 1.79)
=0.848251 / 0.873184
=0.9714

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 - (1.747 + 0.002) / 1.774) / (1 - (1.689 + 0.002) / 1.715)
=0.014092 / 0.013994
=1.007

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
=1.79 / 1.944
=0.9208

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))
=(0.001 / (0.001 + 0.002)) / (0.001 / (0.001 + 0.002))
=0.333333 / 0.333333
=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 / 1.79) / (0 / 1.944)
=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 + 0.37) / 1.774) / ((0.036 + 0.361) / 1.715)
=0.208568 / 0.231487
=0.901

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
=(0.149 - 0 - 0) / 1.774
=0.083991

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.

Phone Web has a M-score of -2.33 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 -2.33 mean?
Phone Web (XPAR:MLPHW) has a Beneish M-Score of -2.33 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phone Web and its competitors. According to the industry distribution chart, Phone Web ranks #683 out of 1021 companies in the Business Services industry, placing it in the top 66.9%.
Is Phone Web's Beneish M-Score too high?
Phone Web's current Beneish M-Score is -2.33. Based on the distribution chart, Phone Web ranks #683 out of 1021 companies in the Business Services industry, which is below the industry midpoint. Overall, Phone Web has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Phone Web's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Phone Web ranks #683 out of 1021 companies for Beneish M-Score. This places Phone Web 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Phone Web and its competitors. Phone Web's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phone Web stock overvalued right now?
Phone Web (XPAR:MLPHW) has a current Beneish M-Score of -2.33. The current Beneish M-Score is -2.33. Phone Web's overall GF Score™ is 40/100 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 Phone Web (XPAR:MLPHW), the current Beneish M-Score is -2.33 as of Jul. 21, 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.

Phone Web Business Description

Address 88 rue de Courcelles, Paris, FRA, 75008
Phone Web SA is a provider of telemarketing products with high added value in France. The company also proposes the outsourcing of call centers: call reception services, telephone surveys, satisfaction polls, and brand awareness polls.
40GF Score

Get the complete analysis for XPAR:MLPHW

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

€0.91
Price