Heavitree Brewery (LSE:HVT) Beneish M-Score: -2.07 (As of Jun. 26, 2026)


LSE:HVT Heavitree Brewery PLC LSE:HVT
77 GF Score
Price £2.20
GF Value £2.88
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Heavitree Brewery Beneish M-Score?

Heavitree Brewery LSE:HVT 77 Beneish M-Score is -2.07 as of Jun. 26, 2026. GuruFocus rates LSE:HVT with a GF Score™ of 77/100 and a GF Value™ of £2.88 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 357 Restaurants companies, Heavitree Brewery ranks worse than 88.24% 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:HVT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.19   Max: -1.6
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Heavitree Brewery was -1.60. The lowest was -2.56. And the median was -2.19.

Heavitree Brewery Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Heavitree Brewery'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.

Heavitree Brewery Beneish M-Score Chart

Heavitree Brewery Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.60 -2.56 -2.06 -2.56 -2.07

Heavitree Brewery Semi-Annual Data
Apr16 Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25
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 -2.06 0.00 -2.56 0.00 -2.07

LSE:HVT vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, Heavitree Brewery'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.

Heavitree Brewery Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Heavitree Brewery's Beneish M-Score distribution charts can be found below:

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


LSE:HVT
77GF Score
Heavitree Brewery PLC LSE:HVT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Heavitree Brewery 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 Heavitree Brewery 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 * 0.9614+0.528 * 1.0158+0.404 * 1.1156+0.892 * 1.0173+0.115 * 1.2928
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.053625-0.327 * 0.7367
=-2.07

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was £0.94 Mil.
Revenue was £7.63 Mil.
Gross Profit was £3.25 Mil.
Total Current Assets was £3.38 Mil.
Total Assets was £24.06 Mil.
Property, Plant and Equipment(Net PPE) was £17.46 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.17 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £1.65 Mil.
Long-Term Debt & Capital Lease Obligation was £1.28 Mil.
Net Income was £2.62 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £1.33 Mil.
 Total Receivables was £0.96 Mil.
Revenue was £7.50 Mil.
Gross Profit was £3.25 Mil.
Total Current Assets was £2.49 Mil.
Total Assets was £22.57 Mil.
Property, Plant and Equipment(Net PPE) was £17.38 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.22 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £2.11 Mil.
Long-Term Debt & Capital Lease Obligation was £1.63 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)
=(0.938 / 7.628) / (0.959 / 7.498)
=0.122968 / 0.127901
=0.9614

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)
=(3.249 / 7.498) / (3.254 / 7.628)
=0.433316 / 0.426586
=1.0158

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 - (3.378 + 17.456) / 24.056) / (1 - (2.485 + 17.377) / 22.572)
=0.133937 / 0.12006
=1.1156

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
=7.628 / 7.498
=1.0173

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))
=(0.222 / (0.222 + 17.377)) / (0.172 / (0.172 + 17.456))
=0.012614 / 0.009757
=1.2928

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 / 7.628) / (0 / 7.498)
=0 / 0
=1

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)
=((1.283 + 1.648) / 24.056) / ((1.627 + 2.106) / 22.572)
=0.121841 / 0.165382
=0.7367

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
=(2.622 - 0 - 1.332) / 24.056
=0.053625

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.

Heavitree Brewery has a M-score of -2.07 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 -2.07 mean?
Heavitree Brewery (LSE:HVT) has a Beneish M-Score of -2.07 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heavitree Brewery and its competitors. According to the industry distribution chart, Heavitree Brewery ranks #315 out of 357 companies in the Restaurants industry, placing it in the top 88.2%.
Is Heavitree Brewery's Beneish M-Score too high?
Heavitree Brewery's current Beneish M-Score is -2.07. Based on the distribution chart, Heavitree Brewery ranks #315 out of 357 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Heavitree Brewery has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heavitree Brewery's Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Heavitree Brewery ranks #315 out of 357 companies for Beneish M-Score. This places Heavitree Brewery 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Heavitree Brewery and its competitors. Heavitree Brewery's current Beneish M-Score is -2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heavitree Brewery stock overvalued right now?
Based on GuruFocus' analysis, Heavitree Brewery (LSE:HVT) is currently considered Modestly Undervalued. The stock's GF Value™ is £2.88, compared to a current price of £2.20 — trading 23.6% below its estimated fair value. The current Beneish M-Score is -2.07. Heavitree Brewery's overall GF Score™ is 77/100 with 2 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 Heavitree Brewery (LSE:HVT), the current Beneish M-Score is -2.07 as of Jun. 26, 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 Heavitree Brewery (LSE:HVT) Overvalued in 2026?

Based on GuruFocus' analysis, Heavitree Brewery stock appears to be undervalued. The current stock price of £2.20 is trading 23.6% below its estimated GF Value™ of £2.88. GuruFocus considers Heavitree Brewery to be Modestly Undervalued.

Key valuation signals for LSE:HVT:

  • Beneish M-Score: -2.07
  • GF Value™: £2.88 vs. price of £2.20 (23.6% below fair value)
  • GF Score™: 77/100 with 2 warning signs

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

Heavitree Brewery Business Description

Other Exchanges HVTA:UK
Address Trood Lane, Matford, Exeter, GBR, EX2 8YP
Heavitree Brewery PLC is a UK-based company engaged in the business of running and developing a leased and tenanted estate in the South West of England. It currently owns several pubs such as The Anchor Inn, The Ashcott Inn, The Atmospheric Railway, The Beach Hotel, The Bell Inn, The Brunswick Arms, and others. These pubs are run by tenants under tenancy agreements or leases. It operates in one business segment: leased estates. Geographically, all of its revenue is generated in, and all assets are held in the United Kingdom.
77GF Score

Get the complete analysis for LSE:HVT

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

£2.20
Price
£2.88
GF Value