Bell Financial Group (ASX:BFG) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


ASX:BFG Bell Financial Group Ltd ASX:BFG
58 GF Score
Price A$1.44
GF Value A$1.55
Valuation Fairly Valued
! 3 Warning Signs
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What is Bell Financial Group Beneish M-Score?

Bell Financial Group ASX:BFG +1.41% 58 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates ASX:BFG with a GF Score™ of 58/100 and a GF Value™ of A$1.55 (Fairly Valued). The stock has 3 warning signs investors should review. Among 702 Capital Markets companies, Bell Financial Group ranks worse than 142450% on this metric.

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 Bell Financial Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Bell Financial Group was 0.00. The lowest was 0.00. And the median was 0.00.

ASX:BFG
58GF Score
Bell Financial Group Ltd ASX:BFG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bell Financial Group 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 Bell Financial Group 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was A$82.1 Mil.
Revenue was A$268.9 Mil.
Gross Profit was A$268.9 Mil.
Total Current Assets was A$0.0 Mil.
Total Assets was A$1,121.7 Mil.
Property, Plant and Equipment(Net PPE) was A$51.9 Mil.
Depreciation, Depletion and Amortization(DDA) was A$11.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$170.3 Mil.
Total Current Liabilities was A$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.0 Mil.
Net Income was A$36.0 Mil.
Gross Profit was A$0.0 Mil.
Cash Flow from Operations was A$79.4 Mil.
 Total Receivables was A$87.5 Mil.
Revenue was A$245.5 Mil.
Gross Profit was A$245.5 Mil.
Total Current Assets was A$0.0 Mil.
Total Assets was A$1,054.0 Mil.
Property, Plant and Equipment(Net PPE) was A$35.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$10.8 Mil.
Selling, General, & Admin. Expense(SGA) was A$154.8 Mil.
Total Current Liabilities was A$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.0 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)
=(82.128 / 268.867) / (87.543 / 245.522)
=0.30546 / 0.356559
=

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)
=(245.522 / 245.522) / (268.867 / 268.867)
=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 + 51.941) / 1121.662) / (1 - (0 + 35.137) / 1053.965)
=0.953693 / 0.966662
=

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
=268.867 / 245.522
=

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))
=(10.776 / (10.776 + 35.137)) / (11.206 / (11.206 + 51.941))
=0.234705 / 0.177459
=

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)
=(170.265 / 268.867) / (154.817 / 245.522)
=0.633268 / 0.630563
=

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) / 1121.662) / ((0 + 0) / 1053.965)
=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
=(36.011 - 0 - 79.365) / 1121.662
=-0.038652

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?
Bell Financial Group (ASX:BFG) 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 Bell Financial Group and its competitors. According to the industry distribution chart, Bell Financial Group ranks #999999 out of 702 companies in the Capital Markets industry.
Is Bell Financial Group's Beneish M-Score too high?
Bell Financial Group's current Beneish M-Score is 0.00. Based on the distribution chart, Bell Financial Group ranks #999999 out of 702 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Bell Financial Group has a GF Score™ of 58/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bell Financial Group's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Bell Financial Group ranks #999999 out of 702 companies for Beneish M-Score. This places Bell Financial Group 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Bell Financial Group and its competitors. Bell Financial Group'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 Bell Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Bell Financial Group (ASX:BFG) is currently considered Fairly Valued. The stock's GF Value™ is A$1.55, compared to a current price of A$1.44 — trading 7.1% below its estimated fair value. The current Beneish M-Score is 0.00. Bell Financial Group's overall GF Score™ is 58/100 with 3 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 Bell Financial Group (ASX:BFG), 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.

Is Bell Financial Group (ASX:BFG) Overvalued in 2026?

Based on GuruFocus' analysis, Bell Financial Group stock appears to be undervalued. The current stock price of A$1.44 is trading 7.1% below its estimated GF Value™ of A$1.55. GuruFocus considers Bell Financial Group to be Fairly Valued.

Key valuation signals for ASX:BFG:

  • Beneish M-Score: 0.00
  • GF Value™: A$1.55 vs. price of A$1.44 (7.1% below fair value)
  • GF Score™: 58/100 with 3 warning signs

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

Bell Financial Group Business Description

Address 101 Collins Street, Level 29, Melbourne, VIC, AUS, 3000
Bell Financial Group Ltd is a capital market service provider based in Australia. It is engaged in providing stockbroking, investment, and financial advisory services to private, institutional, and corporate clients. The reporting segments of the company are: Technology & Platforms, Products & Services, and Broking. Maximum revenue is generated from the Broking segment, which includes traditional retail client broking (Retail client focus) and traditional wholesale client broking services (Institutional and Wholesale client focus). The Technology & Platforms segment includes proprietary technology and platforms, including online broking, and the Products & Services segment represents its margin lending, cash, portfolio administration, and superannuation solutions products and services.
58GF Score

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

A$1.44
Price
A$1.55
GF Value