Mayberry Group (XJAM:MGL) Beneish M-Score: -4.06 (As of Jun. 26, 2026)


XJAM:MGL Mayberry Group Ltd XJAM:MGL
62 GF Score
Price JMD5.55
GF Value JMD6.62
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Mayberry Group Beneish M-Score?

Mayberry Group XJAM:MGL -7.19% 62 Beneish M-Score is -4.06 as of Jun. 26, 2026. GuruFocus rates XJAM:MGL with a GF Score™ of 62/100 and a GF Value™ of JMD6.62 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 702 Capital Markets companies, Mayberry Group ranks better than 93.16% 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 -4.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:MGL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.06   Med: -2.29   Max: -1.25
Current: -4.06

During the past 13 years, the highest Beneish M-Score of Mayberry Group was -1.25. The lowest was -4.06. And the median was -2.29.

XJAM:MGL
62GF Score
Mayberry Group Ltd XJAM:MGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mayberry Group 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 Mayberry Group 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 * 0.9983+0.892 * 0.3414+0.115 * 0.9835
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.7335+4.679 * -0.105211-0.327 * 1.0714
=-4.06

* 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 JMD0.0 Mil.
Revenue was JMD491.7 Mil.
Gross Profit was JMD491.7 Mil.
Total Current Assets was JMD0.0 Mil.
Total Assets was JMD60,526.1 Mil.
Property, Plant and Equipment(Net PPE) was JMD366.1 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD205.4 Mil.
Selling, General, & Admin. Expense(SGA) was JMD552.0 Mil.
Total Current Liabilities was JMD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD18,748.8 Mil.
Net Income was JMD-3,068.1 Mil.
Gross Profit was JMD0.0 Mil.
Cash Flow from Operations was JMD3,299.9 Mil.
 Total Receivables was JMD0.0 Mil.
Revenue was JMD1,440.2 Mil.
Gross Profit was JMD1,440.2 Mil.
Total Current Assets was JMD0.0 Mil.
Total Assets was JMD63,897.9 Mil.
Property, Plant and Equipment(Net PPE) was JMD277.5 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD151.7 Mil.
Selling, General, & Admin. Expense(SGA) was JMD433.1 Mil.
Total Current Liabilities was JMD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD18,473.6 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 / 491.693) / (0 / 1440.224)
=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)
=(1440.224 / 1440.224) / (491.693 / 491.693)
=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 + 366.067) / 60526.056) / (1 - (0 + 277.507) / 63897.868)
=0.993952 / 0.995657
=0.9983

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
=491.693 / 1440.224
=0.3414

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))
=(151.745 / (151.745 + 277.507)) / (205.413 / (205.413 + 366.067))
=0.35351 / 0.35944
=0.9835

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)
=(551.997 / 491.693) / (433.067 / 1440.224)
=1.122646 / 0.300694
=3.7335

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)
=((18748.817 + 0) / 60526.056) / ((18473.626 + 0) / 63897.868)
=0.309764 / 0.289112
=1.0714

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
=(-3068.093 - 0 - 3299.941) / 60526.056
=-0.105211

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.

Mayberry Group has a M-score of -4.06 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 -4.06 mean?
Mayberry Group (XJAM:MGL) has a Beneish M-Score of -4.06 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mayberry Group and its competitors. According to the industry distribution chart, Mayberry Group ranks #48 out of 702 companies in the Capital Markets industry, placing it in the top 6.8%.
Is Mayberry Group's Beneish M-Score too high?
Mayberry Group's current Beneish M-Score is -4.06. Based on the distribution chart, Mayberry Group ranks #48 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Mayberry Group has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mayberry Group's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Mayberry Group ranks #48 out of 702 companies for Beneish M-Score. This places Mayberry Group in the top 7% 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 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 Mayberry Group and its competitors. Mayberry Group's current Beneish M-Score is -4.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mayberry Group stock overvalued right now?
Based on GuruFocus' analysis, Mayberry Group (XJAM:MGL) is currently considered Modestly Undervalued. The stock's GF Value™ is JMD6.62, compared to a current price of JMD5.55 — trading 16.2% below its estimated fair value. The current Beneish M-Score is -4.06. Mayberry Group's overall GF Score™ is 62/100 with 2 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 Mayberry Group (XJAM:MGL), the current Beneish M-Score is -4.06 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.

Is Mayberry Group (XJAM:MGL) Overvalued in 2026?

Based on GuruFocus' analysis, Mayberry Group stock appears to be undervalued. The current stock price of JMD5.55 is trading 16.2% below its estimated GF Value™ of JMD6.62. GuruFocus considers Mayberry Group to be Modestly Undervalued.

Key valuation signals for XJAM:MGL:

  • Beneish M-Score: -4.06
  • GF Value™: JMD6.62 vs. price of JMD5.55 (16.2% below fair value)
  • GF Score™: 62/100 with 2 warning signs

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

Mayberry Group Business Description

Address 1 1/2 Oxford Road, Kingston 5, JAM
Mayberry Group Ltd is a licensed securities dealer. The principal activities of the Company, its subsidiaries, associated companies and joint venture operation comprise dealing in securities, portfolio management, investment advisory services, operating a foreign exchange cambio, managing funds on behalf of clients and administrative and investment management services for pension plans, the investing and trading of Jamaican equity securities, the investing in unquoted securities, money services, general insurance business, the distribution of food and beverages and gaming and lottery operations.
62GF Score

Get the complete analysis for XJAM:MGL

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

JMD5.55
Price
JMD6.62
GF Value