London BTC Co (LSE:BTC) Beneish M-Score: 20.48 (As of Aug. 11, 2026) — Near Median

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What is London BTC Co Beneish M-Score?

London BTC Co LSE:BTC Beneish M-Score is 20.48 as of Aug. 11, 2026, which is at its 10-year median of 20.48. The stock has 3 warning signs investors should review. Among 704 Capital Markets companies, London BTC Co ranks worse than 95.88% 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.

Warning Sign:

Beneish M-Score 20.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:BTC' s Beneish M-Score Range Over the Past 10 Years
Min: 20.48   Med: 20.48   Max: 20.48
Current: 20.48

During the past 3 years, the highest Beneish M-Score of London BTC Co was 20.48. The lowest was 20.48. And the median was 20.48.

London BTC Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for London BTC Co'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.

London BTC Co Beneish M-Score Chart

London BTC Co Annual Data
Trend Aug22 Aug23 Feb26
Beneish M-Score
0.00 0.00 20.48

London BTC Co Semi-Annual Data
Aug22 Feb23 Aug23 Feb24 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 20.48

LSE:BTC vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, London BTC Co'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.

London BTC Co Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, London BTC Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where London BTC Co's Beneish M-Score falls into.


London BTC Co 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 London BTC Co 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+0.528 * 4.3659+0.404 * 4.324+0.892 * 28.5122+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0749+4.679 * -1.053693-0.327 * 0.7929
=20.48

* 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 (Feb26) TTM:Last Year (Aug23) TTM:
Total Receivables was £0.00 Mil.
Revenue was £1.17 Mil.
Gross Profit was £-0.32 Mil.
Total Current Assets was £0.08 Mil.
Total Assets was £4.27 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £0.93 Mil.
Total Current Liabilities was £0.39 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-6.47 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.97 Mil.
 Total Receivables was £0.00 Mil.
Revenue was £0.04 Mil.
Gross Profit was £-0.05 Mil.
Total Current Assets was £0.27 Mil.
Total Assets was £0.65 Mil.
Property, Plant and Equipment(Net PPE) was £0.24 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.03 Mil.
Selling, General, & Admin. Expense(SGA) was £0.44 Mil.
Total Current Liabilities was £0.08 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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 / 1.169) / (0 / 0.041)
=0 / 0
=1

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)
=(-0.049 / 0.041) / (-0.32 / 1.169)
=-1.195122 / -0.273738
=4.3659

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 - (0.075 + 0) / 4.265) / (1 - (0.265 + 0.235) / 0.647)
=0.982415 / 0.227202
=4.324

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
=1.169 / 0.041
=28.5122

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))
=(0.031 / (0.031 + 0.235)) / (0 / (0 + 0))
=0.116541 /
=1

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)
=(0.931 / 1.169) / (0.436 / 0.041)
=0.796407 / 10.634146
=0.0749

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 + 0.392) / 4.265) / ((0 + 0.075) / 0.647)
=0.091911 / 0.11592
=0.7929

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
=(-6.467 - 0 - -1.973) / 4.265
=-1.053693

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.

London BTC Co has a M-score of 20.48 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 20.48 mean?
London BTC Co (LSE:BTC) has a Beneish M-Score of 20.48 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on London BTC Co and its competitors. This is near median its historical median of 20.48. Over the past decade, London BTC Co's Beneish M-Score has ranged from 20.48 to 20.48. According to the industry distribution chart, London BTC Co ranks #675 out of 704 companies in the Capital Markets industry, placing it in the top 95.9%.
Is London BTC Co's Beneish M-Score too high?
London BTC Co's current Beneish M-Score of 20.48 is near median its 10-year median of 20.48. Over the past 10 years, this metric has ranged from a low of 20.48 to a high of 20.48. Based on the distribution chart, London BTC Co ranks #675 out of 704 companies in the Capital Markets industry, which is in the bottom quartile relative to peers.
How does London BTC Co's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, London BTC Co ranks #675 out of 704 companies for Beneish M-Score. This places London BTC Co in the lower half of its industry. Historically, London BTC Co's own Beneish M-Score has ranged from 20.48 to 20.48 over the past decade. 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 London BTC Co and its competitors. London BTC Co's current Beneish M-Score is 20.48, which is near median its own 10-year median of 20.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is London BTC Co stock overvalued right now?
London BTC Co (LSE:BTC) has a current Beneish M-Score of 20.48. The current Beneish M-Score is 20.48, which is near median its 10-year median of 20.48. 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 London BTC Co (LSE:BTC), the current Beneish M-Score is 20.48 as of Aug. 11, 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.

London BTC Co Business Description

Other Exchanges VINZF:USA
Address Wickhams Cay II Road, Vistra Corporate Services Centre, Tortola, Road Town, VGB, VG 1110
London BTC Co Ltd operates as a Bitcoin mining company initially focusing on installing clusters of Bitcoin miners within multiple facilities throughout the USA and Canada through third-party cryptocurrency mining providers. The company focuses on the development of BTC cryptocurrency mining operations and an emerging class of powerful decentralised finance DeFI technologies. Together, cryptocurrencies and decentralised protocol technologies interoperate to create world-wide decentralised financial services platforms. These platforms continue to enjoy rapid growth and are augmenting or replacing capabilities typically associated with traditional finance.