BT Group (CHIX:BTL) Beneish M-Score: -3.10 (As of Jun. 25, 2026)

What is BT Group Beneish M-Score?

BT Group CHIX:BTL -0.23% 64 Beneish M-Score is -3.10 as of Jun. 25, 2026. GuruFocus rates CHIX:BTL with a GF Score™ of 64/100 and a GF Value™ of £1.38 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 355 Telecommunication Services companies, BT Group ranks better than 77.75% 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 -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:BTl' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.86 Max: -2.69
Current: -3.1

During the past 13 years, the highest Beneish M-Score of BT Group was -2.69. The lowest was -3.32. And the median was -2.86.

BT Group Beneish M-Score Related Terms

BT Group Beneish M-Score Historical Data

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The historical data trend for BT Group'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.

BT Group Beneish M-Score Chart

BT Group Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.85

-2.79

-2.86

-3.21

-3.10

BT Group Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.86	0.00	-3.21	0.00	-3.10

CHIX:BTL vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, BT Group'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.

BT Group Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, BT Group's Beneish M-Score distribution charts can be found below:

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

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64GF Score

BT Group PLC CHIX:BTL

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

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BT Group 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 BT Group 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 * 0.9576

0.528 * 0.9936

0.404 * 0.9737

0.892 * 0.9654

0.115 * 1.0362

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9443

4.679 * -0.119117

0.327 * 0.9906

-3.10

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was £3,001 Mil.
Revenue was £19,654 Mil.
Gross Profit was £14,568 Mil.
Total Current Assets was £7,115 Mil.
Total Assets was £49,976 Mil.
Property, Plant and Equipment(Net PPE) was £27,682 Mil.
Depreciation, Depletion and Amortization(DDA) was £4,853 Mil.
Selling, General, & Admin. Expense(SGA) was £702 Mil.
Total Current Liabilities was £8,409 Mil.
Long-Term Debt & Capital Lease Obligation was £21,521 Mil.
Net Income was £1,077 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £7,030 Mil.

Total Receivables was £3,246 Mil.
Revenue was £20,358 Mil.
Gross Profit was £14,993 Mil.
Total Current Assets was £8,372 Mil.
Total Assets was £50,982 Mil.
Property, Plant and Equipment(Net PPE) was £26,708 Mil.
Depreciation, Depletion and Amortization(DDA) was £4,883 Mil.
Selling, General, & Admin. Expense(SGA) was £770 Mil.
Total Current Liabilities was £10,285 Mil.
Long-Term Debt & Capital Lease Obligation was £20,536 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)
	=	(3001 / 19654)	/	(3246 / 20358)
	=	0.152692	/	0.159446
	=	0.9576

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)
	=	(14993 / 20358)	/	(14568 / 19654)
	=	0.736467	/	0.741223
	=	0.9936

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 - (7115 + 27682) / 49976)	/	(1 - (8372 + 26708) / 50982)
	=	0.303726	/	0.311914
	=	0.9737

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
	=	19654	/	20358
	=	0.9654

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))
	=	(4883 / (4883 + 26708))	/	(4853 / (4853 + 27682))
	=	0.154569	/	0.149162
	=	1.0362

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)
	=	(702 / 19654)	/	(770 / 20358)
	=	0.035718	/	0.037823
	=	0.9443

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)
	=	((21521 + 8409) / 49976)	/	((20536 + 10285) / 50982)
	=	0.598887	/	0.604547
	=	0.9906

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
	=	(1077 - 0	-	7030)	/	49976
	=	-0.119117

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.

BT Group has a M-score of -3.10 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 -3.10 mean?

BT Group (CHIX:BTL) has a Beneish M-Score of -3.10 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BT Group and its competitors. According to the industry distribution chart, BT Group ranks #79 out of 355 companies in the Telecommunication Services industry, placing it in the top 22.3%.

Is BT Group's Beneish M-Score too high?

BT Group's current Beneish M-Score is -3.10. Based on the distribution chart, BT Group ranks #79 out of 355 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, BT Group has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does BT Group's Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, BT Group ranks #79 out of 355 companies for Beneish M-Score. This places BT Group in the top 22% 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 Telecommunication Services company?

A good Beneish M-Score depends on the Telecommunication Services 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 BT Group and its competitors. BT Group's current Beneish M-Score is -3.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BT Group stock overvalued right now?

Based on GuruFocus' analysis, BT Group (CHIX:BTL) is currently considered Significantly Overvalued. The stock's GF Value™ is £1.38, compared to a current price of £1.97 — trading 42.8% above its estimated fair value. The current Beneish M-Score is -3.10. BT Group's overall GF Score™ is 64/100 with 6 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 BT Group (CHIX:BTL), the current Beneish M-Score is -3.10 as of Jun. 25, 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 BT Group (CHIX:BTL) Overvalued in 2026?

Based on GuruFocus' analysis, BT Group stock appears to be overvalued. The current stock price of £1.97 is trading 42.8% above its estimated GF Value™ of £1.38. GuruFocus considers BT Group to be Significantly Overvalued.

Key valuation signals for CHIX:BTL:

Beneish M-Score: -3.10
GF Value™: £1.38 vs. price of £1.97 (42.8% above fair value)
GF Score™: 64/100 with 6 warning signs

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

BT Group Business Description

Industry Communication Services Telecommunication Services

Comparable Companies LSE:VOD LSE:AAF LSE:ZEG LSE:HTWS LSE:GAMA LSE:MAI TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA XZIM:ECO.ZW HKSE:00728 MEX:AMXB TSE:9432 TSE:9433 TSE:9434

Other Exchanges BTGOF:USA BT.A:UK BTQ:Germany

Address 1 Braham Street, London, GBR, E1 8EE

Website https://www.bt.com

BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements, but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations, while the global services division provides communications consultancy services.

64GF Score

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

£1.97

Price

£1.38

GF Value

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