PCC Exol (LTS:0QA2) Beneish M-Score: -2.56 (As of Jun. 27, 2026)

What is PCC Exol Beneish M-Score?

PCC Exol LTS:0QA2 68 Beneish M-Score is -2.56 as of Jun. 27, 2026. GuruFocus rates LTS:0QA2 with a GF Score™ of 68/100. The stock has 7 warning signs investors should review. Among 1,530 Chemicals companies, PCC Exol ranks better than 54.25% 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 PCC Exol's Beneish M-Score or its related term are showing as below:

LTS:0QA2' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.59 Max: -1.57
Current: -2.56

During the past 13 years, the highest Beneish M-Score of PCC Exol was -1.57. The lowest was -2.94. And the median was -2.59.

PCC Exol Beneish M-Score Related Terms

PCC Exol Beneish M-Score Historical Data

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The historical data trend for PCC Exol'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.

PCC Exol Beneish M-Score Chart

PCC Exol Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.76

-2.28

-2.92

-2.58

-2.48

PCC Exol Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.41	-2.18	-2.26	-2.48	-2.56

LTS:0QA2 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, PCC Exol'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.

PCC Exol Beneish M-Score vs Chemicals Industry

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

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

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PCC Exol 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 PCC Exol for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9799

0.528 * 1.0573

0.404 * 1.0655

0.892 * 1.0839

0.115 * 0.8694

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0249

4.679 * -0.040188

0.327 * 0.9683

-2.56

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł185.82 Mil.
Revenue was 284.397 + 254.636 + 270.939 + 269.921 = zł1,079.89 Mil.
Gross Profit was 43.62 + 41.878 + 48.64 + 44.82 = zł178.96 Mil.
Total Current Assets was zł322.38 Mil.
Total Assets was zł1,014.36 Mil.
Property, Plant and Equipment(Net PPE) was zł335.24 Mil.
Depreciation, Depletion and Amortization(DDA) was zł20.39 Mil.
Selling, General, & Admin. Expense(SGA) was zł124.36 Mil.
Total Current Liabilities was zł266.60 Mil.
Long-Term Debt & Capital Lease Obligation was zł204.26 Mil.
Net Income was 7.048 + 6.942 + 10.19 + 9.375 = zł33.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 20.633 + 24.232 + 28.138 + 1.317 = zł74.32 Mil.

Total Receivables was zł174.95 Mil.
Revenue was 290.007 + 245.895 + 230.306 + 230.121 = zł996.33 Mil.
Gross Profit was 50.127 + 44.594 + 38.834 + 41.011 = zł174.57 Mil.
Total Current Assets was zł317.82 Mil.
Total Assets was zł979.36 Mil.
Property, Plant and Equipment(Net PPE) was zł338.30 Mil.
Depreciation, Depletion and Amortization(DDA) was zł17.75 Mil.
Selling, General, & Admin. Expense(SGA) was zł111.96 Mil.
Total Current Liabilities was zł249.77 Mil.
Long-Term Debt & Capital Lease Obligation was zł219.72 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)
	=	(185.818 / 1079.893)	/	(174.947 / 996.329)
	=	0.172071	/	0.175592
	=	0.9799

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)
	=	(174.566 / 996.329)	/	(178.958 / 1079.893)
	=	0.175209	/	0.165718
	=	1.0573

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 - (322.376 + 335.243) / 1014.363)	/	(1 - (317.821 + 338.295) / 979.364)
	=	0.351693	/	0.330059
	=	1.0655

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
	=	1079.893	/	996.329
	=	1.0839

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))
	=	(17.745 / (17.745 + 338.295))	/	(20.386 / (20.386 + 335.243))
	=	0.04984	/	0.057324
	=	0.8694

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)
	=	(124.364 / 1079.893)	/	(111.957 / 996.329)
	=	0.115163	/	0.11237
	=	1.0249

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)
	=	((204.261 + 266.596) / 1014.363)	/	((219.719 + 249.768) / 979.364)
	=	0.46419	/	0.479379
	=	0.9683

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
	=	(33.555 - 0	-	74.32)	/	1014.363
	=	-0.040188

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.

PCC Exol has a M-score of -2.56 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 -2.56 mean?

PCC Exol (LTS:0QA2) has a Beneish M-Score of -2.56 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PCC Exol and its competitors. According to the industry distribution chart, PCC Exol ranks #700 out of 1530 companies in the Chemicals industry, placing it in the top 45.8%.

Is PCC Exol's Beneish M-Score too high?

PCC Exol's current Beneish M-Score is -2.56. Based on the distribution chart, PCC Exol ranks #700 out of 1530 companies in the Chemicals industry, which is above the industry midpoint. Overall, PCC Exol has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.

How does PCC Exol's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, PCC Exol ranks #700 out of 1530 companies for Beneish M-Score. This puts PCC Exol in the upper 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 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 PCC Exol and its competitors. PCC Exol'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 PCC Exol stock overvalued right now?

PCC Exol (LTS:0QA2) has a current Beneish M-Score of -2.56. The current Beneish M-Score is -2.56. PCC Exol's overall GF Score™ is 68/100 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 PCC Exol (LTS:0QA2), the current Beneish M-Score is -2.56 as of Jun. 27, 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.

PCC Exol Business Description

Industry Basic Materials Chemicals

Comparable Companies WAR:HUB WAR:KGL WAR:PWX WAR:BPN WAR:KCH WAR:SEL WAR:SKA LIN XPAR:AI SHW ECL APD XSWX:GIVN SHSE:600309 XSWX:SIKA SZSE:002466 OCSE:NSIS B SHSE:603256 BOM:500820 PPG

Other Exchanges PCX:Poland

Address Ulica Sienkiewicza 4, Brzeg Dolny, POL, 56-120

Website http://www.pcc-exol.eu

PCC Exol SA is engaged in the production and distribution of chemical products. The company operates internationally in three divisions: Chemicals, Energy and Logistics.