BGM Group Ltd.
BGM Healthcare Drug Manufacturers Specialty & Generic
BGM Group Ltd.’s revenue for fiscal 2025 (year ended September 2025) was $37.9 million, up 51.1% from fiscal 2024.
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BGM Group Ltd. (BGM) Beneish M-score
BGM Group Ltd.'s Beneish M-score for fiscal 2025 is −0.93; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.93 | 1.97 |
| FY2024 | −2.89 | (2.10) |
| FY2023 | −0.79 | 2.73 |
| FY2022 | −3.52 | (3.75) |
| FY2021 | 0.23 | 1.84 |
| FY2020 | −1.61 | 0.76 |
| FY2019 | −2.37 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.82 | — | 1.68 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 3.10 | — | 1.25 | |
| Sales growth index | 1.51 | — | 1.35 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 3.64 | — | −0.63 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 0.58 | — | −0.19 | |
| Beneish M-score | Flagged by the model | −0.93 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PROCF Sofgen Pharma S.A compare | −4.6× |
| CLVR Clever Leaves Holdings Inc. compare | −3.9× |
| CPIX Cumberland Pharmaceuticals Inc. compare | −2.6× |
| OGI Organigram Global Inc. compare | −1.8× |
| ORGO Organogenesis compare | −1.4× |
| BGM BGM Group Ltd. | −0.9× |
| DERM Journey Medical Corporation compare | −0.8× |
| CRDL Cardiol Therapeutics Inc. compare | — |
| CTOR Citius Oncology, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI