Patrizia SE (XSWX:PAT) Beneish M-Score: -2.70 (As of Jun. 26, 2026)

What is Patrizia SE Beneish M-Score?

Patrizia SE XSWX:PAT 66 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates XSWX:PAT with a GF Score™ of 66/100 and a GF Value™ of CHF6.89. The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, Patrizia SE ranks better than 72.77% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:PAT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.43 Max: 3.33
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Patrizia SE was 3.33. The lowest was -3.11. And the median was -2.43.

Patrizia SE Beneish M-Score Related Terms

Patrizia SE Beneish M-Score Historical Data

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The historical data trend for Patrizia SE'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.

Patrizia SE Beneish M-Score Chart

Patrizia SE Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.37

-2.24

-3.11

-2.65

-2.70

Patrizia SE Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.44	-2.85	-2.86	-2.70

XSWX:PAT vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Patrizia SE'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.

Patrizia SE Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Patrizia SE's Beneish M-Score distribution charts can be found below:

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

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66GF Score

Patrizia SE XSWX:PAT

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Patrizia SE 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 Patrizia SE for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7601

0.528 * 1.0036

0.404 * 1.0222

0.892 * 0.9999

0.115 * 0.9395

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3743

4.679 * -0.023242

0.327 * 1.0136

-2.70

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was CHF73.5 Mil.
Revenue was 66.097 + 61.839 + 57.814 + 57.086 = CHF242.8 Mil.
Gross Profit was 62.221 + 56.747 + 53.391 + 53.091 = CHF225.5 Mil.
Total Current Assets was CHF283.8 Mil.
Total Assets was CHF1,585.7 Mil.
Property, Plant and Equipment(Net PPE) was CHF58.1 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF26.1 Mil.
Selling, General, & Admin. Expense(SGA) was CHF17.7 Mil.
Total Current Liabilities was CHF117.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF296.2 Mil.
Net Income was 10.093 + 1.887 + -0.034 + 4.937 = CHF16.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0.0 Mil.
Cash Flow from Operations was 16.239 + 11.885 + 32.496 + -6.881 = CHF53.7 Mil.

Total Receivables was CHF96.7 Mil.
Revenue was 64.929 + 58.791 + 63.128 + 56.004 = CHF242.9 Mil.
Gross Profit was 61.118 + 54.338 + 59.144 + 51.67 = CHF226.3 Mil.
Total Current Assets was CHF310.1 Mil.
Total Assets was CHF1,614.7 Mil.
Property, Plant and Equipment(Net PPE) was CHF65.6 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF26.9 Mil.
Selling, General, & Admin. Expense(SGA) was CHF47.3 Mil.
Total Current Liabilities was CHF168.1 Mil.
Long-Term Debt & Capital Lease Obligation was CHF247.0 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)
	=	(73.473 / 242.836)	/	(96.67 / 242.852)
	=	0.302562	/	0.398061
	=	0.7601

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)
	=	(226.27 / 242.852)	/	(225.45 / 242.836)
	=	0.93172	/	0.928404
	=	1.0036

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 - (283.824 + 58.1) / 1585.744)	/	(1 - (310.079 + 65.552) / 1614.723)
	=	0.784376	/	0.767371
	=	1.0222

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
	=	242.836	/	242.852
	=	0.9999

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))
	=	(26.913 / (26.913 + 65.552))	/	(26.078 / (26.078 + 58.1))
	=	0.291061	/	0.309796
	=	0.9395

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)
	=	(17.713 / 242.836)	/	(47.328 / 242.852)
	=	0.072942	/	0.194884
	=	0.3743

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)
	=	((296.169 + 117.01) / 1585.744)	/	((247.008 + 168.07) / 1614.723)
	=	0.260558	/	0.257058
	=	1.0136

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
	=	(16.883 - 0	-	53.739)	/	1585.744
	=	-0.023242

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.

Patrizia SE has a M-score of -2.70 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 -2.70 mean?

Patrizia SE (XSWX:PAT) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Patrizia SE and its competitors. According to the industry distribution chart, Patrizia SE ranks #458 out of 1682 companies in the Real Estate industry, placing it in the top 27.2%.

Is Patrizia SE's Beneish M-Score too high?

Patrizia SE's current Beneish M-Score is -2.70. Based on the distribution chart, Patrizia SE ranks #458 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Patrizia SE has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.

How does Patrizia SE's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, Patrizia SE ranks #458 out of 1682 companies for Beneish M-Score. This puts Patrizia SE 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 a Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 Patrizia SE and its competitors. Patrizia SE's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Patrizia SE stock overvalued right now?

Patrizia SE (XSWX:PAT) has a current Beneish M-Score of -2.70. The stock's GF Value™ is CHF6.89, compared to a current price of CHF7.16 — trading 3.9% above its estimated fair value. The current Beneish M-Score is -2.70. Patrizia SE's overall GF Score™ is 66/100 with 6 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 Patrizia SE (XSWX:PAT), the current Beneish M-Score is -2.70 as of Jun. 26, 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.

Is Patrizia SE (XSWX:PAT) Overvalued in 2026?

Based on GuruFocus' analysis, Patrizia SE stock appears to be overvalued. The current stock price of CHF7.16 is trading 3.9% above its estimated GF Value™ of CHF6.89.

Key valuation signals for XSWX:PAT:

Beneish M-Score: -2.70
GF Value™: CHF6.89 vs. price of CHF7.16 (3.9% above fair value)
GF Score™: 66/100 with 6 warning signs

No single metric tells the full story. See the XSWX:PAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Patrizia SE Business Description

Industry Real Estate Real Estate

Comparable Companies HAM:GWK3 STU:DWB FRA:DRE2 FRA:VIH1 HAM:TLG FRA:BRNK FRA:EXJ0 HAM:FFM1 XTER:DMRE XTER:ADJ STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Other Exchanges 0FJC:UK PAT:Germany P1Z:Austria

Address Fuggerstrasse 20, Augsburg, BY, DEU, 86150

Website https://www.patrizia.ag

PATRIZIA SE is a European independent real asset investment manager. The company provides investment opportunities in real assets for institutional, semi-professional, and private investors, with a focus on real estate and infrastructure. Its investment activities are aligned with sectors related to digital, urban, energy, and living-related developments and trends.

66GF Score

Get the complete analysis for XSWX:PAT

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

CHF7.16

Price

CHF6.89

GF Value

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