C100 AB (publ) (XSAT:C100) Beneish M-Score: -7.48 (As of Jun. 28, 2026)


What is C100 AB (publ) Beneish M-Score?

C100 AB (publ) XSAT:C100 -3.81% Beneish M-Score is -7.48 as of Jun. 28, 2026. The stock has 3 warning signs investors should review. Among 2,632 Software companies, C100 AB (publ) ranks better than 97.57% 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 -7.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for C100 AB (publ)'s Beneish M-Score or its related term are showing as below:

XSAT:C100' s Beneish M-Score Range Over the Past 10 Years
Min: -7.48   Med: -2.58   Max: 2.45
Current: -7.48

During the past 6 years, the highest Beneish M-Score of C100 AB (publ) was 2.45. The lowest was -7.48. And the median was -2.58.

C100 AB (publ) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for C100 AB (publ)'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.

C100 AB (publ) Beneish M-Score Chart

C100 AB (publ) Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -0.24 -4.91 2.45 -7.48

C100 AB (publ) Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -7.48 0.00

XSAT:C100 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, C100 AB (publ)'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.

C100 AB (publ) Beneish M-Score vs Software Industry

For the Software industry and Technology sector, C100 AB (publ)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C100 AB (publ)'s Beneish M-Score falls into.


C100 AB (publ) 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 C100 AB (publ) 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 * 1.5322+0.528 * 0.1077+0.404 * 1.1717+0.892 * 0.1171+0.115 * 0.9405
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.985136-0.327 * 0.0455
=-7.48

* 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 kr0.15 Mil.
Revenue was kr0.21 Mil.
Gross Profit was kr-0.74 Mil.
Total Current Assets was kr1.49 Mil.
Total Assets was kr28.32 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3.71 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr0.71 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-3.19 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr24.72 Mil.
 Total Receivables was kr0.83 Mil.
Revenue was kr1.77 Mil.
Gross Profit was kr-0.68 Mil.
Total Current Assets was kr0.97 Mil.
Total Assets was kr5.51 Mil.
Property, Plant and Equipment(Net PPE) was kr0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.28 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr3.04 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
=(0.148 / 0.207) / (0.825 / 1.768)
=0.714976 / 0.466629
=1.5322

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)
=(-0.681 / 1.768) / (-0.74 / 0.207)
=-0.385181 / -3.574879
=0.1077

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 - (1.488 + 0) / 28.324) / (1 - (0.974 + 0.081) / 5.512)
=0.947465 / 0.808599
=1.1717

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
=0.207 / 1.768
=0.1171

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))
=(1.281 / (1.281 + 0.081)) / (3.708 / (3.708 + 0))
=0.940529 / 1
=0.9405

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 / 0.207) / (0 / 1.768)
=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 + 0.711) / 28.324) / ((0 + 3.041) / 5.512)
=0.025102 / 0.551705
=0.0455

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
=(-3.186 - 0 - 24.717) / 28.324
=-0.985136

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.

C100 AB (publ) has a M-score of -7.48 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 -7.48 mean?
C100 AB (publ) (XSAT:C100) has a Beneish M-Score of -7.48 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on C100 AB (publ) and its competitors. According to the industry distribution chart, C100 AB (publ) ranks #64 out of 2632 companies in the Software industry, placing it in the top 2.4%.
Is C100 AB (publ)'s Beneish M-Score too high?
C100 AB (publ)'s current Beneish M-Score is -7.48. Based on the distribution chart, C100 AB (publ) ranks #64 out of 2632 companies in the Software industry, which is in the top quartile — a strong position relative to peers.
How does C100 AB (publ)'s Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, C100 AB (publ) ranks #64 out of 2632 companies for Beneish M-Score. This places C100 AB (publ) in the top 2% of its industry — outperforming the majority of peers. 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 Software company?
A good Beneish M-Score depends on the Software 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 C100 AB (publ) and its competitors. C100 AB (publ)'s current Beneish M-Score is -7.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is C100 AB (publ) stock overvalued right now?
C100 AB (publ) (XSAT:C100) has a current Beneish M-Score of -7.48. The current Beneish M-Score is -7.48. 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 C100 AB (publ) (XSAT:C100), the current Beneish M-Score is -7.48 as of Jun. 28, 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.

C100 AB (publ) Business Description

Address Artillerigatan 26, Stockholm, SWE, 114 51
Vultus AB is an IT company. The company specializes in the development of digital platforms. The digital solutions consist, for example, of a fertilizer guide for farmers. Based on satellite and weather data, field-specific maps are created for spreading fertilizer, unique to the different needs of each field. Its products comprise of Nitrogen Prescriptions, Crop Specific Plant Health, Water Stress, and Soil Moisture.