BNBX (BNB Plus) Beneish M-Score: -6.26 (As of Jun. 25, 2026)

What is BNB Plus Beneish M-Score?

BNB Plus BNBX -2.98% 23 Beneish M-Score is -6.26 as of Jun. 25, 2026. GuruFocus rates BNBX with a GF Score™ of 23/100 and a GF Value™ of $0.23 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 955 Asset Management companies, BNB Plus ranks better than 97.49% 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 -6.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BNBX' s Beneish M-Score Range Over the Past 10 Years
Min: -9.36 Med: -2.63 Max: 23.27
Current: -6.26

During the past 13 years, the highest Beneish M-Score of BNB Plus was 23.27. The lowest was -9.36. And the median was -2.63.

BNB Plus Beneish M-Score Related Terms

BNB Plus Beneish M-Score Historical Data

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The historical data trend for BNB Plus'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.

BNB Plus Beneish M-Score Chart

BNB Plus Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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2.99

-2.68

17.11

1.25

-6.30

BNB Plus 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															0.09	-3.46	-6.30	-4.44	-6.26

BNBX vs TWAV, DEFG, PIAC: Beneish M-Score Comparison

For the Asset Management subindustry, BNB Plus'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.

BNB Plus Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, BNB Plus's Beneish M-Score distribution charts can be found below:

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

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BNB Plus Corp BNBX

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

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BNB Plus 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 BNB Plus 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 * 0.5445

0.528 * 1.192

0.404 * 2.9879

0.892 * 0.8065

0.115 * 0.096

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.4616

4.679 * -0.817162

0.327 * 0.7436

-6.26

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.30 Mil.
Revenue was 1.024 + 0.565 + 0.199 + 0.304 = $2.09 Mil.
Gross Profit was 0.827 + 0.315 + -0.168 + 0.005 = $0.98 Mil.
Total Current Assets was $2.68 Mil.
Total Assets was $13.64 Mil.
Property, Plant and Equipment(Net PPE) was $0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.32 Mil.
Selling, General, & Admin. Expense(SGA) was $21.32 Mil.
Total Current Liabilities was $1.47 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -6.665 + -18.594 + -5.272 + -3.945 = $-34.48 Mil.
Non Operating Income was -4.532 + -5.124 + -0.082 + 0.006 = $-9.73 Mil.
Cash Flow from Operations was -2.05 + -5.545 + -3.191 + -2.816 = $-13.60 Mil.

Total Receivables was $0.69 Mil.
Revenue was 0.763 + 0.87 + 0.488 + 0.473 = $2.59 Mil.
Gross Profit was 0.396 + 0.606 + 0.202 + 0.243 = $1.45 Mil.
Total Current Assets was $8.43 Mil.
Total Assets was $13.04 Mil.
Property, Plant and Equipment(Net PPE) was $1.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $10.74 Mil.
Total Current Liabilities was $1.89 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)
	=	(0.303 / 2.092)	/	(0.69 / 2.594)
	=	0.144837	/	0.265998
	=	0.5445

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)
	=	(1.447 / 2.594)	/	(0.979 / 2.092)
	=	0.557826	/	0.467973
	=	1.192

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 - (2.679 + 0.174) / 13.635)	/	(1 - (8.43 + 1.156) / 13.036)
	=	0.790759	/	0.264652
	=	2.9879

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
	=	2.092	/	2.594
	=	0.8065

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))
	=	(0.077 / (0.077 + 1.156))	/	(0.324 / (0.324 + 0.174))
	=	0.062449	/	0.650602
	=	0.096

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)
	=	(21.317 / 2.092)	/	(10.738 / 2.594)
	=	10.189771	/	4.139553
	=	2.4616

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)
	=	((0 + 1.473) / 13.635)	/	((0 + 1.894) / 13.036)
	=	0.108031	/	0.14529
	=	0.7436

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
	=	(-34.476 - -9.732	-	-13.602)	/	13.635
	=	-0.817162

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.

BNB Plus has a M-score of -6.26 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 -6.26 mean?

BNB Plus (BNBX) has a Beneish M-Score of -6.26 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BNB Plus and its competitors. According to the industry distribution chart, BNB Plus ranks #24 out of 955 companies in the Asset Management industry, placing it in the top 2.5%.

Is BNB Plus' Beneish M-Score too high?

BNB Plus' current Beneish M-Score is -6.26. Based on the distribution chart, BNB Plus ranks #24 out of 955 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, BNB Plus has a GF Score™ of 23/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does BNB Plus' Beneish M-Score compare to TWAV and DEFG?

According to the Asset Management industry distribution chart, BNB Plus ranks #24 out of 955 companies for Beneish M-Score. This places BNB Plus 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 an Asset Management company?

A good Beneish M-Score depends on the Asset Management 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 BNB Plus and its competitors. BNB Plus's current Beneish M-Score is -6.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BNB Plus stock overvalued right now?

Based on GuruFocus' analysis, BNB Plus (BNBX) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.23, compared to a current price of $0.43 — trading 87% above its estimated fair value. The current Beneish M-Score is -6.26. BNB Plus' overall GF Score™ is 23/100 with 6 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 BNB Plus (BNBX), the current Beneish M-Score is -6.26 as of Jun. 25, 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 BNB Plus (BNBX) Overvalued in 2026?

Based on GuruFocus' analysis, BNB Plus stock appears to be overvalued. The current stock price of $0.43 is trading 87% above its estimated GF Value™ of $0.23. GuruFocus considers BNB Plus to be Significantly Overvalued.

Key valuation signals for BNBX:

Beneish M-Score: -6.26
GF Value™: $0.23 vs. price of $0.43 (87% above fair value)
GF Score™: 23/100 with 6 warning signs

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

BNB Plus Business Description

Industry Financial Services Asset Management

Comparable Companies TWAV DEFG PIAC SVVC LGCP CWD ALP ZSTK FXBY BNKK BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT OSTO:EQT AMP

Address 50 Health Sciences Drive, Stony Brook, New York, NY, USA, 11790

Website https://www.bnbx.io

BNB Plus Corp focuses on digital asset treasury management of BNB. The group is unlocking institutional-grade access to the Binance ecosystem, delivering non-directional yield strategies and long BNB exposure, powering the future of blockchain through a transparent, actively managed BNB treasury. The Company's differentiated blends sophisticated DeFi yield generation with Binance-native opportunities, unlocking access to high-performance digital assets for investors traditionally excluded from the space.

23GF Score

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

$0.43

Price

$0.23

GF Value

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