Bon Natural Life Limited
BON Basic Materials Specialty Chemicals
Bon Natural Life Limited’s revenue for fiscal 2025 (year ended September 2025) was $18.7 million, down 21.7% from fiscal 2024.
Follow BON
Bon Natural Life Limited (BON) Beneish M-score
Bon Natural Life Limited's Beneish M-score for fiscal 2025 is −1.98; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.98 | (1.63) |
| FY2024 | −0.35 | (0.01) |
| FY2023 | −0.34 | 1.15 |
| FY2022 | −1.49 | 0.02 |
| FY2021 | −1.51 | 0.98 |
| FY2020 | −2.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.25 | — | 1.15 | |
| Gross margin index | 1.44 | — | 0.76 | |
| Asset quality index | 2.21 | — | 0.89 | |
| Sales growth index | 0.78 | — | 0.70 | |
| Depreciation index | 1.19 | — | 0.14 | |
| SG&A index | 1.68 | — | −0.29 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Elevated | −1.98 | ||
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 |
|---|---|
| YMAT J-Star Holding Co., Ltd compare | −16.1× |
| CITR CitroTech Inc. compare | −12.0× |
| CNEY CN Energy Group. Inc. compare | −3.9× |
| TSEOQ Trinseo PLC compare | −3.4× |
| BGLC BioNexus Gene Lab Corp. compare | −3.3× |
| BON Bon Natural Life Limited | −2.0× |
| SNES Senestech, Inc. compare | 1.0× |
| LOOP Loop Industries, Inc. compare | 17.1× |
| CRKN Crown Electrokinetics Corp. 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