PICS (PicS NV) Beneish M-Score: -2.31 (As of Aug. 28, 2026)

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PICS PicS NV PICS
39 GF Score
Price $10.18
! 2 Warning Signs
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What is PicS NV Beneish M-Score?

PicS NV PICS -1.45% 39 Beneish M-Score is -2.31 as of Aug. 28, 2026. GuruFocus rates PICS with a GF Score™ of 39/100. The stock has 2 warning signs investors should review. Among 2,638 Software companies, PicS NV ranks worse than 63.46% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PICS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.82   Med: -1.89   Max: 14.05
Current: -2.31

During the past 7 years, the highest Beneish M-Score of PicS NV was 14.05. The lowest was -4.82. And the median was -1.89.

PICS
39GF Score
PicS NV PICS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PicS NV 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 PicS NV 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 * 0.5446+0.528 * 1+0.404 * 1.0015+0.892 * 1.7323+0.115 * 0.9454
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8901+4.679 * 0.033411-0.327 * 1.7291
=-2.31

* 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 $1,057 Mil.
Revenue was 520.149 + 439.991 + 347.902 + 302.068 = $1,610 Mil.
Gross Profit was 520.149 + 439.991 + 347.902 + 302.068 = $1,610 Mil.
Total Current Assets was $0 Mil.
Total Assets was $10,182 Mil.
Property, Plant and Equipment(Net PPE) was $29 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $491 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $416 Mil.
Net Income was 52.502 + 29.015 + 150.506 + 17.398 = $249 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 173.331 + -49.856 + -460.313 + 246.087 = $-91 Mil.
 Total Receivables was $1,121 Mil.
Revenue was 296.391 + 251.257 + 206.309 + 175.481 = $929 Mil.
Gross Profit was 296.391 + 251.257 + 206.309 + 175.481 = $929 Mil.
Total Current Assets was $0 Mil.
Total Assets was $6,147 Mil.
Property, Plant and Equipment(Net PPE) was $27 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $318 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $145 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)
=(1057.357 / 1610.11) / (1120.836 / 929.438)
=0.656699 / 1.205929
=0.5446

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)
=(929.438 / 929.438) / (1610.11 / 1610.11)
=1 / 1
=1

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 - (0 + 28.854) / 10181.555) / (1 - (0 + 26.835) / 6147.147)
=0.997166 / 0.995635
=1.0015

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
=1610.11 / 929.438
=1.7323

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))
=(66.749 / (66.749 + 26.835)) / (88.661 / (88.661 + 28.854))
=0.713252 / 0.754465
=0.9454

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)
=(490.811 / 1610.11) / (318.309 / 929.438)
=0.304831 / 0.342475
=0.8901

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)
=((415.857 + 0) / 10181.555) / ((145.202 + 0) / 6147.147)
=0.040844 / 0.023621
=1.7291

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
=(249.421 - 0 - -90.751) / 10181.555
=0.033411

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.

PicS NV has a M-score of -2.31 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 -2.31 mean?
PicS NV (PICS) has a Beneish M-Score of -2.31 as of Aug. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PicS NV and its competitors. According to the industry distribution chart, PicS NV ranks #1674 out of 2638 companies in the Software industry, placing it in the top 63.5%.
Is PicS NV's Beneish M-Score too high?
PicS NV's current Beneish M-Score is -2.31. Based on the distribution chart, PicS NV ranks #1674 out of 2638 companies in the Software industry, which is below the industry midpoint. Overall, PicS NV has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does PicS NV's Beneish M-Score compare to PRGS and NN?
According to the Software industry distribution chart, PicS NV ranks #1674 out of 2638 companies for Beneish M-Score. This places PicS NV 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 Software company?
A good Beneish M-Score depends on the Software 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 PicS NV and its competitors. PicS NV's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PicS NV stock overvalued right now?
PicS NV (PICS) has a current Beneish M-Score of -2.31. The current Beneish M-Score is -2.31. PicS NV's overall GF Score™ is 39/100 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 PicS NV (PICS), the current Beneish M-Score is -2.31 as of Aug. 28, 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.

PicS NV Business Description

Other Exchanges PICSN:Mexico
Address Avenida Manuel Bandeira, 291, Block A, 2nd Floor, Sao Paulo, SP, BRA, 05317-020
PicS NV is a digital payments company. The company operates a peer-to-peer (P2P) transfer platform that enables individuals to send money via mobile devices. It provides digital wallets, instant payments (Pix), P2P transfers, credit cards, loans, investments, insurance, and SMB payment solutions. The company has four reportable segments: Consumer Banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional. The majority of the company's revenue is derived from the Consumer Banking segment, which generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer (P2P) transfers, and bill payments.
39GF Score

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

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