GSTechnologies (LSE:GST) Beneish M-Score: 26.92 (As of Jun. 24, 2026) — 4313% Above Median


What is GSTechnologies Beneish M-Score?

GSTechnologies LSE:GST -6.25% Beneish M-Score is 26.92 as of Jun. 24, 2026, which is 4313% above its 10-year median of 0.61. The stock has 5 warning signs investors should review. Among 2,633 Software companies, GSTechnologies ranks worse than 98.82% 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 26.92 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:GST' s Beneish M-Score Range Over the Past 10 Years
Min: -4.37   Med: 0.61   Max: 161.55
Current: 26.92

During the past 13 years, the highest Beneish M-Score of GSTechnologies was 161.55. The lowest was -4.37. And the median was 0.61.

GSTechnologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GSTechnologies'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.

GSTechnologies Beneish M-Score Chart

GSTechnologies Annual Data
Trend Dec15 Dec16 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.95 18.55 36.14 1.33 26.92

GSTechnologies Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Mar18 Sep18 Mar19 Sep19 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 1.33 0.00 26.92 0.00

LSE:GST vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, GSTechnologies'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.

GSTechnologies Beneish M-Score vs Software Industry

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

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


GSTechnologies 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 GSTechnologies 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 * 32.7106+0.528 * 1.5685+0.404 * 0.1673+0.892 * 1.8891+0.115 * 0.778
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7106+4.679 * -0.00665-0.327 * 2.5958
=26.92

* 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 £29.54 Mil.
Revenue was £2.18 Mil.
Gross Profit was £0.72 Mil.
Total Current Assets was £33.10 Mil.
Total Assets was £36.39 Mil.
Property, Plant and Equipment(Net PPE) was £0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.04 Mil.
Selling, General, & Admin. Expense(SGA) was £0.95 Mil.
Total Current Liabilities was £29.78 Mil.
Long-Term Debt & Capital Lease Obligation was £0.07 Mil.
Net Income was £-1.70 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.46 Mil.
 Total Receivables was £0.48 Mil.
Revenue was £1.15 Mil.
Gross Profit was £0.60 Mil.
Total Current Assets was £2.76 Mil.
Total Assets was £6.14 Mil.
Property, Plant and Equipment(Net PPE) was £0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.05 Mil.
Selling, General, & Admin. Expense(SGA) was £0.70 Mil.
Total Current Liabilities was £1.83 Mil.
Long-Term Debt & Capital Lease Obligation was £0.11 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)
=(29.537 / 2.18) / (0.478 / 1.154)
=13.549083 / 0.414211
=32.7106

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)
=(0.597 / 1.154) / (0.719 / 2.18)
=0.517331 / 0.329817
=1.5685

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 - (33.102 + 0.084) / 36.391) / (1 - (2.759 + 0.151) / 6.143)
=0.088071 / 0.52629
=0.1673

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
=2.18 / 1.154
=1.8891

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))
=(0.054 / (0.054 + 0.151)) / (0.043 / (0.043 + 0.084))
=0.263415 / 0.338583
=0.778

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)
=(0.945 / 2.18) / (0.704 / 1.154)
=0.433486 / 0.610052
=0.7106

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)
=((0.069 + 29.779) / 36.391) / ((0.113 + 1.828) / 6.143)
=0.820203 / 0.315969
=2.5958

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
=(-1.699 - 0 - -1.457) / 36.391
=-0.00665

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.

GSTechnologies has a M-score of 26.92 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 26.92 mean?
GSTechnologies (LSE:GST) has a Beneish M-Score of 26.92 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GSTechnologies and its competitors. This is 4313% above median its historical median of 0.61. According to the industry distribution chart, GSTechnologies ranks #2602 out of 2633 companies in the Software industry, placing it in the top 98.8%.
Is GSTechnologies' Beneish M-Score too high?
GSTechnologies' current Beneish M-Score of 26.92 is 4313% above median its 10-year median of 0.61. Based on the distribution chart, GSTechnologies ranks #2602 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers.
How does GSTechnologies' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, GSTechnologies ranks #2602 out of 2633 companies for Beneish M-Score. This places GSTechnologies 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 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 GSTechnologies and its competitors. GSTechnologies's current Beneish M-Score is 26.92, which is 4313% above median its own 10-year median of 0.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GSTechnologies stock overvalued right now?
GSTechnologies (LSE:GST) has a current Beneish M-Score of 26.92. The current Beneish M-Score is 26.92, which is 4313% above median its 10-year median of 0.61. 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 GSTechnologies (LSE:GST), the current Beneish M-Score is 26.92 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.

GSTechnologies Business Description

Other Exchanges 6Y3:Germany
Address Level 11, 125th Street Georges Terrace, Perth, WA, AUS, 6000
GSTechnologies Ltd is a technology company listed on the London Stock Exchange. It operates three main business divisions: blockchain-based payment and financial services, foreign exchange (FX) solutions, and crypto asset exchange and wealth management. The company provides technology solutions across multiple countries, including the UK, Canada, Lithuania, Singapore, and Australia. Its services focus on fintech innovations, leveraging blockchain and digital asset technologies to offer secure payment systems, currency exchange, and wealth management products. Revenue is generated through its financial technology services and related technology platforms. The entity operates in one business segment, namely Information Data Technology and Infrastructure.