BXSY (Bexil Investment Trust) Beneish M-Score: -0.46 (As of Jun. 24, 2026)


BXSY Bexil Investment Trust BXSY
32 GF Score
Price $16.81
GF Value $27.45
Valuation Possible Value Trap
! 5 Warning Signs
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What is Bexil Investment Trust Beneish M-Score?

Bexil Investment Trust BXSY -0.18% 32 Beneish M-Score is -0.46 as of Jun. 24, 2026. GuruFocus rates BXSY with a GF Score™ of 32/100 and a GF Value™ of $27.45 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 955 Asset Management companies, Bexil Investment Trust ranks worse than 82.83% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -0.46 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BXSY' s Beneish M-Score Range Over the Past 10 Years
Min: -4.92   Med: -1.41   Max: 1.73
Current: -0.46

During the past 10 years, the highest Beneish M-Score of Bexil Investment Trust was 1.73. The lowest was -4.92. And the median was -1.41.

BXSY
32GF Score
Bexil Investment Trust BXSY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bexil Investment Trust 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 Bexil Investment Trust 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 * 0.4485+0.528 * 1+0.404 * 1+0.892 * 2.7209+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4141+4.679 * 0.12024-0.327 * 0
=-0.46

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0.74 Mil.
Revenue was $66.61 Mil.
Gross Profit was $66.61 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $306.58 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.96 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $65.62 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $28.76 Mil.
 Total Receivables was $0.61 Mil.
Revenue was $24.48 Mil.
Gross Profit was $24.48 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $262.40 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.85 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $8.74 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)
=(0.742 / 66.605) / (0.608 / 24.479)
=0.01114 / 0.024838
=0.4485

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)
=(24.479 / 24.479) / (66.605 / 66.605)
=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 - (0 + 0) / 306.578) / (1 - (0 + 0) / 262.397)
=1 / 1
=1

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
=66.605 / 24.479
=2.7209

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)
=(0.96 / 66.605) / (0.852 / 24.479)
=0.014413 / 0.034805
=0.4141

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) / 306.578) / ((8.74 + 0) / 262.397)
=0 / 0.033308
=0

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
=(65.618 - 0 - 28.755) / 306.578
=0.12024

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.

Bexil Investment Trust has a M-score of -0.46 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 -0.46 mean?
Bexil Investment Trust (BXSY) has a Beneish M-Score of -0.46 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bexil Investment Trust and its competitors. According to the industry distribution chart, Bexil Investment Trust ranks #791 out of 955 companies in the Asset Management industry, placing it in the top 82.8%.
Is Bexil Investment Trust's Beneish M-Score too high?
Bexil Investment Trust's current Beneish M-Score is -0.46. Based on the distribution chart, Bexil Investment Trust ranks #791 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Bexil Investment Trust has a GF Score™ of 32/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bexil Investment Trust's Beneish M-Score compare to IDE and TSI?
According to the Asset Management industry distribution chart, Bexil Investment Trust ranks #791 out of 955 companies for Beneish M-Score. This places Bexil Investment Trust in the lower half of its 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 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 Bexil Investment Trust and its competitors. Bexil Investment Trust's current Beneish M-Score is -0.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bexil Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, Bexil Investment Trust (BXSY) is currently considered Possible Value Trap. The stock's GF Value™ is $27.45, compared to a current price of $16.81 — trading 38.8% below its estimated fair value. The current Beneish M-Score is -0.46. Bexil Investment Trust's overall GF Score™ is 32/100 with 5 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 Bexil Investment Trust (BXSY), the current Beneish M-Score is -0.46 as of Jun. 24, 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 Bexil Investment Trust (BXSY) Overvalued in 2026?

Based on GuruFocus' analysis, Bexil Investment Trust stock appears to be undervalued. The current stock price of $16.81 is trading 38.8% below its estimated GF Value™ of $27.45. GuruFocus considers Bexil Investment Trust to be Possible Value Trap.

Key valuation signals for BXSY:

  • Beneish M-Score: -0.46
  • GF Value™: $27.45 vs. price of $16.81 (38.8% below fair value)
  • GF Score™: 32/100 with 5 warning signs

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

Bexil Investment Trust Business Description

Address 17 Old Drewsville Road, Walpole, NH, USA, 03608
Bexil Investment Trust is a diversified, closed-ended management investment company. The fund's investment objective is to seek high current income with a secondary objective of capital appreciation. The fund seeks to invest in stocks of companies operating across diversified sectors. It mainly invests in dividend-paying stocks of companies across all capitalizations. The Fund seeks to achieve its objectives by investing, under normal circumstances, in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, securities of registered investment companies, exchange-traded funds organized as investment companies or otherwise, real estate investment trusts, depositary receipts, and other equity-related securities.
32GF Score

Get the complete analysis for BXSY

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

$16.81
Price
$27.45
GF Value