Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) Beneish M-Score: -1.68 (As of Jul. 15, 2026)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

View Profile →

Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11

What is Btsp II Fundo DE Investimento Imobiliario FII Beneish M-Score?

Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11 14 Beneish M-Score is -1.68 as of Jul. 15, 2026. GuruFocus rates BSP:BTSI11 with a GF Score™ of 14/100 and a GF Value™ of R$185.25. The stock has 6 warning signs investors should review.

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.

Warning Sign:

Beneish M-Score -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score or its related term are showing as below:

BSP:BTSI11' s Beneish M-Score Range Over the Past 10 Years
Min: -1.68 Med: -0.95 Max: 11.69
Current: -1.68

During the past 5 years, the highest Beneish M-Score of Btsp II Fundo DE Investimento Imobiliario FII was 11.69. The lowest was -1.68. And the median was -0.95.

Btsp II Fundo DE Investimento Imobiliario FII Beneish M-Score Related Terms

Btsp II Fundo DE Investimento Imobiliario FII Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Btsp II Fundo DE Investimento Imobiliario FII'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.

Btsp II Fundo DE Investimento Imobiliario FII Beneish M-Score Chart

Btsp II Fundo DE Investimento Imobiliario FII Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

0.00

11.69

-0.95

-1.68

Btsp II Fundo DE Investimento Imobiliario FII Semi-Annual Data
	Dec21	Dec22	Dec23	Dec24	Dec25
Beneish M-Score	0.00	0.00	11.69	-0.95	-1.68

BSP:BTSI11 vs PLD, PSA, EXR: Beneish M-Score Comparison

For the REIT - Industrial subindustry, Btsp II Fundo DE Investimento Imobiliario FII'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.

Btsp II Fundo DE Investimento Imobiliario FII Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score falls into.

Save Embed

14GF Score

Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11

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

View Full Analysis

Btsp II Fundo DE Investimento Imobiliario FII 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 Btsp II Fundo DE Investimento Imobiliario FII 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 * 0.7097

0.528 * 1

0.404 * 0.9996

0.892 * 2.0028

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5793

4.679 * 0.051887

0.327 * 1.4489

-1.68

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was R$5.04 Mil.
Revenue was R$49.15 Mil.
Gross Profit was R$49.15 Mil.
Total Current Assets was R$5.56 Mil.
Total Assets was R$788.31 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$2.40 Mil.
Total Current Liabilities was R$0.31 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$86.27 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$45.37 Mil.

Total Receivables was R$3.54 Mil.
Revenue was R$24.54 Mil.
Gross Profit was R$24.54 Mil.
Total Current Assets was R$3.88 Mil.
Total Assets was R$586.57 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$2.07 Mil.
Total Current Liabilities was R$0.16 Mil.
Long-Term Debt & Capital Lease Obligation was R$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)
	=	(5.037 / 49.15)	/	(3.544 / 24.541)
	=	0.102482	/	0.144411
	=	0.7097

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)
	=	(24.541 / 24.541)	/	(49.15 / 49.15)
	=	1	/	1
	=	1

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 - (5.557 + 0) / 788.311)	/	(1 - (3.882 + 0) / 586.569)
	=	0.992951	/	0.993382
	=	0.9996

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
	=	49.15	/	24.541
	=	2.0028

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(2.398 / 49.15)	/	(2.067 / 24.541)
	=	0.048789	/	0.084226
	=	0.5793

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 + 0.313) / 788.311)	/	((0 + 0.161) / 586.569)
	=	0.000397	/	0.000274
	=	1.4489

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
	=	(86.268 - 0	-	45.365)	/	788.311
	=	0.051887

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.

Btsp II Fundo DE Investimento Imobiliario FII has a M-score of -1.68 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.68 mean?

Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a Beneish M-Score of -1.68 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Btsp II Fundo DE Investimento Imobiliario FII and its competitors.

Is Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score too high?

Btsp II Fundo DE Investimento Imobiliario FII's current Beneish M-Score is -1.68. Overall, Btsp II Fundo DE Investimento Imobiliario FII has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.

How does Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score compare to PLD and PSA?

Btsp II Fundo DE Investimento Imobiliario FII's Beneish M-Score of -1.68 can be compared against companies in the REITs 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Btsp II Fundo DE Investimento Imobiliario FII and its competitors. Btsp II Fundo DE Investimento Imobiliario FII's current Beneish M-Score is -1.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Btsp II Fundo DE Investimento Imobiliario FII stock overvalued right now?

Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a current Beneish M-Score of -1.68. The stock's GF Value™ is R$185.25, compared to a current price of R$109.17 — trading 41.1% below its estimated fair value. The current Beneish M-Score is -1.68. Btsp II Fundo DE Investimento Imobiliario FII's overall GF Score™ is 14/100 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 Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11), the current Beneish M-Score is -1.68 as of Jul. 15, 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 Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) Overvalued in 2026?

Based on GuruFocus' analysis, Btsp II Fundo DE Investimento Imobiliario FII stock appears to be undervalued. The current stock price of R$109.17 is trading 41.1% below its estimated GF Value™ of R$185.25.

Key valuation signals for BSP:BTSI11:

Beneish M-Score: -1.68
GF Value™: R$185.25 vs. price of R$109.17 (41.1% below fair value)
GF Score™: 14/100 with 6 warning signs

No single metric tells the full story. See the BSP:BTSI11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Btsp II Fundo DE Investimento Imobiliario FII Business Description

Industry Real Estate REITs

Comparable Companies BSP:RZZR11 BSP:PQAG11 BSP:BTAL11 BSP:TRBL11 BSP:XPIN11 BSP:IBBP11 BSP:HLOG11 BSP:DAMT11 BSP:PATL11 BSP:AZPL11 PLD PSA EXR LSE:SGRO EGP LINE SGX:A17U CUBE FR REXR

Address Avenida Barbacena, 1219, 21st Floor, PARTE, Santo Agostinho, Belo Horizonte, MG, BRA, 30190131

Website https://www.bancointer.com.br

Btsp II Fundo DE Investimento Imobiliario FII is a closed end fund. The fund aims to develop real estate ventures focused on logistics and industrial operations, located in the Southeast and Midwest Regions, through the acquisition of land for construction or the acquisition of properties under construction or completed, for subsequent lease, rental or sale, including assets and rights related thereto, as well as other properties with potential income generation, and assets and rights related thereto.

14GF Score

Get the complete analysis for BSP:BTSI11

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

R$109.17

Price

R$185.25

GF Value

View BSP:BTSI11 Analysis

See Beneish M-Score data for all stocks →