BMNR (BitMine Immersion Technologies) Beneish M-Score: -6.48 (As of Jun. 26, 2026)

What is BitMine Immersion Technologies Beneish M-Score?

BitMine Immersion Technologies BMNR +1.09% 57 Beneish M-Score is -6.48 as of Jun. 26, 2026. GuruFocus rates BMNR with a GF Score™ of 57/100 and a GF Value™ of $19.75 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 702 Capital Markets companies, BitMine Immersion Technologies ranks better than 97.29% 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 -6.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BMNR' s Beneish M-Score Range Over the Past 10 Years
Min: -9.68 Med: -6.07 Max: 2.79
Current: -6.48

During the past 4 years, the highest Beneish M-Score of BitMine Immersion Technologies was 2.79. The lowest was -9.68. And the median was -6.07.

BitMine Immersion Technologies Beneish M-Score Related Terms

BitMine Immersion Technologies Beneish M-Score Historical Data

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The historical data trend for BitMine Immersion Technologies'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.

BitMine Immersion Technologies Beneish M-Score Chart

BitMine Immersion Technologies Annual Data

Trend

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

0.00

-6.07

2.79

BitMine Immersion Technologies Quarterly Data
	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial												-6.29	-8.92	2.79	-9.68	-6.48

BMNR vs JEF, SF, RIOT: Beneish M-Score Comparison

For the Capital Markets subindustry, BitMine Immersion Technologies'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.

BitMine Immersion Technologies Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, BitMine Immersion Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BitMine Immersion Technologies's Beneish M-Score falls into.

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57GF Score

BitMine Immersion Technologies Inc BMNR

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

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BitMine Immersion Technologies 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 BitMine Immersion Technologies 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 * 0.8314

0.528 * -0.1755

0.404 * 7.7067

0.892 * 3.6132

0.115 * 0.4659

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 24.8648

4.679 * -0.945208

0.327 * 0.0029

-6.48

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was $0.75 Mil.
Revenue was 11.041 + 2.293 + 1.325 + 2.052 = $16.71 Mil.
Gross Profit was 9.615 + 1.269 + -0.606 + 0.491 = $10.77 Mil.
Total Current Assets was $885.88 Mil.
Total Assets was $9,894.26 Mil.
Property, Plant and Equipment(Net PPE) was $1.66 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.65 Mil.
Selling, General, & Admin. Expense(SGA) was $311.39 Mil.
Total Current Liabilities was $16.35 Mil.
Long-Term Debt & Capital Lease Obligation was $1.24 Mil.
Net Income was -3818.413 + -5204.095 + 351.331 + -0.623 = $-8,671.80 Mil.
Non Operating Income was 38.859 + 158.012 + 804.013 + -0.117 = $1,000.77 Mil.
Cash Flow from Operations was -88.243 + -228.356 + -5.515 + 1.677 = $-320.44 Mil.

Total Receivables was $0.25 Mil.
Revenue was 1.517 + 1.201 + 0.682 + 1.225 = $4.63 Mil.
Gross Profit was 0.077 + -0.01 + -0.812 + 0.222 = $-0.52 Mil.
Total Current Assets was $1.15 Mil.
Total Assets was $7.50 Mil.
Property, Plant and Equipment(Net PPE) was $5.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.82 Mil.
Selling, General, & Admin. Expense(SGA) was $3.47 Mil.
Total Current Liabilities was $4.60 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(0.751 / 16.711)	/	(0.25 / 4.625)
	=	0.04494	/	0.054054
	=	0.8314

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)
	=	(-0.523 / 4.625)	/	(10.769 / 16.711)
	=	-0.113081	/	0.644426
	=	-0.1755

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 - (885.876 + 1.664) / 9894.256)	/	(1 - (1.149 + 5.466) / 7.501)
	=	0.910297	/	0.118118
	=	7.7067

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
	=	16.711	/	4.625
	=	3.6132

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))
	=	(0.824 / (0.824 + 5.466))	/	(0.651 / (0.651 + 1.664))
	=	0.131002	/	0.28121
	=	0.4659

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)
	=	(311.39 / 16.711)	/	(3.466 / 4.625)
	=	18.633834	/	0.749405
	=	24.8648

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)
	=	((1.244 + 16.349) / 9894.256)	/	((0 + 4.597) / 7.501)
	=	0.001778	/	0.612852
	=	0.0029

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
	=	(-8671.8 - 1000.767	-	-320.437)	/	9894.256
	=	-0.945208

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.

BitMine Immersion Technologies has a M-score of -6.48 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 -6.48 mean?

BitMine Immersion Technologies (BMNR) has a Beneish M-Score of -6.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BitMine Immersion Technologies and its competitors. According to the industry distribution chart, BitMine Immersion Technologies ranks #19 out of 702 companies in the Capital Markets industry, placing it in the top 2.7%.

Is BitMine Immersion Technologies' Beneish M-Score too high?

BitMine Immersion Technologies' current Beneish M-Score is -6.48. Based on the distribution chart, BitMine Immersion Technologies ranks #19 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, BitMine Immersion Technologies has a GF Score™ of 57/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does BitMine Immersion Technologies' Beneish M-Score compare to JEF and SF?

According to the Capital Markets industry distribution chart, BitMine Immersion Technologies ranks #19 out of 702 companies for Beneish M-Score. This places BitMine Immersion Technologies in the top 3% 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 Capital Markets company?

A good Beneish M-Score depends on the Capital Markets 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 BitMine Immersion Technologies and its competitors. BitMine Immersion Technologies's current Beneish M-Score is -6.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BitMine Immersion Technologies stock overvalued right now?

Based on GuruFocus' analysis, BitMine Immersion Technologies (BMNR) is currently considered Significantly Undervalued. The stock's GF Value™ is $19.75, compared to a current price of $13.47 — trading 31.8% below its estimated fair value. The current Beneish M-Score is -6.48. BitMine Immersion Technologies' overall GF Score™ is 57/100 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 BitMine Immersion Technologies (BMNR), the current Beneish M-Score is -6.48 as of Jun. 26, 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 BitMine Immersion Technologies (BMNR) Overvalued in 2026?

Based on GuruFocus' analysis, BitMine Immersion Technologies stock appears to be undervalued. The current stock price of $13.47 is trading 31.8% below its estimated GF Value™ of $19.75. GuruFocus considers BitMine Immersion Technologies to be Significantly Undervalued.

Key valuation signals for BMNR:

Beneish M-Score: -6.48
GF Value™: $19.75 vs. price of $13.47 (31.8% below fair value)
GF Score™: 57/100 with 2 warning signs

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

BitMine Immersion Technologies Business Description

Industry Financial Services Capital Markets

Comparable Companies JEF SF RIOT HLI WULF SNEX EVR XP HUT FIGR MS GS SCHW HOOD ASX:MQG SHSE:600030 BSP:BPAC3 SZSE:300059 IBKR SHSE:601211

Other Exchanges BMNR:Mexico Y6G0:Germany

Address 10845 Griffith Peak, Drive 2, Las Vegas, NV, USA, 89135

Website https://www.bitminetech.io

BitMine Immersion Technologies Inc is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by its Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, Synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine's operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas.

57GF Score

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$13.47

Price

$19.75

GF Value

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