Macfarlane Group (LSE:MACF) Beneish M-Score: -2.82 (As of Jun. 26, 2026)

What is Macfarlane Group Beneish M-Score?

Macfarlane Group LSE:MACF +1.54% 57 Beneish M-Score is -2.82 as of Jun. 26, 2026. GuruFocus rates LSE:MACF with a GF Score™ of 57/100 and a GF Value™ of £1.18 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 373 Packaging & Containers companies, Macfarlane Group ranks better than 75.07% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:MACF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.65 Max: -2.23
Current: -2.82

During the past 13 years, the highest Beneish M-Score of Macfarlane Group was -2.23. The lowest was -2.99. And the median was -2.65.

Macfarlane Group Beneish M-Score Related Terms

Macfarlane Group Beneish M-Score Historical Data

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The historical data trend for Macfarlane 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.

Macfarlane Group Beneish M-Score Chart

Macfarlane Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.53

-2.47

-2.99

-2.69

-2.82

Macfarlane 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															-2.99	0.00	-2.69	0.00	-2.82

LSE:MACF vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Macfarlane 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.

Macfarlane Group Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Macfarlane Group's Beneish M-Score distribution charts can be found below:

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

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57GF Score

Macfarlane Group PLC LSE:MACF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Macfarlane 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 Macfarlane Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9323

0.528 * 1.0449

0.404 * 0.9177

0.892 * 1.1123

0.115 * 1.1323

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0958

4.679 * -0.066467

0.327 * 1.1767

-2.82

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was £53.1 Mil.
Revenue was £300.8 Mil.
Gross Profit was £112.2 Mil.
Total Current Assets was £95.3 Mil.
Total Assets was £277.8 Mil.
Property, Plant and Equipment(Net PPE) was £71.2 Mil.
Depreciation, Depletion and Amortization(DDA) was £18.1 Mil.
Selling, General, & Admin. Expense(SGA) was £99.7 Mil.
Total Current Liabilities was £96.8 Mil.
Long-Term Debt & Capital Lease Obligation was £48.9 Mil.
Net Income was £6.3 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £24.8 Mil.

Total Receivables was £51.2 Mil.
Revenue was £270.4 Mil.
Gross Profit was £105.4 Mil.
Total Current Assets was £87.5 Mil.
Total Assets was £246.9 Mil.
Property, Plant and Equipment(Net PPE) was £51.7 Mil.
Depreciation, Depletion and Amortization(DDA) was £15.4 Mil.
Selling, General, & Admin. Expense(SGA) was £81.8 Mil.
Total Current Liabilities was £74.4 Mil.
Long-Term Debt & Capital Lease Obligation was £35.7 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)
	=	(53.09 / 300.81)	/	(51.195 / 270.437)
	=	0.17649	/	0.189305
	=	0.9323

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)
	=	(105.372 / 270.437)	/	(112.171 / 300.81)
	=	0.389636	/	0.372897
	=	1.0449

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 - (95.312 + 71.202) / 277.794)	/	(1 - (87.461 + 51.684) / 246.931)
	=	0.400585	/	0.436503
	=	0.9177

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
	=	300.81	/	270.437
	=	1.1123

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))
	=	(15.367 / (15.367 + 51.684))	/	(18.069 / (18.069 + 71.202))
	=	0.229184	/	0.202406
	=	1.1323

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)
	=	(99.676 / 300.81)	/	(81.775 / 270.437)
	=	0.331359	/	0.302381
	=	1.0958

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)
	=	((48.917 + 96.782) / 277.794)	/	((35.653 + 74.411) / 246.931)
	=	0.524486	/	0.445728
	=	1.1767

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
	=	(6.316 - 0	-	24.78)	/	277.794
	=	-0.066467

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.

Macfarlane Group has a M-score of -2.82 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 -2.82 mean?

Macfarlane Group (LSE:MACF) has a Beneish M-Score of -2.82 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Macfarlane Group and its competitors. According to the industry distribution chart, Macfarlane Group ranks #93 out of 373 companies in the Packaging & Containers industry, placing it in the top 24.9%.

Is Macfarlane Group's Beneish M-Score too high?

Macfarlane Group's current Beneish M-Score is -2.82. Based on the distribution chart, Macfarlane Group ranks #93 out of 373 companies in the Packaging & Containers industry, which is in the top quartile — a strong position relative to peers. Overall, Macfarlane Group has a GF Score™ of 57/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Macfarlane Group's Beneish M-Score compare to SW and PKG?

According to the Packaging & Containers industry distribution chart, Macfarlane Group ranks #93 out of 373 companies for Beneish M-Score. This places Macfarlane Group in the top 25% 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 Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers 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 Macfarlane Group and its competitors. Macfarlane Group's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Macfarlane Group stock overvalued right now?

Based on GuruFocus' analysis, Macfarlane Group (LSE:MACF) is currently considered Significantly Undervalued. The stock's GF Value™ is £1.18, compared to a current price of £0.66 — trading 44.1% below its estimated fair value. The current Beneish M-Score is -2.82. Macfarlane Group's overall GF Score™ is 57/100 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 Macfarlane Group (LSE:MACF), the current Beneish M-Score is -2.82 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 Macfarlane Group (LSE:MACF) Overvalued in 2026?

Based on GuruFocus' analysis, Macfarlane Group stock appears to be undervalued. The current stock price of £0.66 is trading 44.1% below its estimated GF Value™ of £1.18. GuruFocus considers Macfarlane Group to be Significantly Undervalued.

Key valuation signals for LSE:MACF:

Beneish M-Score: -2.82
GF Value™: £1.18 vs. price of £0.66 (44.1% below fair value)
GF Score™: 57/100 with 5 warning signs

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

Macfarlane Group Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies LSE:RBN LSE:SYM LSE:CRU SW PKG AMCR IP BALL AVY TSX:CCL.A CCK SZSE:002812 OHEL:STERV XSWX:SIGN SZSE:002831 SON REYN SLGN TSE:5901 OHEL:HUH1V

Other Exchanges MACFl:UK 5K6:Germany

Address 3 Park Gardens, First Floor, Glasgow, GBR, G3 7YE

Website https://www.macfarlanegroup.com

Macfarlane Group PLC is a United Kingdom-based company that provides services for the packaging sector. It operates in two segments Packaging Distribution segment, which includes the distribution of packaging materials & supply of storage & warehousing services, & Manufacturing Operations comprises the manufacturing & supplying of self-adhesive labels to fast-moving consumer goods. The business operates Regional Distribution Centers, supplying customers with a range of packaging materials & services. It operates across a wide range of sectors such as Aerospace, Defense, Electronics, Medical General, Industrial food, health & beauty, household products, & beverages sectors. It derives key revenue from the Distribution segment. Geographically, it derives the majority revenue from the UK.

57GF Score

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

£0.66

Price

£1.18

GF Value

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