LPA Group (LSE:LPA) Beneish M-Score: -2.16 (As of Jun. 26, 2026)


LSE:LPA LPA Group PLC LSE:LPA
32 GF Score
Price £0.64
GF Value £0.64
Valuation Fairly Valued
! 7 Warning Signs
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What is LPA Group Beneish M-Score?

LPA Group LSE:LPA 32 Beneish M-Score is -2.16 as of Jun. 26, 2026. GuruFocus rates LSE:LPA with a GF Score™ of 32/100 and a GF Value™ of £0.64 (Fairly Valued). The stock has 7 warning signs investors should review. Among 2,926 Industrial Products companies, LPA Group ranks worse than 70.37% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:LPA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.34   Max: -2.08
Current: -2.16

During the past 13 years, the highest Beneish M-Score of LPA Group was -2.08. The lowest was -2.87. And the median was -2.34.

LPA Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for LPA 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.

LPA Group Beneish M-Score Chart

LPA Group Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.78 -2.08 -2.08 -2.87 -2.16

LPA Group Semi-Annual Data
Sep16 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 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 -2.87 0.00 -2.16 0.00

LSE:LPA vs VRT, BE, NVT: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, LPA 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.

LPA Group Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, LPA Group's Beneish M-Score distribution charts can be found below:

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


LSE:LPA
32GF Score
LPA Group PLC LSE:LPA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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LPA 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 LPA 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 * 1.4183+0.528 * 1.0535+0.404 * 0.9849+0.892 * 0.9151+0.115 * 0.8456
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1546+4.679 * 0.014472-0.327 * 1.1151
=-2.16

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was £6.11 Mil.
Revenue was £21.55 Mil.
Gross Profit was £4.76 Mil.
Total Current Assets was £12.86 Mil.
Total Assets was £26.19 Mil.
Property, Plant and Equipment(Net PPE) was £5.17 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.24 Mil.
Selling, General, & Admin. Expense(SGA) was £6.05 Mil.
Total Current Liabilities was £7.90 Mil.
Long-Term Debt & Capital Lease Obligation was £2.30 Mil.
Net Income was £-0.35 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-0.73 Mil.
 Total Receivables was £4.71 Mil.
Revenue was £23.55 Mil.
Gross Profit was £5.48 Mil.
Total Current Assets was £11.97 Mil.
Total Assets was £25.60 Mil.
Property, Plant and Equipment(Net PPE) was £5.54 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.09 Mil.
Selling, General, & Admin. Expense(SGA) was £5.73 Mil.
Total Current Liabilities was £6.41 Mil.
Long-Term Debt & Capital Lease Obligation was £2.53 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)
=(6.114 / 21.546) / (4.711 / 23.546)
=0.283765 / 0.200076
=1.4183

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)
=(5.478 / 23.546) / (4.758 / 21.546)
=0.232651 / 0.22083
=1.0535

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 - (12.859 + 5.17) / 26.188) / (1 - (11.967 + 5.536) / 25.602)
=0.311555 / 0.316342
=0.9849

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
=21.546 / 23.546
=0.9151

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))
=(1.086 / (1.086 + 5.536)) / (1.244 / (1.244 + 5.17))
=0.163999 / 0.193951
=0.8456

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)
=(6.052 / 21.546) / (5.728 / 23.546)
=0.280887 / 0.243268
=1.1546

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)
=((2.298 + 7.903) / 26.188) / ((2.534 + 6.409) / 25.602)
=0.38953 / 0.349309
=1.1151

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
=(-0.349 - 0 - -0.728) / 26.188
=0.014472

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.

LPA Group has a M-score of -2.16 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 -2.16 mean?
LPA Group (LSE:LPA) has a Beneish M-Score of -2.16 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on LPA Group and its competitors. According to the industry distribution chart, LPA Group ranks #2059 out of 2926 companies in the Industrial Products industry, placing it in the top 70.4%.
Is LPA Group's Beneish M-Score too high?
LPA Group's current Beneish M-Score is -2.16. Based on the distribution chart, LPA Group ranks #2059 out of 2926 companies in the Industrial Products industry, which is below the industry midpoint. Overall, LPA Group has a GF Score™ of 32/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does LPA Group's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, LPA Group ranks #2059 out of 2926 companies for Beneish M-Score. This places LPA Group 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 LPA Group and its competitors. LPA Group's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is LPA Group stock overvalued right now?
Based on GuruFocus' analysis, LPA Group (LSE:LPA) is currently considered Fairly Valued. The stock's GF Value™ is £0.64, compared to a current price of £0.64 — trading 0.8% below its estimated fair value. The current Beneish M-Score is -2.16. LPA Group's overall GF Score™ is 32/100 with 7 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 LPA Group (LSE:LPA), the current Beneish M-Score is -2.16 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 LPA Group (LSE:LPA) Overvalued in 2026?

Based on GuruFocus' analysis, LPA Group stock appears to be undervalued. The current stock price of £0.64 is trading 0.8% below its estimated GF Value™ of £0.64. GuruFocus considers LPA Group to be Fairly Valued.

Key valuation signals for LSE:LPA:

  • Beneish M-Score: -2.16
  • GF Value™: £0.64 vs. price of £0.64 (0.8% below fair value)
  • GF Score™: 32/100 with 7 warning signs

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

LPA Group Business Description

Address Light and Power House, Shire Hill, Saffron Walden, Essex, GBR, CB11 3AQ
LPA Group PLC is a designer, manufacturer, and supplier of LED lighting, industrial electrical, electro mechanical systems, and is a distributor of engineered components. The Group comprises three divisions: LPA Connection Systems (electro-mechanical), LPA Lighting Systems (lighting & electronics) and LPA Channel Electric (engineered component distribution), which collectively design, manufacture and market industrial electrical and electronic products. It operates across three market segments: Rail; Aerospace & Defence and Other Its geographic markets are the United Kingdom, Rest of Europe, Rest of World. The majority of its revenue originates in the United Kingdom.
32GF Score

Get the complete analysis for LSE:LPA

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

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