LOTBY (Lotus Bakeries NV) Beneish M-Score: -2.54 (As of Jun. 26, 2026)

What is Lotus Bakeries NV Beneish M-Score?

Lotus Bakeries NV LOTBY 100 Beneish M-Score is -2.54 as of Jun. 26, 2026. GuruFocus rates LOTBY with a GF Score™ of 100/100 and a GF Value™ of $112.83. The stock has 5 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Lotus Bakeries NV ranks better than 51.65% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LOTBY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.49 Max: -2.29
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Lotus Bakeries NV was -2.29. The lowest was -3.02. And the median was -2.49.

Lotus Bakeries NV Beneish M-Score Related Terms

Lotus Bakeries NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lotus Bakeries NV'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.

Lotus Bakeries NV Beneish M-Score Chart

Lotus Bakeries NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.49

-2.35

-2.38

-2.50

-2.54

Lotus Bakeries NV Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.38	0.00	-2.50	0.00	-2.54

LOTBY vs KHC, GIS, JBS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Lotus Bakeries NV'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.

Lotus Bakeries NV Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Lotus Bakeries NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lotus Bakeries NV's Beneish M-Score falls into.

Save Embed

100GF Score

Lotus Bakeries NV LOTBY

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

View Full Analysis

Lotus Bakeries NV 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 Lotus Bakeries NV 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 * 1.0394

0.528 * 0.9825

0.404 * 0.8438

0.892 * 1.2301

0.115 * 1.0154

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.021881

0.327 * 1.0279

-2.42

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $203 Mil.
Revenue was $1,587 Mil.
Gross Profit was $629 Mil.
Total Current Assets was $590 Mil.
Total Assets was $1,799 Mil.
Property, Plant and Equipment(Net PPE) was $759 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $398 Mil.
Long-Term Debt & Capital Lease Obligation was $293 Mil.
Net Income was $202 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $241 Mil.

Total Receivables was $159 Mil.
Revenue was $1,290 Mil.
Gross Profit was $503 Mil.
Total Current Assets was $418 Mil.
Total Assets was $1,458 Mil.
Property, Plant and Equipment(Net PPE) was $608 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $355 Mil.
Long-Term Debt & Capital Lease Obligation was $189 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)
	=	(202.699 / 1586.722)	/	(158.549 / 1289.962)
	=	0.127747	/	0.12291
	=	1.0394

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)
	=	(502.691 / 1289.962)	/	(629.381 / 1586.722)
	=	0.389694	/	0.396655
	=	0.9825

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 - (590.389 + 758.851) / 1799.205)	/	(1 - (417.941 + 607.753) / 1457.783)
	=	0.250091	/	0.296401
	=	0.8438

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
	=	1586.722	/	1289.962
	=	1.2301

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))
	=	(38.317 / (38.317 + 607.753))	/	(47.071 / (47.071 + 758.851))
	=	0.059308	/	0.058406
	=	1.0154

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)
	=	(0 / 1586.722)	/	(0 / 1289.962)
	=	0	/	0
	=	1

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)
	=	((292.593 + 397.559) / 1799.205)	/	((189.006 + 355.018) / 1457.783)
	=	0.383587	/	0.373186
	=	1.0279

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
	=	(201.707 - 0	-	241.075)	/	1799.205
	=	-0.021881

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.

Lotus Bakeries NV has a M-score of -2.42 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 -2.54 mean?

Lotus Bakeries NV (LOTBY) has a Beneish M-Score of -2.54 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lotus Bakeries NV and its competitors. According to the industry distribution chart, Lotus Bakeries NV ranks #894 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 48.4%.

Is Lotus Bakeries NV's Beneish M-Score too high?

Lotus Bakeries NV's current Beneish M-Score is -2.54. Based on the distribution chart, Lotus Bakeries NV ranks #894 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Lotus Bakeries NV has a GF Score™ of 100/100, reflecting its overall financial health beyond just this single metric.

How does Lotus Bakeries NV's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Lotus Bakeries NV ranks #894 out of 1849 companies for Beneish M-Score. This puts Lotus Bakeries NV 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Lotus Bakeries NV and its competitors. Lotus Bakeries NV's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Lotus Bakeries NV stock overvalued right now?

Lotus Bakeries NV (LOTBY) has a current Beneish M-Score of -2.54. The stock's GF Value™ is $112.83, compared to a current price of $114.50 — trading 1.5% above its estimated fair value. The current Beneish M-Score is -2.54. Lotus Bakeries NV's overall GF Score™ is 100/100 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 Lotus Bakeries NV (LOTBY), the current Beneish M-Score is -2.54 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.

Is Lotus Bakeries NV (LOTBY) Overvalued in 2026?

Based on GuruFocus' analysis, Lotus Bakeries NV stock appears to be overvalued. The current stock price of $114.50 is trading 1.5% above its estimated GF Value™ of $112.83.

Key valuation signals for LOTBY:

Beneish M-Score: -2.54
GF Value™: $112.83 vs. price of $114.50 (1.5% above fair value)
GF Score™: 100/100 with 5 warning signs

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

Lotus Bakeries NV Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies XBRU:WHATS XBRU:MIKO XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS SGX:F34 LSE:ABF HKSE:00288 MEX:BIMBOA DUB:KRZ JBS BOM:500825 TPE:1216

Other Exchanges 0F4O:UK 7LB:Germany LOTB:Belgium

Address Gentstraat 1, Lembeke, BEL, 9971

Website https://www.lotusbakeries.com

Lotus Bakeries NV is active in the indulgent and better-for-you snacking segment and is engaged in the manufacture and sale of biscuits, waffles, cakes, and other snack products. The Group offers multiple products, including caramelized biscuits, waffles and galettes, cake specialties, gingerbread, and other biscuits, and distributes its products through retail, catering, and food service channels. Its brands include Biscoff, Nakd, TREK, BEAR, Kiddylicious, Lotus Dinosaurus, Peijnenburg, Snelle Jelle, Annas, and Peter's Yard. Its activities are organised under three strategic pillars, namely Lotus Biscoff, Lotus Natural Foods, and Lotus Local Heroes. The company operates in Continental Europe, which generates maximum revenue, as well as in the UK, the Americas, and the rest of the world.

100GF Score

Get the complete analysis for LOTBY

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

$114.50

Price

$112.83

GF Value

View LOTBY Analysis

See Beneish M-Score data for all stocks →