Alltex Industries (DHA:ALLTEX) Beneish M-Score: -2.12 (As of Jun. 25, 2026)


DHA:ALLTEX Alltex Industries Ltd DHA:ALLTEX
67 GF Score
Price BDT17.30
GF Value BDT7,762.43
Valuation Possible Value Trap
! 6 Warning Signs
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What is Alltex Industries Beneish M-Score?

Alltex Industries DHA:ALLTEX +2.37% 67 Beneish M-Score is -2.12 as of Jun. 25, 2026. GuruFocus rates DHA:ALLTEX with a GF Score™ of 67/100 and a GF Value™ of BDT7,762.43 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,003 Manufacturing - Apparel & Accessories companies, Alltex Industries ranks worse than 73.28% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:ALLTEX' s Beneish M-Score Range Over the Past 10 Years
Min: -21.69   Med: -2.32   Max: 7.7
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Alltex Industries was 7.70. The lowest was -21.69. And the median was -2.32.

Alltex Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Alltex Industries'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.

Alltex Industries Beneish M-Score Chart

Alltex Industries Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.47 -1.66 -2.44 -2.11 -2.61

Alltex Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 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 -2.48 -2.61 4.37 -2.22 -2.12

Alltex Industries Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Alltex Industries'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.

Alltex Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Alltex Industries's Beneish M-Score distribution charts can be found below:

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


DHA:ALLTEX
67GF Score
Alltex Industries Ltd DHA:ALLTEX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Alltex Industries 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 Alltex Industries 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 * 0.5512+0.528 * 1.0138+0.404 * 0.9924+0.892 * 1.8942+0.115 * 1.0631
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.715+4.679 * -0.025997-0.327 * 0.8908
=-2.12

* 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 (Mar25) TTM:
Total Receivables was BDT490.0 Mil.
Revenue was 161.231 + 229.689 + 132.312 + 126.789 = BDT650.0 Mil.
Gross Profit was 35.471 + 84.648 + 64.124 + 37.736 = BDT222.0 Mil.
Total Current Assets was BDT736.7 Mil.
Total Assets was BDT4,747.1 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,584.8 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT69.5 Mil.
Selling, General, & Admin. Expense(SGA) was BDT11.5 Mil.
Total Current Liabilities was BDT169.7 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,949.2 Mil.
Net Income was -0.674 + 1.669 + 0.571 + -2.274 = BDT-0.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 60.219 + -15.857 + 13.328 + 65.011 = BDT122.7 Mil.
 Total Receivables was BDT469.3 Mil.
Revenue was 88.131 + 86.56 + 78.04 + 90.428 = BDT343.2 Mil.
Gross Profit was 26.181 + 30.613 + 26.734 + 35.277 = BDT118.8 Mil.
Total Current Assets was BDT758.3 Mil.
Total Assets was BDT4,728.4 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,543.0 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT73.2 Mil.
Selling, General, & Admin. Expense(SGA) was BDT8.5 Mil.
Total Current Liabilities was BDT3,254.1 Mil.
Long-Term Debt & Capital Lease Obligation was BDT233.4 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)
=(489.972 / 650.021) / (469.282 / 343.159)
=0.753779 / 1.367535
=0.5512

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)
=(118.805 / 343.159) / (221.979 / 650.021)
=0.34621 / 0.341495
=1.0138

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 - (736.687 + 3584.849) / 4747.105) / (1 - (758.316 + 3542.985) / 4728.446)
=0.089648 / 0.090335
=0.9924

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
=650.021 / 343.159
=1.8942

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))
=(73.163 / (73.163 + 3542.985)) / (69.547 / (69.547 + 3584.849))
=0.020232 / 0.019031
=1.0631

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)
=(11.513 / 650.021) / (8.501 / 343.159)
=0.017712 / 0.024773
=0.715

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)
=((2949.215 + 169.667) / 4747.105) / ((233.372 + 3254.109) / 4728.446)
=0.657007 / 0.737553
=0.8908

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
=(-0.708 - 0 - 122.701) / 4747.105
=-0.025997

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.

Alltex Industries has a M-score of -2.12 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 -2.12 mean?
Alltex Industries (DHA:ALLTEX) has a Beneish M-Score of -2.12 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alltex Industries and its competitors. According to the industry distribution chart, Alltex Industries ranks #735 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 73.3%.
Is Alltex Industries' Beneish M-Score too high?
Alltex Industries' current Beneish M-Score is -2.12. Based on the distribution chart, Alltex Industries ranks #735 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Alltex Industries has a GF Score™ of 67/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Alltex Industries' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Alltex Industries ranks #735 out of 1003 companies for Beneish M-Score. This places Alltex Industries 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Alltex Industries and its competitors. Alltex Industries's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alltex Industries stock overvalued right now?
Based on GuruFocus' analysis, Alltex Industries (DHA:ALLTEX) is currently considered Possible Value Trap. The stock's GF Value™ is BDT7,762.43, compared to a current price of BDT17.30 — trading 99.8% below its estimated fair value. The current Beneish M-Score is -2.12. Alltex Industries' overall GF Score™ is 67/100 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 Alltex Industries (DHA:ALLTEX), the current Beneish M-Score is -2.12 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 Alltex Industries (DHA:ALLTEX) Overvalued in 2026?

Based on GuruFocus' analysis, Alltex Industries stock appears to be undervalued. The current stock price of BDT17.30 is trading 99.8% below its estimated GF Value™ of BDT7,762.43. GuruFocus considers Alltex Industries to be Possible Value Trap.

Key valuation signals for DHA:ALLTEX:

  • Beneish M-Score: -2.12
  • GF Value™: BDT7,762.43 vs. price of BDT17.30 (99.8% below fair value)
  • GF Score™: 67/100 with 6 warning signs

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

Alltex Industries Business Description

Address Road No. 23, Block - B, Apartment No. F2, House No. 16, Banani, Dhaka, BGD, 1213
Alltex Industries Ltd is engaged in dyeing, finishing, and printing gray fabrics towards making Home Textile products and sells them for export. The products of the company include Bed-sheet, Quilt Cover, Pillow Cases, Duvet, Table Cloth, Curtain, Cushion Covers, and Shower Curtain. The company is also in the process of establishing the Footwear business.
67GF Score

Get the complete analysis for DHA:ALLTEX

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

BDT17.30
Price
BDT7,762.43
GF Value