BTOC (Armlogi Holding) Beneish M-Score: -3.77 (As of Jun. 26, 2026)


BTOC Armlogi Holding Corp BTOC
13 GF Score
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What is Armlogi Holding Beneish M-Score?

Armlogi Holding BTOC +0.32% 13 Beneish M-Score is -3.77 as of Jun. 26, 2026. GuruFocus rates BTOC with a GF Score™ of 13/100. The stock has 2 warning signs investors should review. Among 966 Transportation companies, Armlogi Holding ranks better than 96.07% 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 -3.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BTOC' s Beneish M-Score Range Over the Past 10 Years
Min: -7.32   Med: -2.71   Max: 13.49
Current: -3.77

During the past 5 years, the highest Beneish M-Score of Armlogi Holding was 13.49. The lowest was -7.32. And the median was -2.71.

Armlogi Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Armlogi Holding'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.

Armlogi Holding Beneish M-Score Chart

Armlogi Holding Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 0.00 -0.27 -7.32

Armlogi Holding Quarterly Data
Jun21 Mar22 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.46 -7.32 -6.95 -4.32 -3.77

BTOC vs GVH, ELOG, SLGB: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Armlogi Holding'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.

Armlogi Holding Beneish M-Score vs Transportation Industry

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

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


BTOC
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Armlogi Holding Corp BTOC
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Armlogi Holding 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 Armlogi Holding 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 * 0.6241+0.528 * 0.1971+0.404 * 1.5257+0.892 * 1.048+0.115 * 0.6196
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.943+4.679 * -0.152785-0.327 * 1.0914
=-3.77

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $20.1 Mil.
Revenue was 41.678 + 51.543 + 49.473 + 50.938 = $193.6 Mil.
Gross Profit was -1.865 + -0.77 + -2.484 + -0.155 = $-5.3 Mil.
Total Current Assets was $24.8 Mil.
Total Assets was $143.7 Mil.
Property, Plant and Equipment(Net PPE) was $113.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.6 Mil.
Selling, General, & Admin. Expense(SGA) was $11.6 Mil.
Total Current Liabilities was $45.8 Mil.
Long-Term Debt & Capital Lease Obligation was $84.5 Mil.
Net Income was -5.067 + -3.86 + -6.508 + -5.287 = $-20.7 Mil.
Non Operating Income was 0.128 + 0.302 + 0.542 + -1.323 = $-0.4 Mil.
Cash Flow from Operations was -2.115 + -1.468 + -1.929 + 7.102 = $1.6 Mil.
 Total Receivables was $30.7 Mil.
Revenue was 45.844 + 51.144 + 42.482 + 45.287 = $184.8 Mil.
Gross Profit was 0.278 + 0.483 + -3.607 + 1.854 = $-1.0 Mil.
Total Current Assets was $39.7 Mil.
Total Assets was $178.0 Mil.
Property, Plant and Equipment(Net PPE) was $134.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.6 Mil.
Selling, General, & Admin. Expense(SGA) was $11.7 Mil.
Total Current Liabilities was $42.8 Mil.
Long-Term Debt & Capital Lease Obligation was $105.1 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)
=(20.074 / 193.632) / (30.689 / 184.757)
=0.103671 / 0.166105
=0.6241

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)
=(-0.992 / 184.757) / (-5.274 / 193.632)
=-0.005369 / -0.027237
=0.1971

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 - (24.833 + 113.601) / 143.738) / (1 - (39.747 + 133.988) / 178.041)
=0.0369 / 0.024185
=1.5257

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
=193.632 / 184.757
=1.048

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))
=(2.571 / (2.571 + 133.988)) / (3.56 / (3.56 + 113.601))
=0.018827 / 0.030386
=0.6196

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)
=(11.609 / 193.632) / (11.746 / 184.757)
=0.059954 / 0.063575
=0.943

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)
=((84.525 + 45.759) / 143.738) / ((105.063 + 42.801) / 178.041)
=0.906399 / 0.830505
=1.0914

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
=(-20.722 - -0.351 - 1.59) / 143.738
=-0.152785

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.

Armlogi Holding has a M-score of -3.77 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 -3.77 mean?
Armlogi Holding (BTOC) has a Beneish M-Score of -3.77 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Armlogi Holding and its competitors. According to the industry distribution chart, Armlogi Holding ranks #38 out of 966 companies in the Transportation industry, placing it in the top 3.9%.
Is Armlogi Holding's Beneish M-Score too high?
Armlogi Holding's current Beneish M-Score is -3.77. Based on the distribution chart, Armlogi Holding ranks #38 out of 966 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Armlogi Holding has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Armlogi Holding's Beneish M-Score compare to GVH and ELOG?
According to the Transportation industry distribution chart, Armlogi Holding ranks #38 out of 966 companies for Beneish M-Score. This places Armlogi Holding in the top 4% 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 Armlogi Holding and its competitors. Armlogi Holding's current Beneish M-Score is -3.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Armlogi Holding stock overvalued right now?
Armlogi Holding (BTOC) has a current Beneish M-Score of -3.77. The current Beneish M-Score is -3.77. Armlogi Holding's overall GF Score™ is 13/100 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 Armlogi Holding (BTOC), the current Beneish M-Score is -3.77 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.

Armlogi Holding Business Description

Address 20301 East Walnut Drive North, Walnut, CA, USA, 91789
Armlogi Holding Corp is a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. The company provides one-stop warehousing and logistics services to cross-border e-commerce merchants outside the U.S. who seek to sell in the U.S. market. The warehouses are equipped with automated sorting systems, heavy-duty forklifts, and pallets and trays that are suitable for processing bulky items. The services of the company include customs brokerage services, transportation of merchandise to U.S. warehouses, and warehouse management and order fulfillment services.
13GF Score

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