Africa Bitcoin (JSE:BACA.PFD) Beneish M-Score: -2.51 (As of Jun. 26, 2026)


JSE:BACA.PFD Africa Bitcoin Corp Ltd JSE:BACA.PFD
12 GF Score
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! 3 Warning Signs
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What is Africa Bitcoin Beneish M-Score?

Africa Bitcoin JSE:BACA.PFD 12 Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus rates JSE:BACA.PFD with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 954 Asset Management companies, Africa Bitcoin ranks better than 62.05% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:BACA.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -1.44   Max: 125.77
Current: -2.51

During the past 5 years, the highest Beneish M-Score of Africa Bitcoin was 125.77. The lowest was -2.51. And the median was -1.44.

Africa Bitcoin Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Africa Bitcoin'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.

Africa Bitcoin Beneish M-Score Chart

Africa Bitcoin Annual Data
Trend Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -1.44 125.77 -2.51

Africa Bitcoin Semi-Annual Data
Feb22 Feb23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial -1.44 0.00 125.77 0.00 -2.51

JSE:BACA.PFD vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Africa Bitcoin'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.

Africa Bitcoin Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Africa Bitcoin's Beneish M-Score distribution charts can be found below:

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


JSE:BACA.PFD
12GF Score
Africa Bitcoin Corp Ltd JSE:BACA.PFD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Africa Bitcoin 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 Africa Bitcoin 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 * 0.3234+0.528 * -0.5359+0.404 * 1.0064+0.892 * 2.1409+0.115 * 0.576
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5082+4.679 * 0.123254-0.327 * 1.6872
=-2.51

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was R1.98 Mil.
Revenue was R16.44 Mil.
Gross Profit was R4.56 Mil.
Total Current Assets was R2.54 Mil.
Total Assets was R347.93 Mil.
Property, Plant and Equipment(Net PPE) was R0.20 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.54 Mil.
Selling, General, & Admin. Expense(SGA) was R5.48 Mil.
Total Current Liabilities was R55.04 Mil.
Long-Term Debt & Capital Lease Obligation was R0.00 Mil.
Net Income was R16.87 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-26.01 Mil.
 Total Receivables was R2.87 Mil.
Revenue was R7.68 Mil.
Gross Profit was R-1.14 Mil.
Total Current Assets was R3.04 Mil.
Total Assets was R255.00 Mil.
Property, Plant and Equipment(Net PPE) was R0.59 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.43 Mil.
Selling, General, & Admin. Expense(SGA) was R5.03 Mil.
Total Current Liabilities was R13.32 Mil.
Long-Term Debt & Capital Lease Obligation was R10.59 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)
=(1.984 / 16.444) / (2.866 / 7.681)
=0.120652 / 0.373128
=0.3234

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)
=(-1.141 / 7.681) / (4.558 / 16.444)
=-0.148548 / 0.277183
=-0.5359

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 - (2.543 + 0.198) / 347.932) / (1 - (3.04 + 0.586) / 255.001)
=0.992122 / 0.98578
=1.0064

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
=16.444 / 7.681
=2.1409

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))
=(0.425 / (0.425 + 0.586)) / (0.535 / (0.535 + 0.198))
=0.420376 / 0.729877
=0.576

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)
=(5.475 / 16.444) / (5.032 / 7.681)
=0.332948 / 0.655123
=0.5082

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)
=((0 + 55.035) / 347.932) / ((10.59 + 13.316) / 255.001)
=0.158177 / 0.093749
=1.6872

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
=(16.873 - 0 - -26.011) / 347.932
=0.123254

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.

Africa Bitcoin has a M-score of -2.51 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 -2.51 mean?
Africa Bitcoin (JSE:BACA.PFD) has a Beneish M-Score of -2.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Africa Bitcoin and its competitors. According to the industry distribution chart, Africa Bitcoin ranks #362 out of 954 companies in the Asset Management industry, placing it in the top 37.9%.
Is Africa Bitcoin's Beneish M-Score too high?
Africa Bitcoin's current Beneish M-Score is -2.51. Based on the distribution chart, Africa Bitcoin ranks #362 out of 954 companies in the Asset Management industry, which is above the industry midpoint. Overall, Africa Bitcoin has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Africa Bitcoin's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Africa Bitcoin ranks #362 out of 954 companies for Beneish M-Score. This puts Africa Bitcoin in the upper 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Africa Bitcoin and its competitors. Africa Bitcoin's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Africa Bitcoin stock overvalued right now?
Africa Bitcoin (JSE:BACA.PFD) has a current Beneish M-Score of -2.51. The current Beneish M-Score is -2.51. Africa Bitcoin's overall GF Score™ is 12/100 with 3 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 Africa Bitcoin (JSE:BACA.PFD), the current Beneish M-Score is -2.51 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.

Africa Bitcoin Business Description

Address 66 Rivonia Road, Block B, Chislehurston, Sandton, GT, ZAF, 2146
Africa Bitcoin Corp Ltd is an African financial services group that provides a private credit platform with a Bitcoin treasury strategy. It provides secured lending to small and medium-sized enterprises, generating cash flows. The company combines income generation with balance sheet growth while addressing funding gaps and delivering measurable social impact.
12GF Score

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

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