APAJF (APA Group) Beneish M-Score: -2.89 (As of Jun. 25, 2026)

What is APA Group Beneish M-Score?

APA Group APAJF 72 Beneish M-Score is -2.89 as of Jun. 25, 2026. GuruFocus rates APAJF with a GF Score™ of 72/100 and a GF Value™ of $6.18 (Modestly Overvalued). The stock has 13 warning signs investors should review. Among 485 Utilities - Regulated companies, APA Group ranks better than 83.92% 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

APAJF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.68 Max: -2.5
Current: -2.89

During the past 13 years, the highest Beneish M-Score of APA Group was -2.50. The lowest was -3.14. And the median was -2.68.

APA Group Beneish M-Score Related Terms

APA Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for APA Group'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.

APA Group Beneish M-Score Chart

APA Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.68

-2.73

-2.67

-2.50

-2.89

APA Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.50	0.00	-2.89	0.00

APAJF vs ATO, NI, UGI: Beneish M-Score Comparison

For the Utilities - Regulated Gas subindustry, APA Group'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.

APA Group Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, APA Group's Beneish M-Score distribution charts can be found below:

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

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APA Group APAJF

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

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APA Group 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 APA Group 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 * 0.8159

0.528 * 1

0.404 * 1.0091

0.892 * 1.0297

0.115 * 0.946

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1022

4.679 * -0.052716

0.327 * 1.0495

-2.91

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $242 Mil.
Revenue was $2,072 Mil.
Gross Profit was $2,072 Mil.
Total Current Assets was $921 Mil.
Total Assets was $12,980 Mil.
Property, Plant and Equipment(Net PPE) was $8,243 Mil.
Depreciation, Depletion and Amortization(DDA) was $645 Mil.
Selling, General, & Admin. Expense(SGA) was $354 Mil.
Total Current Liabilities was $589 Mil.
Long-Term Debt & Capital Lease Obligation was $9,116 Mil.
Net Income was $64 Mil.
Gross Profit was $-87 Mil.
Cash Flow from Operations was $836 Mil.

Total Receivables was $288 Mil.
Revenue was $2,012 Mil.
Gross Profit was $2,012 Mil.
Total Current Assets was $921 Mil.
Total Assets was $12,990 Mil.
Property, Plant and Equipment(Net PPE) was $8,285 Mil.
Depreciation, Depletion and Amortization(DDA) was $610 Mil.
Selling, General, & Admin. Expense(SGA) was $312 Mil.
Total Current Liabilities was $1,902 Mil.
Long-Term Debt & Capital Lease Obligation was $7,353 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)
	=	(241.536 / 2071.615)	/	(287.517 / 2011.952)
	=	0.116593	/	0.142905
	=	0.8159

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)
	=	(2011.952 / 2011.952)	/	(2071.615 / 2071.615)
	=	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 - (920.573 + 8243.49) / 12979.818)	/	(1 - (920.983 + 8284.861) / 12990.04)
	=	0.293976	/	0.291315
	=	1.0091

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
	=	2071.615	/	2011.952
	=	1.0297

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))
	=	(610.226 / (610.226 + 8284.861))	/	(644.531 / (644.531 + 8243.49))
	=	0.068603	/	0.072517
	=	0.946

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)
	=	(354.167 / 2071.615)	/	(312.085 / 2011.952)
	=	0.170962	/	0.155116
	=	1.1022

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)
	=	((9115.885 + 588.542) / 12979.818)	/	((7352.59 + 1901.726) / 12990.04)
	=	0.747655	/	0.712416
	=	1.0495

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
	=	(64.453 - -87.24	-	835.938)	/	12979.818
	=	-0.052716

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.

APA Group has a M-score of -2.91 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 -2.89 mean?

APA Group (APAJF) has a Beneish M-Score of -2.89 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on APA Group and its competitors. According to the industry distribution chart, APA Group ranks #78 out of 485 companies in the Utilities - Regulated industry, placing it in the top 16.1%.

Is APA Group's Beneish M-Score too high?

APA Group's current Beneish M-Score is -2.89. Based on the distribution chart, APA Group ranks #78 out of 485 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, APA Group has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does APA Group's Beneish M-Score compare to ATO and NI?

According to the Utilities - Regulated industry distribution chart, APA Group ranks #78 out of 485 companies for Beneish M-Score. This places APA Group in the top 16% 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 Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 APA Group and its competitors. APA Group's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is APA Group stock overvalued right now?

Based on GuruFocus' analysis, APA Group (APAJF) is currently considered Modestly Overvalued. The stock's GF Value™ is $6.18, compared to a current price of $7.50 — trading 21.3% above its estimated fair value. The current Beneish M-Score is -2.89. APA Group's overall GF Score™ is 72/100 with 13 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 APA Group (APAJF), the current Beneish M-Score is -2.89 as of Jun. 25, 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 APA Group (APAJF) Overvalued in 2026?

Based on GuruFocus' analysis, APA Group stock appears to be overvalued. The current stock price of $7.50 is trading 21.3% above its estimated GF Value™ of $6.18. GuruFocus considers APA Group to be Modestly Overvalued.

Key valuation signals for APAJF:

Beneish M-Score: -2.89
GF Value™: $6.18 vs. price of $7.50 (21.3% above fair value)
GF Score™: 72/100 with 13 warning signs

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

APA Group Business Description

Industry Utilities Utilities - Regulated

Comparable Companies ASX:EQU ASX:H2G XMAD:NTGY ATO MIL:SRG XTER:UN0 NI HKSE:00003 TSE:9531 TSE:9532 MIL:IG BOM:532155 SHSE:600803 BOM:542066 HKSE:02688 UGI BOG:GEB SWX NJR BKH

Other Exchanges PJZ:Germany APA:Australia

Address 580 George Street, Level 25, Sydney, NSW, AUS, 2000

Website https://www.apa.com.au

APA Group is Australia's largest gas infrastructure company with an extensive portfolio of transmission pipelines, distribution networks, and storage facilities, and is increasingly investing in renewable energy generation, electricity transmission, and batteries. It is internally managed and has direct operational control over all assets. It owns minority stakes in a few smaller gas infrastructure companies and manages operations for most of these. The stapled securities comprise a unit in Australian Pipeline Trust and in APT Investment Trust.

72GF Score

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

$7.50

Price

$6.18

GF Value

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