Nestle Nigeria (NSA:NESTLE) Beneish M-Score: 2.13 (As of Jun. 25, 2026)

What is Nestle Nigeria Beneish M-Score?

Nestle Nigeria NSA:NESTLE 76 Beneish M-Score is 2.13 as of Jun. 25, 2026. GuruFocus rates NSA:NESTLE with a GF Score™ of 76/100 and a GF Value™ of ₦2,149.87 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Nestle Nigeria ranks worse than 96.7% 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.

Warning Sign:

Beneish M-Score 2.13 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSA:NESTLE' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24 Med: -2.86 Max: 7.86
Current: 2.13

During the past 13 years, the highest Beneish M-Score of Nestle Nigeria was 7.86. The lowest was -4.24. And the median was -2.86.

Nestle Nigeria Beneish M-Score Related Terms

Nestle Nigeria Beneish M-Score Historical Data

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The historical data trend for Nestle Nigeria'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.

Nestle Nigeria Beneish M-Score Chart

Nestle Nigeria Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.24

-1.27

0.94

-3.17

-3.04

Nestle Nigeria 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															-3.71	-3.37	-4.24	-3.04	2.13

NSA:NESTLE vs KHC, GIS, JBS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Nestle Nigeria'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.

Nestle Nigeria Beneish M-Score vs Consumer Packaged Goods Industry

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

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

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76GF Score

Nestle Nigeria PLC NSA:NESTLE

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Nestle Nigeria 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 Nestle Nigeria 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 * 7.111

0.528 * 0.9738

0.404 * 0.6881

0.892 * 1.1577

0.115 * 0.9722

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2281

4.679 * -0.216454

0.327 * 0.8787

2.13

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₦24,696 Mil.
Revenue was 326126.755 + 323236.182 + 303417.847 + 286234.254 = ₦1,239,015 Mil.
Gross Profit was 132057.947 + 109016.128 + 101923.154 + 105230.581 = ₦448,228 Mil.
Total Current Assets was ₦339,818 Mil.
Total Assets was ₦888,106 Mil.
Property, Plant and Equipment(Net PPE) was ₦499,938 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦40,531 Mil.
Selling, General, & Admin. Expense(SGA) was ₦212,749 Mil.
Total Current Liabilities was ₦391,836 Mil.
Long-Term Debt & Capital Lease Obligation was ₦438,826 Mil.
Net Income was 38997.859 + 32483.92 + 21912.017 + 20392.03 = ₦113,786 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 56881.253 + 115087.402 + 60810.589 + 73240.445 = ₦306,020 Mil.

Total Receivables was ₦3,000 Mil.
Revenue was 294884.799 + 293524.978 + 258317.589 + 223488.013 = ₦1,070,215 Mil.
Gross Profit was 119721.571 + 100042.919 + 79007.456 + 78235.71 = ₦377,008 Mil.
Total Current Assets was ₦382,611 Mil.
Total Assets was ₦898,924 Mil.
Property, Plant and Equipment(Net PPE) was ₦445,190 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦35,009 Mil.
Selling, General, & Admin. Expense(SGA) was ₦149,631 Mil.
Total Current Liabilities was ₦409,537 Mil.
Long-Term Debt & Capital Lease Obligation was ₦547,258 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)
	=	(24696.409 / 1239015.038)	/	(3000.313 / 1070215.379)
	=	0.019932	/	0.002803
	=	7.111

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)
	=	(377007.656 / 1070215.379)	/	(448227.81 / 1239015.038)
	=	0.352273	/	0.361761
	=	0.9738

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 - (339817.837 + 499937.53) / 888106.448)	/	(1 - (382610.569 + 445190.166) / 898924.297)
	=	0.054443	/	0.079121
	=	0.6881

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
	=	1239015.038	/	1070215.379
	=	1.1577

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))
	=	(35008.658 / (35008.658 + 445190.166))	/	(40531.35 / (40531.35 + 499937.53))
	=	0.072905	/	0.074993
	=	0.9722

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)
	=	(212749.001 / 1239015.038)	/	(149631.187 / 1070215.379)
	=	0.171708	/	0.139814
	=	1.2281

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)
	=	((438825.809 + 391835.697) / 888106.448)	/	((547258.478 + 409537.335) / 898924.297)
	=	0.935318	/	1.064379
	=	0.8787

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
	=	(113785.826 - 0	-	306019.689)	/	888106.448
	=	-0.216454

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.

Nestle Nigeria has a M-score of 2.13 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 2.13 mean?

Nestle Nigeria (NSA:NESTLE) has a Beneish M-Score of 2.13 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nestle Nigeria and its competitors. According to the industry distribution chart, Nestle Nigeria ranks #1788 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 96.7%.

Is Nestle Nigeria's Beneish M-Score too high?

Nestle Nigeria's current Beneish M-Score is 2.13. Based on the distribution chart, Nestle Nigeria ranks #1788 out of 1849 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Nestle Nigeria has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Nestle Nigeria's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Nestle Nigeria ranks #1788 out of 1849 companies for Beneish M-Score. This places Nestle Nigeria 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 Nestle Nigeria and its competitors. Nestle Nigeria's current Beneish M-Score is 2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nestle Nigeria stock overvalued right now?

Based on GuruFocus' analysis, Nestle Nigeria (NSA:NESTLE) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦2,149.87, compared to a current price of ₦3,125.00 — trading 45.4% above its estimated fair value. The current Beneish M-Score is 2.13. Nestle Nigeria's overall GF Score™ is 76/100 with 8 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 Nestle Nigeria (NSA:NESTLE), the current Beneish M-Score is 2.13 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.

Is Nestle Nigeria (NSA:NESTLE) Overvalued in 2026?

Based on GuruFocus' analysis, Nestle Nigeria stock appears to be overvalued. The current stock price of ₦3,125.00 is trading 45.4% above its estimated GF Value™ of ₦2,149.87. GuruFocus considers Nestle Nigeria to be Significantly Overvalued.

Key valuation signals for NSA:NESTLE:

Beneish M-Score: 2.13
GF Value™: ₦2,149.87 vs. price of ₦3,125.00 (45.4% above fair value)
GF Score™: 76/100 with 8 warning signs

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

Nestle Nigeria Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies NSA:HFM XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS SGX:F34 LSE:ABF HKSE:00288 MEX:BIMBOA DUB:KRZ JBS BOM:500825 TPE:1216 SZSE:000895

Other Exchanges NSTL:Canada

Address 22-24, Industrial Avenue, Ilupeju, Lagos, NGA, 102215

Website https://www.nestle-cwa.com

Nestle Nigeria PLC is a food and beverage company. It is involved in the business of manufacturing, marketing, and distribution of food products. The firm has categorized its products into Baby foods, Coffee, Culinary, Dairy, Drinks, and Recipes. It develops and markets its products under brands such as Cerelac, Nescafe, Nido, Maggi, Milo, etc. The company has Food and Beverage reportable segments. The Food segment engaged in the production and sale of Maggi, Cerelac, SMA, Nan, Lactogen, and Golden Morn. The Beverage segment consists of the production and sale of Milo, Chocomilo, Nido, Nescafe, Milo ready-to-drink, and Nestle Pure Life. The Food segment generates the majority of the revenue. Geographically, the majority of the revenue is generated from Nigeria.

76GF Score

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

₦3,125.00

Price

₦2,149.87

GF Value

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