ASTREE (XTUN:AST) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


XTUN:AST ASTREE XTUN:AST
26 GF Score
Price TND66.85
View Full Analysis

What is ASTREE Beneish M-Score?

ASTREE XTUN:AST 26 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates XTUN:AST with a GF Score™ of 26/100.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

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

During the past 7 years, the highest Beneish M-Score of ASTREE was 0.00. The lowest was 0.00. And the median was 0.00.

XTUN:AST
26GF Score
ASTREE XTUN:AST
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ASTREE 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 ASTREE 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec20) TTM:Last Year (Dec19) TTM:
Total Receivables was TND82.4 Mil.
Revenue was TND184.9 Mil.
Gross Profit was TND184.9 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND630.8 Mil.
Property, Plant and Equipment(Net PPE) was TND1.5 Mil.
Depreciation, Depletion and Amortization(DDA) was TND0.0 Mil.
Selling, General, & Admin. Expense(SGA) was TND13.3 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND0.0 Mil.
Net Income was TND25.5 Mil.
Gross Profit was TND1.2 Mil.
Cash Flow from Operations was TND42.7 Mil.
 Total Receivables was TND72.9 Mil.
Revenue was TND205.3 Mil.
Gross Profit was TND205.3 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND599.4 Mil.
Property, Plant and Equipment(Net PPE) was TND1.4 Mil.
Depreciation, Depletion and Amortization(DDA) was TND0.0 Mil.
Selling, General, & Admin. Expense(SGA) was TND14.0 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND0.0 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)
=(82.444 / 184.868) / (72.891 / 205.275)
=0.445961 / 0.35509
=

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)
=(205.275 / 205.275) / (184.868 / 184.868)
=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 - (0 + 1.529) / 630.81) / (1 - (0 + 1.383) / 599.372)
=0.997576 / 0.997693
=

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
=184.868 / 205.275
=

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 / (0 + 1.383)) / (0 / (0 + 1.529))
=0 / 0
=

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)
=(13.304 / 184.868) / (14.041 / 205.275)
=0.071965 / 0.068401
=

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 + 0) / 630.81) / ((0 + 0) / 599.372)
=0 / 0
=

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
=(25.525 - 1.209 - 42.69) / 630.81
=-0.029128

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
ASTREE (XTUN:AST) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASTREE and its competitors.
Is ASTREE's Beneish M-Score too high?
ASTREE's current Beneish M-Score is 0.00. Overall, ASTREE has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does ASTREE's Beneish M-Score compare to BRK.A and AIG?
ASTREE's Beneish M-Score of 0.00 can be compared against companies in the Insurance 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 ASTREE and its competitors. ASTREE's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASTREE stock overvalued right now?
ASTREE (XTUN:AST) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. ASTREE's overall GF Score™ is 26/100. 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 ASTREE (XTUN:AST), the current Beneish M-Score is 0.00 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.

ASTREE Business Description

Address 45, Avenue Khereddine Pacha, Tunis, TUN, 1002
ASTREE is engaged in offering insurance and reinsurance of all kinds of risks in Tunisia and abroad. The services provided by the company include Protection insurance, Health, Daily life Accidents, Travel, Savings, and Loan coverage among others.
26GF Score

Get the complete analysis for XTUN:AST

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

TND66.85
Price