Pantheon International (LSE:PIN) Beneish M-Score: -4.28 (As of Jun. 26, 2026)


LSE:PIN Pantheon International PLC LSE:PIN
30 GF Score
Price £3.85
GF Value £0.21
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Pantheon International Beneish M-Score?

Pantheon International LSE:PIN -0.39% 30 Beneish M-Score is -4.28 as of Jun. 26, 2026. GuruFocus rates LSE:PIN with a GF Score™ of 30/100 and a GF Value™ of £0.21 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 954 Asset Management companies, Pantheon International ranks better than 94.44% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -4.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:PIN' s Beneish M-Score Range Over the Past 10 Years
Min: -5.22   Med: -3.46   Max: 1.67
Current: -4.28

During the past 13 years, the highest Beneish M-Score of Pantheon International was 1.67. The lowest was -5.22. And the median was -3.46.

LSE:PIN
30GF Score
Pantheon International PLC LSE:PIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pantheon International 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 Pantheon International 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+0.528 * 1+0.404 * 1+0.892 * 0.0932+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 6.7532+4.679 * 0.0026-0.327 * 1.0444
=-4.28

* 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 (May25) TTM:Last Year (May24) TTM:
Total Receivables was £0.00 Mil.
Revenue was £4.38 Mil.
Gross Profit was £4.38 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £2,465.79 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £3.77 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £236.71 Mil.
Net Income was £-6.71 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-13.12 Mil.
 Total Receivables was £0.00 Mil.
Revenue was £47.01 Mil.
Gross Profit was £47.01 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £2,522.86 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £5.98 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £231.90 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 / 4.38) / (0 / 47.012)
=0 / 0
=1

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)
=(47.012 / 47.012) / (4.38 / 4.38)
=1 / 1
=1

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 - (0 + 0) / 2465.792) / (1 - (0 + 0) / 2522.855)
=1 / 1
=1

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
=4.38 / 47.012
=0.0932

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(3.765 / 4.38) / (5.984 / 47.012)
=0.859589 / 0.127287
=6.7532

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)
=((236.71 + 0) / 2465.792) / ((231.899 + 0) / 2522.855)
=0.095998 / 0.091919
=1.0444

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
=(-6.712 - 0 - -13.122) / 2465.792
=0.0026

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.

Pantheon International has a M-score of -4.28 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 -4.28 mean?
Pantheon International (LSE:PIN) has a Beneish M-Score of -4.28 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pantheon International and its competitors. According to the industry distribution chart, Pantheon International ranks #53 out of 954 companies in the Asset Management industry, placing it in the top 5.6%.
Is Pantheon International's Beneish M-Score too high?
Pantheon International's current Beneish M-Score is -4.28. Based on the distribution chart, Pantheon International ranks #53 out of 954 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Pantheon International has a GF Score™ of 30/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pantheon International's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Pantheon International ranks #53 out of 954 companies for Beneish M-Score. This places Pantheon International in the top 6% 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Pantheon International and its competitors. Pantheon International's current Beneish M-Score is -4.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pantheon International stock overvalued right now?
Based on GuruFocus' analysis, Pantheon International (LSE:PIN) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.21, compared to a current price of £3.85 — trading 1731% above its estimated fair value. The current Beneish M-Score is -4.28. Pantheon International's overall GF Score™ is 30/100 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 Pantheon International (LSE:PIN), the current Beneish M-Score is -4.28 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 Pantheon International (LSE:PIN) Overvalued in 2026?

Based on GuruFocus' analysis, Pantheon International stock appears to be overvalued. The current stock price of £3.85 is trading 1731% above its estimated GF Value™ of £0.21. GuruFocus considers Pantheon International to be Significantly Overvalued.

Key valuation signals for LSE:PIN:

  • Beneish M-Score: -4.28
  • GF Value™: £0.21 vs. price of £3.85 (1731% above fair value)
  • GF Score™: 30/100 with 7 warning signs

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

Pantheon International Business Description

Address 10 Finsbury Square, 4th Floor, London, GBR, EC2A 1AF
Pantheon International PLC is a UK based investment trust. The company's business activities include investing in various equities, private companies, and other financial instruments. The Company is engaged in a single segment of business, being an investment business. The investments are spread across the world with the majority being in the USA and rest spread across Europe and Asia. It majorly invests in sectors such as consumer, information technology, healthcare, and industrial.
30GF Score

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

£3.85
Price
£0.21
GF Value