Tate & Lyle (LSE:TATE) Beneish M-Score: -2.50 (As of Jun. 24, 2026)


LSE:TATE Tate & Lyle PLC LSE:TATE
79 GF Score
Price £5.54
GF Value £6.49
Valuation Modestly Undervalued
! 10 Warning Signs
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What is Tate & Lyle Beneish M-Score?

Tate & Lyle LSE:TATE 79 Beneish M-Score is -2.50 as of Jun. 24, 2026. GuruFocus rates LSE:TATE with a GF Score™ of 79/100 and a GF Value™ of £6.49 (Modestly Undervalued). The stock has 10 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Tate & Lyle ranks worse than 51.97% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:TATE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.5   Max: -1.38
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Tate & Lyle was -1.38. The lowest was -2.82. And the median was -2.50.

Tate & Lyle Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tate & Lyle'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.

Tate & Lyle Beneish M-Score Chart

Tate & Lyle Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.60 -1.38 -2.63 -2.18 -2.50

Tate & Lyle 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 -2.63 0.00 -2.18 0.00 -2.50

LSE:TATE vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Tate & Lyle'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.

Tate & Lyle Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Tate & Lyle's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tate & Lyle's Beneish M-Score falls into.


LSE:TATE
79GF Score
Tate & Lyle PLC LSE:TATE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tate & Lyle 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 Tate & Lyle 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 * 0.9053+0.528 * 1.3116+0.404 * 0.9333+0.892 * 1.1555+0.115 * 0.7592
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.036279-0.327 * 1.0216
=-2.50

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was £408 Mil.
Revenue was £2,006 Mil.
Gross Profit was £622 Mil.
Total Current Assets was £1,334 Mil.
Total Assets was £3,666 Mil.
Property, Plant and Equipment(Net PPE) was £1,398 Mil.
Depreciation, Depletion and Amortization(DDA) was £172 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £493 Mil.
Long-Term Debt & Capital Lease Obligation was £1,274 Mil.
Net Income was £97 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £230 Mil.
 Total Receivables was £390 Mil.
Revenue was £1,736 Mil.
Gross Profit was £706 Mil.
Total Current Assets was £1,295 Mil.
Total Assets was £3,722 Mil.
Property, Plant and Equipment(Net PPE) was £1,411 Mil.
Depreciation, Depletion and Amortization(DDA) was £128 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £611 Mil.
Long-Term Debt & Capital Lease Obligation was £1,145 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)
=(408 / 2006) / (390 / 1736)
=0.20339 / 0.224654
=0.9053

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)
=(706 / 1736) / (622 / 2006)
=0.406682 / 0.31007
=1.3116

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 - (1334 + 1398) / 3666) / (1 - (1295 + 1411) / 3722)
=0.254774 / 0.272972
=0.9333

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
=2006 / 1736
=1.1555

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))
=(128 / (128 + 1411)) / (172 / (172 + 1398))
=0.083171 / 0.109554
=0.7592

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 / 2006) / (0 / 1736)
=0 / 0
=1

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)
=((1274 + 493) / 3666) / ((1145 + 611) / 3722)
=0.481997 / 0.471789
=1.0216

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
=(97 - 0 - 230) / 3666
=-0.036279

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.

Tate & Lyle has a M-score of -2.50 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 -2.50 mean?
Tate & Lyle (LSE:TATE) has a Beneish M-Score of -2.50 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tate & Lyle and its competitors. According to the industry distribution chart, Tate & Lyle ranks #961 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 52%.
Is Tate & Lyle's Beneish M-Score too high?
Tate & Lyle's current Beneish M-Score is -2.50. Based on the distribution chart, Tate & Lyle ranks #961 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Tate & Lyle has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tate & Lyle's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Tate & Lyle ranks #961 out of 1849 companies for Beneish M-Score. This places Tate & Lyle 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 a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Tate & Lyle and its competitors. Tate & Lyle's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tate & Lyle stock overvalued right now?
Based on GuruFocus' analysis, Tate & Lyle (LSE:TATE) is currently considered Modestly Undervalued. The stock's GF Value™ is £6.49, compared to a current price of £5.54 — trading 14.6% below its estimated fair value. The current Beneish M-Score is -2.50. Tate & Lyle's overall GF Score™ is 79/100 with 10 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 Tate & Lyle (LSE:TATE), the current Beneish M-Score is -2.50 as of Jun. 24, 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 Tate & Lyle (LSE:TATE) Overvalued in 2026?

Based on GuruFocus' analysis, Tate & Lyle stock appears to be undervalued. The current stock price of £5.54 is trading 14.6% below its estimated GF Value™ of £6.49. GuruFocus considers Tate & Lyle to be Modestly Undervalued.

Key valuation signals for LSE:TATE:

  • Beneish M-Score: -2.50
  • GF Value™: £6.49 vs. price of £5.54 (14.6% below fair value)
  • GF Score™: 79/100 with 10 warning signs

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

Tate & Lyle Business Description

Address 5 Marble Arch, London, GBR, W1H 7EJ
Tate & Lyle is a global provider of food and beverage ingredients and solutions. Following the sale of its commodity ingredients business, as well as its exit from the sugar business a decade earlier, Tate & Lyle is now focused on specialty ingredients—sweeteners, starches, specialty gums, and soluble fiber. It has nearly 5,000 employees and operates in over 120 countries, with most of its revenue generated in North America.
79GF Score

Get the complete analysis for LSE:TATE

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

£5.54
Price
£6.49
GF Value