BELFA (Bel Fuse) Beneish M-Score: -2.40 (As of Jun. 24, 2026)

What is Bel Fuse Beneish M-Score?

Bel Fuse BELFA +1.58% 71 Beneish M-Score is -2.40 as of Jun. 24, 2026. GuruFocus rates BELFA with a GF Score™ of 71/100 and a GF Value™ of $89.56 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 2,403 Hardware companies, Bel Fuse ranks worse than 55.64% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BELFA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.58 Max: -1.64
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Bel Fuse was -1.64. The lowest was -3.09. And the median was -2.58.

Bel Fuse Beneish M-Score Related Terms

Bel Fuse Beneish M-Score Historical Data

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The historical data trend for Bel Fuse'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.

Bel Fuse Beneish M-Score Chart

Bel Fuse Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.06

-2.27

-2.87

-2.09

-2.43

Bel Fuse Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-1.89	-1.64	-2.43	-2.40

BELFA vs OSIS, OLED, KN: Beneish M-Score Comparison

For the Electronic Components subindustry, Bel Fuse'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.

Bel Fuse Beneish M-Score vs Hardware Industry

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

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

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71GF Score

Bel Fuse Inc BELFA

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

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Bel Fuse 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 Bel Fuse 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 * 0.9437

0.528 * 0.9721

0.404 * 0.9597

0.892 * 1.2554

0.115 * 0.766

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9201

4.679 * -0.023672

0.327 * 0.821

-2.40

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $129.4 Mil.
Revenue was 178.491 + 175.938 + 178.98 + 168.299 = $701.7 Mil.
Gross Profit was 69.598 + 69.376 + 71.14 + 65.083 = $275.2 Mil.
Total Current Assets was $397.2 Mil.
Total Assets was $951.9 Mil.
Property, Plant and Equipment(Net PPE) was $69.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.5 Mil.
Selling, General, & Admin. Expense(SGA) was $133.1 Mil.
Total Current Liabilities was $124.7 Mil.
Long-Term Debt & Capital Lease Obligation was $218.9 Mil.
Net Income was 11.379 + -5.449 + 22.25 + 26.861 = $55.0 Mil.
Non Operating Income was -4.189 + -16.5 + 0.608 + 11.363 = $-8.7 Mil.
Cash Flow from Operations was 13.828 + 29.568 + 22.18 + 20.717 = $86.3 Mil.

Total Receivables was $109.2 Mil.
Revenue was 152.238 + 149.859 + 123.638 + 133.205 = $558.9 Mil.
Gross Profit was 58.819 + 56.207 + 44.677 + 53.396 = $213.1 Mil.
Total Current Assets was $368.4 Mil.
Total Assets was $940.5 Mil.
Property, Plant and Equipment(Net PPE) was $72.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.5 Mil.
Selling, General, & Admin. Expense(SGA) was $115.2 Mil.
Total Current Liabilities was $111.2 Mil.
Long-Term Debt & Capital Lease Obligation was $302.3 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)
	=	(129.419 / 701.708)	/	(109.237 / 558.94)
	=	0.184434	/	0.195436
	=	0.9437

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)
	=	(213.099 / 558.94)	/	(275.197 / 701.708)
	=	0.381256	/	0.392182
	=	0.9721

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 - (397.152 + 69.24) / 951.92)	/	(1 - (368.425 + 72.233) / 940.456)
	=	0.510051	/	0.531442
	=	0.9597

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
	=	701.708	/	558.94
	=	1.2554

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))
	=	(19.457 / (19.457 + 72.233))	/	(26.532 / (26.532 + 69.24))
	=	0.212204	/	0.277033
	=	0.766

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)
	=	(133.051 / 701.708)	/	(115.179 / 558.94)
	=	0.18961	/	0.206067
	=	0.9201

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)
	=	((218.92 + 124.748) / 951.92)	/	((302.344 + 111.235) / 940.456)
	=	0.361026	/	0.439764
	=	0.821

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
	=	(55.041 - -8.718	-	86.293)	/	951.92
	=	-0.023672

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.

Bel Fuse has a M-score of -2.40 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 -2.40 mean?

Bel Fuse (BELFA) has a Beneish M-Score of -2.40 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bel Fuse and its competitors. According to the industry distribution chart, Bel Fuse ranks #1337 out of 2403 companies in the Hardware industry, placing it in the top 55.6%.

Is Bel Fuse's Beneish M-Score too high?

Bel Fuse's current Beneish M-Score is -2.40. Based on the distribution chart, Bel Fuse ranks #1337 out of 2403 companies in the Hardware industry, which is below the industry midpoint. Overall, Bel Fuse has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Bel Fuse's Beneish M-Score compare to OSIS and OLED?

According to the Hardware industry distribution chart, Bel Fuse ranks #1337 out of 2403 companies for Beneish M-Score. This places Bel Fuse 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 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 Bel Fuse and its competitors. Bel Fuse's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bel Fuse stock overvalued right now?

Based on GuruFocus' analysis, Bel Fuse (BELFA) is currently considered Significantly Overvalued. The stock's GF Value™ is $89.56, compared to a current price of $257.19 — trading 187.2% above its estimated fair value. The current Beneish M-Score is -2.40. Bel Fuse's overall GF Score™ is 71/100 with 8 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 Bel Fuse (BELFA), the current Beneish M-Score is -2.40 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 Bel Fuse (BELFA) Overvalued in 2026?

Based on GuruFocus' analysis, Bel Fuse stock appears to be overvalued. The current stock price of $257.19 is trading 187.2% above its estimated GF Value™ of $89.56. GuruFocus considers Bel Fuse to be Significantly Overvalued.

Key valuation signals for BELFA:

Beneish M-Score: -2.40
GF Value™: $89.56 vs. price of $257.19 (187.2% above fair value)
GF Score™: 71/100 with 8 warning signs

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

Bel Fuse Business Description

Industry Technology Hardware

Comparable Companies OSIS OLED KN BHE OUST ROG CTS ALNT LPTH KOPN TPE:2308 APH GLW TPE:2317 TSE:6981 XKRX:009150 SZSE:002475 TEL TPE:2383 SZSE:002384

Other Exchanges BELFB:USA BF2B:Germany

Address 300 Executive Drive, Suite 300, West Orange, NJ, USA, 07052

Website https://www.belfuse.com

Bel Fuse Inc designs and manufactures electronic components that protect and connect electronic circuits. Its product portfolio is divided into three categories: magnetic solutions, power solutions & protection, and connectivity solutions. These products are used for the computer, networking, telecommunications, transportation and defense/aerospace, automotive, medical, and consumer electronics industries. Its geographical segments are the United States, Macao, United Kingdom, Slovakia, Germany, Switzerland, and All other foreign countries. Majority of the revenue is derived from United States.

71GF Score

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

$257.19

Price

$89.56

GF Value

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