ACDC (ProFrac Holding) Beneish M-Score: -21.09 (As of Jul. 12, 2026)

What is ProFrac Holding Beneish M-Score?

ProFrac Holding ACDC +0.20% 65 Beneish M-Score is -21.09 as of Jul. 12, 2026. GuruFocus rates ACDC with a GF Score™ of 65/100 and a GF Value™ of $4.36 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 823 Oil & Gas companies, ProFrac Holding ranks better than 99.51% 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 -21.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ACDC' s Beneish M-Score Range Over the Past 10 Years
Min: -21.09 Med: -2.85 Max: -0.55
Current: -21.09

During the past 6 years, the highest Beneish M-Score of ProFrac Holding was -0.55. The lowest was -21.09. And the median was -2.85.

ProFrac Holding Beneish M-Score Related Terms

ProFrac Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ProFrac Holding'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.

ProFrac Holding Beneish M-Score Chart

ProFrac Holding Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

0.00

-0.55

-3.27

-3.08

-2.29

ProFrac Holding Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.00	-3.09	-2.28	-2.29	-21.09

ACDC vs FLOC, HMH, VTOL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, ProFrac Holding'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.

ProFrac Holding Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, ProFrac Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ProFrac Holding's Beneish M-Score falls into.

Save Embed

65GF Score

ProFrac Holding Corp ACDC

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

ProFrac Holding 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 ProFrac Holding for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9452

0.528 * -32.0795

0.404 * 1.1283

0.892 * 0.8106

0.115 * 0.9109

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0727

4.679 * -0.196032

0.327 * 1.1004

-21.09

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $324 Mil.
Revenue was 449.6 + 436.5 + 403.1 + 501.9 = $1,791 Mil.
Gross Profit was -1.9 + -2.5 + -24 + 22.5 = $-6 Mil.
Total Current Assets was $534 Mil.
Total Assets was $2,551 Mil.
Property, Plant and Equipment(Net PPE) was $1,554 Mil.
Depreciation, Depletion and Amortization(DDA) was $407 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $651 Mil.
Long-Term Debt & Capital Lease Obligation was $1,012 Mil.
Net Income was -83.5 + -142.6 + -100.9 + -105.9 = $-433 Mil.
Non Operating Income was -0.9 + -58.7 + -11.1 + -22.3 = $-93 Mil.
Cash Flow from Operations was 9.3 + 49.5 + 0.9 + 100.4 = $160 Mil.

Total Receivables was $423 Mil.
Revenue was 600.3 + 454.7 + 575.3 + 579.4 = $2,210 Mil.
Gross Profit was 74.9 + 3.8 + 71.9 + 82.9 = $234 Mil.
Total Current Assets was $670 Mil.
Total Assets was $3,021 Mil.
Property, Plant and Equipment(Net PPE) was $1,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $435 Mil.
Selling, General, & Admin. Expense(SGA) was $208 Mil.
Total Current Liabilities was $685 Mil.
Long-Term Debt & Capital Lease Obligation was $1,105 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)
	=	(324.4 / 1791.1)	/	(423.4 / 2209.7)
	=	0.181118	/	0.19161
	=	0.9452

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)
	=	(233.5 / 2209.7)	/	(-5.9 / 1791.1)
	=	0.10567	/	-0.003294
	=	-32.0795

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 - (534.4 + 1553.6) / 2550.6)	/	(1 - (669.8 + 1865.5) / 3020.9)
	=	0.181369	/	0.160747
	=	1.1283

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
	=	1791.1	/	2209.7
	=	0.8106

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))
	=	(435.4 / (435.4 + 1865.5))	/	(407.4 / (407.4 + 1553.6))
	=	0.18923	/	0.207751
	=	0.9109

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)
	=	(180.5 / 1791.1)	/	(207.6 / 2209.7)
	=	0.100776	/	0.093949
	=	1.0727

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)
	=	((1011.5 + 651.4) / 2550.6)	/	((1105.3 + 684.5) / 3020.9)
	=	0.651964	/	0.592472
	=	1.1004

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
	=	(-432.9 - -93	-	160.1)	/	2550.6
	=	-0.196032

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.

ProFrac Holding has a M-score of -21.09 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 -21.09 mean?

ProFrac Holding (ACDC) has a Beneish M-Score of -21.09 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ProFrac Holding and its competitors. According to the industry distribution chart, ProFrac Holding ranks #4 out of 823 companies in the Oil & Gas industry, placing it in the top 0.5%.

Is ProFrac Holding's Beneish M-Score too high?

ProFrac Holding's current Beneish M-Score is -21.09. Based on the distribution chart, ProFrac Holding ranks #4 out of 823 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, ProFrac Holding has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does ProFrac Holding's Beneish M-Score compare to FLOC and HMH?

According to the Oil & Gas industry distribution chart, ProFrac Holding ranks #4 out of 823 companies for Beneish M-Score. This places ProFrac Holding in the top 1% of its industry — outperforming the majority of peers. 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 ProFrac Holding and its competitors. ProFrac Holding's current Beneish M-Score is -21.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ProFrac Holding stock overvalued right now?

Based on GuruFocus' analysis, ProFrac Holding (ACDC) is currently considered Modestly Overvalued. The stock's GF Value™ is $4.36, compared to a current price of $4.92 — trading 12.8% above its estimated fair value. The current Beneish M-Score is -21.09. ProFrac Holding's overall GF Score™ is 65/100 with 4 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 ProFrac Holding (ACDC), the current Beneish M-Score is -21.09 as of Jul. 12, 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 ProFrac Holding (ACDC) Overvalued in 2026?

Based on GuruFocus' analysis, ProFrac Holding stock appears to be overvalued. The current stock price of $4.92 is trading 12.8% above its estimated GF Value™ of $4.36. GuruFocus considers ProFrac Holding to be Modestly Overvalued.

Key valuation signals for ACDC:

Beneish M-Score: -21.09
GF Value™: $4.36 vs. price of $4.92 (12.8% above fair value)
GF Score™: 65/100 with 4 warning signs

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

ProFrac Holding Business Description

Industry Energy Oil & Gas

Comparable Companies FLOC HMH VTOL RES HLX FTK WBI FET NGS EROK SLB BKR MIL:TEN HAL FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT KGS

Address 333 Shops Boulevard, Suite 301, Willow Park, TX, USA, 76087

Website https://www.profrac.com

ProFrac Holding Corp is a technology-focused, vertically integrated energy services company providing hydraulic fracturing, proppant production, completion services, and related products, including distributed power generation, to upstream oil and natural gas companies in the United States. The Company operates through four segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek. The Stimulation Services segment, which generates maximum revenue, provides hydraulic fracturing services using mobile units and auxiliary equipment. The Proppant Production segment supplies proppant, the Manufacturing segment sells engineered products such as pumps, valves, and piping, and Flotek is a chemistry and data technology company serving the E&P industry.

65GF Score

Get the complete analysis for ACDC

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

$4.92

Price

$4.36

GF Value

View ACDC Analysis

See Beneish M-Score data for all stocks →