BDCOM Online (DHA:BDCOM) Beneish M-Score: -2.65 (As of Jun. 26, 2026)

What is BDCOM Online Beneish M-Score?

BDCOM Online DHA:BDCOM -0.61% 81 Beneish M-Score is -2.65 as of Jun. 26, 2026. GuruFocus rates DHA:BDCOM with a GF Score™ of 81/100 and a GF Value™ of BDT25.43 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 355 Telecommunication Services companies, BDCOM Online ranks worse than 63.94% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:BDCOM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.03 Med: -2.5 Max: 3.05
Current: -2.65

During the past 13 years, the highest Beneish M-Score of BDCOM Online was 3.05. The lowest was -4.03. And the median was -2.50.

BDCOM Online Beneish M-Score Related Terms

BDCOM Online Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BDCOM Online'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.

BDCOM Online Beneish M-Score Chart

BDCOM Online Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.68

-2.34

-2.50

-2.51

-2.43

BDCOM Online 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															-2.53	-2.43	-2.49	-2.63	-2.65

DHA:BDCOM vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, BDCOM Online'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.

BDCOM Online Beneish M-Score vs Telecommunication Services Industry

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

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

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81GF Score

BDCOM Online Ltd DHA:BDCOM

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

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BDCOM Online 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 BDCOM Online 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 * 1.1049

0.528 * 1.0189

0.404 * 0.9647

0.892 * 1.0431

0.115 * 0.983

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1546

4.679 * -0.052822

0.327 * 1.0693

-2.65

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was BDT220.0 Mil.
Revenue was 200.158 + 192.499 + 210.67 + 225.663 = BDT829.0 Mil.
Gross Profit was 112.409 + 102.729 + 118.114 + 116.466 = BDT449.7 Mil.
Total Current Assets was BDT843.8 Mil.
Total Assets was BDT1,391.4 Mil.
Property, Plant and Equipment(Net PPE) was BDT436.5 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT62.9 Mil.
Selling, General, & Admin. Expense(SGA) was BDT90.5 Mil.
Total Current Liabilities was BDT409.5 Mil.
Long-Term Debt & Capital Lease Obligation was BDT47.9 Mil.
Net Income was 1.737 + 6.166 + 20.98 + 17.193 = BDT46.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 13.544 + 43.295 + 37.058 + 25.674 = BDT119.6 Mil.

Total Receivables was BDT190.9 Mil.
Revenue was 196.083 + 197.807 + 195.899 + 204.965 = BDT794.8 Mil.
Gross Profit was 112.367 + 110.156 + 109.166 + 107.602 = BDT439.3 Mil.
Total Current Assets was BDT788.5 Mil.
Total Assets was BDT1,327.6 Mil.
Property, Plant and Equipment(Net PPE) was BDT429.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT60.7 Mil.
Selling, General, & Admin. Expense(SGA) was BDT75.2 Mil.
Total Current Liabilities was BDT353.2 Mil.
Long-Term Debt & Capital Lease Obligation was BDT54.9 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)
	=	(220.021 / 828.99)	/	(190.904 / 794.754)
	=	0.265409	/	0.240205
	=	1.1049

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)
	=	(439.291 / 794.754)	/	(449.718 / 828.99)
	=	0.552738	/	0.542489
	=	1.0189

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 - (843.824 + 436.482) / 1391.363)	/	(1 - (788.493 + 429.226) / 1327.555)
	=	0.079819	/	0.082736
	=	0.9647

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
	=	828.99	/	794.754
	=	1.0431

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))
	=	(60.693 / (60.693 + 429.226))	/	(62.939 / (62.939 + 436.482))
	=	0.123884	/	0.126024
	=	0.983

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)
	=	(90.505 / 828.99)	/	(75.152 / 794.754)
	=	0.109175	/	0.09456
	=	1.1546

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)
	=	((47.915 + 409.454) / 1391.363)	/	((54.947 + 353.177) / 1327.555)
	=	0.32872	/	0.307425
	=	1.0693

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
	=	(46.076 - 0	-	119.571)	/	1391.363
	=	-0.052822

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.

BDCOM Online has a M-score of -2.65 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 -2.65 mean?

BDCOM Online (DHA:BDCOM) has a Beneish M-Score of -2.65 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BDCOM Online and its competitors. According to the industry distribution chart, BDCOM Online ranks #227 out of 355 companies in the Telecommunication Services industry, placing it in the top 63.9%.

Is BDCOM Online's Beneish M-Score too high?

BDCOM Online's current Beneish M-Score is -2.65. Based on the distribution chart, BDCOM Online ranks #227 out of 355 companies in the Telecommunication Services industry, which is below the industry midpoint. Overall, BDCOM Online has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does BDCOM Online's Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, BDCOM Online ranks #227 out of 355 companies for Beneish M-Score. This places BDCOM Online 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 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 BDCOM Online and its competitors. BDCOM Online's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BDCOM Online stock overvalued right now?

Based on GuruFocus' analysis, BDCOM Online (DHA:BDCOM) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT25.43, compared to a current price of BDT32.80 — trading 29% above its estimated fair value. The current Beneish M-Score is -2.65. BDCOM Online's overall GF Score™ is 81/100 with 9 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 BDCOM Online (DHA:BDCOM), the current Beneish M-Score is -2.65 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 BDCOM Online (DHA:BDCOM) Overvalued in 2026?

Based on GuruFocus' analysis, BDCOM Online stock appears to be overvalued. The current stock price of BDT32.80 is trading 29% above its estimated GF Value™ of BDT25.43. GuruFocus considers BDCOM Online to be Modestly Overvalued.

Key valuation signals for DHA:BDCOM:

Beneish M-Score: -2.65
GF Value™: BDT25.43 vs. price of BDT32.80 (29% above fair value)
GF Score™: 81/100 with 9 warning signs

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

BDCOM Online Business Description

Industry Communication Services Telecommunication Services

Comparable Companies DHA:AGNISYSL 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 SAU:7010 SGX:Z74 XPAR:ORA XSWX:SCMN ADX:EAND

Address Road No 1, Gulshan Avenue, House No 1, 5th floor, JL Bhaban, Gulshan-1, Dhaka, BGD, 1212

Website https://www.bdcom.com

BDCOM Online Ltd operates as an internet service provider (ISP) in Bangladesh. The company's operating segments include Unit-1 for internet, data connectivity, hardware, and other IT-enabled services; Unit-2 for software development, graphic design, VTS support and service, web development, domain registration, and domain hosting; and Unit-3 for IP telephony services and goods. It generates maximum revenue from the Unit -1 segment which includes Internet/Data Connectivity Services. The company offers its services to NBFI, corporate, telecom, and home users.

81GF Score

Get the complete analysis for DHA:BDCOM

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

BDT32.80

Price

BDT25.43

GF Value

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