Mutandis SCA (CAS:MUT) Beneish M-Score: -2.60 (As of Jun. 26, 2026)

What is Mutandis SCA Beneish M-Score?

Mutandis SCA CAS:MUT +0.41% 85 Beneish M-Score is -2.60 as of Jun. 26, 2026. GuruFocus rates CAS:MUT with a GF Score™ of 85/100 and a GF Value™ of MAD247.27 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Mutandis SCA ranks better than 56.73% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:MUT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.58 Max: -2.11
Current: -2.6

During the past 12 years, the highest Beneish M-Score of Mutandis SCA was -2.11. The lowest was -2.99. And the median was -2.58.

Mutandis SCA Beneish M-Score Related Terms

Mutandis SCA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mutandis SCA'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.

Mutandis SCA Beneish M-Score Chart

Mutandis SCA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.42

-2.11

-2.84

-2.99

-2.60

Mutandis SCA Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.84	0.00	-2.99	0.00	-2.60

CAS:MUT vs KHC, GIS, JBS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Mutandis SCA'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.

Mutandis SCA Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Mutandis SCA's Beneish M-Score distribution charts can be found below:

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

Save Embed

85GF Score

Mutandis SCA CAS:MUT

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

View Full Analysis

Mutandis SCA 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 Mutandis SCA 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 * 0.9886

0.528 * 1.0765

0.404 * 1.1105

0.892 * 0.9552

0.115 * 1.1384

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.040369

0.327 * 0.9364

-2.60

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was MAD285 Mil.
Revenue was MAD2,022 Mil.
Gross Profit was MAD822 Mil.
Total Current Assets was MAD926 Mil.
Total Assets was MAD3,383 Mil.
Property, Plant and Equipment(Net PPE) was MAD937 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD105 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD825 Mil.
Long-Term Debt & Capital Lease Obligation was MAD932 Mil.
Net Income was MAD126 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD263 Mil.

Total Receivables was MAD302 Mil.
Revenue was MAD2,117 Mil.
Gross Profit was MAD927 Mil.
Total Current Assets was MAD1,312 Mil.
Total Assets was MAD3,703 Mil.
Property, Plant and Equipment(Net PPE) was MAD892 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD116 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD942 Mil.
Long-Term Debt & Capital Lease Obligation was MAD1,111 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)
	=	(284.805 / 2021.823)	/	(301.582 / 2116.549)
	=	0.140865	/	0.142488
	=	0.9886

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)
	=	(926.747 / 2116.549)	/	(822.397 / 2021.823)
	=	0.437858	/	0.40676
	=	1.0765

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 - (925.826 + 936.532) / 3382.884)	/	(1 - (1312.062 + 892.032) / 3702.79)
	=	0.449476	/	0.404748
	=	1.1105

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
	=	2021.823	/	2116.549
	=	0.9552

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))
	=	(116.046 / (116.046 + 892.032))	/	(105.357 / (105.357 + 936.532))
	=	0.115116	/	0.101121
	=	1.1384

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 / 2021.823)	/	(0 / 2116.549)
	=	0	/	0
	=	1

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)
	=	((931.815 + 824.916) / 3382.884)	/	((1111.265 + 942.244) / 3702.79)
	=	0.5193	/	0.554584
	=	0.9364

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
	=	(126.161 - 0	-	262.726)	/	3382.884
	=	-0.040369

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.

Mutandis SCA has a M-score of -2.60 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 -2.60 mean?

Mutandis SCA (CAS:MUT) has a Beneish M-Score of -2.60 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mutandis SCA and its competitors. According to the industry distribution chart, Mutandis SCA ranks #800 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 43.3%.

Is Mutandis SCA's Beneish M-Score too high?

Mutandis SCA's current Beneish M-Score is -2.60. Based on the distribution chart, Mutandis SCA ranks #800 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Mutandis SCA has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Mutandis SCA's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Mutandis SCA ranks #800 out of 1849 companies for Beneish M-Score. This puts Mutandis SCA in the upper 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 a Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Mutandis SCA and its competitors. Mutandis SCA's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Mutandis SCA stock overvalued right now?

Based on GuruFocus' analysis, Mutandis SCA (CAS:MUT) is currently considered Fairly Valued. The stock's GF Value™ is MAD247.27, compared to a current price of MAD235.00 — trading 5% below its estimated fair value. The current Beneish M-Score is -2.60. Mutandis SCA's overall GF Score™ is 85/100 with 7 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 Mutandis SCA (CAS:MUT), the current Beneish M-Score is -2.60 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 Mutandis SCA (CAS:MUT) Overvalued in 2026?

Based on GuruFocus' analysis, Mutandis SCA stock appears to be undervalued. The current stock price of MAD235.00 is trading 5% below its estimated GF Value™ of MAD247.27. GuruFocus considers Mutandis SCA to be Fairly Valued.

Key valuation signals for CAS:MUT:

Beneish M-Score: -2.60
GF Value™: MAD247.27 vs. price of MAD235.00 (5% below fair value)
GF Score™: 85/100 with 7 warning signs

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

Mutandis SCA Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies CAS:UMR CAS:LES XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS SGX:F34 LSE:ABF HKSE:00288 MEX:BIMBOA DUB:KRZ JBS BOM:500825 TPE:1216

Address 22 Boulevard Abdelkrim Khattabi, Casablanca, MAR, 20100

Website http://www.mutandis.com

Mutandis SCA is an industrial and commercial group specializing in consumer goods, pursuing its brand development in Morocco and Africa. Its product categories are AGRI-FOOD and Cleaning Products. The company's products include Seafood products, Fruit Juices, Food Bottles, and Detergents. Mutandis exports its products to more than 40 countries.

85GF Score

Get the complete analysis for CAS:MUT

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

MAD235.00

Price

MAD247.27

GF Value

View CAS:MUT Analysis

See Beneish M-Score data for all stocks →