ARCVF (Arcadis NV) Beneish M-Score: -2.81 (As of Jun. 25, 2026)


ARCVF Arcadis NV ARCVF
72 GF Score
Price $40.68
GF Value $57.60
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Arcadis NV Beneish M-Score?

Arcadis NV ARCVF 72 Beneish M-Score is -2.81 as of Jun. 25, 2026. GuruFocus rates ARCVF with a GF Score™ of 72/100 and a GF Value™ of $57.60 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,704 Construction companies, Arcadis NV ranks better than 74.06% 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ARCVF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -2.64   Max: -2.36
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Arcadis NV was -2.36. The lowest was -3.44. And the median was -2.64.

Arcadis NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Arcadis NV'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.

Arcadis NV Beneish M-Score Chart

Arcadis NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.65 -2.36 -2.63 -2.59 -2.81

Arcadis NV Quarterly Data
Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Sep24 Dec24 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.59 0.00 0.00 -2.81

ARCVF vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Arcadis NV'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.

Arcadis NV Beneish M-Score vs Construction Industry

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

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


ARCVF
72GF Score
Arcadis NV ARCVF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Arcadis NV 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 Arcadis NV for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8941+0.528 * 1.0071+0.404 * 1.0683+0.892 * 1.0914+0.115 * 0.9683
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9828+4.679 * -0.049063-0.327 * 1.0412
=-2.71

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $1,452 Mil.
Revenue was $5,708 Mil.
Gross Profit was $4,403 Mil.
Total Current Assets was $1,975 Mil.
Total Assets was $4,248 Mil.
Property, Plant and Equipment(Net PPE) was $349 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General, & Admin. Expense(SGA) was $110 Mil.
Total Current Liabilities was $1,929 Mil.
Long-Term Debt & Capital Lease Obligation was $941 Mil.
Net Income was $244 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $452 Mil.
 Total Receivables was $1,488 Mil.
Revenue was $5,230 Mil.
Gross Profit was $4,063 Mil.
Total Current Assets was $2,008 Mil.
Total Assets was $4,088 Mil.
Property, Plant and Equipment(Net PPE) was $347 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $1,643 Mil.
Long-Term Debt & Capital Lease Obligation was $1,009 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)
=(1451.991 / 5708.431) / (1487.958 / 5230.366)
=0.254359 / 0.284484
=0.8941

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)
=(4062.827 / 5230.366) / (4402.81 / 5708.431)
=0.776777 / 0.771282
=1.0071

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 - (1975.41 + 348.946) / 4248.244) / (1 - (2008.377 + 346.597) / 4087.958)
=0.452867 / 0.423924
=1.0683

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
=5708.431 / 5230.366
=1.0914

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))
=(146.597 / (146.597 + 346.597)) / (154.567 / (154.567 + 348.946))
=0.29724 / 0.306977
=0.9683

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)
=(110.07 / 5708.431) / (102.618 / 5230.366)
=0.019282 / 0.01962
=0.9828

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)
=((941.452 + 1928.571) / 4248.244) / ((1009.424 + 1642.932) / 4087.958)
=0.675579 / 0.648822
=1.0412

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
=(243.56 - 0 - 451.991) / 4248.244
=-0.049063

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.

Arcadis NV has a M-score of -2.71 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 -2.81 mean?
Arcadis NV (ARCVF) has a Beneish M-Score of -2.81 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arcadis NV and its competitors. According to the industry distribution chart, Arcadis NV ranks #442 out of 1704 companies in the Construction industry, placing it in the top 25.9%.
Is Arcadis NV's Beneish M-Score too high?
Arcadis NV's current Beneish M-Score is -2.81. Based on the distribution chart, Arcadis NV ranks #442 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Arcadis NV has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Arcadis NV's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Arcadis NV ranks #442 out of 1704 companies for Beneish M-Score. This puts Arcadis NV 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 Arcadis NV and its competitors. Arcadis NV's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arcadis NV stock overvalued right now?
Based on GuruFocus' analysis, Arcadis NV (ARCVF) is currently considered Modestly Undervalued. The stock's GF Value™ is $57.60, compared to a current price of $40.68 — trading 29.4% below its estimated fair value. The current Beneish M-Score is -2.81. Arcadis NV's overall GF Score™ is 72/100 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 Arcadis NV (ARCVF), the current Beneish M-Score is -2.81 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 Arcadis NV (ARCVF) Overvalued in 2026?

Based on GuruFocus' analysis, Arcadis NV stock appears to be undervalued. The current stock price of $40.68 is trading 29.4% below its estimated GF Value™ of $57.60. GuruFocus considers Arcadis NV to be Modestly Undervalued.

Key valuation signals for ARCVF:

  • Beneish M-Score: -2.81
  • GF Value™: $57.60 vs. price of $40.68 (29.4% below fair value)
  • GF Score™: 72/100 with 4 warning signs

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

Arcadis NV Business Description

Address Parnassusweg 793, P.O. Box 7895, Amsterdam, NH, NLD, 1082 MS
Arcadis NV designs, engineers, and provides solutions for various construction and environmental projects. It constructs advanced buildings, plants, and transportation networks, and delivers management services for each project. Planning and cost management solutions help customers meet economic objectives and address potential operational or regulatory liabilities. Arcadis operates four business lines: infrastructure, water, environment, and buildings. It designs drinking water supply systems and treatment technologies for waste water. The segments of the company are Places, Mobility, Resilience and Intelligence. The company derives maximum revenue from Resilience segment.
72GF Score

Get the complete analysis for ARCVF

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

$40.68
Price
$57.60
GF Value