Spar Group (JSE:SPP) Beneish M-Score: -3.49 (As of Jun. 25, 2026)

What is Spar Group Beneish M-Score?

Spar Group JSE:SPP -3.11% 52 Beneish M-Score is -3.49 as of Jun. 25, 2026. GuruFocus rates JSE:SPP with a GF Score™ of 52/100 and a GF Value™ of R107.89 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 293 Retail - Defensive companies, Spar Group ranks better than 92.83% 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 -3.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:SPP' s Beneish M-Score Range Over the Past 10 Years
Min: -12.13 Med: -2.53 Max: -2.03
Current: -3.49

During the past 13 years, the highest Beneish M-Score of Spar Group was -2.03. The lowest was -12.13. And the median was -2.53.

Spar Group Beneish M-Score Related Terms

Spar Group Beneish M-Score Historical Data

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The historical data trend for Spar Group'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.

Spar Group Beneish M-Score Chart

Spar Group Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-12.13

-2.43

-4.36

-2.59

-3.49

Spar Group Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.59	0.00	-3.49	0.00

JSE:SPP vs SYY, USFD, PFGC: Beneish M-Score Comparison

For the Food Distribution subindustry, Spar Group'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.

Spar Group Beneish M-Score vs Retail - Defensive Industry

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

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

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52GF Score

Spar Group Ltd JSE:SPP

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

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Spar Group 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 Spar Group 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 * 0.9626

0.528 * 0.9823

0.404 * 1.1068

0.892 * 1.0036

0.115 * 0.6655

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1318

4.679 * -0.197181

0.327 * 1.0802

-3.49

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was R16,172 Mil.
Revenue was R131,458 Mil.
Gross Profit was R14,145 Mil.
Total Current Assets was R26,458 Mil.
Total Assets was R46,221 Mil.
Property, Plant and Equipment(Net PPE) was R7,717 Mil.
Depreciation, Depletion and Amortization(DDA) was R1,604 Mil.
Selling, General, & Admin. Expense(SGA) was R1,572 Mil.
Total Current Liabilities was R26,797 Mil.
Long-Term Debt & Capital Lease Obligation was R13,590 Mil.
Net Income was R-4,828 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R4,286 Mil.

Total Receivables was R16,741 Mil.
Revenue was R130,987 Mil.
Gross Profit was R13,845 Mil.
Total Current Assets was R27,225 Mil.
Total Assets was R58,642 Mil.
Property, Plant and Equipment(Net PPE) was R17,607 Mil.
Depreciation, Depletion and Amortization(DDA) was R2,277 Mil.
Selling, General, & Admin. Expense(SGA) was R1,384 Mil.
Total Current Liabilities was R30,433 Mil.
Long-Term Debt & Capital Lease Obligation was R17,004 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)
	=	(16172.3 / 131457.7)	/	(16740.5 / 130986.6)
	=	0.123023	/	0.127803
	=	0.9626

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)
	=	(13844.8 / 130986.6)	/	(14144.8 / 131457.7)
	=	0.105696	/	0.1076
	=	0.9823

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 - (26457.8 + 7716.6) / 46221.4)	/	(1 - (27225.4 + 17607.23) / 58642)
	=	0.260637	/	0.235486
	=	1.1068

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
	=	131457.7	/	130986.6
	=	1.0036

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))
	=	(2277.1 / (2277.1 + 17607.23))	/	(1603.7 / (1603.7 + 7716.6))
	=	0.114517	/	0.172065
	=	0.6655

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)
	=	(1572.3 / 131457.7)	/	(1384.3 / 130986.6)
	=	0.011961	/	0.010568
	=	1.1318

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)
	=	((13590.1 + 26797.2) / 46221.4)	/	((17004.4 + 30432.5) / 58642)
	=	0.873779	/	0.808924
	=	1.0802

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
	=	(-4828.1 - 0	-	4285.9)	/	46221.4
	=	-0.197181

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.

Spar Group has a M-score of -3.49 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 -3.49 mean?

Spar Group (JSE:SPP) has a Beneish M-Score of -3.49 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spar Group and its competitors. According to the industry distribution chart, Spar Group ranks #21 out of 293 companies in the Retail - Defensive industry, placing it in the top 7.2%.

Is Spar Group's Beneish M-Score too high?

Spar Group's current Beneish M-Score is -3.49. Based on the distribution chart, Spar Group ranks #21 out of 293 companies in the Retail - Defensive industry, which is in the top quartile — a strong position relative to peers. Overall, Spar Group has a GF Score™ of 52/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Spar Group's Beneish M-Score compare to SYY and USFD?

According to the Retail - Defensive industry distribution chart, Spar Group ranks #21 out of 293 companies for Beneish M-Score. This places Spar Group in the top 7% 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 Retail - Defensive company?

A good Beneish M-Score depends on the Retail - Defensive 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 Spar Group and its competitors. Spar Group's current Beneish M-Score is -3.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Spar Group stock overvalued right now?

Based on GuruFocus' analysis, Spar Group (JSE:SPP) is currently considered Significantly Undervalued. The stock's GF Value™ is R107.89, compared to a current price of R48.84 — trading 54.7% below its estimated fair value. The current Beneish M-Score is -3.49. Spar Group's overall GF Score™ is 52/100 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 Spar Group (JSE:SPP), the current Beneish M-Score is -3.49 as of Jun. 25, 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 Spar Group (JSE:SPP) Overvalued in 2026?

Based on GuruFocus' analysis, Spar Group stock appears to be undervalued. The current stock price of R48.84 is trading 54.7% below its estimated GF Value™ of R107.89. GuruFocus considers Spar Group to be Significantly Undervalued.

Key valuation signals for JSE:SPP:

Beneish M-Score: -3.49
GF Value™: R107.89 vs. price of R48.84 (54.7% below fair value)
GF Score™: 52/100 with 3 warning signs

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

Spar Group Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies JSE:FBR SYY USFD PFGC XLIS:JMT LSE:BNZL HKSE:01768 JSE:BID BKK:CPAXT SGX:VC2 CHEF UNFI HAM:B4B ASX:MTS ANDE SHSE:600113 SZSE:000061 XKRX:026960 WAR:KER XKRX:005440

Other Exchanges SGPPY:USA

Address 1 Ncondo Place, The Umhlanga Arch, Umhlanga Ridge, Durban, NL, ZAF, 4001

Website https://www.thespargroup.com

Spar Group Ltd operates as a wholesaler and distributor of goods and services to SPAR grocery stores and multiple other branded group retail outlets across multiple regions. It supplies fresh produce and merchandise to a network of independent retailers who operate under its brands like TOPS at SPAR, Build it, SPAR Health, and Encore. The company's revenue mainly comprise the revenue from the sale of merchandise, marketing and promotional activities as well as franchise fees. Geographically, it has a presence in Southern Africa, Ireland and South West England, Switzerland, Poland and Sri Lanka, with the majority of revenue generated from South Africa.

52GF Score

Get the complete analysis for JSE:SPP

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

R48.84

Price

R107.89

GF Value

View JSE:SPP Analysis

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