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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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lesaka Technologies's Beneish M-Score or its related term are showing as below:
JSE:LSK'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.25 Med: -2.53 Max: -0.14
Current: -2.55
During the past 13 years, the highest Beneish M-Score of Lesaka Technologies was -0.14. The lowest was -4.25. And the median was -2.53.
Lesaka Technologies Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Lesaka Technologies'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.
JSE:LSK vs IMXI, IIIV, CINT: Beneish M-Score Comparison
For the Software - Infrastructure subindustry, Lesaka Technologies'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.
Lesaka Technologies Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Lesaka Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lesaka Technologies's Beneish M-Score falls into.
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 Lesaka Technologies 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 * 1.3066
+
0.528 * 0.7985
+
0.404 * 0.8682
+
0.892 * 1.0443
+
0.115 * 0.7448
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1931
+
4.679 * -0.051958
-
0.327 * 1.0884
=
-2.65
* 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.
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.
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))
=
(528.53 / (528.53 + 949.725))
/
(821.985 / (821.985 + 890.381))
=
0.357536
/
0.480029
=
0.7448
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
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
=
(-500.467 - -398.568
-
485.488)
/
11305.075
=
-0.051958
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.
Lesaka Technologies has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Lesaka Technologies (JSE:LSK) has a Beneish M-Score of -2.55 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lesaka Technologies and its competitors. According to the industry distribution chart, Lesaka Technologies ranks #1302 out of 2634 companies in the Software industry, placing it in the top 49.4%.
Is Lesaka Technologies' Beneish M-Score too high?
Lesaka Technologies' current Beneish M-Score is -2.55. Based on the distribution chart, Lesaka Technologies ranks #1302 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, Lesaka Technologies has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Lesaka Technologies' Beneish M-Score compare to IMXI and IIIV?
According to the Software industry distribution chart, Lesaka Technologies ranks #1302 out of 2634 companies for Beneish M-Score. This puts Lesaka Technologies 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 Software company?
A good Beneish M-Score depends on the Software 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 Lesaka Technologies and its competitors. Lesaka Technologies's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lesaka Technologies stock overvalued right now?
Based on GuruFocus' analysis, Lesaka Technologies (JSE:LSK) is currently considered Fairly Valued. The stock's GF Value™ is R76.34, compared to a current price of R79.00 — trading 3.5% above its estimated fair value. The current Beneish M-Score is -2.55. Lesaka Technologies' overall GF Score™ is 83/100 with 8 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 Lesaka Technologies (JSE:LSK), the current Beneish M-Score is -2.55 as of Aug. 13, 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 Lesaka Technologies (JSE:LSK) Overvalued in 2026?
Based on GuruFocus' analysis, Lesaka Technologies stock appears to be overvalued.
The current stock price of R79.00 is trading 3.5% above its estimated GF Value™ of R76.34.
GuruFocus considers Lesaka Technologies to be Fairly Valued.
Key valuation signals for JSE:LSK:
Beneish M-Score: -2.55
GF Value™: R76.34 vs. price of R79.00 (3.5% above fair value)
No single metric tells the full story. See the JSE:LSK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lesaka Technologies Inc provides payment solutions, transaction processing solutions, and financial technologies. The company operates three reportable segments: Merchant, Consumer and Enterprise. Merchant, which focuses on both formal and informal sector merchants. Consumer, which focuses on individuals who have historically been excluded from traditional financial services and to whom it offers transactional accounts (banking), insurance, lending (short-term loans), payments solutions and various value-added services; and Enterprise, which comprises large-scale corporate and government organizations, including but not limited to banks, mobile network operators (MNOs) and municipalities, and, through Recharger, landlords utilizing Recharger's prepaid electricity metering solution.
83GF Score
Get the complete analysis for JSE:LSK
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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