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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 -3.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Madame Bioscience PCL's Beneish M-Score or its related term are showing as below:
BKK:MADAME'
s Beneish M-Score Range Over the Past 10 Years
Min: -4 Med: -2.48 Max: -0.41
Current: -3.32
During the past 13 years, the highest Beneish M-Score of Madame Bioscience PCL was -0.41. The lowest was -4.00. And the median was -2.48.
Madame Bioscience PCL Beneish M-Score Related Terms
Madame Bioscience PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Madame Bioscience PCL'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.
BKK:MADAME vs KHC, GIS: Beneish M-Score Comparison
For the Packaged Foods subindustry, Madame Bioscience PCL'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.
Madame Bioscience PCL Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Madame Bioscience PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Madame Bioscience PCL's Beneish M-Score falls into.
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 Madame Bioscience PCL 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 * 0.3853
+
0.528 * 0.5418
+
0.404 * 2.1108
+
0.892 * 0.7878
+
0.115 * 0.5183
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.3548
+
4.679 * -0.062539
-
0.327 * 0.6415
=
-3.32
* 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.
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.
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))
=
(80.864 / (80.864 + 657.627))
/
(93.812 / (93.812 + 350.244))
=
0.109499
/
0.211262
=
0.5183
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
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
=
(-160.619 - -81.219
-
1.234)
/
1289.336
=
-0.062539
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.
Madame Bioscience PCL has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
Madame Bioscience PCL (BKK:MADAME) has a Beneish M-Score of -3.32 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Madame Bioscience PCL and its competitors. According to the industry distribution chart, Madame Bioscience PCL ranks #161 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 8.7%.
Is Madame Bioscience PCL's Beneish M-Score too high?
Madame Bioscience PCL's current Beneish M-Score is -3.32. Based on the distribution chart, Madame Bioscience PCL ranks #161 out of 1851 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Madame Bioscience PCL has a GF Score™ of 21/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Madame Bioscience PCL's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Madame Bioscience PCL ranks #161 out of 1851 companies for Beneish M-Score. This places Madame Bioscience PCL in the top 9% 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 Madame Bioscience PCL and its competitors. Madame Bioscience PCL's current Beneish M-Score is -3.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Madame Bioscience PCL stock overvalued right now?
Based on GuruFocus' analysis, Madame Bioscience PCL (BKK:MADAME) is currently considered Fairly Valued. The stock's GF Value™ is ฿0.64, compared to a current price of ฿0.62 — trading 3.1% below its estimated fair value. The current Beneish M-Score is -3.32. Madame Bioscience PCL's overall GF Score™ is 21/100 with 2 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 Madame Bioscience PCL (BKK:MADAME), the current Beneish M-Score is -3.32 as of Jul. 20, 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 Madame Bioscience PCL (BKK:MADAME) Overvalued in 2026?
Based on GuruFocus' analysis, Madame Bioscience PCL stock appears to be undervalued.
The current stock price of ฿0.62 is trading 3.1% below its estimated GF Value™ of ฿0.64.
GuruFocus considers Madame Bioscience PCL to be Fairly Valued.
Key valuation signals for BKK:MADAME:
Beneish M-Score: -3.32
GF Value™: ฿0.64 vs. price of ฿0.62 (3.1% below fair value)
No single metric tells the full story. See the BKK:MADAME stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Madame Bioscience PCL is engaged in the segments of the Packaging business, Food business, Retail sales of cosmetics, and Other businesses. Its activities include the manufacturing and selling of plastic packaging, restaurant business, advertising rental service in the gas station and manufacturing and selling of dried fruits, among others. The group derives a majority of its revenue from the Food business. The firm's product portfolio includes Ready meals, Frozen food, value-added seafood and vegetables, Flexible packaging, and PET Bottles.
21GF Score
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