Betterware de Mexico SAPI de C
BWMX Consumer Cyclical Specialty Retail
Betterware de Mexico SAPI de C’s revenue for fiscal 2025 (year ended December 2025) was $743.5 million, down 3.96% from fiscal 2024. In the quarter to June 2026, revenue grew 30.9%, EPS grew 28.9%, free cash flow fell 11.8% and total debt rose 59.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow BWMX
Betterware de Mexico SAPI de C (BWMX) Beneish M-score
Betterware de Mexico SAPI de C's Beneish M-score for fiscal 2025 is −3.04; 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 | −3.04 | (0.23) |
| FY2024 | −2.81 | 0.15 |
| FY2023 | −2.95 | (0.99) |
| FY2022 | −1.96 | 0.16 |
| FY2021 | −2.12 | 0.58 |
| FY2020 | −2.70 | (0.24) |
| FY2019 | −2.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.12) | — | −0.57 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
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 |
|---|---|
| EVGO EVgo Inc. compare | −3.6× |
| BWMX Betterware de Mexico SAPI de C | −3.0× |
| ARKO ARKO Corp. compare | −2.8× |
| WINA Winmark Corporation compare | −2.8× |
| HZO MarineMax, Inc. compare | −2.7× |
| WOOF Petco Health and Wellness Company, Inc. compare | −2.6× |
| EYE National Vision Holdings, Inc. compare | −2.6× |
| BNED Barnes & Noble Education, Inc compare | −2.6× |
| BBW Build-A-Bear Workshop, Inc. compare | −2.3× |
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