PRO DV AG (XTER:PDA0) Beneish M-Score: 20.20 (As of Jul. 02, 2026)


XTER:PDA0 PRO DV AG XTER:PDA0
81 GF Score
Price €2.16
GF Value €3.01
Valuation Modestly Undervalued
! 4 Warning Signs
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What is PRO DV AG Beneish M-Score?

PRO DV AG XTER:PDA0 81 Beneish M-Score is 20.20 as of Jul. 02, 2026. GuruFocus rates XTER:PDA0 with a GF Score™ of 81/100 and a GF Value™ of €3.01 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 2,630 Software companies, PRO DV AG ranks worse than 98.78% 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 20.2 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTER:PDA0' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -1.57   Max: 150.6
Current: 20.2

During the past 13 years, the highest Beneish M-Score of PRO DV AG was 150.60. The lowest was -2.81. And the median was -1.57.

PRO DV AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PRO DV 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.

PRO DV AG Beneish M-Score Chart

PRO DV 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 -1.42 -1.71 -1.40 -2.65 20.20

PRO DV AG Semi-Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.42 -1.71 -1.40 -2.65 20.20

XTER:PDA0 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, PRO DV 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.

PRO DV AG Beneish M-Score vs Software Industry

For the Software industry and Technology sector, PRO DV AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PRO DV AG's Beneish M-Score falls into.


XTER:PDA0
81GF Score
PRO DV AG XTER:PDA0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PRO DV 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 PRO DV 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 * 1.0598+0.528 * 1.456+0.404 * 56.3196+0.892 * 1.0936+0.115 * 3.6438
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.067407-0.327 * 1.1207
=20.20

* 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 €1.76 Mil.
Revenue was €4.09 Mil.
Gross Profit was €0.69 Mil.
Total Current Assets was €2.60 Mil.
Total Assets was €2.70 Mil.
Property, Plant and Equipment(Net PPE) was €0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.28 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-0.18 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.
 Total Receivables was €1.52 Mil.
Revenue was €3.74 Mil.
Gross Profit was €0.92 Mil.
Total Current Assets was €2.57 Mil.
Total Assets was €2.58 Mil.
Property, Plant and Equipment(Net PPE) was €0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.11 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €1.09 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(1.757 / 4.089) / (1.516 / 3.739)
=0.429689 / 0.405456
=1.0598

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)
=(0.916 / 3.739) / (0.688 / 4.089)
=0.244985 / 0.168256
=1.456

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 - (2.596 + 0.045) / 2.7) / (1 - (2.574 + 0.005) / 2.58)
=0.021852 / 0.000388
=56.3196

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
=4.089 / 3.739
=1.0936

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))
=(0.108 / (0.108 + 0.005)) / (0.016 / (0.016 + 0.045))
=0.955752 / 0.262295
=3.6438

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 / 4.089) / (0 / 3.739)
=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 + 1.276) / 2.7) / ((0 + 1.088) / 2.58)
=0.472593 / 0.421705
=1.1207

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
=(-0.182 - 0 - 0) / 2.7
=-0.067407

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.

PRO DV AG has a M-score of 20.20 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 20.20 mean?
PRO DV AG (XTER:PDA0) has a Beneish M-Score of 20.20 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PRO DV AG and its competitors. According to the industry distribution chart, PRO DV AG ranks #2598 out of 2630 companies in the Software industry, placing it in the top 98.8%.
Is PRO DV AG's Beneish M-Score too high?
PRO DV AG's current Beneish M-Score is 20.20. Based on the distribution chart, PRO DV AG ranks #2598 out of 2630 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, PRO DV AG has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PRO DV AG's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, PRO DV AG ranks #2598 out of 2630 companies for Beneish M-Score. This places PRO DV AG in the lower 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 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 PRO DV AG and its competitors. PRO DV AG's current Beneish M-Score is 20.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PRO DV AG stock overvalued right now?
Based on GuruFocus' analysis, PRO DV AG (XTER:PDA0) is currently considered Modestly Undervalued. The stock's GF Value™ is €3.01, compared to a current price of €2.16 — trading 28.2% below its estimated fair value. The current Beneish M-Score is 20.20. PRO DV AG's overall GF Score™ is 81/100 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 PRO DV AG (XTER:PDA0), the current Beneish M-Score is 20.20 as of Jul. 02, 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 PRO DV AG (XTER:PDA0) Overvalued in 2026?

Based on GuruFocus' analysis, PRO DV AG stock appears to be undervalued. The current stock price of €2.16 is trading 28.2% below its estimated GF Value™ of €3.01. GuruFocus considers PRO DV AG to be Modestly Undervalued.

Key valuation signals for XTER:PDA0:

  • Beneish M-Score: 20.20
  • GF Value™: €3.01 vs. price of €2.16 (28.2% below fair value)
  • GF Score™: 81/100 with 4 warning signs

No single metric tells the full story. See the XTER:PDA0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PRO DV AG Business Description

Other Exchanges PDA0:Germany
Address Hauert 12, Dortmund, NW, DEU, 44227
PRO DV AG engages in the provision of information technology business solutions. It offers project support services in the transport and logistics, telecommunications, energy supply, and public administration sectors. The firm specializes in the analysis and optimization of business processes with a focus on business analysis, architecture consulting, project management, and security management.
81GF Score

Get the complete analysis for XTER:PDA0

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

€2.16
Price
€3.01
GF Value