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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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pangaea Logistics Solutions's Beneish M-Score or its related term are showing as below:
STU:PGA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.35 Max: 1624.08
Current: -2.72
During the past 13 years, the highest Beneish M-Score of Pangaea Logistics Solutions was 1624.08. The lowest was -3.30. And the median was -2.35.
* 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.
STU:PGA vs ESEA, CMDB, SHIP: Beneish M-Score Comparison
For the Marine Shipping subindustry, Pangaea Logistics Solutions'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.
Pangaea Logistics Solutions Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Pangaea Logistics Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pangaea Logistics Solutions's Beneish M-Score falls into.
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 Pangaea Logistics Solutions 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 * 1.051
+
0.528 * 0.7857
+
0.404 * 0.7099
+
0.892 * 1.1568
+
0.115 * 0.7904
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0859
+
4.679 * -0.028137
-
0.327 * 1.0648
=
-2.72
* 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.
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.
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))
=
(32.739 / (32.739 + 626.248))
/
(39.793 / (39.793 + 593.334))
=
0.049681
/
0.062852
=
0.7904
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
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
=
(40.903 - 4.568
-
59.7)
/
830.396
=
-0.028137
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.
Pangaea Logistics Solutions has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Pangaea Logistics Solutions (STU:PGA) has a Beneish M-Score of -2.72 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pangaea Logistics Solutions and its competitors. According to the industry distribution chart, Pangaea Logistics Solutions ranks #361 out of 966 companies in the Transportation industry, placing it in the top 37.4%.
Is Pangaea Logistics Solutions' Beneish M-Score too high?
Pangaea Logistics Solutions' current Beneish M-Score is -2.72. Based on the distribution chart, Pangaea Logistics Solutions ranks #361 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Pangaea Logistics Solutions has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does Pangaea Logistics Solutions' Beneish M-Score compare to ESEA and CMDB?
According to the Transportation industry distribution chart, Pangaea Logistics Solutions ranks #361 out of 966 companies for Beneish M-Score. This puts Pangaea Logistics Solutions in the upper 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Pangaea Logistics Solutions and its competitors. Pangaea Logistics Solutions's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pangaea Logistics Solutions stock overvalued right now?
Pangaea Logistics Solutions (STU:PGA) has a current Beneish M-Score of -2.72. The stock's GF Value™ is €5.68, compared to a current price of €6.20 — trading 9.2% above its estimated fair value. The current Beneish M-Score is -2.72. Pangaea Logistics Solutions' overall GF Score™ is 70/100 with 6 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 Pangaea Logistics Solutions (STU:PGA), the current Beneish M-Score is -2.72 as of Aug. 13, 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 Pangaea Logistics Solutions (STU:PGA) Overvalued in 2026?
Based on GuruFocus' analysis, Pangaea Logistics Solutions stock appears to be overvalued.
The current stock price of €6.20 is trading 9.2% above its estimated GF Value™ of €5.68.
Key valuation signals for STU:PGA:
Beneish M-Score: -2.72
GF Value™: €5.68 vs. price of €6.20 (9.2% above fair value)
No single metric tells the full story. See the STU:PGA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pangaea Logistics Solutions Ltd and its subsidiaries collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company's operating segments include the shipping segment: The Company's operating segments include the shipping segment and six terminal and stevedoring operating segments. The company operates in the USA, Germany, Canada, Singapore, the United Kingdom, and other countries, with maximum from the USA and others.
70GF Score
Get the complete analysis for STU:PGA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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