Gatekeeper Systems (TSXV:GSI) Beneish M-Score: 1.07 (As of Jun. 28, 2026)

What is Gatekeeper Systems Beneish M-Score?

Gatekeeper Systems TSXV:GSI +2.90% 64 Beneish M-Score is 1.07 as of Jun. 28, 2026. GuruFocus rates TSXV:GSI with a GF Score™ of 64/100 and a GF Value™ of C$0.66 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,020 Business Services companies, Gatekeeper Systems ranks worse than 96.57% 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 1.07 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSXV:GSI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.08 Med: -1.46 Max: 3.34
Current: 1.07

During the past 13 years, the highest Beneish M-Score of Gatekeeper Systems was 3.34. The lowest was -5.08. And the median was -1.46.

Gatekeeper Systems Beneish M-Score Related Terms

Gatekeeper Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gatekeeper Systems'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.

Gatekeeper Systems Beneish M-Score Chart

Gatekeeper Systems Annual Data

Trend

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

Get a 7-Day Free Trial

-4.79

-0.21

-3.21

-2.91

-2.37

Gatekeeper Systems Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-5.08	-2.57	-2.37	-0.80	1.07

TSXV:GSI vs ALLE, MSA, ADT: Beneish M-Score Comparison

For the Security & Protection Services subindustry, Gatekeeper Systems'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.

Gatekeeper Systems Beneish M-Score vs Business Services Industry

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

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

Save Embed

64GF Score

Gatekeeper Systems Inc TSXV:GSI

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Gatekeeper Systems 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 Gatekeeper Systems 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 * 2.788

0.528 * 0.9678

0.404 * 1.4027

0.892 * 1.1127

0.115 * 1.1428

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2396

4.679 * 0.348662

0.327 * 0.8374

1.07

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was C$10.27 Mil.
Revenue was 10.378 + 5.905 + 11.114 + 7.466 = C$34.86 Mil.
Gross Profit was 4.415 + 2.685 + 3.978 + 3.672 = C$14.75 Mil.
Total Current Assets was C$39.80 Mil.
Total Assets was C$42.90 Mil.
Property, Plant and Equipment(Net PPE) was C$1.48 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.52 Mil.
Selling, General, & Admin. Expense(SGA) was C$13.66 Mil.
Total Current Liabilities was C$3.97 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.24 Mil.
Net Income was -0.315 + -1.003 + -2.148 + -0.3 = C$-3.77 Mil.
Non Operating Income was -0.407 + 0.263 + -0.364 + -0.382 = C$-0.89 Mil.
Cash Flow from Operations was -4.601 + -9.166 + -1.568 + -2.5 = C$-17.84 Mil.

Total Receivables was C$3.31 Mil.
Revenue was 5.922 + 7.284 + 11.67 + 6.457 = C$31.33 Mil.
Gross Profit was 2.297 + 3.156 + 4.651 + 2.726 = C$12.83 Mil.
Total Current Assets was C$17.88 Mil.
Total Assets was C$20.22 Mil.
Property, Plant and Equipment(Net PPE) was C$1.80 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.76 Mil.
Selling, General, & Admin. Expense(SGA) was C$9.90 Mil.
Total Current Liabilities was C$1.77 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.61 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)
	=	(10.271 / 34.863)	/	(3.311 / 31.333)
	=	0.29461	/	0.105671
	=	2.788

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)
	=	(12.83 / 31.333)	/	(14.75 / 34.863)
	=	0.409472	/	0.423085
	=	0.9678

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 - (39.804 + 1.475) / 42.904)	/	(1 - (17.88 + 1.795) / 20.221)
	=	0.037875	/	0.027002
	=	1.4027

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
	=	34.863	/	31.333
	=	1.1127

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))
	=	(0.76 / (0.76 + 1.795))	/	(0.519 / (0.519 + 1.475))
	=	0.297456	/	0.260281
	=	1.1428

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)
	=	(13.656 / 34.863)	/	(9.901 / 31.333)
	=	0.391705	/	0.315993
	=	1.2396

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)
	=	((0.243 + 3.968) / 42.904)	/	((0.605 + 1.765) / 20.221)
	=	0.098149	/	0.117205
	=	0.8374

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
	=	(-3.766 - -0.89	-	-17.835)	/	42.904
	=	0.348662

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.

Gatekeeper Systems has a M-score of 1.07 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 1.07 mean?

Gatekeeper Systems (TSXV:GSI) has a Beneish M-Score of 1.07 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gatekeeper Systems and its competitors. According to the industry distribution chart, Gatekeeper Systems ranks #985 out of 1020 companies in the Business Services industry, placing it in the top 96.6%.

Is Gatekeeper Systems' Beneish M-Score too high?

Gatekeeper Systems' current Beneish M-Score is 1.07. Based on the distribution chart, Gatekeeper Systems ranks #985 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Gatekeeper Systems has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Gatekeeper Systems' Beneish M-Score compare to ALLE and MSA?

According to the Business Services industry distribution chart, Gatekeeper Systems ranks #985 out of 1020 companies for Beneish M-Score. This places Gatekeeper Systems in the lower 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 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 Gatekeeper Systems and its competitors. Gatekeeper Systems's current Beneish M-Score is 1.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Gatekeeper Systems stock overvalued right now?

Based on GuruFocus' analysis, Gatekeeper Systems (TSXV:GSI) is currently considered Significantly Overvalued. The stock's GF Value™ is C$0.66, compared to a current price of C$1.42 — trading 115.2% above its estimated fair value. The current Beneish M-Score is 1.07. Gatekeeper Systems' overall GF Score™ is 64/100 with 3 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 Gatekeeper Systems (TSXV:GSI), the current Beneish M-Score is 1.07 as of Jun. 28, 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 Gatekeeper Systems (TSXV:GSI) Overvalued in 2026?

Based on GuruFocus' analysis, Gatekeeper Systems stock appears to be overvalued. The current stock price of C$1.42 is trading 115.2% above its estimated GF Value™ of C$0.66. GuruFocus considers Gatekeeper Systems to be Significantly Overvalued.

Key valuation signals for TSXV:GSI:

Beneish M-Score: 1.07
GF Value™: C$0.66 vs. price of C$1.42 (115.2% above fair value)
GF Score™: 64/100 with 3 warning signs

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

Gatekeeper Systems Business Description

Industry Industrials Business Services

Comparable Companies TSXV:SECU TSXV:XX TSXV:SCAN XCNQ:AETH TSXV:PTE TSXV:ZDC OSTO:ASSA B TSE:9735 ALLE OSTO:SECU B XTAE:NXSN SZSE:002236 MSA ADT BCO BRC TSE:2331 OSTO:LOOMIS GEO HKSE:02442

Other Exchanges GKPRF:USA 1GK:Germany

Address 31127 Wheel Avenue, Suite 301, Abbotsford, BC, CAN, V2T 6H1

Website https://www.gatekeeper-systems.com

Gatekeeper Systems Inc specializes in the design, manufacturing, and marketing of video security solutions for mobile and extreme environments and is a provider of intelligent video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel across multiple transportation modes. The Company operates in a single segment in which it develops, manufactures, markets, and sells high-resolution mobile surveillance camera systems, with performance evaluated regularly by the President and Chief Executive Officer as the chief operating decision maker. Revenue is generated from two regions, Canada and the United States, with the majority of revenue coming from Canada.

64GF Score

Get the complete analysis for TSXV:GSI

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

C$1.42

Price

C$0.66

GF Value

View TSXV:GSI Analysis

See Beneish M-Score data for all stocks →