Pershing Square Holdings (XAMS:PSH) Beneish M-Score: -0.84 (As of Jun. 25, 2026)


XAMS:PSH Pershing Square Holdings Ltd XAMS:PSH
25 GF Score
Price $51.60
! 5 Warning Signs
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What is Pershing Square Holdings Beneish M-Score?

Pershing Square Holdings XAMS:PSH 25 Beneish M-Score is -0.84 as of Jun. 25, 2026. GuruFocus rates XAMS:PSH with a GF Score™ of 25/100. The stock has 5 warning signs investors should review. Among 955 Asset Management companies, Pershing Square Holdings ranks worse than 80% 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.

Warning Sign:

Beneish M-Score -0.84 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XAMS:PSH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.34   Med: -1.36   Max: -0.54
Current: -0.84

During the past 12 years, the highest Beneish M-Score of Pershing Square Holdings was -0.54. The lowest was -2.34. And the median was -1.36.

XAMS:PSH
25GF Score
Pershing Square Holdings Ltd XAMS:PSH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pershing Square 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 Pershing Square 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 * 1+0.528 * 1+0.404 * 1+0.892 * 2.1368+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4132+4.679 * 0.131968-0.327 * 1.2765
=-0.84

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0 Mil.
Revenue was $2,575 Mil.
Gross Profit was $2,575 Mil.
Total Current Assets was $0 Mil.
Total Assets was $19,361 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $12 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,669 Mil.
Net Income was $2,525 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-30 Mil.
 Total Receivables was $0 Mil.
Revenue was $1,205 Mil.
Gross Profit was $1,205 Mil.
Total Current Assets was $0 Mil.
Total Assets was $15,632 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $13 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,321 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 / 2574.533) / (0 / 1204.849)
=0 / 0
=1

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)
=(1204.849 / 1204.849) / (2574.533 / 2574.533)
=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 + 0) / 19361.496) / (1 - (0 + 0) / 15632.386)
=1 / 1
=1

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
=2574.533 / 1204.849
=2.1368

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(11.558 / 2574.533) / (13.088 / 1204.849)
=0.004489 / 0.010863
=0.4132

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)
=((3669.11 + 0) / 19361.496) / ((2320.801 + 0) / 15632.386)
=0.189506 / 0.148461
=1.2765

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
=(2525.376 - 0 - -29.722) / 19361.496
=0.131968

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.

Pershing Square Holdings has a M-score of -0.84 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 -0.84 mean?
Pershing Square Holdings (XAMS:PSH) has a Beneish M-Score of -0.84 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pershing Square Holdings and its competitors. According to the industry distribution chart, Pershing Square Holdings ranks #764 out of 955 companies in the Asset Management industry, placing it in the top 80%.
Is Pershing Square Holdings' Beneish M-Score too high?
Pershing Square Holdings' current Beneish M-Score is -0.84. Based on the distribution chart, Pershing Square Holdings ranks #764 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Pershing Square Holdings has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Pershing Square Holdings' Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Pershing Square Holdings ranks #764 out of 955 companies for Beneish M-Score. This places Pershing Square Holdings 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 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 Pershing Square Holdings and its competitors. Pershing Square Holdings's current Beneish M-Score is -0.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pershing Square Holdings stock overvalued right now?
Pershing Square Holdings (XAMS:PSH) has a current Beneish M-Score of -0.84. The current Beneish M-Score is -0.84. Pershing Square Holdings' overall GF Score™ is 25/100 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 Pershing Square Holdings (XAMS:PSH), the current Beneish M-Score is -0.84 as of Jun. 25, 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.

Pershing Square Holdings Business Description

Other Exchanges PSH:UK
Address Les Banques, Trafalgar Court, Channel Islands, Saint Peter Port, GGY, GY1 3QL
Pershing Square Holdings Ltd is a closed-ended investment scheme. The company's investment objective is to preserve capital and to seek maximum, long-term capital appreciation commensurate with reasonable risk. It seeks to achieve its investment objective through long and occasionally short positions in equity or debt securities of public U.S. and non-U.S. issuers, derivative instruments, and other financial instruments.
25GF Score

Get the complete analysis for XAMS:PSH

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

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