Zenova Group (LSE:ZED) Beneish M-Score: -3.14 (As of Jun. 26, 2026)


What is Zenova Group Beneish M-Score?

Zenova Group LSE:ZED Beneish M-Score is -3.14 as of Jun. 26, 2026. The stock has 4 warning signs investors should review.

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 -3.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:ZED' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.88   Max: 22.97
Current: -3.14

During the past 5 years, the highest Beneish M-Score of Zenova Group was 22.97. The lowest was -3.14. And the median was -2.88.

Zenova Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zenova 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.

Zenova Group Beneish M-Score Chart

Zenova Group Annual Data
Trend Nov20 Nov21 Nov22 Nov23 Nov24
Beneish M-Score
0.00 0.00 22.97 -2.88 -3.14

Zenova Group Semi-Annual Data
Nov20 May21 Nov21 May22 Nov22 May23 Nov23 May24 Nov24 May25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.88 0.00 -3.14 0.00

LSE:ZED vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Zenova 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.

Zenova Group Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Zenova Group's Beneish M-Score distribution charts can be found below:

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


Zenova 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 Zenova Group 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 * 3.411+0.528 * -0.1243+0.404 * 1.0747+0.892 * 0.2446+0.115 * 0.2578
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.8555+4.679 * -0.187995-0.327 * 1.5678
=-3.14

* 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 (Nov24) TTM:Last Year (Nov23) TTM:
Total Receivables was £0.14 Mil.
Revenue was £0.07 Mil.
Gross Profit was £-0.12 Mil.
Total Current Assets was £0.30 Mil.
Total Assets was £2.65 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.01 Mil.
Selling, General, & Admin. Expense(SGA) was £0.76 Mil.
Total Current Liabilities was £1.13 Mil.
Long-Term Debt & Capital Lease Obligation was £0.02 Mil.
Net Income was £-1.24 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-0.74 Mil.
 Total Receivables was £0.16 Mil.
Revenue was £0.28 Mil.
Gross Profit was £0.06 Mil.
Total Current Assets was £0.41 Mil.
Total Assets was £2.85 Mil.
Property, Plant and Equipment(Net PPE) was £0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.03 Mil.
Selling, General, & Admin. Expense(SGA) was £0.81 Mil.
Total Current Liabilities was £0.67 Mil.
Long-Term Debt & Capital Lease Obligation was £0.12 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)
=(0.136 / 0.068) / (0.163 / 0.278)
=2 / 0.586331
=3.411

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)
=(0.062 / 0.278) / (-0.122 / 0.068)
=0.223022 / -1.794118
=-0.1243

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 - (0.303 + 0) / 2.649) / (1 - (0.406 + 0.095) / 2.847)
=0.885617 / 0.824025
=1.0747

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
=0.068 / 0.278
=0.2446

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))
=(0.033 / (0.033 + 0.095)) / (0.006 / (0.006 + 0))
=0.257813 / 1
=0.2578

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)
=(0.762 / 0.068) / (0.808 / 0.278)
=11.205882 / 2.906475
=3.8555

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)
=((0.017 + 1.134) / 2.649) / ((0.121 + 0.668) / 2.847)
=0.434504 / 0.277134
=1.5678

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
=(-1.238 - 0 - -0.74) / 2.649
=-0.187995

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.

Zenova Group has a M-score of -3.14 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 -3.14 mean?
Zenova Group (LSE:ZED) has a Beneish M-Score of -3.14 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zenova Group and its competitors.
Is Zenova Group's Beneish M-Score too high?
Zenova Group's current Beneish M-Score is -3.14.
How does Zenova Group's Beneish M-Score compare to LIN and SHW?
Zenova Group's Beneish M-Score of -3.14 can be compared against companies in the Chemicals 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Zenova Group and its competitors. Zenova Group's current Beneish M-Score is -3.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zenova Group stock overvalued right now?
Zenova Group (LSE:ZED) has a current Beneish M-Score of -3.14. The current Beneish M-Score is -3.14. 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 Zenova Group (LSE:ZED), the current Beneish M-Score is -3.14 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.

Zenova Group Business Description

Address 172 Arlington Road, London, GBR, NW1 7HL
Zenova Group PLC is engaged in the development, manufacture, and sale of fire-retardant systems. It is the holder of intellectual property to underpin a suite of fire safety and temperature management products and technology applicable to industrial, commercial and residential markets. The company's product range includes fire protection paint, insulating paint and render and extinguishing fluid, and it has further products in varying stages of development and testing.