LWSGF (Lewis Group) Beneish M-Score: -2.26 (As of Jun. 26, 2026)


What is Lewis Group Beneish M-Score?

Lewis Group LWSGF 95 Beneish M-Score is -2.26 as of Jun. 26, 2026. GuruFocus rates LWSGF with a GF Score™ of 95/100. The stock has 3 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Lewis Group ranks worse than 69.83% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LWSGF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.52   Max: -2.26
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Lewis Group was -2.26. The lowest was -3.42. And the median was -2.52.

Lewis Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lewis 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.

Lewis Group Beneish M-Score Chart

Lewis Group 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 -2.64 -2.46 -2.33 -2.33 -2.26

Lewis Group 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 -2.33 0.00 -2.33 0.00 -2.26

LWSGF vs CASY, WSM, ULTA: Beneish M-Score Comparison

For the Specialty Retail subindustry, Lewis 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.

Lewis Group Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Lewis Group's Beneish M-Score distribution charts can be found below:

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


Lewis 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 Lewis 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 * 1.0242+0.528 * 0.9983+0.404 * 0.9309+0.892 * 1.2116+0.115 * 0.9123
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.029729-0.327 * 1.0096
=-2.17

* 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 $367.02 Mil.
Revenue was $616.14 Mil.
Gross Profit was $369.92 Mil.
Total Current Assets was $440.95 Mil.
Total Assets was $546.83 Mil.
Property, Plant and Equipment(Net PPE) was $76.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.68 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $89.70 Mil.
Long-Term Debt & Capital Lease Obligation was $120.85 Mil.
Net Income was $50.98 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $34.72 Mil.
 Total Receivables was $295.76 Mil.
Revenue was $508.54 Mil.
Gross Profit was $304.80 Mil.
Total Current Assets was $363.26 Mil.
Total Assets was $462.13 Mil.
Property, Plant and Equipment(Net PPE) was $71.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.66 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $137.31 Mil.
Long-Term Debt & Capital Lease Obligation was $38.94 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)
=(367.016 / 616.136) / (295.758 / 508.542)
=0.595674 / 0.58158
=1.0242

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)
=(304.798 / 508.542) / (369.924 / 616.136)
=0.599357 / 0.600393
=0.9983

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 - (440.947 + 76.271) / 546.832) / (1 - (363.258 + 71.985) / 462.127)
=0.054156 / 0.058174
=0.9309

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
=616.136 / 508.542
=1.2116

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))
=(20.664 / (20.664 + 71.985)) / (24.681 / (24.681 + 76.271))
=0.223035 / 0.244483
=0.9123

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 / 616.136) / (0 / 508.542)
=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)
=((120.846 + 89.699) / 546.832) / ((38.935 + 137.306) / 462.127)
=0.385027 / 0.381369
=1.0096

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
=(50.975 - 0 - 34.718) / 546.832
=0.029729

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.

Lewis Group has a M-score of -2.17 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 -2.26 mean?
Lewis Group (LWSGF) has a Beneish M-Score of -2.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lewis Group and its competitors. According to the industry distribution chart, Lewis Group ranks #759 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 69.8%.
Is Lewis Group's Beneish M-Score too high?
Lewis Group's current Beneish M-Score is -2.26. Based on the distribution chart, Lewis Group ranks #759 out of 1087 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Lewis Group has a GF Score™ of 95/100, reflecting its overall financial health beyond just this single metric.
How does Lewis Group's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Lewis Group ranks #759 out of 1087 companies for Beneish M-Score. This places Lewis Group 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Lewis Group and its competitors. Lewis Group's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lewis Group stock overvalued right now?
Lewis Group (LWSGF) has a current Beneish M-Score of -2.26. The current Beneish M-Score is -2.26. Lewis Group's overall GF Score™ is 95/100 with 3 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 Lewis Group (LWSGF), the current Beneish M-Score is -2.26 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.

Lewis Group Business Description

Other Exchanges LEW:South Africa
Address 53A Victoria Road, Universal House, Woodstock, Cape Town, ZAF, 7925
Lewis Group Ltd is a South Africa-based retailer of household furniture and electrical appliances through its three trading brands, Lewis, Beares, and Best Home and Electric. Lewis sells a range of household furniture, electrical appliances, and home electronics to customers in the LSM 4 to 7 categories. Best Home and Electric is a retailer of electrical appliances, sound and vision equipment, and furniture, targeting LSM four to seven customers. Its operating segments are Traditional retail and Cash retail. The company generates majority of the revenue from Traditional retail segment. Beares is a retailer of upmarket furniture, electrical appliances, and home electronics to customers in the LSM 6 to 9 categories.