STGSF (State Gas) Beneish M-Score: 24.14 (As of Jun. 24, 2026) — Near Median


STGSF State Gas Ltd STGSF
33 GF Score
Price $0.20
! 5 Warning Signs
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What is State Gas Beneish M-Score?

State Gas STGSF 33 Beneish M-Score is 24.14 as of Jun. 24, 2026, which is at its 10-year median of 24.14. GuruFocus rates STGSF with a GF Score™ of 33/100. The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, State Gas ranks worse than 98.78% 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 24.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STGSF' s Beneish M-Score Range Over the Past 10 Years
Min: 24.14   Med: 24.14   Max: 24.14
Current: 24.14

During the past 8 years, the highest Beneish M-Score of State Gas was 24.14. The lowest was 24.14. And the median was 24.14.

State Gas Beneish M-Score Historical Data

* Premium members only.

The historical data trend for State Gas'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.

State Gas Beneish M-Score Chart

State Gas Annual Data
Trend Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 24.14

State Gas Semi-Annual Data
Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 0.00 0.00 24.14 0.00

STGSF vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, State Gas'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.

State Gas Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, State Gas's Beneish M-Score distribution charts can be found below:

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


STGSF
33GF Score
State Gas Ltd STGSF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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State Gas 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 State Gas 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 * 0.0873+0.528 * 1+0.404 * 0.9371+0.892 * 6.5455+0.115 * 128.6563
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1415+4.679 * -0.014247-0.327 * 1.1288
=16.32

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was $0.02 Mil.
Revenue was $0.07 Mil.
Gross Profit was $0.07 Mil.
Total Current Assets was $1.46 Mil.
Total Assets was $33.34 Mil.
Property, Plant and Equipment(Net PPE) was $31.62 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.50 Mil.
Total Current Liabilities was $3.82 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $-2.14 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-1.66 Mil.
 Total Receivables was $0.04 Mil.
Revenue was $0.01 Mil.
Gross Profit was $0.01 Mil.
Total Current Assets was $0.13 Mil.
Total Assets was $32.09 Mil.
Property, Plant and Equipment(Net PPE) was $31.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.13 Mil.
Selling, General, & Admin. Expense(SGA) was $1.62 Mil.
Total Current Liabilities was $3.26 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(0.02 / 0.072) / (0.035 / 0.011)
=0.277778 / 3.181818
=0.0873

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)
=(0.011 / 0.011) / (0.072 / 0.072)
=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 - (1.464 + 31.616) / 33.341) / (1 - (0.13 + 31.688) / 32.086)
=0.007828 / 0.008353
=0.9371

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
=0.072 / 0.011
=6.5455

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))
=(0.131 / (0.131 + 31.688)) / (0.001 / (0.001 + 31.616))
=0.004117 / 3.2E-5
=128.6563

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)
=(1.496 / 0.072) / (1.615 / 0.011)
=20.777778 / 146.818182
=0.1415

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)
=((0 + 3.818) / 33.341) / ((0 + 3.255) / 32.086)
=0.114514 / 0.101446
=1.1288

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
=(-2.138 - 0 - -1.663) / 33.341
=-0.014247

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.

State Gas has a M-score of 16.32 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 24.14 mean?
State Gas (STGSF) has a Beneish M-Score of 24.14 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on State Gas and its competitors. This is near median its historical median of 24.14. Over the past decade, State Gas' Beneish M-Score has ranged from 24.14 to 24.14. According to the industry distribution chart, State Gas ranks #812 out of 822 companies in the Oil & Gas industry, placing it in the top 98.8%.
Is State Gas' Beneish M-Score too high?
State Gas' current Beneish M-Score of 24.14 is near median its 10-year median of 24.14. Over the past 10 years, this metric has ranged from a low of 24.14 to a high of 24.14. Based on the distribution chart, State Gas ranks #812 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, State Gas has a GF Score™ of 33/100, reflecting its overall financial health beyond just this single metric.
How does State Gas' Beneish M-Score compare to COP and EOG?
According to the Oil & Gas industry distribution chart, State Gas ranks #812 out of 822 companies for Beneish M-Score. This places State Gas in the lower half of its industry. Historically, State Gas' own Beneish M-Score has ranged from 24.14 to 24.14 over the past decade. 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 State Gas and its competitors. State Gas's current Beneish M-Score is 24.14, which is near median its own 10-year median of 24.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is State Gas stock overvalued right now?
State Gas (STGSF) has a current Beneish M-Score of 24.14. The current Beneish M-Score is 24.14, which is near median its 10-year median of 24.14. State Gas' overall GF Score™ is 33/100 with 5 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 State Gas (STGSF), the current Beneish M-Score is 24.14 as of Jun. 24, 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.

State Gas Business Description

Industry EnergyOil & Gas
Other Exchanges GAS:Australia
Address 40 Edward Street, Suite 4, Level 1, Brisbane, QLD, AUS, 4000
State Gas Ltd is a natural gas exploration and development company with operations in the southern Bowen Basin in Central Queensland. The company's existing 100% owned exploration projects, when considered in conjunction with joint venture interests over adjoining areas, means State Gas has a prospective and substantial portfolio of natural gas resources. It operates in one segment, being the exploration and development of gas fields in Australia.
33GF 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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