Telnet Holding (XTUN:TLNET) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


XTUN:TLNET Telnet Holding SA XTUN:TLNET
26 GF Score
Price TND10.72
View Full Analysis

What is Telnet Holding Beneish M-Score?

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

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 Telnet Holding's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Telnet Holding was 0.00. The lowest was 0.00. And the median was 0.00.

Telnet Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Telnet Holding'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.

Telnet Holding Beneish M-Score Chart

Telnet Holding Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

Telnet Holding Semi-Annual Data
Dec09 Dec10 Dec11 Dec12 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

XTUN:TLNET vs CRM, INTU, NOW: Beneish M-Score Comparison

For the Software - Application subindustry, Telnet Holding'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.

Telnet Holding Beneish M-Score vs Software Industry

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

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


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

Telnet Holding 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 Telnet Holding 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 * 1.2158+0.528 * 0.9573+0.404 * 0.9925+0.892 * 1.2143+0.115 * 0.7452
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.016208-0.327 * 1.1176
=-2.11

* 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 (Dec21) TTM:Last Year (Dec20) TTM:
Total Receivables was TND21.27 Mil.
Revenue was TND48.28 Mil.
Gross Profit was TND43.44 Mil.
Total Current Assets was TND49.42 Mil.
Total Assets was TND67.99 Mil.
Property, Plant and Equipment(Net PPE) was TND9.82 Mil.
Depreciation, Depletion and Amortization(DDA) was TND1.45 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.00 Mil.
Total Current Liabilities was TND26.57 Mil.
Long-Term Debt & Capital Lease Obligation was TND0.98 Mil.
Net Income was TND9.06 Mil.
Gross Profit was TND0.00 Mil.
Cash Flow from Operations was TND7.96 Mil.
 Total Receivables was TND14.41 Mil.
Revenue was TND39.76 Mil.
Gross Profit was TND34.25 Mil.
Total Current Assets was TND38.51 Mil.
Total Assets was TND55.45 Mil.
Property, Plant and Equipment(Net PPE) was TND9.75 Mil.
Depreciation, Depletion and Amortization(DDA) was TND1.03 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.00 Mil.
Total Current Liabilities was TND19.11 Mil.
Long-Term Debt & Capital Lease Obligation was TND1.00 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)
=(21.268 / 48.276) / (14.405 / 39.755)
=0.44055 / 0.362344
=1.2158

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)
=(34.248 / 39.755) / (43.442 / 48.276)
=0.861477 / 0.899867
=0.9573

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 - (49.417 + 9.823) / 67.991) / (1 - (38.508 + 9.748) / 55.446)
=0.128708 / 0.129676
=0.9925

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
=48.276 / 39.755
=1.2143

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))
=(1.03 / (1.03 + 9.748)) / (1.445 / (1.445 + 9.823))
=0.095565 / 0.128239
=0.7452

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 / 48.276) / (0 / 39.755)
=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)
=((0.983 + 26.572) / 67.991) / ((1 + 19.106) / 55.446)
=0.405274 / 0.362623
=1.1176

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
=(9.064 - 0 - 7.962) / 67.991
=0.016208

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.

Telnet Holding has a M-score of -2.11 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 0.00 mean?
Telnet Holding (XTUN:TLNET) 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 Telnet Holding and its competitors.
Is Telnet Holding's Beneish M-Score too high?
Telnet Holding's current Beneish M-Score is 0.00. Overall, Telnet Holding has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Telnet Holding's Beneish M-Score compare to CRM and INTU?
Telnet Holding's Beneish M-Score of 0.00 can be compared against companies in the Software 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 Telnet Holding and its competitors. Telnet Holding'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 Telnet Holding stock overvalued right now?
Telnet Holding (XTUN:TLNET) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Telnet Holding'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 Telnet Holding (XTUN:TLNET), 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.

Telnet Holding Business Description

Address Les berges du Lac, Rue du Lac Leman, Tunis, TUN, 1053
Telnet Holding SA is engaged in developing software in the field of information and communications technology (ICT) for scientific and technical computing and real-time embedded systems and unit tests for critical applications.
26GF Score

Get the complete analysis for XTUN:TLNET

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

TND10.72
Price