Boxer Retail (JSE:BOX) Beneish M-Score: -2.79 (As of Jun. 24, 2026)


JSE:BOX Boxer Retail Ltd JSE:BOX
18 GF Score
Price R84.80
! 5 Warning Signs
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What is Boxer Retail Beneish M-Score?

Boxer Retail JSE:BOX +0.05% 18 Beneish M-Score is -2.79 as of Jun. 24, 2026. GuruFocus rates JSE:BOX with a GF Score™ of 18/100. The stock has 5 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Boxer Retail ranks better than 66.24% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:BOX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.37   Max: 0.05
Current: -2.79

During the past 5 years, the highest Beneish M-Score of Boxer Retail was 0.05. The lowest was -2.79. And the median was -2.37.

Boxer Retail Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Boxer Retail'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.

Boxer Retail Beneish M-Score Chart

Boxer Retail Annual Data
Trend Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -2.37 0.05 -2.79

Boxer Retail Semi-Annual Data
Feb22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial -2.37 0.00 0.05 0.00 -2.79

JSE:BOX vs DDS, M: Beneish M-Score Comparison

For the Department Stores subindustry, Boxer Retail'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.

Boxer Retail Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Boxer Retail's Beneish M-Score distribution charts can be found below:

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


JSE:BOX
18GF Score
Boxer Retail Ltd JSE:BOX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Boxer Retail 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 Boxer Retail 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 * 0.9421+0.528 * 0.985+0.404 * 0.8498+0.892 * 1.0959+0.115 * 0.9864
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0132+4.679 * -0.065211-0.327 * 0.9054
=-2.79

* 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 R764 Mil.
Revenue was R46,682 Mil.
Gross Profit was R10,072 Mil.
Total Current Assets was R5,621 Mil.
Total Assets was R14,292 Mil.
Property, Plant and Equipment(Net PPE) was R8,072 Mil.
Depreciation, Depletion and Amortization(DDA) was R1,383 Mil.
Selling, General, & Admin. Expense(SGA) was R775 Mil.
Total Current Liabilities was R6,134 Mil.
Long-Term Debt & Capital Lease Obligation was R4,833 Mil.
Net Income was R1,556 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R2,488 Mil.
 Total Receivables was R740 Mil.
Revenue was R42,597 Mil.
Gross Profit was R9,053 Mil.
Total Current Assets was R4,644 Mil.
Total Assets was R12,733 Mil.
Property, Plant and Equipment(Net PPE) was R7,461 Mil.
Depreciation, Depletion and Amortization(DDA) was R1,258 Mil.
Selling, General, & Admin. Expense(SGA) was R698 Mil.
Total Current Liabilities was R5,791 Mil.
Long-Term Debt & Capital Lease Obligation was R5,000 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)
=(764 / 46682) / (740 / 42597)
=0.016366 / 0.017372
=0.9421

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)
=(9053 / 42597) / (10072 / 46682)
=0.212527 / 0.215758
=0.985

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 - (5621 + 8072) / 14292) / (1 - (4644 + 7461) / 12733)
=0.041912 / 0.049321
=0.8498

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
=46682 / 42597
=1.0959

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))
=(1258 / (1258 + 7461)) / (1383 / (1383 + 8072))
=0.144283 / 0.146272
=0.9864

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)
=(775 / 46682) / (698 / 42597)
=0.016602 / 0.016386
=1.0132

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)
=((4833 + 6134) / 14292) / ((5000 + 5791) / 12733)
=0.767352 / 0.847483
=0.9054

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
=(1556 - 0 - 2488) / 14292
=-0.065211

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.

Boxer Retail has a M-score of -2.79 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 -2.79 mean?
Boxer Retail (JSE:BOX) has a Beneish M-Score of -2.79 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Boxer Retail and its competitors. According to the industry distribution chart, Boxer Retail ranks #367 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 33.8%.
Is Boxer Retail's Beneish M-Score too high?
Boxer Retail's current Beneish M-Score is -2.79. Based on the distribution chart, Boxer Retail ranks #367 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Boxer Retail has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Boxer Retail's Beneish M-Score compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, Boxer Retail ranks #367 out of 1087 companies for Beneish M-Score. This puts Boxer Retail 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 a Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Boxer Retail and its competitors. Boxer Retail's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Boxer Retail stock overvalued right now?
Boxer Retail (JSE:BOX) has a current Beneish M-Score of -2.79. The current Beneish M-Score is -2.79. Boxer Retail's overall GF Score™ is 18/100 with 5 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 Boxer Retail (JSE:BOX), the current Beneish M-Score is -2.79 as of Jun. 24, 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.

Boxer Retail Business Description

Address 41 The Boulevard, PO Box 370, Westend Office Park, Westville, NL, ZAF, 3630
Boxer Retail Ltd is engaged in the retail of food, health and beauty products, general merchandise and liquor, and additional value-added services, in South Africa and Eswatini. The group has one operating segment, namely Boxer Group which includes all retail operations under the Boxer Superstores, Boxer Build and Boxer Liquors brands selling products such as groceries, general merchandise and liquor.
18GF 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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