THS Maple Holdings (TSXV:YAY) Beneish M-Score: -3.00 (As of Aug. 01, 2026)

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TSXV:YAY THS Maple Holdings Ltd TSXV:YAY
6 GF Score
Price C$0.15
! 3 Warning Signs
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What is THS Maple Holdings Beneish M-Score?

THS Maple Holdings TSXV:YAY +20.00% 6 Beneish M-Score is -3.00 as of Aug. 01, 2026. GuruFocus rates TSXV:YAY with a GF Score™ of 6/100. The stock has 3 warning signs investors should review. Among 1,853 Consumer Packaged Goods companies, THS Maple Holdings ranks better than 82.73% 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 -3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSXV:YAY' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -1.8   Max: -1.01
Current: -3

During the past 4 years, the highest Beneish M-Score of THS Maple Holdings was -1.01. The lowest was -3.00. And the median was -1.80.

THS Maple Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for THS Maple 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.

THS Maple Holdings Beneish M-Score Chart

THS Maple Holdings Annual Data
Trend Nov21 Nov22 Nov23 Jun25
Beneish M-Score
0.00 0.00 0.00 -1.01

THS Maple Holdings Quarterly Data
Nov21 Nov22 Feb23 Nov23 Feb24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -1.01 -1.46 -2.14 -3.00

TSXV:YAY vs MDLZ, HSY, TR: Beneish M-Score Comparison

For the Confectioners subindustry, THS Maple 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.

THS Maple Holdings Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, THS Maple Holdings's Beneish M-Score distribution charts can be found below:

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


TSXV:YAY
6GF Score
THS Maple Holdings Ltd TSXV:YAY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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THS Maple 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 THS Maple Holdings 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 * 0.4709+0.528 * 0.9401+0.404 * 0.3907+0.892 * 2.1408+0.115 * 0.555
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7974+4.679 * -0.149574-0.327 * 1.1777
=-3.00

* 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$1.49 Mil.
Revenue was 3.094 + 3.732 + 4.919 + 4.155 = C$15.90 Mil.
Gross Profit was 0.329 + 0.643 + 1.299 + 0.867 = C$3.14 Mil.
Total Current Assets was C$7.26 Mil.
Total Assets was C$10.57 Mil.
Property, Plant and Equipment(Net PPE) was C$3.22 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.61 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.00 Mil.
Total Current Liabilities was C$7.65 Mil.
Long-Term Debt & Capital Lease Obligation was C$6.14 Mil.
Net Income was -0.975 + -0.719 + -0.003 + -0.542 = C$-2.24 Mil.
Non Operating Income was 0.004 + 0.003 + 0.01 + -0.002 = C$0.02 Mil.
Cash Flow from Operations was -0.601 + -0.135 + 0.063 + 0 = C$-0.67 Mil.
 Total Receivables was C$1.48 Mil.
Revenue was 2.77 + 2.847 + 0 + 1.81 = C$7.43 Mil.
Gross Profit was 0.534 + 0.593 + 0 + 0.251 = C$1.38 Mil.
Total Current Assets was C$6.19 Mil.
Total Assets was C$9.28 Mil.
Property, Plant and Equipment(Net PPE) was C$2.89 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.28 Mil.
Selling, General, & Admin. Expense(SGA) was C$2.34 Mil.
Total Current Liabilities was C$5.94 Mil.
Long-Term Debt & Capital Lease Obligation was C$4.34 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)
=(1.489 / 15.9) / (1.477 / 7.427)
=0.093648 / 0.198869
=0.4709

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)
=(1.378 / 7.427) / (3.138 / 15.9)
=0.185539 / 0.197358
=0.9401

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 - (7.257 + 3.22) / 10.57) / (1 - (6.187 + 2.885) / 9.281)
=0.008798 / 0.022519
=0.3907

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
=15.9 / 7.427
=2.1408

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))
=(0.281 / (0.281 + 2.885)) / (0.613 / (0.613 + 3.22))
=0.088756 / 0.159927
=0.555

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)
=(3.998 / 15.9) / (2.342 / 7.427)
=0.251447 / 0.315336
=0.7974

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)
=((6.135 + 7.653) / 10.57) / ((4.341 + 5.939) / 9.281)
=1.304447 / 1.107639
=1.1777

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
=(-2.239 - 0.015 - -0.673) / 10.57
=-0.149574

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.

THS Maple Holdings has a M-score of -3.00 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 -3.00 mean?
THS Maple Holdings (TSXV:YAY) has a Beneish M-Score of -3.00 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on THS Maple Holdings and its competitors. According to the industry distribution chart, THS Maple Holdings ranks #320 out of 1853 companies in the Consumer Packaged Goods industry, placing it in the top 17.3%.
Is THS Maple Holdings' Beneish M-Score too high?
THS Maple Holdings' current Beneish M-Score is -3.00. Based on the distribution chart, THS Maple Holdings ranks #320 out of 1853 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, THS Maple Holdings has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.
How does THS Maple Holdings' Beneish M-Score compare to MDLZ and HSY?
According to the Consumer Packaged Goods industry distribution chart, THS Maple Holdings ranks #320 out of 1853 companies for Beneish M-Score. This places THS Maple Holdings in the top 17% 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 THS Maple Holdings and its competitors. THS Maple Holdings's current Beneish M-Score is -3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is THS Maple Holdings stock overvalued right now?
THS Maple Holdings (TSXV:YAY) has a current Beneish M-Score of -3.00. The current Beneish M-Score is -3.00. THS Maple Holdings' overall GF Score™ is 6/100 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 THS Maple Holdings (TSXV:YAY), the current Beneish M-Score is -3.00 as of Aug. 01, 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.

THS Maple Holdings Business Description

Address 1037 Industrial Boulevard, Granby, QC, CAN, J2J 2B8
THS Maple Holdings Ltd supplies bottles, packages, and markets high-quality maple syrup and maple syrup products. Geographically the company generates the majority of its revenue from Canada. The Company's principal source of revenue is the sale of maple syrup and maple syrup products to retail and wholesale customers.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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