Mendole A/S (XSAT:MENDO) Beneish M-Score: 6.60 (As of Jul. 08, 2026) — Near Median


XSAT:MENDO Mendole A/S XSAT:MENDO
16 GF Score
Price kr5.35
! 2 Warning Signs
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What is Mendole A/S Beneish M-Score?

Mendole A/S XSAT:MENDO +4.90% 16 Beneish M-Score is 6.60 as of Jul. 08, 2026, which is at its 10-year median of 6.60. GuruFocus rates XSAT:MENDO with a GF Score™ of 16/100. The stock has 2 warning signs investors should review. Among 1,700 Construction companies, Mendole A/S ranks worse than 98.94% 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 6.6 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Mendole A/S's Beneish M-Score or its related term are showing as below:

XSAT:MENDO' s Beneish M-Score Range Over the Past 10 Years
Min: 6.6   Med: 6.6   Max: 6.6
Current: 6.6

During the past 3 years, the highest Beneish M-Score of Mendole A/S was 6.60. The lowest was 6.60. And the median was 6.60.

Mendole A/S Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mendole A/S'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.

Mendole A/S Beneish M-Score Chart

Mendole A/S Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 6.60

Mendole A/S Semi-Annual Data
Dec23 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 6.60

XSAT:MENDO vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Mendole A/S'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.

Mendole A/S Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Mendole A/S's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mendole A/S's Beneish M-Score falls into.


XSAT:MENDO
16GF Score
Mendole A/S XSAT:MENDO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mendole A/S 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 Mendole A/S 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 * 0.121+0.528 * 0.8045+0.404 * 1.7873+0.892 * 11.4148+0.115 * 0.549
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.088128-0.327 * 0.9424
=6.60

* 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 kr55.5 Mil.
Revenue was kr126.9 Mil.
Gross Profit was kr57.4 Mil.
Total Current Assets was kr63.2 Mil.
Total Assets was kr73.0 Mil.
Property, Plant and Equipment(Net PPE) was kr7.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.8 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr44.8 Mil.
Long-Term Debt & Capital Lease Obligation was kr3.8 Mil.
Net Income was kr1.1 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr-5.4 Mil.
 Total Receivables was kr40.2 Mil.
Revenue was kr11.1 Mil.
Gross Profit was kr4.0 Mil.
Total Current Assets was kr54.4 Mil.
Total Assets was kr59.0 Mil.
Property, Plant and Equipment(Net PPE) was kr3.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.4 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr40.6 Mil.
Long-Term Debt & Capital Lease Obligation was kr1.1 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)
=(55.457 / 126.944) / (40.165 / 11.121)
=0.436862 / 3.611636
=0.121

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)
=(4.048 / 11.121) / (57.437 / 126.944)
=0.363996 / 0.452459
=0.8045

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 - (63.152 + 7.439) / 73.03) / (1 - (54.395 + 3.529) / 59.027)
=0.033397 / 0.018686
=1.7873

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
=126.944 / 11.121
=11.4148

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))
=(0.421 / (0.421 + 3.529)) / (1.792 / (1.792 + 7.439))
=0.106582 / 0.194128
=0.549

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 / 126.944) / (0 / 11.121)
=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)
=((3.82 + 44.763) / 73.03) / ((1.053 + 40.616) / 59.027)
=0.665247 / 0.705931
=0.9424

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
=(1.053 - 0 - -5.383) / 73.03
=0.088128

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.

Mendole A/S has a M-score of 6.60 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 6.60 mean?
Mendole A/S (XSAT:MENDO) has a Beneish M-Score of 6.60 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mendole A/S and its competitors. This is near median its historical median of 6.60. Over the past decade, Mendole A/S's Beneish M-Score has ranged from 6.60 to 6.60. According to the industry distribution chart, Mendole A/S ranks #1682 out of 1700 companies in the Construction industry, placing it in the top 98.9%.
Is Mendole A/S's Beneish M-Score too high?
Mendole A/S's current Beneish M-Score of 6.60 is near median its 10-year median of 6.60. Over the past 10 years, this metric has ranged from a low of 6.60 to a high of 6.60. Based on the distribution chart, Mendole A/S ranks #1682 out of 1700 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Mendole A/S has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Mendole A/S's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Mendole A/S ranks #1682 out of 1700 companies for Beneish M-Score. This places Mendole A/S in the lower half of its industry. Historically, Mendole A/S's own Beneish M-Score has ranged from 6.60 to 6.60 over the past decade. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Mendole A/S and its competitors. Mendole A/S's current Beneish M-Score is 6.60, which is near median its own 10-year median of 6.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mendole A/S stock overvalued right now?
Mendole A/S (XSAT:MENDO) has a current Beneish M-Score of 6.60. The current Beneish M-Score is 6.60, which is near median its 10-year median of 6.60. Mendole A/S's overall GF Score™ is 16/100 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 Mendole A/S (XSAT:MENDO), the current Beneish M-Score is 6.60 as of Jul. 08, 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.

Mendole A/S Business Description

Address Guldalderen 13, Hedehusene, DNK, 2640
Mendole A/S is engaged in the installation and service market for commercial and industrial buildings. It currently operates across roofing and roof maintenance, energy services, electrical installations, and LED lighting solutions, and is actively preparing to expand into plumbing, ventilation, and green energy services.
16GF Score

Get the complete analysis for XSAT:MENDO

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

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