CBNT (C-Bond Systems) Beneish M-Score: 0.00 (As of Aug. 24, 2026)

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What is C-Bond Systems Beneish M-Score?

C-Bond Systems CBNT -99.80% Beneish M-Score is 0.00 as of Aug. 24, 2026.

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.

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

During the past 13 years, the highest Beneish M-Score of C-Bond Systems was 0.00. The lowest was 0.00. And the median was 0.00.

C-Bond Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for C-Bond Systems'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.

C-Bond Systems Beneish M-Score Chart

C-Bond Systems Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -70.00 -30.20 -2.06 -11.76 -3.65

C-Bond Systems Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 Premium Member Only Premium Member Only Premium Member Only -4.57 -3.65 -2.27 -2.42 -4.57

CBNT vs HGAS, CRKN, ILDO: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, C-Bond Systems'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.

C-Bond Systems Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, C-Bond Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C-Bond Systems's Beneish M-Score falls into.


C-Bond Systems 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 C-Bond Systems 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 * 0.8984+0.528 * 1.1395+0.404 * 1.6099+0.892 * 1.3637+0.115 * 0.7515
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8326+4.679 * -0.460508-0.327 * 2.5011
=-4.57

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.33 Mil.
Revenue was 0.66 + 0.864 + 0.937 + 0.745 = $3.21 Mil.
Gross Profit was 0.278 + 0.439 + 0.475 + 0.365 = $1.56 Mil.
Total Current Assets was $0.59 Mil.
Total Assets was $1.42 Mil.
Property, Plant and Equipment(Net PPE) was $0.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.10 Mil.
Selling, General, & Admin. Expense(SGA) was $3.54 Mil.
Total Current Liabilities was $2.37 Mil.
Long-Term Debt & Capital Lease Obligation was $1.88 Mil.
Net Income was -0.636 + -0.25 + -0.317 + -0.998 = $-2.20 Mil.
Non Operating Income was -0.221 + 0 + 0.348 + -0.165 = $-0.04 Mil.
Cash Flow from Operations was -0.324 + -0.161 + -0.651 + -0.374 = $-1.51 Mil.
 Total Receivables was $0.27 Mil.
Revenue was 0.814 + 0.414 + 0.515 + 0.608 = $2.35 Mil.
Gross Profit was 0.467 + 0.205 + 0.27 + 0.359 = $1.30 Mil.
Total Current Assets was $1.55 Mil.
Total Assets was $2.50 Mil.
Property, Plant and Equipment(Net PPE) was $0.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General, & Admin. Expense(SGA) was $3.12 Mil.
Total Current Liabilities was $2.82 Mil.
Long-Term Debt & Capital Lease Obligation was $0.17 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)
=(0.332 / 3.206) / (0.271 / 2.351)
=0.103556 / 0.11527
=0.8984

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)
=(1.301 / 2.351) / (1.557 / 3.206)
=0.553382 / 0.485652
=1.1395

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 - (0.587 + 0.29) / 1.418) / (1 - (1.549 + 0.357) / 2.498)
=0.381523 / 0.23699
=1.6099

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
=3.206 / 2.351
=1.3637

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))
=(0.086 / (0.086 + 0.357)) / (0.101 / (0.101 + 0.29))
=0.194131 / 0.258312
=0.7515

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)
=(3.54 / 3.206) / (3.118 / 2.351)
=1.10418 / 1.326244
=0.8326

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)
=((1.882 + 2.373) / 1.418) / ((0.173 + 2.824) / 2.498)
=3.000705 / 1.19976
=2.5011

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
=(-2.201 - -0.038 - -1.51) / 1.418
=-0.460508

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.

C-Bond Systems has a M-score of -4.57 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 0.00 mean?
C-Bond Systems (CBNT) has a Beneish M-Score of 0.00 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on C-Bond Systems and its competitors.
Is C-Bond Systems' Beneish M-Score too high?
C-Bond Systems' current Beneish M-Score is 0.00.
How does C-Bond Systems' Beneish M-Score compare to HGAS and CRKN?
C-Bond Systems' Beneish M-Score of 0.00 can be compared against companies in the Chemicals 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 C-Bond Systems and its competitors. C-Bond Systems's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is C-Bond Systems stock overvalued right now?
C-Bond Systems (CBNT) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 C-Bond Systems (CBNT), the current Beneish M-Score is 0.00 as of Aug. 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.

C-Bond Systems Business Description

Address 2029 Pat Booker Road, San Antonio, TX, USA, 78148
C-Bond Systems Inc is a nanotechnology company and the sole owner and developer of the patented C-Bond technology. It engaged in the implementation of proprietary nanotechnology applications and processes to enhance the properties of strength, functionality, and sustainability of brittle material systems. It operates in two divisions: C-Bond and Patriot Glass. The company generates maximum revenue from the Patriot Glass Segment. The Patriot Glass Segment is engaged in the distribution and installation of window film solutions. C-Bond segment is engaged in the manufacturing and sale of a windshield strengthening water repellent solution as well as a disinfection product, and other.