Dillistone Group (LSE:DSG) Beneish M-Score: -3.76 (As of Jun. 27, 2026)


LSE:DSG Dillistone Group PLC LSE:DSG
40 GF Score
Price £0.11
GF Value £0.08
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Dillistone Group Beneish M-Score?

Dillistone Group LSE:DSG 40 Beneish M-Score is -3.76 as of Jun. 27, 2026. GuruFocus rates LSE:DSG with a GF Score™ of 40/100 and a GF Value™ of £0.08 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,634 Software companies, Dillistone Group ranks better than 90.13% 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 -3.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:DSG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: -3.33   Max: -2.91
Current: -3.76

During the past 13 years, the highest Beneish M-Score of Dillistone Group was -2.91. The lowest was -3.76. And the median was -3.33.

Dillistone Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dillistone Group'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.

Dillistone Group Beneish M-Score Chart

Dillistone Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.30 -3.25 -3.22 -3.35 -3.76

Dillistone Group 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 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 -3.22 0.00 -3.35 0.00 -3.76

LSE:DSG vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Dillistone Group'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.

Dillistone Group Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Dillistone Group's Beneish M-Score distribution charts can be found below:

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


LSE:DSG
40GF Score
Dillistone Group PLC LSE:DSG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dillistone Group 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 Dillistone Group 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 * 0.8997+0.528 * 1.0026+0.404 * 1.0125+0.892 * 0.857+0.115 * 0.9848
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.036+4.679 * -0.225527-0.327 * 1.0176
=-3.76

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was £0.32 Mil.
Revenue was £4.20 Mil.
Gross Profit was £3.76 Mil.
Total Current Assets was £0.34 Mil.
Total Assets was £6.12 Mil.
Property, Plant and Equipment(Net PPE) was £0.19 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.08 Mil.
Selling, General, & Admin. Expense(SGA) was £3.67 Mil.
Total Current Liabilities was £1.82 Mil.
Long-Term Debt & Capital Lease Obligation was £0.97 Mil.
Net Income was £-0.30 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £1.08 Mil.
 Total Receivables was £0.42 Mil.
Revenue was £4.90 Mil.
Gross Profit was £4.40 Mil.
Total Current Assets was £0.43 Mil.
Total Assets was £6.68 Mil.
Property, Plant and Equipment(Net PPE) was £0.22 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.13 Mil.
Selling, General, & Admin. Expense(SGA) was £4.13 Mil.
Total Current Liabilities was £1.97 Mil.
Long-Term Debt & Capital Lease Obligation was £1.03 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)
=(0.32 / 4.202) / (0.415 / 4.903)
=0.076154 / 0.084642
=0.8997

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)
=(4.4 / 4.903) / (3.761 / 4.202)
=0.89741 / 0.89505
=1.0026

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 - (0.337 + 0.19) / 6.119) / (1 - (0.431 + 0.22) / 6.684)
=0.913875 / 0.902603
=1.0125

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
=4.202 / 4.903
=0.857

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))
=(1.131 / (1.131 + 0.22)) / (1.077 / (1.077 + 0.19))
=0.837158 / 0.850039
=0.9848

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)
=(3.668 / 4.202) / (4.131 / 4.903)
=0.872918 / 0.842545
=1.036

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)
=((0.97 + 1.823) / 6.119) / ((1.032 + 1.966) / 6.684)
=0.456447 / 0.448534
=1.0176

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
=(-0.298 - 0 - 1.082) / 6.119
=-0.225527

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.

Dillistone Group has a M-score of -3.76 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 -3.76 mean?
Dillistone Group (LSE:DSG) has a Beneish M-Score of -3.76 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dillistone Group and its competitors. According to the industry distribution chart, Dillistone Group ranks #260 out of 2634 companies in the Software industry, placing it in the top 9.9%.
Is Dillistone Group's Beneish M-Score too high?
Dillistone Group's current Beneish M-Score is -3.76. Based on the distribution chart, Dillistone Group ranks #260 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Dillistone Group has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dillistone Group's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Dillistone Group ranks #260 out of 2634 companies for Beneish M-Score. This places Dillistone Group in the top 10% of its industry — outperforming the majority of peers. 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 Software company?
A good Beneish M-Score depends on the Software 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 Dillistone Group and its competitors. Dillistone Group's current Beneish M-Score is -3.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dillistone Group stock overvalued right now?
Based on GuruFocus' analysis, Dillistone Group (LSE:DSG) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.08, compared to a current price of £0.11 — trading 31.3% above its estimated fair value. The current Beneish M-Score is -3.76. Dillistone Group's overall GF Score™ is 40/100 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 Dillistone Group (LSE:DSG), the current Beneish M-Score is -3.76 as of Jun. 27, 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 Dillistone Group (LSE:DSG) Overvalued in 2026?

Based on GuruFocus' analysis, Dillistone Group stock appears to be overvalued. The current stock price of £0.11 is trading 31.3% above its estimated GF Value™ of £0.08. GuruFocus considers Dillistone Group to be Significantly Overvalued.

Key valuation signals for LSE:DSG:

  • Beneish M-Score: -3.76
  • GF Value™: £0.08 vs. price of £0.11 (31.3% above fair value)
  • GF Score™: 40/100 with 4 warning signs

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

Dillistone Group Business Description

Address 9 Cedarwood, Crockford Lane, Chineham Business Park, Basingstoke, GBR, RG24 8WD
Dillistone Group PLC is engaged in the development and distribution of recruitment software solutions and associated consultancy and support. The Group provides software and services that enable recruitment firms and in-house recruiters to manage their selection process and address training needs. It includes Voyager Software, supplier of Infinity recruitment software and the Mid-Office Pay & Bill solution, Dillistone FileFinder, supplier of executive search software, ISV.online, which provides online pre-employment skills testing and training tools, and GatedTalent. Its brands include Talentis Global, Voyager, FileFinder, ISV.online and GatedTalent. The Group generates maximum revenue from the UK.
40GF Score

Get the complete analysis for LSE:DSG

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

£0.11
Price
£0.08
GF Value