Barita Investments (XJAM:BIL) Beneish M-Score: -2.34 (As of Jul. 09, 2026)


XJAM:BIL Barita Investments Ltd XJAM:BIL
61 GF Score
Price JMD68.29
GF Value JMD17,082.17
Valuation Possible Value Trap
! 5 Warning Signs
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What is Barita Investments Beneish M-Score?

Barita Investments XJAM:BIL -0.09% 61 Beneish M-Score is -2.34 as of Jul. 09, 2026. GuruFocus rates XJAM:BIL with a GF Score™ of 61/100 and a GF Value™ of JMD17,082.17 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 702 Capital Markets companies, Barita Investments ranks better than 58.69% 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:BIL' s Beneish M-Score Range Over the Past 10 Years
Min: -34.83   Med: -2.8   Max: 1.1
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Barita Investments was 1.10. The lowest was -34.83. And the median was -2.80.

XJAM:BIL
61GF Score
Barita Investments Ltd XJAM:BIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Barita Investments 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 Barita Investments 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 * 1.0025+0.892 * 1.1322+0.115 * 1.0362
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4197+4.679 * 0.067885-0.327 * 1.7137
=-2.34

* 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 JMD0 Mil.
Revenue was 3716.978 + 1179.732 + 2193.114 + 2669.668 = JMD9,759 Mil.
Gross Profit was 3716.978 + 1179.732 + 2193.114 + 2669.668 = JMD9,759 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD179,192 Mil.
Property, Plant and Equipment(Net PPE) was JMD1,093 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD148 Mil.
Selling, General, & Admin. Expense(SGA) was JMD3,838 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD27,941 Mil.
Net Income was 1170.602 + 211.467 + 763.408 + 1066.376 = JMD3,212 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0 Mil.
Cash Flow from Operations was 4421.882 + -313.796 + -9715.676 + -3345.028 = JMD-8,953 Mil.
 Total Receivables was JMD0 Mil.
Revenue was 2162.479 + 1437.002 + 2959.52 + 2061.115 = JMD8,620 Mil.
Gross Profit was 2162.479 + 1437.002 + 2959.52 + 2061.115 = JMD8,620 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD146,156 Mil.
Property, Plant and Equipment(Net PPE) was JMD1,257 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD178 Mil.
Selling, General, & Admin. Expense(SGA) was JMD2,388 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD13,299 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 / 9759.492) / (0 / 8620.116)
=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)
=(8620.116 / 8620.116) / (9759.492 / 9759.492)
=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 + 1093.047) / 179192.36) / (1 - (0 + 1257.356) / 146156.081)
=0.9939 / 0.991397
=1.0025

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
=9759.492 / 8620.116
=1.1322

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))
=(177.501 / (177.501 + 1257.356)) / (148.189 / (148.189 + 1093.047))
=0.123706 / 0.119388
=1.0362

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)
=(3838.143 / 9759.492) / (2387.839 / 8620.116)
=0.393273 / 0.277008
=1.4197

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)
=((27941.081 + 0) / 179192.36) / ((13298.571 + 0) / 146156.081)
=0.155928 / 0.090989
=1.7137

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
=(3211.853 - 0 - -8952.618) / 179192.36
=0.067885

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.

Barita Investments has a M-score of -2.34 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 -2.34 mean?
Barita Investments (XJAM:BIL) has a Beneish M-Score of -2.34 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Barita Investments and its competitors. According to the industry distribution chart, Barita Investments ranks #290 out of 702 companies in the Capital Markets industry, placing it in the top 41.3%.
Is Barita Investments' Beneish M-Score too high?
Barita Investments' current Beneish M-Score is -2.34. Based on the distribution chart, Barita Investments ranks #290 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Barita Investments has a GF Score™ of 61/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Barita Investments' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Barita Investments ranks #290 out of 702 companies for Beneish M-Score. This puts Barita Investments 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Barita Investments and its competitors. Barita Investments's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Barita Investments stock overvalued right now?
Based on GuruFocus' analysis, Barita Investments (XJAM:BIL) is currently considered Possible Value Trap. The stock's GF Value™ is JMD17,082.17, compared to a current price of JMD68.29 — trading 99.6% below its estimated fair value. The current Beneish M-Score is -2.34. Barita Investments' overall GF Score™ is 61/100 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 Barita Investments (XJAM:BIL), the current Beneish M-Score is -2.34 as of Jul. 09, 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 Barita Investments (XJAM:BIL) Overvalued in 2026?

Based on GuruFocus' analysis, Barita Investments stock appears to be undervalued. The current stock price of JMD68.29 is trading 99.6% below its estimated GF Value™ of JMD17,082.17. GuruFocus considers Barita Investments to be Possible Value Trap.

Key valuation signals for XJAM:BIL:

  • Beneish M-Score: -2.34
  • GF Value™: JMD17,082.17 vs. price of JMD68.29 (99.6% below fair value)
  • GF Score™: 61/100 with 5 warning signs

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

Barita Investments Business Description

Address 15 Street Lucia Way, Kingston, JAM, 5
Barita Investments Ltd is a licensed securities dealer, investment manager, pension administrator and cambio operator and has primary dealer status from Bank of Jamaica. The principal activities of company are securities brokerage, money market activities, cambio operations, investment banking, and fund management. Its products are Unit Trust Funds, Barita GPS, FX Income Accumulator, Capital Growth Fund, Money Market Fund, FX Growth Portfolio, FX Bond Portfolio, Real Estate Portfolio, Income Portfolio, Pension Management Fund, Individual Retirement Scheme, Fixed Income, Stocks and Research, etc. The company has three segments Fixed Income, Fund Management, and Other operations. The majority of revenue comes from Fixed Income which includes money market activities and securities broking.
61GF Score

Get the complete analysis for XJAM:BIL

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

JMD68.29
Price
JMD17,082.17
GF Value