BCNAY (Barco NV) Beneish M-Score: -2.55 (As of Jun. 24, 2026)


BCNAY Barco NV BCNAY
73 GF Score
Price $6.45
GF Value $10.38
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What is Barco NV Beneish M-Score?

Barco NV BCNAY 73 Beneish M-Score is -2.55 as of Jun. 24, 2026. GuruFocus rates BCNAY with a GF Score™ of 73/100 and a GF Value™ of $10.38. Among 2,403 Hardware companies, Barco NV ranks better than 56.6% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BCNAY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.52   Max: -2.15
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Barco NV was -2.15. The lowest was -2.89. And the median was -2.52.

Barco NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Barco NV'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.

Barco NV Beneish M-Score Chart

Barco NV 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 -2.86 -2.15 -2.48 -2.87 -2.55

Barco NV 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 -2.48 0.00 -2.87 0.00 -2.55

BCNAY vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Barco NV'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.

Barco NV Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Barco NV's Beneish M-Score distribution charts can be found below:

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


BCNAY
73GF Score
Barco NV BCNAY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Barco NV 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 Barco NV 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 * 0.995+0.528 * 1.0166+0.404 * 1.0397+0.892 * 1.1386+0.115 * 0.9367
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.963+4.679 * -0.025216-0.327 * 0.9653
=-2.44

* 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 $251 Mil.
Revenue was $1,129 Mil.
Gross Profit was $452 Mil.
Total Current Assets was $807 Mil.
Total Assets was $1,289 Mil.
Property, Plant and Equipment(Net PPE) was $187 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $223 Mil.
Total Current Liabilities was $311 Mil.
Long-Term Debt & Capital Lease Obligation was $45 Mil.
Net Income was $84 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $116 Mil.
 Total Receivables was $221 Mil.
Revenue was $991 Mil.
Gross Profit was $404 Mil.
Total Current Assets was $832 Mil.
Total Assets was $1,287 Mil.
Property, Plant and Equipment(Net PPE) was $172 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $204 Mil.
Total Current Liabilities was $320 Mil.
Long-Term Debt & Capital Lease Obligation was $47 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)
=(250.58 / 1128.621) / (221.181 / 991.194)
=0.222023 / 0.223146
=0.995

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)
=(403.595 / 991.194) / (452.044 / 1128.621)
=0.407181 / 0.400528
=1.0166

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 - (807.281 + 186.578) / 1288.605) / (1 - (831.805 + 171.858) / 1286.761)
=0.228733 / 0.220008
=1.0397

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
=1128.621 / 991.194
=1.1386

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))
=(45.775 / (45.775 + 171.858)) / (54.03 / (54.03 + 186.578))
=0.210331 / 0.224556
=0.9367

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)
=(223.383 / 1128.621) / (203.723 / 991.194)
=0.197926 / 0.205533
=0.963

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)
=((44.5 + 310.678) / 1288.605) / ((46.975 + 320.457) / 1286.761)
=0.27563 / 0.285548
=0.9653

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
=(83.793 - 0 - 116.287) / 1288.605
=-0.025216

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.

Barco NV has a M-score of -2.44 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 -2.55 mean?
Barco NV (BCNAY) has a Beneish M-Score of -2.55 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Barco NV and its competitors. According to the industry distribution chart, Barco NV ranks #1043 out of 2403 companies in the Hardware industry, placing it in the top 43.4%.
Is Barco NV's Beneish M-Score too high?
Barco NV's current Beneish M-Score is -2.55. Based on the distribution chart, Barco NV ranks #1043 out of 2403 companies in the Hardware industry, which is above the industry midpoint. Overall, Barco NV has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Barco NV's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Barco NV ranks #1043 out of 2403 companies for Beneish M-Score. This puts Barco NV in the upper 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Barco NV and its competitors. Barco NV's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Barco NV stock overvalued right now?
Barco NV (BCNAY) has a current Beneish M-Score of -2.55. The stock's GF Value™ is $10.38, compared to a current price of $6.45 — trading 37.9% below its estimated fair value. The current Beneish M-Score is -2.55. Barco NV's overall GF Score™ is 73/100. 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 Barco NV (BCNAY), the current Beneish M-Score is -2.55 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 Barco NV (BCNAY) Overvalued in 2026?

Based on GuruFocus' analysis, Barco NV stock appears to be undervalued. The current stock price of $6.45 is trading 37.9% below its estimated GF Value™ of $10.38.

Key valuation signals for BCNAY:

  • Beneish M-Score: -2.55
  • GF Value™: $10.38 vs. price of $6.45 (37.9% below fair value)
  • GF Score™: 73/100

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

Barco NV Business Description

Address 35 President Kennedypark, Kortrijk, BEL, 8500
Barco NV is an electronics company with three business segments: Entertainment, Enterprise, and Healthcare. The Entertainment business segment, which generates maximum revenue, comprises two business units; Cinema which offers the industry's complete range of laser and lamp-based cinema projectors, including image processing and audio solutions; and the Immersive Experience business unit, which offers solutions tailored to the specific needs of large venues, live events, themed entertainment (museums, theme parks, digital immersive art installations, projection mapping, etc.) and simulation applications: projection, image processing, and related services. Geographically, the group generates maximum revenue from the Americas, followed by EMEA and the Asia-Pacific regions.
73GF Score

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

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