Doosan Skoda Power (XPRA:DSPW) Beneish M-Score: -2.65 (As of Jul. 11, 2026)


XPRA:DSPW Doosan Skoda Power XPRA:DSPW
16 GF Score
Price Kč473.50
! 7 Warning Signs
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What is Doosan Skoda Power Beneish M-Score?

Doosan Skoda Power XPRA:DSPW -0.11% 16 Beneish M-Score is -2.65 as of Jul. 11, 2026. GuruFocus rates XPRA:DSPW with a GF Score™ of 16/100. The stock has 7 warning signs investors should review. Among 2,914 Industrial Products companies, Doosan Skoda Power ranks better than 67.91% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPRA:DSPW' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -2.65   Max: -2.33
Current: -2.65

During the past 5 years, the highest Beneish M-Score of Doosan Skoda Power was -2.33. The lowest was -3.05. And the median was -2.65.

Doosan Skoda Power Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Doosan Skoda Power'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.

Doosan Skoda Power Beneish M-Score Chart

Doosan Skoda Power Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.05 -2.33 -2.65

Doosan Skoda Power Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -3.05 0.00 -2.33 0.00 -2.65

XPRA:DSPW vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Doosan Skoda Power'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.

Doosan Skoda Power Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Doosan Skoda Power's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Doosan Skoda Power's Beneish M-Score falls into.


XPRA:DSPW
16GF Score
Doosan Skoda Power XPRA:DSPW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Doosan Skoda Power 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 Doosan Skoda Power 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 * 1.1204+0.528 * 0.9279+0.404 * 0.8865+0.892 * 0.9512+0.115 * 0.9407
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0965+4.679 * -0.026917-0.327 * 1.023
=-2.65

* 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 Kč3,340 Mil.
Revenue was Kč5,632 Mil.
Gross Profit was Kč2,116 Mil.
Total Current Assets was Kč5,620 Mil.
Total Assets was Kč8,248 Mil.
Property, Plant and Equipment(Net PPE) was Kč1,252 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč178 Mil.
Selling, General, & Admin. Expense(SGA) was Kč27 Mil.
Total Current Liabilities was Kč3,104 Mil.
Long-Term Debt & Capital Lease Obligation was Kč11 Mil.
Net Income was Kč521 Mil.
Gross Profit was Kč0 Mil.
Cash Flow from Operations was Kč743 Mil.
 Total Receivables was Kč3,134 Mil.
Revenue was Kč5,921 Mil.
Gross Profit was Kč2,065 Mil.
Total Current Assets was Kč4,519 Mil.
Total Assets was Kč7,129 Mil.
Property, Plant and Equipment(Net PPE) was Kč1,268 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč169 Mil.
Selling, General, & Admin. Expense(SGA) was Kč26 Mil.
Total Current Liabilities was Kč2,619 Mil.
Long-Term Debt & Capital Lease Obligation was Kč13 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)
=(3339.691 / 5631.664) / (3133.808 / 5920.598)
=0.59302 / 0.529306
=1.1204

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)
=(2064.54 / 5920.598) / (2116.481 / 5631.664)
=0.348705 / 0.375818
=0.9279

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 - (5620.094 + 1252.087) / 8248.128) / (1 - (4519.01 + 1268.294) / 7128.784)
=0.166819 / 0.188178
=0.8865

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
=5631.664 / 5920.598
=0.9512

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))
=(168.649 / (168.649 + 1268.294)) / (178.481 / (178.481 + 1252.087))
=0.117367 / 0.124762
=0.9407

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)
=(27.146 / 5631.664) / (26.025 / 5920.598)
=0.00482 / 0.004396
=1.0965

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)
=((11.359 + 3104.027) / 8248.128) / ((12.952 + 2619.163) / 7128.784)
=0.377708 / 0.369224
=1.023

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
=(521.43 - 0 - 743.443) / 8248.128
=-0.026917

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.

Doosan Skoda Power has a M-score of -2.65 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 -2.65 mean?
Doosan Skoda Power (XPRA:DSPW) has a Beneish M-Score of -2.65 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Doosan Skoda Power and its competitors. According to the industry distribution chart, Doosan Skoda Power ranks #935 out of 2914 companies in the Industrial Products industry, placing it in the top 32.1%.
Is Doosan Skoda Power's Beneish M-Score too high?
Doosan Skoda Power's current Beneish M-Score is -2.65. Based on the distribution chart, Doosan Skoda Power ranks #935 out of 2914 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Doosan Skoda Power has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Doosan Skoda Power's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Doosan Skoda Power ranks #935 out of 2914 companies for Beneish M-Score. This puts Doosan Skoda Power 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Doosan Skoda Power and its competitors. Doosan Skoda Power's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Doosan Skoda Power stock overvalued right now?
Doosan Skoda Power (XPRA:DSPW) has a current Beneish M-Score of -2.65. The current Beneish M-Score is -2.65. Doosan Skoda Power's overall GF Score™ is 16/100 with 7 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 Doosan Skoda Power (XPRA:DSPW), the current Beneish M-Score is -2.65 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.

Doosan Skoda Power Business Description

Other Exchanges J3G:Germany
Address Tylova 1/57, Jizni Predmest, Pilsen, CZE, 301 00
Doosan Skoda Power is engaged in the manufacturing of steam turbines. The Company provides cutting-edge turbine designs, products, and services tailored for the energy generation sector. The Company encompasses engineering, design, manufacture, management, procurement, and construction of steam turbines and equipment relevant to turbine machine halls. The company's three primary sources of revenue are new product installations; service support including maintenance, repair, and overhaul services; and long-term service contracts. The company operates in single segment namely Turbines segment.
16GF Score

Get the complete analysis for XPRA:DSPW

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

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