Bega CheeseASX:BGA +3.21%75 Beneish M-Score is -3.18 as of Jun. 25, 2026. GuruFocus rates ASX:BGA with a GF Score™ of 75/100 and a GF Value™ of A$4.83 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Bega Cheese ranks better than 88.8% 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.
Good Sign:
Beneish M-Score -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bega Cheese's Beneish M-Score or its related term are showing as below:
ASX:BGA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.64 Max: 0.58
Current: -3.18
During the past 13 years, the highest Beneish M-Score of Bega Cheese was 0.58. The lowest was -3.18. And the median was -2.64.
Bega Cheese Beneish M-Score Related Terms
Bega Cheese Beneish M-Score Historical Data
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The historical data trend for Bega Cheese'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.
For the Packaged Foods subindustry, Bega Cheese'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.
Bega Cheese Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Bega Cheese's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bega Cheese's Beneish M-Score falls into.
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 Bega Cheese 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 * 0.5582
+
0.528 * 0.9625
+
0.404 * 1.0736
+
0.892 * 1.0048
+
0.115 * 0.9532
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0163
+
4.679 * -0.06439
-
0.327 * 0.9848
=
-3.18
* 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.
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.
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))
=
(88.1 / (88.1 + 824.2))
/
(90.9 / (90.9 + 806.3))
=
0.096569
/
0.101315
=
0.9532
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
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
=
(-8.5 - -42.1
-
165)
/
2040.7
=
-0.06439
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.
Bega Cheese has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
Bega Cheese (ASX:BGA) has a Beneish M-Score of -3.18 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bega Cheese and its competitors. According to the industry distribution chart, Bega Cheese ranks #207 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 11.2%.
Is Bega Cheese's Beneish M-Score too high?
Bega Cheese's current Beneish M-Score is -3.18. Based on the distribution chart, Bega Cheese ranks #207 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Bega Cheese has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bega Cheese's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Bega Cheese ranks #207 out of 1849 companies for Beneish M-Score. This places Bega Cheese in the top 11% of its industry — outperforming the majority of peers. 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Bega Cheese and its competitors. Bega Cheese's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bega Cheese stock overvalued right now?
Based on GuruFocus' analysis, Bega Cheese (ASX:BGA) is currently considered Modestly Overvalued. The stock's GF Value™ is A$4.83, compared to a current price of A$5.79 — trading 19.9% above its estimated fair value. The current Beneish M-Score is -3.18. Bega Cheese's overall GF Score™ is 75/100 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 Bega Cheese (ASX:BGA), the current Beneish M-Score is -3.18 as of Jun. 25, 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 Bega Cheese (ASX:BGA) Overvalued in 2026?
Based on GuruFocus' analysis, Bega Cheese stock appears to be overvalued.
The current stock price of A$5.79 is trading 19.9% above its estimated GF Value™ of A$4.83.
GuruFocus considers Bega Cheese to be Modestly Overvalued.
Key valuation signals for ASX:BGA:
Beneish M-Score: -3.18
GF Value™: A$4.83 vs. price of A$5.79 (19.9% above fair value)
No single metric tells the full story. See the ASX:BGA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bega Group is an Australia-based dairy processor and food manufacturer of well-known brands including Bega Cheese and Vegemite. Bega operates two segments: The branded segment produces consumer packaged goods primarily sold through the supermarket and foodservice channels, while the bulk segment produces commodity dairy ingredients primarily sold through the business-to-business channel.
75GF Score
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