Cake Box Holdings (LSE:CBOX) Beneish M-Score: -2.55 (As of Jul. 11, 2026)

What is Cake Box Holdings Beneish M-Score?

Cake Box Holdings LSE:CBOX 87 Beneish M-Score is -2.55 as of Jul. 11, 2026. GuruFocus rates LSE:CBOX with a GF Score™ of 87/100 and a GF Value™ of £2.51 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 294 Retail - Defensive companies, Cake Box Holdings ranks worse than 54.76% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:CBOX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.38 Max: 2.64
Current: -2.55

During the past 11 years, the highest Beneish M-Score of Cake Box Holdings was 2.64. The lowest was -3.02. And the median was -2.38.

Cake Box Holdings Beneish M-Score Related Terms

Cake Box Holdings Beneish M-Score Historical Data

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The historical data trend for Cake Box 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.

Cake Box Holdings Beneish M-Score Chart

Cake Box Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.23

-3.02

-2.03

-0.26

-2.55

Cake Box Holdings Semi-Annual Data
	Mar16	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															-2.03	0.00	-0.26	0.00	-2.55

LSE:CBOX vs KR, SFM: Beneish M-Score Comparison

For the Grocery Stores subindustry, Cake Box 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.

Cake Box Holdings Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Cake Box Holdings's Beneish M-Score distribution charts can be found below:

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

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87GF Score

Cake Box Holdings PLC LSE:CBOX

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

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Cake Box 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 Cake Box 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 * 1.0944

0.528 * 0.9142

0.404 * 0.9175

0.892 * 1.3952

0.115 * 0.7177

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8956

4.679 * -0.087545

0.327 * 1.0153

-2.55

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was £7.20 Mil.
Revenue was £59.69 Mil.
Gross Profit was £34.28 Mil.
Total Current Assets was £16.64 Mil.
Total Assets was £64.07 Mil.
Property, Plant and Equipment(Net PPE) was £30.26 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.23 Mil.
Selling, General, & Admin. Expense(SGA) was £6.19 Mil.
Total Current Liabilities was £16.74 Mil.
Long-Term Debt & Capital Lease Obligation was £16.55 Mil.
Net Income was £5.22 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £10.83 Mil.

Total Receivables was £4.72 Mil.
Revenue was £42.78 Mil.
Gross Profit was £22.46 Mil.
Total Current Assets was £16.74 Mil.
Total Assets was £61.24 Mil.
Property, Plant and Equipment(Net PPE) was £26.61 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.38 Mil.
Selling, General, & Admin. Expense(SGA) was £4.96 Mil.
Total Current Liabilities was £12.58 Mil.
Long-Term Debt & Capital Lease Obligation was £18.76 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)
	=	(7.201 / 59.69)	/	(4.716 / 42.781)
	=	0.12064	/	0.110236
	=	1.0944

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)
	=	(22.457 / 42.781)	/	(34.275 / 59.69)
	=	0.524929	/	0.574217
	=	0.9142

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 - (16.637 + 30.255) / 64.07)	/	(1 - (16.735 + 26.611) / 61.243)
	=	0.268113	/	0.292229
	=	0.9175

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
	=	59.69	/	42.781
	=	1.3952

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))
	=	(1.376 / (1.376 + 26.611))	/	(2.225 / (2.225 + 30.255))
	=	0.049166	/	0.068504
	=	0.7177

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)
	=	(6.194 / 59.69)	/	(4.957 / 42.781)
	=	0.103769	/	0.115869
	=	0.8956

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)
	=	((16.545 + 16.735) / 64.07)	/	((18.755 + 12.578) / 61.243)
	=	0.519432	/	0.511618
	=	1.0153

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
	=	(5.218 - 0	-	10.827)	/	64.07
	=	-0.087545

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.

Cake Box Holdings has a M-score of -2.55 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 -2.55 mean?

Cake Box Holdings (LSE:CBOX) has a Beneish M-Score of -2.55 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cake Box Holdings and its competitors. According to the industry distribution chart, Cake Box Holdings ranks #161 out of 294 companies in the Retail - Defensive industry, placing it in the top 54.8%.

Is Cake Box Holdings' Beneish M-Score too high?

Cake Box Holdings' current Beneish M-Score is -2.55. Based on the distribution chart, Cake Box Holdings ranks #161 out of 294 companies in the Retail - Defensive industry, which is below the industry midpoint. Overall, Cake Box Holdings has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Cake Box Holdings' Beneish M-Score compare to KR and SFM?

According to the Retail - Defensive industry distribution chart, Cake Box Holdings ranks #161 out of 294 companies for Beneish M-Score. This places Cake Box 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 Retail - Defensive company?

A good Beneish M-Score depends on the Retail - Defensive 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 Cake Box Holdings and its competitors. Cake Box Holdings's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cake Box Holdings stock overvalued right now?

Based on GuruFocus' analysis, Cake Box Holdings (LSE:CBOX) is currently considered Modestly Undervalued. The stock's GF Value™ is £2.51, compared to a current price of £2.03 — trading 19.3% below its estimated fair value. The current Beneish M-Score is -2.55. Cake Box Holdings' overall GF Score™ is 87/100 with 4 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 Cake Box Holdings (LSE:CBOX), the current Beneish M-Score is -2.55 as of Jul. 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.

Is Cake Box Holdings (LSE:CBOX) Overvalued in 2026?

Based on GuruFocus' analysis, Cake Box Holdings stock appears to be undervalued. The current stock price of £2.03 is trading 19.3% below its estimated GF Value™ of £2.51. GuruFocus considers Cake Box Holdings to be Modestly Undervalued.

Key valuation signals for LSE:CBOX:

Beneish M-Score: -2.55
GF Value™: £2.51 vs. price of £2.03 (19.3% below fair value)
GF Score™: 87/100 with 4 warning signs

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

Cake Box Holdings Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies LSE:RFG TSX:L LSE:TSCO XAMS:AD KR ASX:WOW TSX:WN TSE:3382 ASX:COL TSX:MRU XPAR:CA BKK:CPALL IST:BIMAS LSE:SBRY OHEL:KESKOA TSX:EMP.A WAR:DNP SFM TPE:2912 WAR:ZAB

Address 20-22 Jute Lane, Enfield, London, Middlesex, GBR, EN3 7PJ

Website https://www.eggfreecake.co.uk

Cake Box Holdings PLC is a retailer of fresh cream cakes. It offers a range of cakes that include cupcakes, photo cakes, number cakes, fruit cakes, mehndi cakes, round cakes, kid's cakes, platter cakes, and wedding cakes. The company recognizes revenue revenue from Sale of sponges, fresh cream and other goods to franchisees, Online sales of cakes and related products to customers, Franchise package. Geographically, it derives revenue from the United Kingdom.

87GF Score

Get the complete analysis for LSE:CBOX

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

£2.03

Price

£2.51

GF Value

View LSE:CBOX Analysis

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