NSBBF (NorthStar Gaming Holdings) Beneish M-Score: -1.01 (As of Jul. 03, 2026)


What is NorthStar Gaming Holdings Beneish M-Score?

NorthStar Gaming Holdings NSBBF Beneish M-Score is -1.01 as of Jul. 03, 2026. The stock has 4 warning signs investors should review. Among 820 Travel & Leisure companies, NorthStar Gaming Holdings ranks worse than 91.95% 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 -1.01 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSBBF' s Beneish M-Score Range Over the Past 10 Years
Min: -7.2   Med: -1.9   Max: -0.83
Current: -1.01

During the past 3 years, the highest Beneish M-Score of NorthStar Gaming Holdings was -0.83. The lowest was -7.20. And the median was -1.90.

NorthStar Gaming Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NorthStar Gaming Holdings'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.

NorthStar Gaming Holdings Beneish M-Score Chart

NorthStar Gaming Holdings Annual Data
Trend Jun22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -7.20

NorthStar Gaming Holdings Quarterly Data
Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.03 -7.20 -1.90 -0.83 -1.01

NSBBF vs FLUT, DKNG, SGHC: Beneish M-Score Comparison

For the Gambling subindustry, NorthStar Gaming Holdings'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.

NorthStar Gaming Holdings Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, NorthStar Gaming Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where NorthStar Gaming Holdings's Beneish M-Score falls into.


NorthStar Gaming Holdings 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 NorthStar Gaming Holdings 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 * 0.4323+0.528 * 0.7643+0.404 * 0.7183+0.892 * 1.2273+0.115 * 0.9855
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6007+4.679 * 0.396557-0.327 * 1.098
=-1.15

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was $1.75 Mil.
Revenue was 5.016 + 6.248 + 5.467 + 6.702 = $23.43 Mil.
Gross Profit was 1.743 + 2.549 + 2.102 + 2.645 = $9.04 Mil.
Total Current Assets was $11.21 Mil.
Total Assets was $13.24 Mil.
Property, Plant and Equipment(Net PPE) was $0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General, & Admin. Expense(SGA) was $17.68 Mil.
Total Current Liabilities was $10.10 Mil.
Long-Term Debt & Capital Lease Obligation was $29.96 Mil.
Net Income was -2.956 + -2.812 + -4.04 + -2.419 = $-12.23 Mil.
Non Operating Income was -0.004 + 0.312 + -0.541 + 0.854 = $0.62 Mil.
Cash Flow from Operations was -1.953 + -2.089 + -12.209 + -1.849 = $-18.10 Mil.
 Total Receivables was $3.30 Mil.
Revenue was 4.906 + 5.422 + 4.381 + 4.384 = $19.09 Mil.
Gross Profit was 1.556 + 2.04 + 1.382 + 0.651 = $5.63 Mil.
Total Current Assets was $6.05 Mil.
Total Assets was $7.71 Mil.
Property, Plant and Equipment(Net PPE) was $0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.27 Mil.
Selling, General, & Admin. Expense(SGA) was $23.98 Mil.
Total Current Liabilities was $18.56 Mil.
Long-Term Debt & Capital Lease Obligation was $2.69 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)
=(1.748 / 23.433) / (3.295 / 19.093)
=0.074596 / 0.172576
=0.4323

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)
=(5.629 / 19.093) / (9.039 / 23.433)
=0.29482 / 0.385738
=0.7643

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 - (11.205 + 0.022) / 13.244) / (1 - (6.05 + 0.027) / 7.712)
=0.152295 / 0.212007
=0.7183

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
=23.433 / 19.093
=1.2273

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))
=(0.272 / (0.272 + 0.027)) / (0.264 / (0.264 + 0.022))
=0.909699 / 0.923077
=0.9855

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)
=(17.675 / 23.433) / (23.975 / 19.093)
=0.754278 / 1.255696
=0.6007

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)
=((29.957 + 10.098) / 13.244) / ((2.686 + 18.556) / 7.712)
=3.024388 / 2.754409
=1.098

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
=(-12.227 - 0.621 - -18.1) / 13.244
=0.396557

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.

NorthStar Gaming Holdings has a M-score of -1.15 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 -1.01 mean?
NorthStar Gaming Holdings (NSBBF) has a Beneish M-Score of -1.01 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NorthStar Gaming Holdings and its competitors. According to the industry distribution chart, NorthStar Gaming Holdings ranks #754 out of 820 companies in the Travel & Leisure industry, placing it in the top 92%.
Is NorthStar Gaming Holdings' Beneish M-Score too high?
NorthStar Gaming Holdings' current Beneish M-Score is -1.01. Based on the distribution chart, NorthStar Gaming Holdings ranks #754 out of 820 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers.
How does NorthStar Gaming Holdings' Beneish M-Score compare to FLUT and DKNG?
According to the Travel & Leisure industry distribution chart, NorthStar Gaming Holdings ranks #754 out of 820 companies for Beneish M-Score. This places NorthStar Gaming Holdings 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 NorthStar Gaming Holdings and its competitors. NorthStar Gaming Holdings's current Beneish M-Score is -1.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NorthStar Gaming Holdings stock overvalued right now?
NorthStar Gaming Holdings (NSBBF) has a current Beneish M-Score of -1.01. The current Beneish M-Score is -1.01. 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 NorthStar Gaming Holdings (NSBBF), the current Beneish M-Score is -1.01 as of Jul. 03, 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.

NorthStar Gaming Holdings Business Description

Other Exchanges BET:Canada
Address 220 King Street West, Suite 200, Toronto, ON, CAN, M5H 1K4
NorthStar Gaming Holdings Inc owns and operates a casino and sportsbook gaming platform. The company earns revenues from two main sources: gaming revenues for its online casino and sports betting operations; and managed services revenues.