Tan Delta Systems (LSE:TAND) Beneish M-Score: -2.32 (As of Jul. 12, 2026)


LSE:TAND Tan Delta Systems PLC LSE:TAND
25 GF Score
Price £0.28
GF Value £0.18
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Tan Delta Systems Beneish M-Score?

Tan Delta Systems LSE:TAND 25 Beneish M-Score is -2.32 as of Jul. 12, 2026. GuruFocus rates LSE:TAND with a GF Score™ of 25/100 and a GF Value™ of £0.18 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 823 Oil & Gas companies, Tan Delta Systems ranks worse than 71.45% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:TAND' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.32   Max: -1.97
Current: -2.32

During the past 6 years, the highest Beneish M-Score of Tan Delta Systems was -1.97. The lowest was -3.02. And the median was -2.32.

Tan Delta Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tan Delta Systems'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.

Tan Delta Systems Beneish M-Score Chart

Tan Delta Systems Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 -3.02 -1.97 -2.32

Tan Delta Systems Semi-Annual Data
Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.02 0.00 -1.97 0.00 -2.32

LSE:TAND vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Tan Delta Systems'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.

Tan Delta Systems Beneish M-Score vs Oil & Gas Industry

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

* The bar in red indicates where Tan Delta Systems's Beneish M-Score falls into.


LSE:TAND
25GF Score
Tan Delta Systems PLC LSE:TAND
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tan Delta Systems 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 Tan Delta Systems 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 * 1.1003+0.528 * 1.029+0.404 * 0.8759+0.892 * 1.0058+0.115 * 0.8572
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9146+4.679 * 0.01854-0.327 * 0.9653
=-2.32

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was £0.30 Mil.
Revenue was £1.22 Mil.
Gross Profit was £0.74 Mil.
Total Current Assets was £2.43 Mil.
Total Assets was £2.59 Mil.
Property, Plant and Equipment(Net PPE) was £0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.10 Mil.
Selling, General, & Admin. Expense(SGA) was £0.76 Mil.
Total Current Liabilities was £0.32 Mil.
Long-Term Debt & Capital Lease Obligation was £0.02 Mil.
Net Income was £-1.58 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.63 Mil.
 Total Receivables was £0.27 Mil.
Revenue was £1.22 Mil.
Gross Profit was £0.75 Mil.
Total Current Assets was £4.13 Mil.
Total Assets was £4.38 Mil.
Property, Plant and Equipment(Net PPE) was £0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.10 Mil.
Selling, General, & Admin. Expense(SGA) was £0.82 Mil.
Total Current Liabilities was £0.54 Mil.
Long-Term Debt & Capital Lease Obligation was £0.04 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)
=(0.301 / 1.222) / (0.272 / 1.215)
=0.246318 / 0.223868
=1.1003

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)
=(0.754 / 1.215) / (0.737 / 1.222)
=0.620576 / 0.60311
=1.029

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 - (2.426 + 0.105) / 2.589) / (1 - (4.126 + 0.141) / 4.379)
=0.022402 / 0.025577
=0.8759

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
=1.222 / 1.215
=1.0058

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))
=(0.104 / (0.104 + 0.141)) / (0.103 / (0.103 + 0.105))
=0.42449 / 0.495192
=0.8572

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)
=(0.758 / 1.222) / (0.824 / 1.215)
=0.620295 / 0.678189
=0.9146

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)
=((0.015 + 0.32) / 2.589) / ((0.044 + 0.543) / 4.379)
=0.129394 / 0.134049
=0.9653

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
=(-1.579 - 0 - -1.627) / 2.589
=0.01854

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.

Tan Delta Systems has a M-score of -2.32 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 -2.32 mean?
Tan Delta Systems (LSE:TAND) has a Beneish M-Score of -2.32 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tan Delta Systems and its competitors. According to the industry distribution chart, Tan Delta Systems ranks #588 out of 823 companies in the Oil & Gas industry, placing it in the top 71.4%.
Is Tan Delta Systems' Beneish M-Score too high?
Tan Delta Systems' current Beneish M-Score is -2.32. Based on the distribution chart, Tan Delta Systems ranks #588 out of 823 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Tan Delta Systems has a GF Score™ of 25/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tan Delta Systems' Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Tan Delta Systems ranks #588 out of 823 companies for Beneish M-Score. This places Tan Delta Systems 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 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 Tan Delta Systems and its competitors. Tan Delta Systems's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tan Delta Systems stock overvalued right now?
Based on GuruFocus' analysis, Tan Delta Systems (LSE:TAND) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.18, compared to a current price of £0.28 — trading 55.6% above its estimated fair value. The current Beneish M-Score is -2.32. Tan Delta Systems' overall GF Score™ is 25/100 with 4 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 Tan Delta Systems (LSE:TAND), the current Beneish M-Score is -2.32 as of Jul. 12, 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 Tan Delta Systems (LSE:TAND) Overvalued in 2026?

Based on GuruFocus' analysis, Tan Delta Systems stock appears to be overvalued. The current stock price of £0.28 is trading 55.6% above its estimated GF Value™ of £0.18. GuruFocus considers Tan Delta Systems to be Significantly Overvalued.

Key valuation signals for LSE:TAND:

  • Beneish M-Score: -2.32
  • GF Value™: £0.18 vs. price of £0.28 (55.6% above fair value)
  • GF Score™: 25/100 with 4 warning signs

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

Tan Delta Systems Business Description

Industry EnergyOil & Gas
Other Exchanges TB4:Germany
Address Church Lane, 1 Carrera Court, Dinnington, Sheffield, GBR, S25 2RG
Tan Delta Systems PLC develops real-time oil analysis and analytic technologies and products with capabilities that enable equipment operators to significantly reduce operating costs, improve efficiency, and reduce carbon footprint. It develops all its core technologies and products in-house, with manufacturing undertaken by its carefully selected manufacturing partners with whom its dedicated production QA department works. Its products include Sensors, Kits, Display solutions, Gateways & modems, and Accessories & services. Geographically, its solutions are in use across the UK, Europe, North and South America, Asia, and the Middle East.
25GF Score

Get the complete analysis for LSE:TAND

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

£0.28
Price
£0.18
GF Value