Swiss Prime Site AG (XSWX:SPSN) Beneish M-Score: -2.42 (As of Jun. 24, 2026)


XSWX:SPSN Swiss Prime Site AG XSWX:SPSN
58 GF Score
Price CHF132.30
GF Value CHF76.99
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Swiss Prime Site AG Beneish M-Score?

Swiss Prime Site AG XSWX:SPSN +0.15% 58 Beneish M-Score is -2.42 as of Jun. 24, 2026. GuruFocus rates XSWX:SPSN with a GF Score™ of 58/100 and a GF Value™ of CHF76.99 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,681 Real Estate companies, Swiss Prime Site AG ranks better than 54.31% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Swiss Prime Site AG's Beneish M-Score or its related term are showing as below:

XSWX:SPSN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.46   Max: -1.58
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Swiss Prime Site AG was -1.58. The lowest was -3.38. And the median was -2.46.

Swiss Prime Site AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Swiss Prime Site AG'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.

Swiss Prime Site AG Beneish M-Score Chart

Swiss Prime Site AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.38 -2.31 -1.58 -2.98 -2.42

Swiss Prime Site AG Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -1.58 0.00 -2.98 0.00 -2.42

Swiss Prime Site AG Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, Swiss Prime Site AG'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.

Swiss Prime Site AG Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Swiss Prime Site AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Swiss Prime Site AG's Beneish M-Score falls into.


XSWX:SPSN
58GF Score
Swiss Prime Site AG XSWX:SPSN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Swiss Prime Site AG 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 Swiss Prime Site AG 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 * 1.3339+0.528 * 0.8996+0.404 * 1.037+0.892 * 0.8372+0.115 * 0.2413
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8823+4.679 * 0.001891-0.327 * 1.005
=-2.42

* 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 CHF60.9 Mil.
Revenue was CHF552.4 Mil.
Gross Profit was CHF489.0 Mil.
Total Current Assets was CHF264.1 Mil.
Total Assets was CHF14,695.9 Mil.
Property, Plant and Equipment(Net PPE) was CHF81.6 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF5.5 Mil.
Selling, General, & Admin. Expense(SGA) was CHF12.6 Mil.
Total Current Liabilities was CHF1,303.2 Mil.
Long-Term Debt & Capital Lease Obligation was CHF4,895.6 Mil.
Net Income was CHF382.5 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF354.7 Mil.
 Total Receivables was CHF54.6 Mil.
Revenue was CHF659.8 Mil.
Gross Profit was CHF525.5 Mil.
Total Current Assets was CHF267.2 Mil.
Total Assets was CHF13,841.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF540.5 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF8.3 Mil.
Selling, General, & Admin. Expense(SGA) was CHF17.1 Mil.
Total Current Liabilities was CHF1,311.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF4,498.1 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)
=(60.946 / 552.394) / (54.577 / 659.813)
=0.110331 / 0.082716
=1.3339

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)
=(525.476 / 659.813) / (489.025 / 552.394)
=0.796401 / 0.885283
=0.8996

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 - (264.147 + 81.629) / 14695.857) / (1 - (267.223 + 540.525) / 13841.217)
=0.976471 / 0.941642
=1.037

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
=552.394 / 659.813
=0.8372

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))
=(8.304 / (8.304 + 540.525)) / (5.46 / (5.46 + 81.629))
=0.01513 / 0.062694
=0.2413

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)
=(12.616 / 552.394) / (17.079 / 659.813)
=0.022839 / 0.025885
=0.8823

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)
=((4895.554 + 1303.228) / 14695.857) / ((4498.101 + 1311.041) / 13841.217)
=0.421805 / 0.419699
=1.005

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
=(382.468 - 0 - 354.671) / 14695.857
=0.001891

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.

Swiss Prime Site AG has a M-score of -2.42 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 -2.42 mean?
Swiss Prime Site AG (XSWX:SPSN) has a Beneish M-Score of -2.42 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swiss Prime Site AG and its competitors. According to the industry distribution chart, Swiss Prime Site AG ranks #768 out of 1681 companies in the Real Estate industry, placing it in the top 45.7%.
Is Swiss Prime Site AG's Beneish M-Score too high?
Swiss Prime Site AG's current Beneish M-Score is -2.42. Based on the distribution chart, Swiss Prime Site AG ranks #768 out of 1681 companies in the Real Estate industry, which is above the industry midpoint. Overall, Swiss Prime Site AG has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Swiss Prime Site AG's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Swiss Prime Site AG ranks #768 out of 1681 companies for Beneish M-Score. This puts Swiss Prime Site AG 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 Swiss Prime Site AG and its competitors. Swiss Prime Site AG's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swiss Prime Site AG stock overvalued right now?
Based on GuruFocus' analysis, Swiss Prime Site AG (XSWX:SPSN) is currently considered Significantly Overvalued. The stock's GF Value™ is CHF76.99, compared to a current price of CHF132.30 — trading 71.8% above its estimated fair value. The current Beneish M-Score is -2.42. Swiss Prime Site AG's overall GF Score™ is 58/100 with 4 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 Swiss Prime Site AG (XSWX:SPSN), the current Beneish M-Score is -2.42 as of Jun. 24, 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 Swiss Prime Site AG (XSWX:SPSN) Overvalued in 2026?

Based on GuruFocus' analysis, Swiss Prime Site AG stock appears to be overvalued. The current stock price of CHF132.30 is trading 71.8% above its estimated GF Value™ of CHF76.99. GuruFocus considers Swiss Prime Site AG to be Significantly Overvalued.

Key valuation signals for XSWX:SPSN:

  • Beneish M-Score: -2.42
  • GF Value™: CHF76.99 vs. price of CHF132.30 (71.8% above fair value)
  • GF Score™: 58/100 with 4 warning signs

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

Swiss Prime Site AG Business Description

Address Poststrasse 4a, Zug, CHE, 6300
Swiss Prime Site AG is a real estate company based in Switzerland. Its segments include: Real Estate, Asset Management, Retail, Corporate and Shared Services. The Real Estate segment consists of the firm's core real estate activities (the purchase, sale, lease, and development of properties) and financing of these activities. Asset Management includes the fund business, asset management, and investment advisory. The Retail segment consists of the operation of department stores, and Corporate and Shared Services include central group functions as well as internal services that are provided centrally. The majority of the revenue is generated from the Real Estate segment.
58GF Score

Get the complete analysis for XSWX:SPSN

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

CHF132.30
Price
CHF76.99
GF Value