Salada Foods Jamaica (XJAM:SALF) Beneish M-Score: -2.20 (As of Jun. 26, 2026)


XJAM:SALF Salada Foods Jamaica Ltd XJAM:SALF
95 GF Score
Price JMD2.40
GF Value JMD3.81
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Salada Foods Jamaica Beneish M-Score?

Salada Foods Jamaica XJAM:SALF 95 Beneish M-Score is -2.20 as of Jun. 26, 2026. GuruFocus rates XJAM:SALF with a GF Score™ of 95/100 and a GF Value™ of JMD3.81 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Salada Foods Jamaica ranks worse than 71.55% 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:SALF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.27   Max: -0.55
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Salada Foods Jamaica was -0.55. The lowest was -3.65. And the median was -2.27.


Salada Foods Jamaica Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Salada Foods Jamaica'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.

Salada Foods Jamaica Beneish M-Score Chart

Salada Foods Jamaica Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.95 -2.65 -1.68 -3.65 -2.20

Salada Foods Jamaica Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.65 -2.62 -2.81 -2.47 -2.20

XJAM:SALF vs KHC, GIS, JBS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Salada Foods Jamaica'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.


Salada Foods Jamaica Beneish M-Score vs Consumer Packaged Goods Industry

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

* The bar in red indicates where Salada Foods Jamaica's Beneish M-Score falls into.


XJAM:SALF
95GF Score
Salada Foods Jamaica Ltd XJAM:SALF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Salada Foods Jamaica 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 Salada Foods Jamaica 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 * 1.1419+0.528 * 1.0103+0.404 * 0.8622+0.892 * 1.0793+0.115 * 1.1284
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0106+4.679 * 0.029364-0.327 * 1.067
=-2.20

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was JMD230 Mil.
Revenue was 450.318 + 381.926 + 369.711 + 398.19 = JMD1,600 Mil.
Gross Profit was 138.474 + 112.651 + 110.603 + 126.216 = JMD488 Mil.
Total Current Assets was JMD1,356 Mil.
Total Assets was JMD1,599 Mil.
Property, Plant and Equipment(Net PPE) was JMD166 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD30 Mil.
Selling, General, & Admin. Expense(SGA) was JMD140 Mil.
Total Current Liabilities was JMD369 Mil.
Long-Term Debt & Capital Lease Obligation was JMD28 Mil.
Net Income was 51.651 + 31.001 + 38.418 + 50.404 = JMD171 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0 Mil.
Cash Flow from Operations was 181.568 + -77.488 + 8.691 + 11.745 = JMD125 Mil.
Total Receivables was JMD187 Mil.
Revenue was 350.325 + 405.463 + 426.886 + 299.893 = JMD1,483 Mil.
Gross Profit was 93.394 + 134.039 + 137.598 + 91.71 = JMD457 Mil.
Total Current Assets was JMD1,296 Mil.
Total Assets was JMD1,510 Mil.
Property, Plant and Equipment(Net PPE) was JMD129 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD27 Mil.
Selling, General, & Admin. Expense(SGA) was JMD128 Mil.
Total Current Liabilities was JMD351 Mil.
Long-Term Debt & Capital Lease Obligation was JMD0 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)
=(230.311 / 1600.145) / (186.864 / 1482.567)
=0.143931 / 0.126041
=1.1419

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)
=(456.741 / 1482.567) / (487.944 / 1600.145)
=0.308074 / 0.304937
=1.0103

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 - (1355.91 + 165.853) / 1599.175) / (1 - (1296.25 + 128.9) / 1509.92)
=0.048407 / 0.056142
=0.8622

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
=1600.145 / 1482.567
=1.0793

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))
=(27.064 / (27.064 + 128.9)) / (30.14 / (30.14 + 165.853))
=0.173527 / 0.153781
=1.1284

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)
=(140.147 / 1600.145) / (128.489 / 1482.567)
=0.087584 / 0.086667
=1.0106

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)
=((27.701 + 369.124) / 1599.175) / ((0 + 351.146) / 1509.92)
=0.248144 / 0.232559
=1.067

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
=(171.474 - 0 - 124.516) / 1599.175
=0.029364

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.

Salada Foods Jamaica has a M-score of -2.20 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 -2.20 mean?
Salada Foods Jamaica (XJAM:SALF) has a Beneish M-Score of -2.20 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Salada Foods Jamaica and its competitors. According to the industry distribution chart, Salada Foods Jamaica ranks #1323 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 71.6%.
Is Salada Foods Jamaica's Beneish M-Score too high?
Salada Foods Jamaica's current Beneish M-Score is -2.20. Based on the distribution chart, Salada Foods Jamaica ranks #1323 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Salada Foods Jamaica has a GF Score™ of 95/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Salada Foods Jamaica's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Salada Foods Jamaica ranks #1323 out of 1849 companies for Beneish M-Score. This places Salada Foods Jamaica 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 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 Salada Foods Jamaica and its competitors. Salada Foods Jamaica's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Salada Foods Jamaica stock overvalued right now?
Based on GuruFocus' analysis, Salada Foods Jamaica (XJAM:SALF) is currently considered Possible Value Trap. The stock's GF Value™ is JMD3.81, compared to a current price of JMD2.40 — trading 37% below its estimated fair value. The current Beneish M-Score is -2.20. Salada Foods Jamaica's overall GF Score™ is 95/100 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 Salada Foods Jamaica (XJAM:SALF), the current Beneish M-Score is -2.20 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 Salada Foods Jamaica (XJAM:SALF) Overvalued in 2026?

Based on GuruFocus' analysis, Salada Foods Jamaica stock appears to be undervalued. The current stock price of JMD2.40 is trading 37% below its estimated GF Value™ of JMD3.81. GuruFocus considers Salada Foods Jamaica to be Possible Value Trap.

Key valuation signals for XJAM:SALF:

  • Beneish M-Score: -2.20
  • GF Value™: JMD3.81 vs. price of JMD2.40 (37% below fair value)
  • GF Score™: 95/100 with 3 warning signs

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


Salada Foods Jamaica Business Description

Address 20 Bell Road, P.O. Box 71, Kingston, JAM, 11
Salada Foods Jamaica Ltd is engaged in the manufacture and sale of instant coffee and roasted and ground coffee beans and other consumer products. Its products include Jamaica Mountain Peak an Instant Coffee prepared from freshly roasted and ground Arabica Beans from which the solubles are extracted and spray-driedIt has two geographic segments Local and Export, and the majority of the revenue comes from the Local.
95GF Score

Get the complete analysis for XJAM:SALF

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

JMD2.40
Price
JMD3.81
GF Value