Bisalloy Steel Group (ASX:BIS) Beneish M-Score: -2.06 (As of Jun. 25, 2026)

What is Bisalloy Steel Group Beneish M-Score?

Bisalloy Steel Group ASX:BIS -3.04% 82 Beneish M-Score is -2.06 as of Jun. 25, 2026. GuruFocus rates ASX:BIS with a GF Score™ of 82/100 and a GF Value™ of A$3.47 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 593 Steel companies, Bisalloy Steel Group ranks worse than 72.18% 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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:BIS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.16 Max: -1.99
Current: -2.06

During the past 13 years, the highest Beneish M-Score of Bisalloy Steel Group was -1.99. The lowest was -3.02. And the median was -2.16.

Bisalloy Steel Group Beneish M-Score Related Terms

Bisalloy Steel Group Beneish M-Score Historical Data

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The historical data trend for Bisalloy Steel Group'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.

Bisalloy Steel Group Beneish M-Score Chart

Bisalloy Steel Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.25

-1.99

-2.37

-3.02

-2.06

Bisalloy Steel Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-3.02	0.00	-2.06	0.00

ASX:BIS vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Bisalloy Steel Group'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.

Bisalloy Steel Group Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Bisalloy Steel Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bisalloy Steel Group's Beneish M-Score falls into.

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82GF Score

Bisalloy Steel Group Ltd ASX:BIS

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Bisalloy Steel 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 Bisalloy Steel Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4622

0.528 * 0.8771

0.404 * 0.963

0.892 * 0.9997

0.115 * 1.1527

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1023

4.679 * 0.017733

0.327 * 1.0332

-2.06

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$30.9 Mil.
Revenue was A$152.8 Mil.
Gross Profit was A$44.1 Mil.
Total Current Assets was A$89.6 Mil.
Total Assets was A$133.9 Mil.
Property, Plant and Equipment(Net PPE) was A$33.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$2.1 Mil.
Selling, General, & Admin. Expense(SGA) was A$19.1 Mil.
Total Current Liabilities was A$40.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.1 Mil.
Net Income was A$19.6 Mil.
Gross Profit was A$3.8 Mil.
Cash Flow from Operations was A$13.4 Mil.

Total Receivables was A$21.1 Mil.
Revenue was A$152.9 Mil.
Gross Profit was A$38.7 Mil.
Total Current Assets was A$78.5 Mil.
Total Assets was A$118.6 Mil.
Property, Plant and Equipment(Net PPE) was A$29.6 Mil.
Depreciation, Depletion and Amortization(DDA) was A$2.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$17.3 Mil.
Total Current Liabilities was A$34.3 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.1 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)
	=	(30.875 / 152.81)	/	(21.122 / 152.858)
	=	0.202048	/	0.138181
	=	1.4622

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)
	=	(38.651 / 152.858)	/	(44.051 / 152.81)
	=	0.252856	/	0.288273
	=	0.8771

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 - (89.561 + 32.952) / 133.933)	/	(1 - (78.509 + 29.567) / 118.575)
	=	0.085267	/	0.088543
	=	0.963

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
	=	152.81	/	152.858
	=	0.9997

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))
	=	(2.188 / (2.188 + 29.567))	/	(2.095 / (2.095 + 32.952))
	=	0.068903	/	0.059777
	=	1.1527

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)
	=	(19.117 / 152.81)	/	(17.348 / 152.858)
	=	0.125103	/	0.113491
	=	1.1023

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)
	=	((0.057 + 40.07) / 133.933)	/	((0.107 + 34.278) / 118.575)
	=	0.299605	/	0.289985
	=	1.0332

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
	=	(19.58 - 3.809	-	13.396)	/	133.933
	=	0.017733

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.

Bisalloy Steel Group has a M-score of -2.06 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 -2.06 mean?

Bisalloy Steel Group (ASX:BIS) has a Beneish M-Score of -2.06 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bisalloy Steel Group and its competitors. According to the industry distribution chart, Bisalloy Steel Group ranks #428 out of 593 companies in the Steel industry, placing it in the top 72.2%.

Is Bisalloy Steel Group's Beneish M-Score too high?

Bisalloy Steel Group's current Beneish M-Score is -2.06. Based on the distribution chart, Bisalloy Steel Group ranks #428 out of 593 companies in the Steel industry, which is below the industry midpoint. Overall, Bisalloy Steel Group has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Bisalloy Steel Group's Beneish M-Score compare to NUE and STLD?

According to the Steel industry distribution chart, Bisalloy Steel Group ranks #428 out of 593 companies for Beneish M-Score. This places Bisalloy Steel 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 Steel company?

A good Beneish M-Score depends on the Steel 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 Bisalloy Steel Group and its competitors. Bisalloy Steel Group's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bisalloy Steel Group stock overvalued right now?

Based on GuruFocus' analysis, Bisalloy Steel Group (ASX:BIS) is currently considered Modestly Overvalued. The stock's GF Value™ is A$3.47, compared to a current price of A$4.46 — trading 28.5% above its estimated fair value. The current Beneish M-Score is -2.06. Bisalloy Steel Group's overall GF Score™ is 82/100 with 1 warning sign 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 Bisalloy Steel Group (ASX:BIS), the current Beneish M-Score is -2.06 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 Bisalloy Steel Group (ASX:BIS) Overvalued in 2026?

Based on GuruFocus' analysis, Bisalloy Steel Group stock appears to be overvalued. The current stock price of A$4.46 is trading 28.5% above its estimated GF Value™ of A$3.47. GuruFocus considers Bisalloy Steel Group to be Modestly Overvalued.

Key valuation signals for ASX:BIS:

Beneish M-Score: -2.06
GF Value™: A$3.47 vs. price of A$4.46 (28.5% above fair value)
GF Score™: 82/100 with 1 warning sign

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

Bisalloy Steel Group Business Description

Industry Basic Materials Steel

Comparable Companies ASX:FEX ASX:GRR ASX:GWR ASX:M4M ASX:EQX ASX:IRD ASX:MGX ASX:VSL ASX:BCI NUE XAMS:MT STLD BOM:500228 NSE:TATASTEEL XKRX:005490 RS SHSE:600019 TSE:5401 SHSE:600010 BOM:532286

Address 18 Resolution Drive, Unanderra, Wollongong, NSW, AUS, 2526

Website https://www.bisalloy.com.au

Bisalloy Steel Group Ltd is engaged in the processing and sale of quenched and tempered high-tensile, and abrasion-resistant steel plates. The company is organized into geographical operating segments, being Australian Operations is engaged in the distribution of wear-grade and high tensile plates through distributors and directly to original equipment manufacturers in both Australia and Overseas. Its Overseas Operations engage in the distribution of the abrasion-resistant plate as well as other steel plate products. The Overseas Operations also focus on the marketing and distribution of quench and tempered steel plates. The majority of its revenue is derived from Australian Operations.

82GF 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$4.46

Price

A$3.47

GF Value

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