Golden Son (DHA:GOLDENSON) Beneish M-Score: -4.50 (As of Jun. 28, 2026)

What is Golden Son Beneish M-Score?

Golden Son DHA:GOLDENSON +2.45% 49 Beneish M-Score is -4.50 as of Jun. 28, 2026. GuruFocus rates DHA:GOLDENSON with a GF Score™ of 49/100 and a GF Value™ of BDT3.31 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Golden Son ranks better than 97.03% 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 -4.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:GOLDENSON' s Beneish M-Score Range Over the Past 10 Years
Min: -6.72 Med: -2.79 Max: 1.42
Current: -4.5

During the past 13 years, the highest Beneish M-Score of Golden Son was 1.42. The lowest was -6.72. And the median was -2.79.

Golden Son Beneish M-Score Related Terms

Golden Son Beneish M-Score Historical Data

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The historical data trend for Golden Son'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.

Golden Son Beneish M-Score Chart

Golden Son Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.34

-2.00

-2.51

-2.79

-4.50

Golden Son Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	-4.50	0.00	0.00

DHA:GOLDENSON vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, Golden Son'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.

Golden Son Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Golden Son's Beneish M-Score distribution charts can be found below:

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

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49GF Score

Golden Son Ltd DHA:GOLDENSON

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

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Golden Son 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 Golden Son 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 * 1.7007

0.528 * -2.5779

0.404 * 0.9322

0.892 * 0.5334

0.115 * 1.1054

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6231

4.679 * -0.044493

0.327 * 1.083

-4.50

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was BDT2,066.9 Mil.
Revenue was BDT443.5 Mil.
Gross Profit was BDT-39.2 Mil.
Total Current Assets was BDT4,126.4 Mil.
Total Assets was BDT8,130.1 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,940.1 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT62.7 Mil.
Selling, General, & Admin. Expense(SGA) was BDT1.4 Mil.
Total Current Liabilities was BDT2,534.6 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,607.3 Mil.
Net Income was BDT-313.5 Mil.
Gross Profit was BDT0.0 Mil.
Cash Flow from Operations was BDT48.2 Mil.

Total Receivables was BDT2,278.4 Mil.
Revenue was BDT831.4 Mil.
Gross Profit was BDT189.5 Mil.
Total Current Assets was BDT4,205.9 Mil.
Total Assets was BDT7,967.3 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,694.6 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT65.1 Mil.
Selling, General, & Admin. Expense(SGA) was BDT1.7 Mil.
Total Current Liabilities was BDT2,322.9 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,329.9 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)
	=	(2066.859 / 443.469)	/	(2278.39 / 831.383)
	=	4.660662	/	2.740482
	=	1.7007

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)
	=	(189.458 / 831.383)	/	(-39.202 / 443.469)
	=	0.227883	/	-0.088399
	=	-2.5779

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 - (4126.36 + 3940.141) / 8130.085)	/	(1 - (4205.936 + 3694.55) / 7967.328)
	=	0.007821	/	0.00839
	=	0.9322

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
	=	443.469	/	831.383
	=	0.5334

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))
	=	(65.141 / (65.141 + 3694.55))	/	(62.742 / (62.742 + 3940.141))
	=	0.017326	/	0.015674
	=	1.1054

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)
	=	(1.444 / 443.469)	/	(1.668 / 831.383)
	=	0.003256	/	0.002006
	=	1.6231

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)
	=	((2607.271 + 2534.61) / 8130.085)	/	((2329.942 + 2322.856) / 7967.328)
	=	0.632451	/	0.583985
	=	1.083

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
	=	(-313.512 - 0	-	48.222)	/	8130.085
	=	-0.044493

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.

Golden Son has a M-score of -4.50 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 -4.50 mean?

Golden Son (DHA:GOLDENSON) has a Beneish M-Score of -4.50 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golden Son and its competitors. According to the industry distribution chart, Golden Son ranks #55 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 3%.

Is Golden Son's Beneish M-Score too high?

Golden Son's current Beneish M-Score is -4.50. Based on the distribution chart, Golden Son ranks #55 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Golden Son has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Golden Son's Beneish M-Score compare to PG and CL?

According to the Consumer Packaged Goods industry distribution chart, Golden Son ranks #55 out of 1849 companies for Beneish M-Score. This places Golden Son in the top 3% 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Golden Son and its competitors. Golden Son's current Beneish M-Score is -4.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Golden Son stock overvalued right now?

Based on GuruFocus' analysis, Golden Son (DHA:GOLDENSON) is currently considered Significantly Overvalued. The stock's GF Value™ is BDT3.31, compared to a current price of BDT16.70 — trading 404.5% above its estimated fair value. The current Beneish M-Score is -4.50. Golden Son's overall GF Score™ is 49/100 with 10 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 Golden Son (DHA:GOLDENSON), the current Beneish M-Score is -4.50 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.

Is Golden Son (DHA:GOLDENSON) Overvalued in 2026?

Based on GuruFocus' analysis, Golden Son stock appears to be overvalued. The current stock price of BDT16.70 is trading 404.5% above its estimated GF Value™ of BDT3.31. GuruFocus considers Golden Son to be Significantly Overvalued.

Key valuation signals for DHA:GOLDENSON:

Beneish M-Score: -4.50
GF Value™: BDT3.31 vs. price of BDT16.70 (404.5% above fair value)
GF Score™: 49/100 with 10 warning signs

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

Golden Son Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies DHA:RDFOOD DHA:GHAIL PG XPAR:OR LSE:ULVR CL BOM:500696 LSE:RKT KVUE KMB EL XTER:HEN3 CHD OSTO:ESSITY B XTER:BEI TSE:4452 BOM:531642 BOM:532424 CLX XMAD:PUIG

Address Khowaj Nagar, P.O: Ajimpara, P.S: Karnaphuli, Chattogram, BGD, 4000

Website https://www.goldensonbd.com

Golden Son Ltd manufactures, imports, exports and sells hot pot, food warmer, fan components, baby toys, plastic products, garments accessories, and solar lightings. Its principal activities include manufacturing of household electronics and electrical goods, Twill tape, hotpots and various types of toys, etc. Its products segments is divided into 3 sectors garments accessories including adjustable elastic, buttonhole elastic, selvedge tape, canvas tape, gross grain tape, herringbone twill tape, among others; Light Engineering Products such as dream pot, dream food warmer, and accessories; screw including wooden screw, self-drilling screw, roofing screw, tapping screw, and pan head screw; Toys for children's that include soft toys.

49GF Score

Get the complete analysis for DHA:GOLDENSON

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

BDT16.70

Price

BDT3.31

GF Value

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