DSW Capital (LSE:DSW) Beneish M-Score: -2.24 (As of Jun. 24, 2026)


LSE:DSW DSW Capital PLC LSE:DSW
79 GF Score
Price £0.40
GF Value £1.32
Valuation Significantly Undervalued
! 5 Warning Signs
View Full Analysis

What is DSW Capital Beneish M-Score?

DSW Capital LSE:DSW 79 Beneish M-Score is -2.24 as of Jun. 24, 2026. GuruFocus rates LSE:DSW with a GF Score™ of 79/100 and a GF Value™ of £1.32 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,020 Business Services companies, DSW Capital ranks worse than 70.49% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:DSW' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41   Med: -2.24   Max: -1.29
Current: -2.24

During the past 7 years, the highest Beneish M-Score of DSW Capital was -1.29. The lowest was -3.41. And the median was -2.24.

DSW Capital Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DSW Capital'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.

DSW Capital Beneish M-Score Chart

DSW Capital Annual Data
Trend Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial -1.29 -3.41 -2.70 -1.86 -2.24

DSW Capital Semi-Annual Data
Mar19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -1.86 0.00 -2.24 0.00

LSE:DSW vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, DSW Capital'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.

DSW Capital Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, DSW Capital's Beneish M-Score distribution charts can be found below:

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


LSE:DSW
79GF Score
DSW Capital PLC LSE:DSW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DSW Capital 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 DSW Capital 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 * 0.6201+0.528 * 1.1362+0.404 * 1.6228+0.892 * 2.1008+0.115 * 0.6596
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6393+4.679 * -0.027658-0.327 * 2.8508
=-2.24

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was £2.96 Mil.
Revenue was £4.86 Mil.
Gross Profit was £4.27 Mil.
Total Current Assets was £5.69 Mil.
Total Assets was £15.48 Mil.
Property, Plant and Equipment(Net PPE) was £0.30 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.35 Mil.
Selling, General, & Admin. Expense(SGA) was £3.18 Mil.
Total Current Liabilities was £1.90 Mil.
Long-Term Debt & Capital Lease Obligation was £2.83 Mil.
Net Income was £0.98 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £1.41 Mil.
 Total Receivables was £2.27 Mil.
Revenue was £2.31 Mil.
Gross Profit was £2.31 Mil.
Total Current Assets was £4.98 Mil.
Total Assets was £8.59 Mil.
Property, Plant and Equipment(Net PPE) was £0.36 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.20 Mil.
Selling, General, & Admin. Expense(SGA) was £2.36 Mil.
Total Current Liabilities was £0.70 Mil.
Long-Term Debt & Capital Lease Obligation was £0.22 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)
=(2.956 / 4.855) / (2.269 / 2.311)
=0.608857 / 0.981826
=0.6201

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)
=(2.311 / 2.311) / (4.273 / 4.855)
=1 / 0.880124
=1.1362

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 - (5.689 + 0.297) / 15.475) / (1 - (4.98 + 0.363) / 8.588)
=0.613183 / 0.377853
=1.6228

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
=4.855 / 2.311
=2.1008

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))
=(0.203 / (0.203 + 0.363)) / (0.354 / (0.354 + 0.297))
=0.358657 / 0.543779
=0.6596

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)
=(3.175 / 4.855) / (2.364 / 2.311)
=0.653965 / 1.022934
=0.6393

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)
=((2.829 + 1.897) / 15.475) / ((0.218 + 0.702) / 8.588)
=0.305396 / 0.107126
=2.8508

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
=(0.984 - 0 - 1.412) / 15.475
=-0.027658

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.

DSW Capital has a M-score of -2.24 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 -2.24 mean?
DSW Capital (LSE:DSW) has a Beneish M-Score of -2.24 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DSW Capital and its competitors. According to the industry distribution chart, DSW Capital ranks #719 out of 1020 companies in the Business Services industry, placing it in the top 70.5%.
Is DSW Capital's Beneish M-Score too high?
DSW Capital's current Beneish M-Score is -2.24. Based on the distribution chart, DSW Capital ranks #719 out of 1020 companies in the Business Services industry, which is below the industry midpoint. Overall, DSW Capital has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does DSW Capital's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, DSW Capital ranks #719 out of 1020 companies for Beneish M-Score. This places DSW Capital 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 DSW Capital and its competitors. DSW Capital's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DSW Capital stock overvalued right now?
Based on GuruFocus' analysis, DSW Capital (LSE:DSW) is currently considered Significantly Undervalued. The stock's GF Value™ is £1.32, compared to a current price of £0.40 — trading 69.7% below its estimated fair value. The current Beneish M-Score is -2.24. DSW Capital's overall GF Score™ is 79/100 with 5 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 DSW Capital (LSE:DSW), the current Beneish M-Score is -2.24 as of Jun. 24, 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 DSW Capital (LSE:DSW) Overvalued in 2026?

Based on GuruFocus' analysis, DSW Capital stock appears to be undervalued. The current stock price of £0.40 is trading 69.7% below its estimated GF Value™ of £1.32. GuruFocus considers DSW Capital to be Significantly Undervalued.

Key valuation signals for LSE:DSW:

  • Beneish M-Score: -2.24
  • GF Value™: £1.32 vs. price of £0.40 (69.7% below fair value)
  • GF Score™: 79/100 with 5 warning signs

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

DSW Capital Business Description

Address 7400 Daresbury Park, Daresbury, Warrington, GBR, WA4 4BS
DSW Capital PLC is a challenger mid-market professional services business. It operates a licensing model and licenses the DSW and associated brand names in return for a royalty based on a percentage of fee income. The DSW network employs eighty two fee earners across England and Scotland. It recruits skilled professionals, in focused niches of expertise to run its own business and provide services to mid-market corporates, owner-managers, private equity firms, and high net-worth individuals. The Company recognizes revenue from two sources: license fee income and profit share income.
79GF Score

Get the complete analysis for LSE:DSW

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

£0.40
Price
£1.32
GF Value