Rigsave SpA (XTER:H68) Beneish M-Score: 1081.85 (As of Jun. 26, 2026) — Near Median


XTER:H68 Rigsave SpA XTER:H68
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What is Rigsave SpA Beneish M-Score?

Rigsave SpA XTER:H68 +5.54% 12 Beneish M-Score is 1081.85 as of Jun. 26, 2026, which is at its 10-year median of 1,081.85. GuruFocus rates XTER:H68 with a GF Score™ of 12/100. The stock has 4 warning signs investors should review. Among 954 Asset Management companies, Rigsave SpA ranks worse than 99.9% 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 1081.85 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTER:H68' s Beneish M-Score Range Over the Past 10 Years
Min: 1081.85   Med: 1081.85   Max: 1081.85
Current: 1081.85

During the past 3 years, the highest Beneish M-Score of Rigsave SpA was 1081.85. The lowest was 1081.85. And the median was 1081.85.

Rigsave SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rigsave SpA'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.

Rigsave SpA Beneish M-Score Chart

Rigsave SpA Annual Data
Trend Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 1,081.85

Rigsave SpA Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 1,081.85 0.00

XTER:H68 vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Rigsave SpA'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.

Rigsave SpA Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Rigsave SpA's Beneish M-Score distribution charts can be found below:

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


XTER:H68
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Rigsave SpA XTER:H68
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rigsave SpA 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 Rigsave SpA 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 * 1201.7201+0.528 * 1+0.404 * 0.3795+0.892 * 1.5108+0.115 * 0.4803
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5615+4.679 * 0.005961-0.327 * 63.9447
=1,081.85

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €45.39 Mil.
Revenue was €0.49 Mil.
Gross Profit was €0.49 Mil.
Total Current Assets was €45.57 Mil.
Total Assets was €73.98 Mil.
Property, Plant and Equipment(Net PPE) was €0.84 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.06 Mil.
Selling, General, & Admin. Expense(SGA) was €0.67 Mil.
Total Current Liabilities was €46.40 Mil.
Long-Term Debt & Capital Lease Obligation was €0.12 Mil.
Net Income was €0.07 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.37 Mil.
 Total Receivables was €0.03 Mil.
Revenue was €0.33 Mil.
Gross Profit was €0.33 Mil.
Total Current Assets was €0.04 Mil.
Total Assets was €49.02 Mil.
Property, Plant and Equipment(Net PPE) was €0.84 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.03 Mil.
Selling, General, & Admin. Expense(SGA) was €0.79 Mil.
Total Current Liabilities was €0.34 Mil.
Long-Term Debt & Capital Lease Obligation was €0.15 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)
=(45.388 / 0.491) / (0.025 / 0.325)
=92.439919 / 0.076923
=1201.7201

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)
=(0.325 / 0.325) / (0.491 / 0.491)
=1 / 1
=1

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 - (45.566 + 0.842) / 73.978) / (1 - (0.043 + 0.842) / 49.021)
=0.372678 / 0.981947
=0.3795

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
=0.491 / 0.325
=1.5108

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))
=(0.026 / (0.026 + 0.842)) / (0.056 / (0.056 + 0.842))
=0.029954 / 0.062361
=0.4803

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)
=(0.671 / 0.491) / (0.791 / 0.325)
=1.366599 / 2.433846
=0.5615

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)
=((0.119 + 46.396) / 73.978) / ((0.147 + 0.335) / 49.021)
=0.628768 / 0.009833
=63.9447

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
=(0.072 - 0 - -0.369) / 73.978
=0.005961

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.

Rigsave SpA has a M-score of 1,081.85 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 1081.85 mean?
Rigsave SpA (XTER:H68) has a Beneish M-Score of 1081.85 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rigsave SpA and its competitors. This is near median its historical median of 1,081.85. Over the past decade, Rigsave SpA's Beneish M-Score has ranged from 1,081.85 to 1,081.85. According to the industry distribution chart, Rigsave SpA ranks #953 out of 954 companies in the Asset Management industry, placing it in the top 99.9%.
Is Rigsave SpA's Beneish M-Score too high?
Rigsave SpA's current Beneish M-Score of 1081.85 is near median its 10-year median of 1,081.85. Over the past 10 years, this metric has ranged from a low of 1,081.85 to a high of 1,081.85. Based on the distribution chart, Rigsave SpA ranks #953 out of 954 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Rigsave SpA has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Rigsave SpA's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Rigsave SpA ranks #953 out of 954 companies for Beneish M-Score. This places Rigsave SpA in the lower half of its industry. Historically, Rigsave SpA's own Beneish M-Score has ranged from 1,081.85 to 1,081.85 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Rigsave SpA and its competitors. Rigsave SpA's current Beneish M-Score is 1081.85, which is near median its own 10-year median of 1,081.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rigsave SpA stock overvalued right now?
Rigsave SpA (XTER:H68) has a current Beneish M-Score of 1081.85. The current Beneish M-Score is 1081.85, which is near median its 10-year median of 1,081.85. Rigsave SpA's overall GF Score™ is 12/100 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 Rigsave SpA (XTER:H68), the current Beneish M-Score is 1081.85 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.

Rigsave SpA Business Description

Other Exchanges H68:Germany
Address Corso Giuseppe Zanardelli, 38, Brescia, ITA, 25121
Rigsave SpA operates as a holding company. Through its subsidiaries, the company offers a range of traditional and financial services. These services cater to both retail and institutional clients across Europe, including countries such as Italy, Malta, Luxembourg, France, Portugal, the Netherlands, Germany, Austria, and Spain. The majority of the company's revenue is derived from the provision of Consultancy services.
12GF Score

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

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