CCPUF (SATO Technologies) Beneish M-Score: 212.96 (As of Jun. 28, 2026) — 44267% Above Median


What is SATO Technologies Beneish M-Score?

SATO Technologies CCPUF Beneish M-Score is 212.96 as of Jun. 28, 2026, which is 44267% above its 10-year median of 0.48. The stock has 4 warning signs investors should review. Among 704 Capital Markets companies, SATO Technologies ranks worse than 98.3% 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.

Warning Sign:

Beneish M-Score 212.96 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CCPUF' s Beneish M-Score Range Over the Past 10 Years
Min: -6.73   Med: 0.48   Max: 212.96
Current: 212.96

During the past 13 years, the highest Beneish M-Score of SATO Technologies was 212.96. The lowest was -6.73. And the median was 0.48.

SATO Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SATO Technologies'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.

SATO Technologies Beneish M-Score Chart

SATO Technologies Annual Data
Trend Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 -0.32 0.42 0.48

SATO Technologies Quarterly Data
Jan21 Apr21 Jul21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 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 Premium Member Only Premium Member Only Premium Member Only 0.48 2.85 -6.73 2.72 212.96

CCPUF vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, SATO Technologies'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.

SATO Technologies Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, SATO Technologies's Beneish M-Score distribution charts can be found below:

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


SATO Technologies 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 SATO Technologies 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 * 0.4645+0.528 * -183.5931+0.404 * 0.3861+0.892 * 0.6543+0.115 * 1.0708
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1089+4.679 * 0.742644-0.327 * 1.1508
=-97.58

* 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 (Dec24) TTM:
Total Receivables was $0.16 Mil.
Revenue was 0.985 + 2.418 + 2.21 + 2.062 = $7.68 Mil.
Gross Profit was -0.412 + 0.276 + -0.08 + 0.208 = $-0.01 Mil.
Total Current Assets was $1.56 Mil.
Total Assets was $7.65 Mil.
Property, Plant and Equipment(Net PPE) was $5.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.44 Mil.
Selling, General, & Admin. Expense(SGA) was $1.75 Mil.
Total Current Liabilities was $3.09 Mil.
Long-Term Debt & Capital Lease Obligation was $1.64 Mil.
Net Income was -0.923 + -0.205 + -0.56 + -0.616 = $-2.30 Mil.
Non Operating Income was -0.114 + 0.09 + 0.127 + -0.143 = $-0.04 Mil.
Cash Flow from Operations was -1.31 + -2.63 + -1.683 + -2.32 = $-7.94 Mil.
 Total Receivables was $0.51 Mil.
Revenue was 2.312 + 1.929 + 3.119 + 4.37 = $11.73 Mil.
Gross Profit was -0.025 + -0.402 + 0.687 + 1.984 = $2.24 Mil.
Total Current Assets was $3.40 Mil.
Total Assets was $12.64 Mil.
Property, Plant and Equipment(Net PPE) was $7.89 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.15 Mil.
Selling, General, & Admin. Expense(SGA) was $2.42 Mil.
Total Current Liabilities was $3.47 Mil.
Long-Term Debt & Capital Lease Obligation was $3.31 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)
=(0.155 / 7.675) / (0.51 / 11.73)
=0.020195 / 0.043478
=0.4645

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)
=(2.244 / 11.73) / (-0.008 / 7.675)
=0.191304 / -0.001042
=-183.5931

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 - (1.555 + 5.776) / 7.647) / (1 - (3.397 + 7.891) / 12.641)
=0.041323 / 0.107033
=0.3861

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
=7.675 / 11.73
=0.6543

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))
=(2.146 / (2.146 + 7.891)) / (1.441 / (1.441 + 5.776))
=0.213809 / 0.199667
=1.0708

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)
=(1.753 / 7.675) / (2.416 / 11.73)
=0.228404 / 0.205968
=1.1089

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)
=((1.635 + 3.09) / 7.647) / ((3.313 + 3.474) / 12.641)
=0.617889 / 0.536904
=1.1508

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
=(-2.304 - -0.04 - -7.943) / 7.647
=0.742644

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.

SATO Technologies has a M-score of -97.58 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 212.96 mean?
SATO Technologies (CCPUF) has a Beneish M-Score of 212.96 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SATO Technologies and its competitors. This is 44267% above median its historical median of 0.48. According to the industry distribution chart, SATO Technologies ranks #692 out of 704 companies in the Capital Markets industry, placing it in the top 98.3%.
Is SATO Technologies' Beneish M-Score too high?
SATO Technologies' current Beneish M-Score of 212.96 is 44267% above median its 10-year median of 0.48. Based on the distribution chart, SATO Technologies ranks #692 out of 704 companies in the Capital Markets industry, which is in the bottom quartile relative to peers.
How does SATO Technologies' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, SATO Technologies ranks #692 out of 704 companies for Beneish M-Score. This places SATO Technologies 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 SATO Technologies and its competitors. SATO Technologies's current Beneish M-Score is 212.96, which is 44267% above median its own 10-year median of 0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SATO Technologies stock overvalued right now?
Based on GuruFocus' analysis, SATO Technologies (CCPUF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.16, compared to a current price of $0.07 — trading 56.1% below its estimated fair value. The current Beneish M-Score is 212.96, which is 44267% above median its 10-year median of 0.48. 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 SATO Technologies (CCPUF), the current Beneish M-Score is 212.96 as of Jun. 28, 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.

SATO Technologies Business Description

Other Exchanges SATO:Canada
Address 66 Wellington Street West, Suite 5300, Toronto, ON, CAN, M5K 1E6
SATO Technologies Corp is engaged in the business of utilizing specialized equipment to solve complex computational problems to validate transactions on the bitcoin blockchain. The Group receives digital assets in return for computing power and is engaged in the cryptocurrency mining industry. There is only one operating segment being provider of compute power for Bitcoin Mining.