BUA Foods (NSA:BUAFOODS) Beneish M-Score: 0.00 (As of Aug. 16, 2026)

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NSA:BUAFOODS BUA Foods PLC NSA:BUAFOODS
91 GF Score
Price ₦760.60
GF Value ₦584.56
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is BUA Foods Beneish M-Score?

BUA Foods NSA:BUAFOODS 91 Beneish M-Score is 0.00 as of Aug. 16, 2026. GuruFocus rates NSA:BUAFOODS with a GF Score™ of 91/100 and a GF Value™ of ₦584.56 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,858 Consumer Packaged Goods companies, BUA Foods ranks worse than 53821.26% 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.

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

During the past 6 years, the highest Beneish M-Score of BUA Foods was -2.90. The lowest was -3.36. And the median was -3.15.

BUA Foods Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BUA Foods'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.

BUA Foods Beneish M-Score Chart

BUA Foods Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.13 0.00 0.00 0.00

BUA Foods Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 0.00 0.00 0.00 0.00 0.00

NSA:BUAFOODS vs KHC, GIS, HRL: Beneish M-Score Comparison

For the Packaged Foods subindustry, BUA Foods'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.

BUA Foods Beneish M-Score vs Consumer Packaged Goods Industry

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

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


NSA:BUAFOODS
91GF Score
BUA Foods PLC NSA:BUAFOODS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BUA Foods 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 BUA Foods 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₦1,047,863 Mil.
Revenue was 370499.411 + 394619.792 + 353900.074 + 508220.459 = ₦1,627,240 Mil.
Gross Profit was 187583.864 + 175648.594 + 216610.477 + 181312.51 = ₦761,155 Mil.
Total Current Assets was ₦1,266,011 Mil.
Total Assets was ₦1,671,248 Mil.
Property, Plant and Equipment(Net PPE) was ₦405,237 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦9,848 Mil.
Selling, General, & Admin. Expense(SGA) was ₦54,362 Mil.
Total Current Liabilities was ₦659,853 Mil.
Long-Term Debt & Capital Lease Obligation was ₦128 Mil.
Net Income was 149816.578 + 142316.606 + 113116.664 + 147368.816 = ₦552,619 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 153730.859 + 8449.676 + 79647.195 + 182395.83 = ₦424,224 Mil.
 Total Receivables was ₦753,438 Mil.
Revenue was 470216.329 + 442064.828 + 457122.598 + 398403.266 = ₦1,767,807 Mil.
Gross Profit was 178185.825 + 160906.744 + 206994.34 + 115381.667 = ₦661,469 Mil.
Total Current Assets was ₦899,167 Mil.
Total Assets was ₦1,333,234 Mil.
Property, Plant and Equipment(Net PPE) was ₦434,067 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦9,399 Mil.
Selling, General, & Admin. Expense(SGA) was ₦81,548 Mil.
Total Current Liabilities was ₦607,532 Mil.
Long-Term Debt & Capital Lease Obligation was ₦894 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)
=(1047862.939 / 1627239.736) / (753437.953 / 1767807.021)
=0.643951 / 0.426199
=

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)
=(661468.576 / 1767807.021) / (761155.445 / 1627239.736)
=0.374175 / 0.467759
=

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 - (1266011.449 + 405236.816) / 1671248.265) / (1 - (899167.008 + 434066.605) / 1333233.613)
=-0 / 0
=

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
=1627239.736 / 1767807.021
=

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))
=(9398.557 / (9398.557 + 434066.605)) / (9847.9 / (9847.9 + 405236.816))
=0.021193 / 0.023725
=

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)
=(54362.316 / 1627239.736) / (81548.071 / 1767807.021)
=0.033408 / 0.04613
=

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)
=((128.422 + 659852.614) / 1671248.265) / ((894.29 + 607532.446) / 1333233.613)
=0.394903 / 0.456354
=

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
=(552618.664 - 0 - 424223.56) / 1671248.265
=0.076826

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
BUA Foods (NSA:BUAFOODS) has a Beneish M-Score of 0.00 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BUA Foods and its competitors. According to the industry distribution chart, BUA Foods ranks #999999 out of 1858 companies in the Consumer Packaged Goods industry.
Is BUA Foods' Beneish M-Score too high?
BUA Foods' current Beneish M-Score is 0.00. Based on the distribution chart, BUA Foods ranks #999999 out of 1858 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, BUA Foods has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BUA Foods' Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, BUA Foods ranks #999999 out of 1858 companies for Beneish M-Score. This places BUA Foods 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 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 BUA Foods and its competitors. BUA Foods's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BUA Foods stock overvalued right now?
Based on GuruFocus' analysis, BUA Foods (NSA:BUAFOODS) is currently considered Modestly Overvalued. The stock's GF Value™ is ₦584.56, compared to a current price of ₦760.60 — trading 30.1% above its estimated fair value. The current Beneish M-Score is 0.00. BUA Foods' overall GF Score™ is 91/100 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 BUA Foods (NSA:BUAFOODS), the current Beneish M-Score is 0.00 as of Aug. 16, 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 BUA Foods (NSA:BUAFOODS) Overvalued in 2026?

Based on GuruFocus' analysis, BUA Foods stock appears to be overvalued. The current stock price of ₦760.60 is trading 30.1% above its estimated GF Value™ of ₦584.56. GuruFocus considers BUA Foods to be Modestly Overvalued.

Key valuation signals for NSA:BUAFOODS:

  • Beneish M-Score: 0.00
  • GF Value™: ₦584.56 vs. price of ₦760.60 (30.1% above fair value)
  • GF Score™: 91/100 with 3 warning signs

No single metric tells the full story. See the NSA:BUAFOODS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BUA Foods Business Description

Address Churchgate Street, 3rd Floor BUA Towers, PC 32, P.O.Box 70106, Victoria Island, Lagos, NGA
BUA Foods PLC is involved in the food and fast-moving consumer goods business which processes, manufactures, and distributes food as well as packaged food. The company's business operations comprise five divisions, including Sugar, Flour, Pasta, Rice, and Edible Oils. It has four segments Flour segment, Sugar segment, Pasta segment, and Others. Maximum revenue is from sales of Flour.
91GF Score

Get the complete analysis for NSA:BUAFOODS

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

₦760.60
Price
₦584.56
GF Value