Fan Milk (XGHA:FML) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is Fan Milk Beneish M-Score?

Fan Milk XGHA:FML 13 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates XGHA:FML with a GF Score™ of 13/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Fan Milk was 0.00. The lowest was 0.00. And the median was 0.00.

Fan Milk Beneish M-Score Related Terms

Fan Milk Beneish M-Score Historical Data

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The historical data trend for Fan Milk'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.

Fan Milk Beneish M-Score Chart

Fan Milk Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec21

Dec22

Beneish M-Score

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2.12

-1.78

-1.72

0.00

0.60

Fan Milk Quarterly Data
	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Dec16	Mar17	Dec17	Dec18	Sep19	Dec19	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.60

XGHA:FML vs KHC, GIS, HRL: Beneish M-Score Comparison

For the Packaged Foods subindustry, Fan Milk'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.

Fan Milk Beneish M-Score vs Consumer Packaged Goods Industry

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

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

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Fan Milk PLC XGHA:FML

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

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Fan Milk 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 Fan Milk 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 * 1.1678

0.528 * 1.2204

0.404 * 8.1125

0.892 * 1.1471

0.115 * 0.9459

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8884

4.679 * -0.033829

0.327 * 1.1473

0.60

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was GHS170.2 Mil.
Revenue was 154.757 + 114.121 + 131.579 + 136.481 = GHS536.9 Mil.
Gross Profit was 12.895 + 29.371 + 31.902 + 41.704 = GHS115.9 Mil.
Total Current Assets was GHS393.2 Mil.
Total Assets was GHS584.1 Mil.
Property, Plant and Equipment(Net PPE) was GHS182.3 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS23.7 Mil.
Selling, General, & Admin. Expense(SGA) was GHS147.7 Mil.
Total Current Liabilities was GHS302.7 Mil.
Long-Term Debt & Capital Lease Obligation was GHS75.7 Mil.
Net Income was -24.774 + -11.986 + -3.85 + -0.986 = GHS-41.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = GHS0.0 Mil.
Cash Flow from Operations was 40.529 + 1.902 + -51.649 + -12.62 = GHS-21.8 Mil.

Total Receivables was GHS127.1 Mil.
Revenue was 125.764 + 103.225 + 117.359 + 121.747 = GHS468.1 Mil.
Gross Profit was 14.222 + 27.886 + 35.757 + 45.412 = GHS123.3 Mil.
Total Current Assets was GHS374.5 Mil.
Total Assets was GHS571.6 Mil.
Property, Plant and Equipment(Net PPE) was GHS196.0 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS23.9 Mil.
Selling, General, & Admin. Expense(SGA) was GHS144.9 Mil.
Total Current Liabilities was GHS279.3 Mil.
Long-Term Debt & Capital Lease Obligation was GHS43.5 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)
	=	(170.2 / 536.938)	/	(127.061 / 468.095)
	=	0.316983	/	0.271443
	=	1.1678

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)
	=	(123.277 / 468.095)	/	(115.872 / 536.938)
	=	0.263359	/	0.215801
	=	1.2204

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 - (393.178 + 182.334) / 584.06)	/	(1 - (374.489 + 196.042) / 571.562)
	=	0.014635	/	0.001804
	=	8.1125

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
	=	536.938	/	468.095
	=	1.1471

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))
	=	(23.948 / (23.948 + 196.042))	/	(23.712 / (23.712 + 182.334))
	=	0.108859	/	0.115081
	=	0.9459

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)
	=	(147.709 / 536.938)	/	(144.943 / 468.095)
	=	0.275095	/	0.309644
	=	0.8884

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)
	=	((75.706 + 302.689) / 584.06)	/	((43.49 + 279.274) / 571.562)
	=	0.64787	/	0.564705
	=	1.1473

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
	=	(-41.596 - 0	-	-21.838)	/	584.06
	=	-0.033829

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.

Fan Milk has a M-score of 0.60 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 0.00 mean?

Fan Milk (XGHA:FML) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fan Milk and its competitors.

Is Fan Milk's Beneish M-Score too high?

Fan Milk's current Beneish M-Score is 0.00. Overall, Fan Milk has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.

How does Fan Milk's Beneish M-Score compare to KHC and GIS?

Fan Milk's Beneish M-Score of 0.00 can be compared against companies in the Consumer Packaged Goods 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 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 Fan Milk and its competitors. Fan Milk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fan Milk stock overvalued right now?

Fan Milk (XGHA:FML) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Fan Milk's overall GF Score™ is 13/100. 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 Fan Milk (XGHA:FML), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

Fan Milk Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies IST:BRLSM IST:RALYH IST:NIBAS IST:ORGE IST:YAYLA IST:YYAPI XSWX:NESN KHC GIS XPAR:BN SHSE:603288 NSE:NESTLEIND SZSE:300999 SHSE:600887 TSE:2802 LSE:ABF MEX:BIMBOA HRL K MKC

Address Airport Commercial Centre, 2nd Floor, Grand Oyeman Building, Accra, GHA

Website https://www.fanmilk.com

Fan Milk PLC engages in the manufacturing and distribution of dairy products and fruit drinks. The company's milk-based products consist of frozen ice creams, chocolate, and yoghurt that includes FanYogo (yoghurt), FanChoco (chocolate), and FanIce (ice cream). Its fruit-based products include FanDango (fruit drink) and FanPop. It distributes its products through independent distributors and agents. The majority of the revenue is derived from the manufacturing and distribution of dairy products and fruit drinks.

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