Burger Fuel Group (NZSE:BFG) Beneish M-Score: -2.16 (As of Jun. 27, 2026)


NZSE:BFG Burger Fuel Group Ltd NZSE:BFG
45 GF Score
Price NZ$0.33
GF Value NZ$0.80
Valuation Significantly Undervalued
! 1 Warning Sign
View Full Analysis

What is Burger Fuel Group Beneish M-Score?

Burger Fuel Group NZSE:BFG -1.49% 45 Beneish M-Score is -2.16 as of Jun. 27, 2026. GuruFocus rates NZSE:BFG with a GF Score™ of 45/100 and a GF Value™ of NZ$0.80 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 357 Restaurants companies, Burger Fuel Group ranks worse than 85.71% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NZSE:BFG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.49   Med: -3.11   Max: -2.16
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Burger Fuel Group was -2.16. The lowest was -4.49. And the median was -3.11.

Burger Fuel Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Burger Fuel 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.

Burger Fuel Group Beneish M-Score Chart

Burger Fuel 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 -2.98 -4.18 -4.49 -4.36 -2.16

Burger Fuel 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 -4.49 0.00 -4.36 0.00 -2.16

NZSE:BFG vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, Burger Fuel 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.

Burger Fuel Group Beneish M-Score vs Restaurants Industry

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

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


NZSE:BFG
45GF Score
Burger Fuel Group Ltd NZSE:BFG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Burger Fuel 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 Burger Fuel 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 * 0.4601+0.528 * 0.6401+0.404 * 0.9433+0.892 * 2.1955+0.115 * 0.8533
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.045926-0.327 * 0.9246
=-2.16

* 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 NZ$2.09 Mil.
Revenue was NZ$24.68 Mil.
Gross Profit was NZ$24.68 Mil.
Total Current Assets was NZ$10.57 Mil.
Total Assets was NZ$33.38 Mil.
Property, Plant and Equipment(Net PPE) was NZ$7.42 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$1.84 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$0.00 Mil.
Total Current Liabilities was NZ$4.26 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$16.26 Mil.
Net Income was NZ$1.97 Mil.
Gross Profit was NZ$0.00 Mil.
Cash Flow from Operations was NZ$3.50 Mil.
 Total Receivables was NZ$2.07 Mil.
Revenue was NZ$11.24 Mil.
Gross Profit was NZ$7.20 Mil.
Total Current Assets was NZ$8.74 Mil.
Total Assets was NZ$32.27 Mil.
Property, Plant and Equipment(Net PPE) was NZ$7.76 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$1.59 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$12.08 Mil.
Total Current Liabilities was NZ$3.95 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$17.51 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)
=(2.086 / 24.684) / (2.065 / 11.243)
=0.084508 / 0.18367
=0.4601

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)
=(7.197 / 11.243) / (24.684 / 24.684)
=0.640132 / 1
=0.6401

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 - (10.571 + 7.421) / 33.38) / (1 - (8.742 + 7.758) / 32.271)
=0.460995 / 0.488705
=0.9433

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
=24.684 / 11.243
=2.1955

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))
=(1.587 / (1.587 + 7.758)) / (1.844 / (1.844 + 7.421))
=0.169823 / 0.199029
=0.8533

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 / 24.684) / (12.083 / 11.243)
=0 / 1.074713
=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)
=((16.258 + 4.261) / 33.38) / ((17.508 + 3.946) / 32.271)
=0.614709 / 0.664807
=0.9246

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
=(1.969 - 0 - 3.502) / 33.38
=-0.045926

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.

Burger Fuel Group has a M-score of -2.16 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 -2.16 mean?
Burger Fuel Group (NZSE:BFG) has a Beneish M-Score of -2.16 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Burger Fuel Group and its competitors. According to the industry distribution chart, Burger Fuel Group ranks #306 out of 357 companies in the Restaurants industry, placing it in the top 85.7%.
Is Burger Fuel Group's Beneish M-Score too high?
Burger Fuel Group's current Beneish M-Score is -2.16. Based on the distribution chart, Burger Fuel Group ranks #306 out of 357 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Burger Fuel Group has a GF Score™ of 45/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Burger Fuel Group's Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Burger Fuel Group ranks #306 out of 357 companies for Beneish M-Score. This places Burger Fuel 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Burger Fuel Group and its competitors. Burger Fuel Group's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Burger Fuel Group stock overvalued right now?
Based on GuruFocus' analysis, Burger Fuel Group (NZSE:BFG) is currently considered Significantly Undervalued. The stock's GF Value™ is NZ$0.80, compared to a current price of NZ$0.33 — trading 58.8% below its estimated fair value. The current Beneish M-Score is -2.16. Burger Fuel Group's overall GF Score™ is 45/100 with 1 warning sign 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 Burger Fuel Group (NZSE:BFG), the current Beneish M-Score is -2.16 as of Jun. 27, 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 Burger Fuel Group (NZSE:BFG) Overvalued in 2026?

Based on GuruFocus' analysis, Burger Fuel Group stock appears to be undervalued. The current stock price of NZ$0.33 is trading 58.8% below its estimated GF Value™ of NZ$0.80. GuruFocus considers Burger Fuel Group to be Significantly Undervalued.

Key valuation signals for NZSE:BFG:

  • Beneish M-Score: -2.16
  • GF Value™: NZ$0.80 vs. price of NZ$0.33 (58.8% below fair value)
  • GF Score™: 45/100 with 1 warning sign

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

Burger Fuel Group Business Description

Address 66 Surrey Crescent, Grey Lynn, Auckland, NTL, NZL, 1021
Burger Fuel Group Ltd engages in the development and management of both franchised and company-owned gourmet burger and chicken restaurants. It offers Grass Fed Beef, Free Range Chicken, Plant Powered, Light weights, Kid meals, Gourmet Sides, Drinks, Sauces, and others. The company operates in two segments consisting of geographical locations including New Zeal and the International market. It derives a majority of its revenue from New Zealand.
45GF Score

Get the complete analysis for NZSE:BFG

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

NZ$0.33
Price
NZ$0.80
GF Value