CSG NV (XPRA:CSG) Beneish M-Score: -1.00 (As of Jul. 05, 2026)


XPRA:CSG CSG NV XPRA:CSG
12 GF Score
Price Kč350.30
! 3 Warning Signs
View Full Analysis

What is CSG NV Beneish M-Score?

CSG NV XPRA:CSG -0.48% 12 Beneish M-Score is -1.00 as of Jul. 05, 2026. GuruFocus rates XPRA:CSG with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 327 Aerospace & Defense companies, CSG NV ranks worse than 88.99% 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.

Warning Sign:

Beneish M-Score -1.00 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XPRA:CSG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.87   Med: -2.44   Max: -1
Current: -1

During the past 5 years, the highest Beneish M-Score of CSG NV was -1.00. The lowest was -3.87. And the median was -2.44.

CSG NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CSG NV'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.

CSG NV Beneish M-Score Chart

CSG NV Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.87 -1.00 0.00

CSG NV Quarterly Data
Dec21 Dec22 Dec23 Dec24 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.87 -1.00 0.00 0.00

XPRA:CSG vs SPCX, GE, RTX: Beneish M-Score Comparison

For the Aerospace & Defense subindustry, CSG NV'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.

CSG NV Beneish M-Score vs Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, CSG NV's Beneish M-Score distribution charts can be found below:

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


XPRA:CSG
12GF Score
CSG NV XPRA:CSG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CSG NV 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 CSG NV 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 * 0.6363+0.528 * 0.9069+0.404 * 1.1667+0.892 * 3.0695+0.115 * 1.5186
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.038209-0.327 * 1.0801
=-0.92

* 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 Kč15,302 Mil.
Revenue was Kč130,294 Mil.
Gross Profit was Kč64,210 Mil.
Total Current Assets was Kč116,433 Mil.
Total Assets was Kč201,878 Mil.
Property, Plant and Equipment(Net PPE) was Kč16,433 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč1,667 Mil.
Selling, General, & Admin. Expense(SGA) was Kč0 Mil.
Total Current Liabilities was Kč93,039 Mil.
Long-Term Debt & Capital Lease Obligation was Kč53,836 Mil.
Net Income was Kč13,810 Mil.
Gross Profit was Kč0 Mil.
Cash Flow from Operations was Kč21,524 Mil.
 Total Receivables was Kč7,835 Mil.
Revenue was Kč42,448 Mil.
Gross Profit was Kč18,971 Mil.
Total Current Assets was Kč48,875 Mil.
Total Assets was Kč82,045 Mil.
Property, Plant and Equipment(Net PPE) was Kč9,131 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč1,484 Mil.
Selling, General, & Admin. Expense(SGA) was Kč1,722 Mil.
Total Current Liabilities was Kč37,276 Mil.
Long-Term Debt & Capital Lease Obligation was Kč17,989 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)
=(15302.317 / 130294.096) / (7834.987 / 42448.456)
=0.117444 / 0.184576
=0.6363

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)
=(18971.077 / 42448.456) / (64210.296 / 130294.096)
=0.44692 / 0.49281
=0.9069

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 - (116433.483 + 16432.932) / 201877.524) / (1 - (48874.842 + 9130.592) / 82044.883)
=0.341846 / 0.293004
=1.1667

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
=130294.096 / 42448.456
=3.0695

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))
=(1484.447 / (1484.447 + 9130.592)) / (1666.731 / (1666.731 + 16432.932))
=0.139844 / 0.092086
=1.5186

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 / 130294.096) / (1721.6 / 42448.456)
=0 / 0.040557
=0

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)
=((53835.937 + 93038.703) / 201877.524) / ((17988.715 + 37275.874) / 82044.883)
=0.727543 / 0.67359
=1.0801

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
=(13809.875 - 0 - 21523.513) / 201877.524
=-0.038209

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.

CSG NV has a M-score of -0.92 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.00 mean?
CSG NV (XPRA:CSG) has a Beneish M-Score of -1.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CSG NV and its competitors. According to the industry distribution chart, CSG NV ranks #291 out of 327 companies in the Aerospace & Defense industry, placing it in the top 89%.
Is CSG NV's Beneish M-Score too high?
CSG NV's current Beneish M-Score is -1.00. Based on the distribution chart, CSG NV ranks #291 out of 327 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, CSG NV has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does CSG NV's Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, CSG NV ranks #291 out of 327 companies for Beneish M-Score. This places CSG NV 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 Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense 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 CSG NV and its competitors. CSG NV's current Beneish M-Score is -1.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CSG NV stock overvalued right now?
CSG NV (XPRA:CSG) has a current Beneish M-Score of -1.00. The current Beneish M-Score is -1.00. CSG NV's overall GF Score™ is 12/100 with 3 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 CSG NV (XPRA:CSG), the current Beneish M-Score is -1.00 as of Jul. 05, 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.

CSG NV Business Description

Address U Rustonky 714/1, Karlin, Prague, CZE, 186 00
CSG NV is a defence group in terms of medium, large- and small-calibre ammunition sales based in Prague, Czech Republic, operating in Europe, the United States and in other regions including Asia Pacific. The company's business is divided into two segments: CSG Defence Systems and CSG Ammo.
12GF Score

Get the complete analysis for XPRA:CSG

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

Kč350.30
Price