Inghams Group (ASX:ING) Beneish M-Score: -3.08 (As of Jun. 24, 2026)

What is Inghams Group Beneish M-Score?

Inghams Group ASX:ING -1.02% 72 Beneish M-Score is -3.08 as of Jun. 24, 2026. GuruFocus rates ASX:ING with a GF Score™ of 72/100 and a GF Value™ of A$3.36 (Significantly Undervalued). The stock has 9 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Inghams Group ranks better than 86.1% 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:ING' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.81 Max: -1.67
Current: -3.08

During the past 9 years, the highest Beneish M-Score of Inghams Group was -1.67. The lowest was -3.25. And the median was -2.81.

Inghams Group Beneish M-Score Related Terms

Inghams Group Beneish M-Score Historical Data

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The historical data trend for Inghams 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.

Inghams Group Beneish M-Score Chart

Inghams Group Annual Data

Trend

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-1.67

-2.81

-2.51

-2.90

-3.08

Inghams Group Semi-Annual Data
	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	-2.90	0.00	-3.08	0.00

ASX:ING vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Inghams 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.

Inghams Group Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Inghams Group's Beneish M-Score distribution charts can be found below:

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

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72GF Score

Inghams Group Ltd ASX:ING

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

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Inghams 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 Inghams 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 * 1.2075

0.528 * 1.0315

0.404 * 0.3594

0.892 * 0.9664

0.115 * 0.3618

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9769

4.679 * -0.097407

0.327 * 0.985

-3.08

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$266 Mil.
Revenue was A$3,152 Mil.
Gross Profit was A$582 Mil.
Total Current Assets was A$819 Mil.
Total Assets was A$2,364 Mil.
Property, Plant and Equipment(Net PPE) was A$1,536 Mil.
Depreciation, Depletion and Amortization(DDA) was A$183 Mil.
Selling, General, & Admin. Expense(SGA) was A$373 Mil.
Total Current Liabilities was A$683 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,357 Mil.
Net Income was A$90 Mil.
Gross Profit was A$1 Mil.
Cash Flow from Operations was A$319 Mil.

Total Receivables was A$228 Mil.
Revenue was A$3,262 Mil.
Gross Profit was A$621 Mil.
Total Current Assets was A$985 Mil.
Total Assets was A$2,448 Mil.
Property, Plant and Equipment(Net PPE) was A$1,436 Mil.
Depreciation, Depletion and Amortization(DDA) was A$58 Mil.
Selling, General, & Admin. Expense(SGA) was A$395 Mil.
Total Current Liabilities was A$693 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,450 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)
	=	(266.3 / 3152.4)	/	(228.2 / 3262)
	=	0.084475	/	0.069957
	=	1.2075

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)
	=	(620.9 / 3262)	/	(581.7 / 3152.4)
	=	0.190343	/	0.184526
	=	1.0315

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 - (819.2 + 1535.9) / 2364.3)	/	(1 - (985 + 1436.1) / 2447.6)
	=	0.003891	/	0.010827
	=	0.3594

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
	=	3152.4	/	3262
	=	0.9664

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))
	=	(57.5 / (57.5 + 1436.1))	/	(182.9 / (182.9 + 1535.9))
	=	0.038498	/	0.106411
	=	0.3618

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)
	=	(373.2 / 3152.4)	/	(395.3 / 3262)
	=	0.118386	/	0.121183
	=	0.9769

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)
	=	((1356.5 + 682.5) / 2364.3)	/	((1449.7 + 693.3) / 2447.6)
	=	0.862412	/	0.875552
	=	0.985

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
	=	(89.8 - 0.8	-	319.3)	/	2364.3
	=	-0.097407

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.

Inghams Group has a M-score of -3.08 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 -3.08 mean?

Inghams Group (ASX:ING) has a Beneish M-Score of -3.08 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inghams Group and its competitors. According to the industry distribution chart, Inghams Group ranks #257 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 13.9%.

Is Inghams Group's Beneish M-Score too high?

Inghams Group's current Beneish M-Score is -3.08. Based on the distribution chart, Inghams Group ranks #257 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Inghams Group has a GF Score™ of 72/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Inghams Group's Beneish M-Score compare to ADM and BG?

According to the Consumer Packaged Goods industry distribution chart, Inghams Group ranks #257 out of 1849 companies for Beneish M-Score. This places Inghams Group in the top 14% 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 Inghams Group and its competitors. Inghams Group's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Inghams Group stock overvalued right now?

Based on GuruFocus' analysis, Inghams Group (ASX:ING) is currently considered Significantly Undervalued. The stock's GF Value™ is A$3.36, compared to a current price of A$1.95 — trading 42.1% below its estimated fair value. The current Beneish M-Score is -3.08. Inghams Group's overall GF Score™ is 72/100 with 9 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 Inghams Group (ASX:ING), the current Beneish M-Score is -3.08 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.

Is Inghams Group (ASX:ING) Overvalued in 2026?

Based on GuruFocus' analysis, Inghams Group stock appears to be undervalued. The current stock price of A$1.95 is trading 42.1% below its estimated GF Value™ of A$3.36. GuruFocus considers Inghams Group to be Significantly Undervalued.

Key valuation signals for ASX:ING:

Beneish M-Score: -3.08
GF Value™: A$3.36 vs. price of A$1.95 (42.1% below fair value)
GF Score™: 72/100 with 9 warning signs

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

Inghams Group Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ASX:AAC ASX:SGLLV ASX:GNC ASX:ELD ASX:SVL ASX:DBF ASX:FRM ASX:MCA ASX:AAP ADM SZSE:002714 BG TSN SZSE:300498 OSL:MOWI OSL:SALM XZIM:TANGANDA SZSE:300972 SZSE:000876 XPAR:LOUP

Other Exchanges IH1:Germany

Address 1 Julius Avenue, Level 4, North Ryde, Sydney, NSW, AUS, 2113

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

Inghams is the largest vertically integrated poultry producer in Australia and New Zealand. The firm enjoys a number-one position in Australia with approximately 40% market share and a number-two position in New Zealand with around 35% share. Inghams supplies poultry products, notably to major Australian supermarkets Woolworths and Coles and quick-service restaurants McDonald's and KFC. Sales are heavily skewed toward poultry, which includes the production and sale of chicken and turkey products.

72GF Score

Get the complete analysis for ASX:ING

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

A$1.95

Price

A$3.36

GF Value

View ASX:ING Analysis

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