Ultimate ProductsLSE:ULTP +0.78%60 Beneish M-Score is -2.56 as of Jun. 25, 2026. GuruFocus rates LSE:ULTP with a GF Score™ of 60/100 and a GF Value™ of £1.18 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, Ultimate Products ranks worse than 51.07% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ultimate Products's Beneish M-Score or its related term are showing as below:
LSE:ULTP'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.56 Max: 31.57
Current: -2.56
During the past 12 years, the highest Beneish M-Score of Ultimate Products was 31.57. The lowest was -3.55. And the median was -2.56.
Ultimate Products Beneish M-Score Related Terms
Ultimate Products Beneish M-Score Historical Data
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The historical data trend for Ultimate Products'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.
LSE:ULTP vs SN, SGI, MHK: Beneish M-Score Comparison
For the Furnishings, Fixtures & Appliances subindustry, Ultimate Products'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.
Ultimate Products Beneish M-Score vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Ultimate Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultimate Products's Beneish M-Score falls into.
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 Ultimate Products 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 * 0.9335
+
0.528 * 1.1209
+
0.404 * 1.0969
+
0.892 * 0.9655
+
0.115 * 0.8296
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0519
+
4.679 * -0.014063
-
0.327 * 0.9763
=
-2.56
* 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.
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.
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))
=
(2.187 / (2.187 + 7.574))
/
(2.146 / (2.146 + 5.8))
=
0.224055
/
0.270073
=
0.8296
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
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
=
(5.807 - 0
-
7.301)
/
106.233
=
-0.014063
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.
Ultimate Products has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Ultimate Products (LSE:ULTP) has a Beneish M-Score of -2.56 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ultimate Products and its competitors. According to the industry distribution chart, Ultimate Products ranks #214 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 51.1%.
Is Ultimate Products' Beneish M-Score too high?
Ultimate Products' current Beneish M-Score is -2.56. Based on the distribution chart, Ultimate Products ranks #214 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is below the industry midpoint. Overall, Ultimate Products has a GF Score™ of 60/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ultimate Products' Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Ultimate Products ranks #214 out of 419 companies for Beneish M-Score. This places Ultimate Products 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Ultimate Products and its competitors. Ultimate Products's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ultimate Products stock overvalued right now?
Based on GuruFocus' analysis, Ultimate Products (LSE:ULTP) is currently considered Significantly Undervalued. The stock's GF Value™ is £1.18, compared to a current price of £0.45 — trading 61.8% below its estimated fair value. The current Beneish M-Score is -2.56. Ultimate Products' overall GF Score™ is 60/100 with 6 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 Ultimate Products (LSE:ULTP), the current Beneish M-Score is -2.56 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 Ultimate Products (LSE:ULTP) Overvalued in 2026?
Based on GuruFocus' analysis, Ultimate Products stock appears to be undervalued.
The current stock price of £0.45 is trading 61.8% below its estimated GF Value™ of £1.18.
GuruFocus considers Ultimate Products to be Significantly Undervalued.
Key valuation signals for LSE:ULTP:
Beneish M-Score: -2.56
GF Value™: £1.18 vs. price of £0.45 (61.8% below fair value)
No single metric tells the full story. See the LSE:ULTP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ultimate Products PLC designs, develops and distributes homeware products across its key brands, including the household names Salter and Beldray. Its other brands include Progress, Kleenez, Petra, Maxim, Russell Hobbs, and Intempo among others. The company sells products across different categories, such as small domestic appliances, housewares, laundry, audio, and heating and cooling. Its products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers, and online retailers. Geographically, the company derives its key revenue from the United Kingdom and the rest from Germany, Rest of Europe and the Rest of the world.
60GF Score
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