Lb-shell (STU:BLN) Beneish M-Score: 5.76 (As of Jun. 26, 2026) — 99% Above Median


What is Lb-shell Beneish M-Score?

Lb-shell STU:BLN Beneish M-Score is 5.76 as of Jun. 26, 2026, which is 99% above its 10-year median of 2.89. The stock has 5 warning signs investors should review.

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 5.76 higher than -2.22, which implies that it might have manipulated its financial results.

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

STU:BLN' s Beneish M-Score Range Over the Past 10 Years
Min: -9.67   Med: 2.89   Max: 12.33
Current: 5.76

During the past 5 years, the highest Beneish M-Score of Lb-shell was 12.33. The lowest was -9.67. And the median was 2.89.

Lb-shell Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lb-shell'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.

Lb-shell Beneish M-Score Chart

Lb-shell Annual Data
Trend Sep11 Sep12 Sep13 Sep14 Sep15
Beneish M-Score
0.00 0.00 12.33 0.02 5.76

Lb-shell Semi-Annual Data
Sep11 Sep12 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 May18
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 5.76 0.00 -9.67 0.00 0.00

STU:BLN vs APGI: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Lb-shell'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.

Lb-shell Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Lb-shell's Beneish M-Score distribution charts can be found below:

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


Lb-shell 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 Lb-shell 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 * 0.479+0.528 * 9.2499+0.404 * 2.2915+0.892 * 6.2174+0.115 * 0.837
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1245+4.679 * 0.031431-0.327 * 1.1251
=6.81

* 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 (Sep15) TTM:Last Year (Sep14) TTM:
Total Receivables was €21.46 Mil.
Revenue was €106.87 Mil.
Gross Profit was €3.14 Mil.
Total Current Assets was €61.77 Mil.
Total Assets was €143.49 Mil.
Property, Plant and Equipment(Net PPE) was €11.62 Mil.
Depreciation, Depletion and Amortization(DDA) was €6.83 Mil.
Selling, General, & Admin. Expense(SGA) was €16.54 Mil.
Total Current Liabilities was €19.54 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-58.49 Mil.
Gross Profit was €0.82 Mil.
Cash Flow from Operations was €-63.82 Mil.
 Total Receivables was €7.20 Mil.
Revenue was €17.19 Mil.
Gross Profit was €4.68 Mil.
Total Current Assets was €135.86 Mil.
Total Assets was €183.76 Mil.
Property, Plant and Equipment(Net PPE) was €8.72 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.92 Mil.
Selling, General, & Admin. Expense(SGA) was €21.36 Mil.
Total Current Liabilities was €22.24 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)
=(21.455 / 106.865) / (7.204 / 17.188)
=0.200767 / 0.41913
=0.479

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)
=(4.676 / 17.188) / (3.143 / 106.865)
=0.27205 / 0.029411
=9.2499

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 - (61.769 + 11.616) / 143.489) / (1 - (135.863 + 8.721) / 183.763)
=0.488567 / 0.213204
=2.2915

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
=106.865 / 17.188
=6.2174

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))
=(3.918 / (3.918 + 8.721)) / (6.833 / (6.833 + 11.616))
=0.309993 / 0.370372
=0.837

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)
=(16.535 / 106.865) / (21.359 / 17.188)
=0.154728 / 1.242669
=0.1245

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 + 19.542) / 143.489) / ((0 + 22.244) / 183.763)
=0.136192 / 0.121047
=1.1251

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
=(-58.489 - 0.82 - -63.819) / 143.489
=0.031431

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.

Lb-shell has a M-score of 6.81 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 5.76 mean?
Lb-shell (STU:BLN) has a Beneish M-Score of 5.76 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lb-shell and its competitors. This is 99% above median its historical median of 2.89.
Is Lb-shell's Beneish M-Score too high?
Lb-shell's current Beneish M-Score of 5.76 is 99% above median its 10-year median of 2.89.
How does Lb-shell's Beneish M-Score compare to APGI?
Lb-shell's Beneish M-Score of 5.76 can be compared against companies in the Industrial Products 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Lb-shell and its competitors. Lb-shell's current Beneish M-Score is 5.76, which is 99% above median its own 10-year median of 2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lb-shell stock overvalued right now?
Lb-shell (STU:BLN) has a current Beneish M-Score of 5.76. The current Beneish M-Score is 5.76, which is 99% above median its 10-year median of 2.89. 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 Lb-shell (STU:BLN), the current Beneish M-Score is 5.76 as of Jun. 26, 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.

Lb-shell Business Description

Address Holywell Park, Ashby Road, Charnwood Building, Loughborough, Leicestershire, GBR, LE11 3GB
Lb-shell PLC operates through its subsidiary and is engaged in the fuel cell engineering business. It develops proton-exchange membrane hydrogen fuel cells as a clean energy solution for the distributed energy, diesel replacement, automotive and aerial drone markets. Some of the company's products are Fuel cell power for UAVS, Automotive products, and others.