NWF Group (LSE:NWF) Beneish M-Score: -2.83 (As of Jun. 25, 2026)

What is NWF Group Beneish M-Score?

NWF Group LSE:NWF +0.75% 85 Beneish M-Score is -2.83 as of Jun. 25, 2026. GuruFocus rates LSE:NWF with a GF Score™ of 85/100 and a GF Value™ of £1.86 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, NWF Group ranks better than 61.44% 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:NWF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.68 Max: -2.36
Current: -2.83

During the past 13 years, the highest Beneish M-Score of NWF Group was -2.36. The lowest was -3.23. And the median was -2.68.

NWF Group Beneish M-Score Related Terms

NWF Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NWF 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.

NWF Group Beneish M-Score Chart

NWF Group Annual Data

Trend

May16

May17

May18

May19

May20

May21

May22

May23

May24

May25

Beneish M-Score

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-2.57

-2.91

-2.53

-2.71

-2.83

NWF Group Semi-Annual Data
	May16	Nov16	May17	Nov17	May18	Nov18	May19	Nov19	May20	Nov20	May21	Nov21	May22	Nov22	May23	Nov23	May24	Nov24	May25	Nov25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.71	0.00	-2.83	0.00

LSE:NWF vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, NWF 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.

NWF Group Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, NWF Group's Beneish M-Score distribution charts can be found below:

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

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85GF Score

NWF Group PLC LSE:NWF

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

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NWF 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 NWF 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 * 1.0286

0.528 * 0.8915

0.404 * 1.2677

0.892 * 0.95

0.115 * 0.998

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2062

4.679 * -0.072636

0.327 * 1.025

-2.83

This Year (May25) TTM:

Last Year (May24) TTM:

Total Receivables was £85.6 Mil.
Revenue was £903.1 Mil.
Gross Profit was £50.3 Mil.
Total Current Assets was £108.9 Mil.
Total Assets was £260.2 Mil.
Property, Plant and Equipment(Net PPE) was £106.3 Mil.
Depreciation, Depletion and Amortization(DDA) was £19.2 Mil.
Selling, General, & Admin. Expense(SGA) was £37.7 Mil.
Total Current Liabilities was £111.3 Mil.
Long-Term Debt & Capital Lease Obligation was £47.9 Mil.
Net Income was £6.2 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £25.1 Mil.

Total Receivables was £87.6 Mil.
Revenue was £950.6 Mil.
Gross Profit was £47.2 Mil.
Total Current Assets was £115.9 Mil.
Total Assets was £244.1 Mil.
Property, Plant and Equipment(Net PPE) was £94.9 Mil.
Depreciation, Depletion and Amortization(DDA) was £17.1 Mil.
Selling, General, & Admin. Expense(SGA) was £32.9 Mil.
Total Current Liabilities was £107.4 Mil.
Long-Term Debt & Capital Lease Obligation was £38.3 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)
	=	(85.6 / 903.1)	/	(87.6 / 950.6)
	=	0.094785	/	0.092152
	=	1.0286

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)
	=	(47.2 / 950.6)	/	(50.3 / 903.1)
	=	0.049653	/	0.055697
	=	0.8915

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 - (108.9 + 106.3) / 260.2)	/	(1 - (115.9 + 94.9) / 244.1)
	=	0.172944	/	0.13642
	=	1.2677

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
	=	903.1	/	950.6
	=	0.95

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))
	=	(17.1 / (17.1 + 94.9))	/	(19.2 / (19.2 + 106.3))
	=	0.152679	/	0.152988
	=	0.998

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)
	=	(37.7 / 903.1)	/	(32.9 / 950.6)
	=	0.041745	/	0.03461
	=	1.2062

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)
	=	((47.9 + 111.3) / 260.2)	/	((38.3 + 107.4) / 244.1)
	=	0.611837	/	0.596887
	=	1.025

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
	=	(6.2 - 0	-	25.1)	/	260.2
	=	-0.072636

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.

NWF Group has a M-score of -2.83 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 -2.83 mean?

NWF Group (LSE:NWF) has a Beneish M-Score of -2.83 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NWF Group and its competitors. According to the industry distribution chart, NWF Group ranks #317 out of 822 companies in the Oil & Gas industry, placing it in the top 38.6%.

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

NWF Group's current Beneish M-Score is -2.83. Based on the distribution chart, NWF Group ranks #317 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, NWF Group has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does NWF Group's Beneish M-Score compare to VLO and MPC?

According to the Oil & Gas industry distribution chart, NWF Group ranks #317 out of 822 companies for Beneish M-Score. This puts NWF Group in the upper 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 Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 NWF Group and its competitors. NWF Group's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is NWF Group stock overvalued right now?

Based on GuruFocus' analysis, NWF Group (LSE:NWF) is currently considered Modestly Undervalued. The stock's GF Value™ is £1.86, compared to a current price of £1.35 — trading 27.7% below its estimated fair value. The current Beneish M-Score is -2.83. NWF Group's overall GF Score™ is 85/100 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 NWF Group (LSE:NWF), the current Beneish M-Score is -2.83 as of Jun. 25, 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 NWF Group (LSE:NWF) Overvalued in 2026?

Based on GuruFocus' analysis, NWF Group stock appears to be undervalued. The current stock price of £1.35 is trading 27.7% below its estimated GF Value™ of £1.86. GuruFocus considers NWF Group to be Modestly Undervalued.

Key valuation signals for LSE:NWF:

Beneish M-Score: -2.83
GF Value™: £1.86 vs. price of £1.35 (27.7% below fair value)
GF Score™: 85/100 with 5 warning signs

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

NWF Group Business Description

Industry Energy Oil & Gas

Comparable Companies LSE:SEA LSE:ZPHR LSE:HE1 LSE:CASP LSE:UPL LSE:CHAR LSE:ZEN LSE:QED LSE:CRCL LSE:ENW NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE TSE:5020 NSE:IOC TPE:6505 XKRX:096770

Other Exchanges NYY:Germany

Address Wardle, Nantwich, Cheshire, GBR, CW5 6BP

Website https://www.nwf.co.uk

NWF Group PLC is engaged in manufacturing and selling of animal feeds, the sales and distribution of fuel oils and the warehousing and distribution of ambient groceries. The company's operating segments include Food, Feeds and Fuels. The Food segment is engaged in the warehousing and distribution of clients' ambient grocery and other products to supermarket and other retail distribution centers. The Feeds segment manufactures and sells animal feeds and other agricultural products. The Fuels segment is engaged in the sale and distribution of domestic heating, industrial and road fuels. The company generates maximum revenue from Fuels segment. It operates entirely in the United Kingdom.

85GF Score

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

£1.35

Price

£1.86

GF Value

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