Visual International Holdings (JSE:VIS) Beneish M-Score: -2.22 (As of Jun. 24, 2026)


What is Visual International Holdings Beneish M-Score?

Visual International Holdings JSE:VIS Beneish M-Score is -2.22 as of Jun. 24, 2026. The stock has 2 warning signs investors should review. Among 1,681 Real Estate companies, Visual International Holdings ranks worse than 59.37% 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:VIS' s Beneish M-Score Range Over the Past 10 Years
Min: -305.63   Med: -1.18   Max: 37.19
Current: -2.22

During the past 12 years, the highest Beneish M-Score of Visual International Holdings was 37.19. The lowest was -305.63. And the median was -1.18.

Visual International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Visual International Holdings'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.

Visual International Holdings Beneish M-Score Chart

Visual International Holdings Annual Data
Trend Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 11.54 -2.19 37.19 -0.16 -2.22

Visual International Holdings Semi-Annual Data
Feb16 Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -0.16 0.00 -2.22 0.00

Visual International Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Visual International Holdings'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.

Visual International Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Visual International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Visual International Holdings's Beneish M-Score falls into.


Visual International Holdings 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 Visual International Holdings 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 * 0.2411+0.528 * 1+0.404 * 1.0032+0.892 * 1.5951+0.115 * 0.5714
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7306+4.679 * 0.05096-0.327 * 0.4128
=-2.22

* 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 (Feb25) TTM:Last Year (Feb24) TTM:
Total Receivables was R0.02 Mil.
Revenue was R1.77 Mil.
Gross Profit was R1.77 Mil.
Total Current Assets was R0.04 Mil.
Total Assets was R48.14 Mil.
Property, Plant and Equipment(Net PPE) was R0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R2.23 Mil.
Total Current Liabilities was R20.53 Mil.
Long-Term Debt & Capital Lease Obligation was R2.05 Mil.
Net Income was R3.30 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R0.85 Mil.
 Total Receivables was R0.04 Mil.
Revenue was R1.11 Mil.
Gross Profit was R1.11 Mil.
Total Current Assets was R0.16 Mil.
Total Assets was R39.58 Mil.
Property, Plant and Equipment(Net PPE) was R0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R1.91 Mil.
Total Current Liabilities was R26.16 Mil.
Long-Term Debt & Capital Lease Obligation was R18.82 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)
=(0.015 / 1.769) / (0.039 / 1.109)
=0.008479 / 0.035167
=0.2411

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)
=(1.109 / 1.109) / (1.769 / 1.769)
=1 / 1
=1

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 - (0.037 + 0) / 48.136) / (1 - (0.155 + 0.003) / 39.578)
=0.999231 / 0.996008
=1.0032

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
=1.769 / 1.109
=1.5951

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))
=(0.004 / (0.004 + 0.003)) / (0.003 / (0.003 + 0))
=0.571429 / 1
=0.5714

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)
=(2.227 / 1.769) / (1.911 / 1.109)
=1.258903 / 1.723174
=0.7306

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)
=((2.052 + 20.532) / 48.136) / ((18.819 + 26.161) / 39.578)
=0.469171 / 1.13649
=0.4128

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
=(3.301 - 0 - 0.848) / 48.136
=0.05096

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.

Visual International Holdings has a M-score of -2.22 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 -2.22 mean?
Visual International Holdings (JSE:VIS) has a Beneish M-Score of -2.22 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Visual International Holdings and its competitors. According to the industry distribution chart, Visual International Holdings ranks #998 out of 1681 companies in the Real Estate industry, placing it in the top 59.4%.
Is Visual International Holdings' Beneish M-Score too high?
Visual International Holdings' current Beneish M-Score is -2.22. Based on the distribution chart, Visual International Holdings ranks #998 out of 1681 companies in the Real Estate industry, which is below the industry midpoint.
How does Visual International Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Visual International Holdings ranks #998 out of 1681 companies for Beneish M-Score. This places Visual International Holdings in the lower 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Visual International Holdings and its competitors. Visual International Holdings's current Beneish M-Score is -2.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Visual International Holdings stock overvalued right now?
Visual International Holdings (JSE:VIS) has a current Beneish M-Score of -2.22. The current Beneish M-Score is -2.22. 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 Visual International Holdings (JSE:VIS), the current Beneish M-Score is -2.22 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.

Visual International Holdings Business Description

Address Hohenhort Street, 23 Kleinplaas, Stellenberg, Western Cape, Bellville, ZAF, 7550
Visual International Holdings Ltd is a property development company in South Africa. It acquires and rezones land, installs relevant services, and constructs houses and apartments on the land for sale to homeowners or investors. The company focuses on the development of entire suburbs which comprise houses, apartments, lifestyle and retirement accommodation, retail facilities, schools, offices, and recreation, as well as other related facilities. It generates maximum revenue from the development of residential and commercial projects such as The Marine, Strand, Stellendale Junction, La Retreat Village, Imperial Bank Terraces, King Arthur Village and Mews, etc.