Puig Brands (MEX:PUIGN) Beneish M-Score: -2.59 (As of Jun. 25, 2026)


MEX:PUIGN Puig Brands SA MEX:PUIGN
18 GF Score
Price MXN323.75
! 2 Warning Signs
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What is Puig Brands Beneish M-Score?

Puig Brands MEX:PUIGN 18 Beneish M-Score is -2.59 as of Jun. 25, 2026. GuruFocus rates MEX:PUIGN with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Puig Brands ranks better than 56.14% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:PUIGN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -2.54   Max: -2.32
Current: -2.59

During the past 5 years, the highest Beneish M-Score of Puig Brands was -2.32. The lowest was -2.59. And the median was -2.54.

Puig Brands Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Puig Brands'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.

Puig Brands Beneish M-Score Chart

Puig Brands Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.54 -2.32 -2.59

Puig Brands Quarterly Data
Dec21 Dec22 Dec23 Jun24 Sep24 Dec24 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -2.32 0.00 0.00 -2.59

MEX:PUIGN vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, Puig Brands'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.

Puig Brands Beneish M-Score vs Consumer Packaged Goods Industry

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

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


MEX:PUIGN
18GF Score
Puig Brands SA MEX:PUIGN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Puig Brands 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 Puig Brands 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 * 0.8402+0.528 * 0.9974+0.404 * 1.0457+0.892 * 1.0163+0.115 * 0.5939
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.031044-0.327 * 1.0198
=-2.62

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was MXN12,196 Mil.
Revenue was MXN106,306 Mil.
Gross Profit was MXN79,843 Mil.
Total Current Assets was MXN53,402 Mil.
Total Assets was MXN180,218 Mil.
Property, Plant and Equipment(Net PPE) was MXN8,434 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,970 Mil.
Selling, General, & Admin. Expense(SGA) was MXN0 Mil.
Total Current Liabilities was MXN47,514 Mil.
Long-Term Debt & Capital Lease Obligation was MXN15,145 Mil.
Net Income was MXN12,517 Mil.
Gross Profit was MXN0 Mil.
Cash Flow from Operations was MXN18,112 Mil.
 Total Receivables was MXN14,283 Mil.
Revenue was MXN104,601 Mil.
Gross Profit was MXN78,358 Mil.
Total Current Assets was MXN53,580 Mil.
Total Assets was MXN187,880 Mil.
Property, Plant and Equipment(Net PPE) was MXN16,279 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,597 Mil.
Selling, General, & Admin. Expense(SGA) was MXN61,789 Mil.
Total Current Liabilities was MXN39,381 Mil.
Long-Term Debt & Capital Lease Obligation was MXN24,676 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)
=(12196.353 / 106305.864) / (14282.77 / 104601.25)
=0.114729 / 0.136545
=0.8402

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)
=(78358.468 / 104601.25) / (79842.713 / 106305.864)
=0.749116 / 0.751066
=0.9974

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 - (53402.081 + 8434.384) / 180217.533) / (1 - (53580.106 + 16279.064) / 187880.375)
=0.656879 / 0.628172
=1.0457

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
=106305.864 / 104601.25
=1.0163

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))
=(4596.88 / (4596.88 + 16279.064)) / (4969.552 / (4969.552 + 8434.384))
=0.2202 / 0.370753
=0.5939

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 / 106305.864) / (61789.346 / 104601.25)
=0 / 0.590713
=0

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)
=((15145.176 + 47514.365) / 180217.533) / ((24675.918 + 39381.458) / 187880.375)
=0.347688 / 0.340948
=1.0198

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
=(12517.461 - 0 - 18112.132) / 180217.533
=-0.031044

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.

Puig Brands has a M-score of -2.62 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 -2.59 mean?
Puig Brands (MEX:PUIGN) has a Beneish M-Score of -2.59 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Puig Brands and its competitors. According to the industry distribution chart, Puig Brands ranks #811 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 43.9%.
Is Puig Brands' Beneish M-Score too high?
Puig Brands' current Beneish M-Score is -2.59. Based on the distribution chart, Puig Brands ranks #811 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Puig Brands has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Puig Brands' Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Puig Brands ranks #811 out of 1849 companies for Beneish M-Score. This puts Puig Brands 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 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 Puig Brands and its competitors. Puig Brands's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Puig Brands stock overvalued right now?
Puig Brands (MEX:PUIGN) has a current Beneish M-Score of -2.59. The current Beneish M-Score is -2.59. Puig Brands' overall GF Score™ is 18/100 with 2 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 Puig Brands (MEX:PUIGN), the current Beneish M-Score is -2.59 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.

Puig Brands Business Description

Address Plaza Europa 46-48, L Hospitalet de Llobregat, Barcelona, ESP, 08902
Puig is a premium beauty product maker that focuses on fragrances (72% of 2025 sales), with more limited exposure to color cosmetics (17%) and skincare (11%). Through a series of acquisitions, Puig has built a premium portfolio, including brands such as Rabanne, Carolina Herrera, Byredo, L'Artisan Parfumeur, Penhaligon's, Dries Van Noten, and Charlotte Tilbury, which contributes over 90% of total sales. It also has long-term licensing agreements with Christian Louboutin, Adolfo Dominguez, and Antonio Banderas. Puig generates close to 54% of sales from Europe, 35% from the Americas, and 11% from Asia. The Puig family owns over 70% of the economic interests in the company and over 90% of the voting rights via a dual-class share structure.
18GF Score

Get the complete analysis for MEX:PUIGN

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

MXN323.75
Price