Sterling Investments (XJAM:SIL) Beneish M-Score: -2.62 (As of Jul. 17, 2026)

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XJAM:SIL Sterling Investments Ltd XJAM:SIL
67 GF Score
Price JMD3.11
GF Value JMD2.59
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Sterling Investments Beneish M-Score?

Sterling Investments XJAM:SIL -5.76% 67 Beneish M-Score is -2.62 as of Jul. 17, 2026. GuruFocus rates XJAM:SIL with a GF Score™ of 67/100 and a GF Value™ of JMD2.59 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 703 Capital Markets companies, Sterling Investments ranks better than 71.83% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:SIL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92   Med: -2.54   Max: -0.22
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Sterling Investments was -0.22. The lowest was -3.92. And the median was -2.54.

XJAM:SIL
67GF Score
Sterling Investments Ltd XJAM:SIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sterling 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 Sterling 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+0.892 * 0.926+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3346+4.679 * 0.003159-0.327 * 1.1025
=-2.62

* 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 JMD0.0 Mil.
Revenue was 29.917 + 4.166 + 32.115 + 47.224 = JMD113.4 Mil.
Gross Profit was 29.917 + 4.166 + 32.115 + 47.224 = JMD113.4 Mil.
Total Current Assets was JMD0.0 Mil.
Total Assets was JMD1,887.3 Mil.
Property, Plant and Equipment(Net PPE) was JMD0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD0.0 Mil.
Selling, General, & Admin. Expense(SGA) was JMD28.2 Mil.
Total Current Liabilities was JMD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD273.9 Mil.
Net Income was 16.078 + 16.074 + 17.265 + 35.793 = JMD85.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0.0 Mil.
Cash Flow from Operations was 21.278 + -1.605 + 31.539 + 28.036 = JMD79.2 Mil.
 Total Receivables was JMD0.0 Mil.
Revenue was 60.088 + -27.667 + 59.408 + 30.654 = JMD122.5 Mil.
Gross Profit was 60.088 + -27.667 + 59.408 + 30.654 = JMD122.5 Mil.
Total Current Assets was JMD0.0 Mil.
Total Assets was JMD1,823.2 Mil.
Property, Plant and Equipment(Net PPE) was JMD0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD0.0 Mil.
Selling, General, & Admin. Expense(SGA) was JMD22.8 Mil.
Total Current Liabilities was JMD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD240.0 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 / 113.422) / (0 / 122.483)
=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)
=(122.483 / 122.483) / (113.422 / 113.422)
=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) / 1887.279) / (1 - (0 + 0) / 1823.177)
=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
=113.422 / 122.483
=0.926

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)
=(28.212 / 113.422) / (22.827 / 122.483)
=0.248735 / 0.186369
=1.3346

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)
=((273.891 + 0) / 1887.279) / ((239.988 + 0) / 1823.177)
=0.145125 / 0.131632
=1.1025

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
=(85.21 - 0 - 79.248) / 1887.279
=0.003159

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.

Sterling Investments has a M-score of -2.62 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 -2.62 mean?
Sterling Investments (XJAM:SIL) has a Beneish M-Score of -2.62 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sterling Investments and its competitors. According to the industry distribution chart, Sterling Investments ranks #198 out of 703 companies in the Capital Markets industry, placing it in the top 28.2%.
Is Sterling Investments' Beneish M-Score too high?
Sterling Investments' current Beneish M-Score is -2.62. Based on the distribution chart, Sterling Investments ranks #198 out of 703 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Sterling Investments has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sterling Investments' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Sterling Investments ranks #198 out of 703 companies for Beneish M-Score. This puts Sterling 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 Sterling Investments and its competitors. Sterling Investments's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sterling Investments stock overvalued right now?
Based on GuruFocus' analysis, Sterling Investments (XJAM:SIL) is currently considered Modestly Overvalued. The stock's GF Value™ is JMD2.59, compared to a current price of JMD3.11 — trading 20.1% above its estimated fair value. The current Beneish M-Score is -2.62. Sterling Investments' overall GF Score™ is 67/100 with 6 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 Sterling Investments (XJAM:SIL), the current Beneish M-Score is -2.62 as of Jul. 17, 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 Sterling Investments (XJAM:SIL) Overvalued in 2026?

Based on GuruFocus' analysis, Sterling Investments stock appears to be overvalued. The current stock price of JMD3.11 is trading 20.1% above its estimated GF Value™ of JMD2.59. GuruFocus considers Sterling Investments to be Modestly Overvalued.

Key valuation signals for XJAM:SIL:

  • Beneish M-Score: -2.62
  • GF Value™: JMD2.59 vs. price of JMD3.11 (20.1% above fair value)
  • GF Score™: 67/100 with 6 warning signs

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

Sterling Investments Business Description

Address 40 Knutsford Boulevard, 3rd Floor, Kingston 5, Kingston, JAM
Sterling Investments Ltd is an investment holding company. It invests in an array of high-quality fixed-income securities denominated in United States dollars. It generates income through interest income earned on the securities in the portfolio and through capital gains as a result of an increase in the price of the securities. The company focused on generating higher risk-adjusted returns through the active purchase and sale of financial instruments in the international capital markets. The company invests mainly in hard currencies and in developed markets to provide local and regional institutional and retail investors with sustainable growth and diversification.
67GF Score

Get the complete analysis for XJAM:SIL

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

JMD3.11
Price
JMD2.59
GF Value