Adriatic Osiguranje DD (ZAG:JDOS) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


What is Adriatic Osiguranje DD Beneish M-Score?

Adriatic Osiguranje DD ZAG:JDOS Beneish M-Score is 0.00 as of Jun. 24, 2026.

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 Adriatic Osiguranje DD's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Adriatic Osiguranje DD was 0.00. The lowest was 0.00. And the median was 0.00.

Adriatic Osiguranje DD 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 Adriatic Osiguranje DD 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 * 0.0167+0.528 * 1+0.404 * 1.007+0.892 * 1.0974+0.115 * 0.5107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.05025-0.327 * 0.5125
=-3.25

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was €0.9 Mil.
Revenue was 49.893 + 49.267 + 45.599 + 46.119 = €190.9 Mil.
Gross Profit was 49.893 + 49.267 + 45.599 + 46.119 = €190.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €410.9 Mil.
Property, Plant and Equipment(Net PPE) was €55.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.0 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €3.3 Mil.
Net Income was 1.119 + 2.334 + 2.852 + -2.301 = €4.0 Mil.
Non Operating Income was 1.998 + 2.782 + 1.667 + 4.964 = €11.4 Mil.
Cash Flow from Operations was 0.309 + 2.197 + 6.974 + 3.761 = €13.2 Mil.
 Total Receivables was €50.0 Mil.
Revenue was 42.536 + 44.311 + 42.469 + 44.626 = €173.9 Mil.
Gross Profit was 42.536 + 44.311 + 42.469 + 44.626 = €173.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €385.2 Mil.
Property, Plant and Equipment(Net PPE) was €54.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.0 Mil.
Selling, General, & Admin. Expense(SGA) was €6.2 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €6.1 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)
=(0.917 / 190.878) / (50.016 / 173.942)
=0.004804 / 0.287544
=0.0167

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)
=(173.942 / 173.942) / (190.878 / 190.878)
=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 - (0 + 55.501) / 410.903) / (1 - (0 + 54.343) / 385.215)
=0.864929 / 0.858928
=1.007

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
=190.878 / 173.942
=1.0974

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))
=(0.979 / (0.979 + 54.343)) / (1.992 / (1.992 + 55.501))
=0.017696 / 0.034648
=0.5107

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 / 190.878) / (6.152 / 173.942)
=0 / 0.035368
=0

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)
=((3.348 + 0) / 410.903) / ((6.124 + 0) / 385.215)
=0.008148 / 0.015898
=0.5125

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
=(4.004 - 11.411 - 13.241) / 410.903
=-0.05025

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.

Adriatic Osiguranje DD has a M-score of -3.25 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?
Adriatic Osiguranje DD (ZAG:JDOS) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Adriatic Osiguranje DD and its competitors.
Is Adriatic Osiguranje DD's Beneish M-Score too high?
Adriatic Osiguranje DD's current Beneish M-Score is 0.00.
How does Adriatic Osiguranje DD's Beneish M-Score compare to HALL?
Adriatic Osiguranje DD'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 Adriatic Osiguranje DD and its competitors. Adriatic Osiguranje DD'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 Adriatic Osiguranje DD stock overvalued right now?
Adriatic Osiguranje DD (ZAG:JDOS) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Adriatic Osiguranje DD (ZAG:JDOS), the current Beneish M-Score is 0.00 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.

Adriatic Osiguranje DD Business Description

Address Listopadska 2, Zagreb, HRV, 10000
Adriatic Osiguranje DD formerly Jadransko Osiguranje dd operates in the insurance industry in Croatia. The company offers property insurance and travel insurance. It specializes in Motor vehicle insurance.