APG (APi Group) Beneish M-Score: -2.60 (As of Jun. 26, 2026)

What is APi Group Beneish M-Score?

APi Group APG -0.64% 78 Beneish M-Score is -2.60 as of Jun. 26, 2026. GuruFocus rates APG with a GF Score™ of 78/100 and a GF Value™ of $26.66 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, APi Group ranks better than 58.92% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

APG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.66 Max: -1.49
Current: -2.6

During the past 8 years, the highest Beneish M-Score of APi Group was -1.49. The lowest was -3.28. And the median was -2.66.

APi Group Beneish M-Score Related Terms

APi Group Beneish M-Score Historical Data

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The historical data trend for APi 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.

APi Group Beneish M-Score Chart

APi Group Annual Data

Trend

Dec17

Aug18

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.50

-1.88

-2.72

-2.67

APi Group 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															-2.69	-2.62	-2.60	-2.67	-2.60

APG vs DY, J, IESC: Beneish M-Score Comparison

For the Engineering & Construction subindustry, APi 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.

APi Group Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, APi Group's Beneish M-Score distribution charts can be found below:

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

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78GF Score

APi Group Corp APG

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

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APi 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 APi 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 * 0.9878

0.528 * 0.995

0.404 * 0.9731

0.892 * 1.1455

0.115 * 1.0159

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9881

4.679 * -0.051193

0.327 * 0.9744

-2.60

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $2,083 Mil.
Revenue was 1982 + 2117 + 2085 + 1990 = $8,174 Mil.
Gross Profit was 620 + 678 + 652 + 615 = $2,565 Mil.
Total Current Assets was $3,024 Mil.
Total Assets was $8,966 Mil.
Property, Plant and Equipment(Net PPE) was $695 Mil.
Depreciation, Depletion and Amortization(DDA) was $331 Mil.
Selling, General, & Admin. Expense(SGA) was $1,992 Mil.
Total Current Liabilities was $2,107 Mil.
Long-Term Debt & Capital Lease Obligation was $2,968 Mil.
Net Income was 57 + 97 + 93 + 77 = $324 Mil.
Non Operating Income was -2 + 0 + 1 + 2 = $1 Mil.
Cash Flow from Operations was 85 + 382 + 232 + 83 = $782 Mil.

Total Receivables was $1,841 Mil.
Revenue was 1719 + 1861 + 1826 + 1730 = $7,136 Mil.
Gross Profit was 542 + 575 + 567 + 544 = $2,228 Mil.
Total Current Assets was $2,586 Mil.
Total Assets was $8,098 Mil.
Property, Plant and Equipment(Net PPE) was $642 Mil.
Depreciation, Depletion and Amortization(DDA) was $313 Mil.
Selling, General, & Admin. Expense(SGA) was $1,760 Mil.
Total Current Liabilities was $1,762 Mil.
Long-Term Debt & Capital Lease Obligation was $2,942 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)
	=	(2083 / 8174)	/	(1841 / 7136)
	=	0.254832	/	0.257988
	=	0.9878

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)
	=	(2228 / 7136)	/	(2565 / 8174)
	=	0.31222	/	0.3138
	=	0.995

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 - (3024 + 695) / 8966)	/	(1 - (2586 + 642) / 8098)
	=	0.585211	/	0.601383
	=	0.9731

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
	=	8174	/	7136
	=	1.1455

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))
	=	(313 / (313 + 642))	/	(331 / (331 + 695))
	=	0.327749	/	0.322612
	=	1.0159

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)
	=	(1992 / 8174)	/	(1760 / 7136)
	=	0.2437	/	0.246637
	=	0.9881

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)
	=	((2968 + 2107) / 8966)	/	((2942 + 1762) / 8098)
	=	0.566027	/	0.580884
	=	0.9744

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
	=	(324 - 1	-	782)	/	8966
	=	-0.051193

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.

APi Group has a M-score of -2.60 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 -2.60 mean?

APi Group (APG) has a Beneish M-Score of -2.60 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on APi Group and its competitors. According to the industry distribution chart, APi Group ranks #700 out of 1704 companies in the Construction industry, placing it in the top 41.1%.

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

APi Group's current Beneish M-Score is -2.60. Based on the distribution chart, APi Group ranks #700 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, APi Group has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does APi Group's Beneish M-Score compare to DY and J?

According to the Construction industry distribution chart, APi Group ranks #700 out of 1704 companies for Beneish M-Score. This puts APi Group in the upper half of its industry. 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 a Construction company?

A good Beneish M-Score depends on the Construction 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 APi Group and its competitors. APi Group's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is APi Group stock overvalued right now?

Based on GuruFocus' analysis, APi Group (APG) is currently considered Significantly Overvalued. The stock's GF Value™ is $26.66, compared to a current price of $41.68 — trading 56.3% above its estimated fair value. The current Beneish M-Score is -2.60. APi Group's overall GF Score™ is 78/100 with 3 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 APi Group (APG), the current Beneish M-Score is -2.60 as of Jun. 26, 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 APi Group (APG) Overvalued in 2026?

Based on GuruFocus' analysis, APi Group stock appears to be overvalued. The current stock price of $41.68 is trading 56.3% above its estimated GF Value™ of $26.66. GuruFocus considers APi Group to be Significantly Overvalued.

Key valuation signals for APG:

Beneish M-Score: -2.60
GF Value™: $26.66 vs. price of $41.68 (56.3% above fair value)
GF Score™: 78/100 with 3 warning signs

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

APi Group Business Description

Industry Industrials Construction

Comparable Companies DY J IESC BLD AGX STRL ACM ECG MYRG TTEK PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Other Exchanges 4XY:Germany

Address c/o APi Group, Inc, 1100 Old Highway 8 NW, New Brighton, MN, USA, 55112

Website https://www.apigroupinc.com

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

78GF Score

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

$41.68

Price

$26.66

GF Value

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