Accsys Technologies (LSE:AXS) Beneish M-Score: -1.80 (As of Jun. 26, 2026)


LSE:AXS Accsys Technologies PLC LSE:AXS
45 GF Score
Price £0.77
GF Value £0.58
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Accsys Technologies Beneish M-Score?

Accsys Technologies LSE:AXS +0.52% 45 Beneish M-Score is -1.80 as of Jun. 26, 2026. GuruFocus rates LSE:AXS with a GF Score™ of 45/100 and a GF Value™ of £0.58 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 273 Forest Products companies, Accsys Technologies ranks worse than 89.01% 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:AXS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.5   Med: -2.68   Max: -1.8
Current: -1.8

During the past 13 years, the highest Beneish M-Score of Accsys Technologies was -1.80. The lowest was -3.50. And the median was -2.68.

Accsys Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Accsys 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.

Accsys Technologies Beneish M-Score Chart

Accsys Technologies Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.12 -3.18 -2.95 -3.50 -1.80

Accsys Technologies 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 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 -2.95 0.00 -3.50 0.00 -1.80

LSE:AXS vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, Accsys 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.

Accsys Technologies Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Accsys Technologies's Beneish M-Score distribution charts can be found below:

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


LSE:AXS
45GF Score
Accsys Technologies PLC LSE:AXS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Accsys Technologies 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 Accsys 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 * 1.898+0.528 * 0.9811+0.404 * 0.8545+0.892 * 1.1624+0.115 * 0.9953
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0244+4.679 * -0.048079-0.327 * 0.9912
=-1.80

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was £24.7 Mil.
Revenue was £132.9 Mil.
Gross Profit was £41.1 Mil.
Total Current Assets was £72.7 Mil.
Total Assets was £168.2 Mil.
Property, Plant and Equipment(Net PPE) was £63.7 Mil.
Depreciation, Depletion and Amortization(DDA) was £7.7 Mil.
Selling, General, & Admin. Expense(SGA) was £18.9 Mil.
Total Current Liabilities was £32.4 Mil.
Long-Term Debt & Capital Lease Obligation was £44.7 Mil.
Net Income was £5.6 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £13.7 Mil.
 Total Receivables was £11.2 Mil.
Revenue was £114.3 Mil.
Gross Profit was £34.7 Mil.
Total Current Assets was £53.4 Mil.
Total Assets was £151.4 Mil.
Property, Plant and Equipment(Net PPE) was £64.6 Mil.
Depreciation, Depletion and Amortization(DDA) was £7.7 Mil.
Selling, General, & Admin. Expense(SGA) was £15.9 Mil.
Total Current Liabilities was £25.3 Mil.
Long-Term Debt & Capital Lease Obligation was £44.7 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)
=(24.72 / 132.898) / (11.204 / 114.328)
=0.186007 / 0.097999
=1.898

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)
=(34.664 / 114.328) / (41.07 / 132.898)
=0.303198 / 0.309034
=0.9811

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 - (72.747 + 63.709) / 168.245) / (1 - (53.374 + 64.559) / 151.414)
=0.188945 / 0.221122
=0.8545

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
=132.898 / 114.328
=1.1624

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))
=(7.714 / (7.714 + 64.559)) / (7.653 / (7.653 + 63.709))
=0.106734 / 0.107242
=0.9953

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)
=(18.908 / 132.898) / (15.879 / 114.328)
=0.142275 / 0.13889
=1.0244

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)
=((44.703 + 32.374) / 168.245) / ((44.68 + 25.299) / 151.414)
=0.458124 / 0.46217
=0.9912

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
=(5.615 - 0 - 13.704) / 168.245
=-0.048079

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.

Accsys Technologies has a M-score of -1.80 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 -1.80 mean?
Accsys Technologies (LSE:AXS) has a Beneish M-Score of -1.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Accsys Technologies and its competitors. According to the industry distribution chart, Accsys Technologies ranks #243 out of 273 companies in the Forest Products industry, placing it in the top 89%.
Is Accsys Technologies' Beneish M-Score too high?
Accsys Technologies' current Beneish M-Score is -1.80. Based on the distribution chart, Accsys Technologies ranks #243 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Accsys Technologies has a GF Score™ of 45/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Accsys Technologies' Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Accsys Technologies ranks #243 out of 273 companies for Beneish M-Score. This places Accsys Technologies 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Accsys Technologies and its competitors. Accsys Technologies's current Beneish M-Score is -1.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Accsys Technologies stock overvalued right now?
Based on GuruFocus' analysis, Accsys Technologies (LSE:AXS) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.58, compared to a current price of £0.77 — trading 32.4% above its estimated fair value. The current Beneish M-Score is -1.80. Accsys Technologies' overall GF Score™ is 45/100 with 6 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 Accsys Technologies (LSE:AXS), the current Beneish M-Score is -1.80 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 Accsys Technologies (LSE:AXS) Overvalued in 2026?

Based on GuruFocus' analysis, Accsys Technologies stock appears to be overvalued. The current stock price of £0.77 is trading 32.4% above its estimated GF Value™ of £0.58. GuruFocus considers Accsys Technologies to be Significantly Overvalued.

Key valuation signals for LSE:AXS:

  • Beneish M-Score: -1.80
  • GF Value™: £0.58 vs. price of £0.77 (32.4% above fair value)
  • GF Score™: 45/100 with 6 warning signs

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

Accsys Technologies Business Description

Address 3 Moorgate Place, 4th floor, London, GBR, EC2R 6EA
Accsys Technologies PLC is a chemical technology company focused on acetylation of wood. It is engaged in the development, commercialisation, and licensing of the associated proprietary technologies. Its product includes Accoya and Tricoya wood. The company offers Accoya wood for use in external doors, cladding/siding, decking, structural and civil engineering projects and Tricoya wood elements are used in window and door components, door skins, wet interiors, and wall linings. It generates maximum revenue through the sale of Accoya Woods. The maximum geographical areas of customers are from the UK and Ireland region.
45GF Score

Get the complete analysis for LSE:AXS

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

£0.77
Price
£0.58
GF Value