BTS Group Holdings (BKK:BTS) Beneish M-Score: -2.88 (As of Jul. 13, 2026)

What is BTS Group Holdings Beneish M-Score?

BTS Group Holdings BKK:BTS +0.94% 50 Beneish M-Score is -2.88 as of Jul. 13, 2026. GuruFocus rates BKK:BTS with a GF Score™ of 50/100 and a GF Value™ of ฿5.22 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 964 Transportation companies, BTS Group Holdings ranks better than 76.76% 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BTS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -1.26 Max: 1.12
Current: -2.88

During the past 13 years, the highest Beneish M-Score of BTS Group Holdings was 1.12. The lowest was -2.88. And the median was -1.26.

BTS Group Holdings Beneish M-Score Related Terms

BTS Group Holdings Beneish M-Score Historical Data

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The historical data trend for BTS Group Holdings'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.

BTS Group Holdings Beneish M-Score Chart

BTS Group Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.05

-0.59

0.97

-2.80

-2.88

BTS Group Holdings 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															-2.80	-2.82	-1.65	-2.98	-2.88

BKK:BTS vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, BTS Group Holdings'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.

BTS Group Holdings Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, BTS Group Holdings's Beneish M-Score distribution charts can be found below:

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

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BTS Group Holdings PLC BKK:BTS

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

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BTS Group Holdings 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 BTS Group Holdings 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 * 1.1768

0.528 * 1.0394

0.404 * 0.8417

0.892 * 1.1791

0.115 * 0.7338

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2325

4.679 * -0.126885

0.327 * 1.0426

-2.88

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ฿12,475 Mil.
Revenue was 5196.827 + 5468.58 + 5191.594 + 5272.129 = ฿21,129 Mil.
Gross Profit was 1682.533 + 1470.234 + 1434.236 + 1524.577 = ฿6,112 Mil.
Total Current Assets was ฿69,308 Mil.
Total Assets was ฿322,206 Mil.
Property, Plant and Equipment(Net PPE) was ฿100,949 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,417 Mil.
Selling, General, & Admin. Expense(SGA) was ฿7,277 Mil.
Total Current Liabilities was ฿55,770 Mil.
Long-Term Debt & Capital Lease Obligation was ฿146,378 Mil.
Net Income was -66.792 + -957.827 + 102.363 + -229.567 = ฿-1,152 Mil.
Non Operating Income was 972.598 + 259.117 + 1435.261 + 548.614 = ฿3,216 Mil.
Cash Flow from Operations was 2459.122 + 33024.439 + 1450.04 + -417.962 = ฿36,516 Mil.

Total Receivables was ฿8,991 Mil.
Revenue was 5386.341 + 4997.412 + 3881.435 + 3654.009 = ฿17,919 Mil.
Gross Profit was 1716.402 + 1460.832 + 1198.243 + 1011.998 = ฿5,387 Mil.
Total Current Assets was ฿52,977 Mil.
Total Assets was ฿322,410 Mil.
Property, Plant and Equipment(Net PPE) was ฿88,786 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿2,186 Mil.
Selling, General, & Admin. Expense(SGA) was ฿5,007 Mil.
Total Current Liabilities was ฿37,396 Mil.
Long-Term Debt & Capital Lease Obligation was ฿156,618 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)
	=	(12475.463 / 21129.13)	/	(8990.624 / 17919.197)
	=	0.590439	/	0.501731
	=	1.1768

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)
	=	(5387.475 / 17919.197)	/	(6111.58 / 21129.13)
	=	0.300654	/	0.289249
	=	1.0394

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 - (69307.936 + 100949) / 322205.884)	/	(1 - (52977.291 + 88786) / 322410.36)
	=	0.47159	/	0.560302
	=	0.8417

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
	=	21129.13	/	17919.197
	=	1.1791

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))
	=	(2185.994 / (2185.994 + 88786))	/	(3417.35 / (3417.35 + 100949))
	=	0.024029	/	0.032744
	=	0.7338

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)
	=	(7277.396 / 21129.13)	/	(5007.406 / 17919.197)
	=	0.344425	/	0.279444
	=	1.2325

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)
	=	((146377.626 + 55769.833) / 322205.884)	/	((156618.285 + 37395.551) / 322410.36)
	=	0.627386	/	0.601761
	=	1.0426

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
	=	(-1151.823 - 3215.59	-	36515.639)	/	322205.884
	=	-0.126885

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.

BTS Group Holdings has a M-score of -2.88 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 -2.88 mean?

BTS Group Holdings (BKK:BTS) has a Beneish M-Score of -2.88 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BTS Group Holdings and its competitors. According to the industry distribution chart, BTS Group Holdings ranks #224 out of 964 companies in the Transportation industry, placing it in the top 23.2%.

Is BTS Group Holdings' Beneish M-Score too high?

BTS Group Holdings' current Beneish M-Score is -2.88. Based on the distribution chart, BTS Group Holdings ranks #224 out of 964 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, BTS Group Holdings has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does BTS Group Holdings' Beneish M-Score compare to UNP and CSX?

According to the Transportation industry distribution chart, BTS Group Holdings ranks #224 out of 964 companies for Beneish M-Score. This places BTS Group Holdings in the top 23% 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 BTS Group Holdings and its competitors. BTS Group Holdings's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BTS Group Holdings stock overvalued right now?

Based on GuruFocus' analysis, BTS Group Holdings (BKK:BTS) is currently considered Possible Value Trap. The stock's GF Value™ is ฿5.22, compared to a current price of ฿2.14 — trading 59% below its estimated fair value. The current Beneish M-Score is -2.88. BTS Group Holdings' overall GF Score™ is 50/100 with 5 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 BTS Group Holdings (BKK:BTS), the current Beneish M-Score is -2.88 as of Jul. 13, 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 BTS Group Holdings (BKK:BTS) Overvalued in 2026?

Based on GuruFocus' analysis, BTS Group Holdings stock appears to be undervalued. The current stock price of ฿2.14 is trading 59% below its estimated GF Value™ of ฿5.22. GuruFocus considers BTS Group Holdings to be Possible Value Trap.

Key valuation signals for BKK:BTS:

Beneish M-Score: -2.88
GF Value™: ฿5.22 vs. price of ฿2.14 (59% below fair value)
GF Score™: 50/100 with 5 warning signs

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

BTS Group Holdings Business Description

Industry Industrials Transportation

Comparable Companies BKK:KGEN BKK:ATP30 BKK:BEM UNP CSX TSX:CP TSX:CNR NSC WAB SHSE:601816 HKSE:00066 TSE:9020 HKSE:01766 TSE:9022 SHSE:601006 XKRX:064350 XPAR:GET HKSE:03898 XPAR:ALO TSE:9021

Address Phahonyothin Road, 1000/9 BTS Visionary Park, South Tower, 33rd Floor, Chomphon Sub-district, Chatuchak District, Bangkok, THA, 10900

Website https://www.btsgroup.co.th

BTS Group Holdings PLC is principally engaged in the provision of transportation (Move), comprehensive marketing (Mix), and the capture of opportunities and creation of synergies through a shared system platform (Match). The group's reportable segments are MOVE, MIX, and MATCH. The majority of its revenue is generated from the MOVE segment, which provides mass transportation services for rail and other modes. This segment generates revenue through farebox collection, operating and maintenance, elevated rail's installation and construction, train procurement, and other related services, as well as the operation and maintenance of the Bus Rapid Transit and Automated People Mover (APM) systems. Geographically, the group generates maximum revenue from Thailand.

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฿2.14

Price

฿5.22

GF Value

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