Image Scan Holdings (STU:LWN) Beneish M-Score: -4.38 (As of Jun. 26, 2026)

What is Image Scan Holdings Beneish M-Score?

Image Scan Holdings STU:LWN Beneish M-Score is -4.38 as of Jun. 26, 2026. The stock has 7 warning signs investors should review. Among 1,020 Business Services companies, Image Scan Holdings ranks better than 96.18% 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 -4.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:LWN' s Beneish M-Score Range Over the Past 10 Years
Min: -25.8 Med: -2.75 Max: 1.75
Current: -4.38

During the past 13 years, the highest Beneish M-Score of Image Scan Holdings was 1.75. The lowest was -25.80. And the median was -2.75.

Image Scan Holdings Beneish M-Score Related Terms

Image Scan Holdings Beneish M-Score Historical Data

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The historical data trend for Image Scan 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.

Image Scan Holdings Beneish M-Score Chart

Image Scan Holdings Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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1.75

-2.03

-2.75

-1.85

-4.38

Image Scan Holdings 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															0.00	-1.85	0.00	-4.38	0.00

STU:LWN vs ALLE, MSA, ADT: Beneish M-Score Comparison

For the Security & Protection Services subindustry, Image Scan 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.

Image Scan Holdings Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Image Scan Holdings's Beneish M-Score distribution charts can be found below:

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

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Image Scan 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 Image Scan Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.848

0.528 * 0.904

0.404 * 1.084

0.892 * 0.5463

0.115 * 0.7407

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6656

4.679 * -0.254873

0.327 * 1.0573

-4.40

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was €0.49 Mil.
Revenue was €1.86 Mil.
Gross Profit was €1.09 Mil.
Total Current Assets was €2.22 Mil.
Total Assets was €2.67 Mil.
Property, Plant and Equipment(Net PPE) was €0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.13 Mil.
Selling, General, & Admin. Expense(SGA) was €1.43 Mil.
Total Current Liabilities was €0.97 Mil.
Long-Term Debt & Capital Lease Obligation was €0.05 Mil.
Net Income was €-0.33 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.35 Mil.

Total Receivables was €1.05 Mil.
Revenue was €3.41 Mil.
Gross Profit was €1.80 Mil.
Total Current Assets was €2.64 Mil.
Total Assets was €3.21 Mil.
Property, Plant and Equipment(Net PPE) was €0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.13 Mil.
Selling, General, & Admin. Expense(SGA) was €1.57 Mil.
Total Current Liabilities was €1.04 Mil.
Long-Term Debt & Capital Lease Obligation was €0.12 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)
	=	(0.486 / 1.863)	/	(1.049 / 3.41)
	=	0.26087	/	0.307625
	=	0.848

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)
	=	(1.802 / 3.41)	/	(1.089 / 1.863)
	=	0.528446	/	0.584541
	=	0.904

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 - (2.219 + 0.092) / 2.668)	/	(1 - (2.64 + 0.172) / 3.208)
	=	0.133808	/	0.123441
	=	1.084

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
	=	1.863	/	3.41
	=	0.5463

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 + 0.172))	/	(0.129 / (0.129 + 0.092))
	=	0.432343	/	0.58371
	=	0.7407

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)
	=	(1.425 / 1.863)	/	(1.566 / 3.41)
	=	0.764895	/	0.459238
	=	1.6656

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)
	=	((0.052 + 0.968) / 2.668)	/	((0.122 + 1.038) / 3.208)
	=	0.382309	/	0.361596
	=	1.0573

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
	=	(-0.332 - 0	-	0.348)	/	2.668
	=	-0.254873

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.

Image Scan Holdings has a M-score of -4.40 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 -4.38 mean?

Image Scan Holdings (STU:LWN) has a Beneish M-Score of -4.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Image Scan Holdings and its competitors. According to the industry distribution chart, Image Scan Holdings ranks #39 out of 1020 companies in the Business Services industry, placing it in the top 3.8%.

Is Image Scan Holdings' Beneish M-Score too high?

Image Scan Holdings' current Beneish M-Score is -4.38. Based on the distribution chart, Image Scan Holdings ranks #39 out of 1020 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers.

How does Image Scan Holdings' Beneish M-Score compare to ALLE and MSA?

According to the Business Services industry distribution chart, Image Scan Holdings ranks #39 out of 1020 companies for Beneish M-Score. This places Image Scan Holdings in the top 4% of its industry — outperforming the majority of peers. 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 Business Services company?

A good Beneish M-Score depends on the Business Services 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 Image Scan Holdings and its competitors. Image Scan Holdings's current Beneish M-Score is -4.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Image Scan Holdings stock overvalued right now?

Image Scan Holdings (STU:LWN) has a current Beneish M-Score of -4.38. The stock's GF Value™ is €0.01, compared to a current price of €0.02 — trading 50% above its estimated fair value. The current Beneish M-Score is -4.38. 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 Image Scan Holdings (STU:LWN), the current Beneish M-Score is -4.38 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.

Image Scan Holdings Business Description

Industry Industrials Business Services

Comparable Companies LSE:THRU LSE:PEG LSE:CSSG LSE:NWT OSTO:ASSA B TSE:9735 ALLE OSTO:SECU B XTAE:NXSN SZSE:002236 MSA ADT BCO BRC TSE:2331 OSTO:LOOMIS GEO HKSE:02442 XKRX:489790 CXW

Other Exchanges IGE:UK LWN:Germany

Address Sileby Road, 16-18 Hayhill Industrial Estate, Loughborough, Barrow-upon-Soar, Leicestershire, GBR, LE12 8LD

Website https://www.ish.co.uk

Image Scan Holdings PLC is principally engaged in the development and sale of portable X-ray systems for security and counter-terrorism applications. Additionally, it also manufactures industrial X-ray inspection systems. The company offers a range of portable, rapid deployment, and static security solutions to several security sectors, including government and private security organisations. It serves police, military, security services, bomb disposal teams, prisons, ports, airports, cargo handlers, freight forwarders, corporate headquarters, mail rooms, and operators of stadiums and events. The company derives revenue from the sale of its equipment. Geographically, it generates the majority of revenue from the United Kingdom.