Blackstone (TSX:BX) Beneish M-Score: -2.42 (As of Jul. 06, 2026)


TSX:BX Blackstone Inc TSX:BX
55 GF Score
Price C$15.49
GF Value C$25.62
Valuation Significantly Undervalued
! 5 Warning Signs
View Full Analysis

What is Blackstone Beneish M-Score?

Blackstone TSX:BX -0.06% 55 Beneish M-Score is -2.42 as of Jul. 06, 2026. GuruFocus rates TSX:BX with a GF Score™ of 55/100 and a GF Value™ of C$25.62 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 953 Asset Management companies, Blackstone ranks better than 57.82% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:BX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98   Med: -2.23   Max: 0.77
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Blackstone was 0.77. The lowest was -2.98. And the median was -2.23.

TSX:BX
55GF Score
Blackstone Inc TSX:BX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Blackstone 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 Blackstone 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 * 1.0177+0.528 * 1+0.404 * 1.002+0.892 * 1.1571+0.115 * 0.9649
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0135+4.679 * -0.031014-0.327 * 0.9903
=-2.47

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was C$9,560 Mil.
Revenue was 4119.813 + 5154.44 + 3715.648 + 4320.777 = C$17,311 Mil.
Gross Profit was 4119.813 + 5154.44 + 3715.648 + 4320.777 = C$17,311 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$66,305 Mil.
Property, Plant and Equipment(Net PPE) was C$1,807 Mil.
Depreciation, Depletion and Amortization(DDA) was C$50 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,215 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$19,430 Mil.
Net Income was 891.428 + 1400.47 + 864.51 + 1044.569 = C$4,201 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = C$0 Mil.
Cash Flow from Operations was 1359.715 + 1473.023 + 2210.182 + 1214.406 = C$6,257 Mil.
 Total Receivables was C$8,119 Mil.
Revenue was 4057.637 + 3850.455 + 3909.912 + 3142.754 = C$14,961 Mil.
Gross Profit was 4057.637 + 3850.455 + 3909.912 + 3142.754 = C$14,961 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$64,969 Mil.
Property, Plant and Equipment(Net PPE) was C$1,897 Mil.
Depreciation, Depletion and Amortization(DDA) was C$50 Mil.
Selling, General, & Admin. Expense(SGA) was C$1,889 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$19,225 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)
=(9560.092 / 17310.678) / (8118.717 / 14960.758)
=0.552266 / 0.542667
=1.0177

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)
=(14960.758 / 14960.758) / (17310.678 / 17310.678)
=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 + 1807.058) / 66304.619) / (1 - (0 + 1896.528) / 64968.981)
=0.972746 / 0.970809
=1.002

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
=17310.678 / 14960.758
=1.1571

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))
=(50.213 / (50.213 + 1896.528)) / (49.63 / (49.63 + 1807.058))
=0.025793 / 0.02673
=0.9649

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)
=(2215.063 / 17310.678) / (1888.808 / 14960.758)
=0.127959 / 0.126251
=1.0135

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)
=((19430.06 + 0) / 66304.619) / ((19225.452 + 0) / 64968.981)
=0.293042 / 0.295917
=0.9903

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
=(4200.977 - 0 - 6257.326) / 66304.619
=-0.031014

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.

Blackstone has a M-score of -2.47 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 -2.42 mean?
Blackstone (TSX:BX) has a Beneish M-Score of -2.42 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Blackstone and its competitors. According to the industry distribution chart, Blackstone ranks #402 out of 953 companies in the Asset Management industry, placing it in the top 42.2%.
Is Blackstone's Beneish M-Score too high?
Blackstone's current Beneish M-Score is -2.42. Based on the distribution chart, Blackstone ranks #402 out of 953 companies in the Asset Management industry, which is above the industry midpoint. Overall, Blackstone has a GF Score™ of 55/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Blackstone's Beneish M-Score compare to BLK and KKR?
According to the Asset Management industry distribution chart, Blackstone ranks #402 out of 953 companies for Beneish M-Score. This puts Blackstone 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Blackstone and its competitors. Blackstone's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Blackstone stock overvalued right now?
Based on GuruFocus' analysis, Blackstone (TSX:BX) is currently considered Significantly Undervalued. The stock's GF Value™ is C$25.62, compared to a current price of C$15.49 — trading 39.5% below its estimated fair value. The current Beneish M-Score is -2.42. Blackstone's overall GF Score™ is 55/100 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 Blackstone (TSX:BX), the current Beneish M-Score is -2.42 as of Jul. 06, 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 Blackstone (TSX:BX) Overvalued in 2026?

Based on GuruFocus' analysis, Blackstone stock appears to be undervalued. The current stock price of C$15.49 is trading 39.5% below its estimated GF Value™ of C$25.62. GuruFocus considers Blackstone to be Significantly Undervalued.

Key valuation signals for TSX:BX:

  • Beneish M-Score: -2.42
  • GF Value™: C$25.62 vs. price of C$15.49 (39.5% below fair value)
  • GF Score™: 55/100 with 5 warning signs

No single metric tells the full story. See the TSX:BX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Blackstone Business Description

Address 345 Park Avenue, New York, NY, USA, 10154
Blackstone is the world's largest alternative-asset manager with $1.304 trillion in total assets under management, including $937.6 billion in fee-earning assets under management, at the end of March 2026. The company operates with scale in each of its major product lines: private equity (27% of fee-earning AUM and 34% of base management fees), real estate/real assets (30% and 33%), credit and insurance (33% and 26%), and other alternatives (10% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).
55GF Score

Get the complete analysis for TSX:BX

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

C$15.49
Price
C$25.62
GF Value