Billington Holdings (LSE:BILN) Beneish M-Score: -2.75 (As of Jun. 26, 2026)

What is Billington Holdings Beneish M-Score?

Billington Holdings LSE:BILN 77 Beneish M-Score is -2.75 as of Jun. 26, 2026. GuruFocus rates LSE:BILN with a GF Score™ of 77/100 and a GF Value™ of £4.08 (Fairly Valued). The stock has 9 warning signs investors should review. Among 1,704 Construction companies, Billington Holdings ranks better than 70.07% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:BILN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.55 Max: -0.29
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Billington Holdings was -0.29. The lowest was -2.85. And the median was -2.55.

Billington Holdings Beneish M-Score Related Terms

Billington Holdings Beneish M-Score Historical Data

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The historical data trend for Billington 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.

Billington Holdings Beneish M-Score Chart

Billington Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.76

-2.70

-2.56

-2.67

-2.75

Billington Holdings 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															-2.56	0.00	-2.67	0.00	-2.75

LSE:BILN vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Billington 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.

Billington Holdings Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Billington Holdings's Beneish M-Score distribution charts can be found below:

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

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77GF Score

Billington Holdings PLC LSE:BILN

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

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Billington 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 Billington Holdings 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 * 1.082

0.528 * 0.9821

0.404 * 1.0735

0.892 * 0.8464

0.115 * 0.8241

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.048334

0.327 * 0.9332

-2.75

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was £21.51 Mil.
Revenue was £95.69 Mil.
Gross Profit was £45.33 Mil.
Total Current Assets was £43.96 Mil.
Total Assets was £72.33 Mil.
Property, Plant and Equipment(Net PPE) was £25.89 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.68 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £17.63 Mil.
Long-Term Debt & Capital Lease Obligation was £0.96 Mil.
Net Income was £1.33 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £4.82 Mil.

Total Receivables was £23.48 Mil.
Revenue was £113.06 Mil.
Gross Profit was £52.59 Mil.
Total Current Assets was £47.67 Mil.
Total Assets was £78.12 Mil.
Property, Plant and Equipment(Net PPE) was £27.95 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.34 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £20.03 Mil.
Long-Term Debt & Capital Lease Obligation was £1.48 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)
	=	(21.507 / 95.694)	/	(23.484 / 113.061)
	=	0.224748	/	0.207711
	=	1.082

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)
	=	(52.593 / 113.061)	/	(45.326 / 95.694)
	=	0.465174	/	0.473656
	=	0.9821

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 - (43.955 + 25.894) / 72.33)	/	(1 - (47.673 + 27.946) / 78.115)
	=	0.034301	/	0.031953
	=	1.0735

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
	=	95.694	/	113.061
	=	0.8464

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))
	=	(2.34 / (2.34 + 27.946))	/	(2.679 / (2.679 + 25.894))
	=	0.077263	/	0.09376
	=	0.8241

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 / 95.694)	/	(0 / 113.061)
	=	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)
	=	((0.961 + 17.626) / 72.33)	/	((1.477 + 20.033) / 78.115)
	=	0.256975	/	0.275363
	=	0.9332

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
	=	(1.327 - 0	-	4.823)	/	72.33
	=	-0.048334

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.

Billington Holdings has a M-score of -2.75 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 -2.75 mean?

Billington Holdings (LSE:BILN) has a Beneish M-Score of -2.75 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Billington Holdings and its competitors. According to the industry distribution chart, Billington Holdings ranks #510 out of 1704 companies in the Construction industry, placing it in the top 29.9%.

Is Billington Holdings' Beneish M-Score too high?

Billington Holdings' current Beneish M-Score is -2.75. Based on the distribution chart, Billington Holdings ranks #510 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Billington Holdings has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Billington Holdings' Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Billington Holdings ranks #510 out of 1704 companies for Beneish M-Score. This puts Billington Holdings 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Billington Holdings and its competitors. Billington Holdings's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Billington Holdings stock overvalued right now?

Based on GuruFocus' analysis, Billington Holdings (LSE:BILN) is currently considered Fairly Valued. The stock's GF Value™ is £4.08, compared to a current price of £4.05 — trading 0.7% below its estimated fair value. The current Beneish M-Score is -2.75. Billington Holdings' overall GF Score™ is 77/100 with 9 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 Billington Holdings (LSE:BILN), the current Beneish M-Score is -2.75 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 Billington Holdings (LSE:BILN) Overvalued in 2026?

Based on GuruFocus' analysis, Billington Holdings stock appears to be undervalued. The current stock price of £4.05 is trading 0.7% below its estimated GF Value™ of £4.08. GuruFocus considers Billington Holdings to be Fairly Valued.

Key valuation signals for LSE:BILN:

Beneish M-Score: -2.75
GF Value™: £4.08 vs. price of £4.05 (0.7% below fair value)
GF Score™: 77/100 with 9 warning signs

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

Billington Holdings Business Description

Industry Industrials Construction

Comparable Companies LSE:VANL LSE:SMJ LSE:SFR LSE:TGP LSE:NEXS LSE:CEPS LSE:BUC PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ SHSE:601668 STRL XPAR:EN

Address Steel House, Barnsley Road, Wombwell, Barnsley, South Yorkshire, GBR, S73 8DS

Website https://www.billington-holdings.plc.uk

Billington Holdings PLC through its subsidiaries, operates as a structural steel and construction safety solutions specialists, is a UK-based group of companies focused on structural steel and engineering activities throughout the UK and European markets. It also acts as a supplier of safety solutions and barrier systems to the construction industry. It operates in two segments: Structural Steelwork and Safety Solutions. Structural Steelwork, which generates key revenue that includes the activities of Billington Structures Limited, Peter Marshall Steel Stairs Limited, and Specialist Protective Coatings Limited. Geographically, it derives all of its revenue from the United Kingdom.

77GF Score

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

£4.05

Price

£4.08

GF Value

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