Blue Star Helium (ASX:BNL) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


What is Blue Star Helium Beneish M-Score?

Blue Star Helium ASX:BNL Beneish M-Score is 0.00 as of Jun. 27, 2026. The stock has 2 warning signs investors should review. Among 822 Oil & Gas companies, Blue Star Helium ranks worse than 121654.38% 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.

The historical rank and industry rank for Blue Star Helium's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Blue Star Helium was 3.31. The lowest was -4.11. And the median was -0.92.

Blue Star Helium Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Blue Star Helium'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.

Blue Star Helium Beneish M-Score Chart

Blue Star Helium Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.55 -4.11 -0.92 0.00 0.00

Blue Star Helium 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.92 0.00 0.00 0.00 0.00

ASX:BNL vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Blue Star Helium'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.

Blue Star Helium Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Blue Star Helium's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Blue Star Helium's Beneish M-Score falls into.


Blue Star Helium 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 Blue Star Helium 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$1.59 Mil.
Revenue was A$0.01 Mil.
Gross Profit was A$-1.02 Mil.
Total Current Assets was A$3.89 Mil.
Total Assets was A$40.63 Mil.
Property, Plant and Equipment(Net PPE) was A$35.96 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.13 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.81 Mil.
Total Current Liabilities was A$7.07 Mil.
Long-Term Debt & Capital Lease Obligation was A$25.40 Mil.
Net Income was A$-8.50 Mil.
Gross Profit was A$-0.09 Mil.
Cash Flow from Operations was A$-3.12 Mil.
 Total Receivables was A$0.20 Mil.
Revenue was A$-0.22 Mil.
Gross Profit was A$-0.31 Mil.
Total Current Assets was A$3.24 Mil.
Total Assets was A$22.74 Mil.
Property, Plant and Equipment(Net PPE) was A$19.35 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.76 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.67 Mil.
Total Current Liabilities was A$1.13 Mil.
Long-Term Debt & Capital Lease Obligation was A$11.03 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)
=(1.592 / 0.005) / (0.203 / -0.217)
=318.4 /
=

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)
=(-0.311 / -0.217) / (-1.023 / 0.005)
= / -204.6
=

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 - (3.887 + 35.955) / 40.632) / (1 - (3.239 + 19.346) / 22.741)
=0.019443 / 0.00686
=

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
=0.005 / -0.217
=

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))
=(0.761 / (0.761 + 19.346)) / (1.128 / (1.128 + 35.955))
=0.037848 / 0.030418
=

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)
=(1.805 / 0.005) / (0.668 / -0.217)
=361 /
=

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)
=((25.4 + 7.072) / 40.632) / ((11.026 + 1.127) / 22.741)
=0.799173 / 0.534409
=

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
=(-8.503 - -0.085 - -3.118) / 40.632
=-0.130439

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?
Blue Star Helium (ASX:BNL) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Blue Star Helium and its competitors. According to the industry distribution chart, Blue Star Helium ranks #999999 out of 822 companies in the Oil & Gas industry.
Is Blue Star Helium's Beneish M-Score too high?
Blue Star Helium's current Beneish M-Score is 0.00. Based on the distribution chart, Blue Star Helium ranks #999999 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers.
How does Blue Star Helium's Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Blue Star Helium ranks #999999 out of 822 companies for Beneish M-Score. This places Blue Star Helium 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Blue Star Helium and its competitors. Blue Star Helium'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 Blue Star Helium stock overvalued right now?
Blue Star Helium (ASX:BNL) 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 Blue Star Helium (ASX:BNL), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

Blue Star Helium Business Description

Industry EnergyOil & Gas
Other Exchanges BSNLF:USAAO7:Germany
Address 194 Hay Street, Subiaco, Perth, WA, AUS, 6008
Blue Star Helium Ltd is an independent helium exploration and production company, headquartered in Australia, with operations and exploration in North America. Blue Star is focused on providing its shareholders with exposure to multiple high-value helium projects in North America. Its project portfolio comprises the Galactica-Pegasus Project, located in Las Animas County, Colorado, and the Voyager Project. The company is organised into one main operating segment, which involves helium (including oil and gas) exploration, development, and production in the USA.