Adrad Holdings (ASX:AHL) Beneish M-Score: -2.68 (As of Jun. 25, 2026)


ASX:AHL Adrad Holdings Ltd ASX:AHL
43 GF Score
Price A$1.44
GF Value A$0.79
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Adrad Holdings Beneish M-Score?

Adrad Holdings ASX:AHL -1.37% 43 Beneish M-Score is -2.68 as of Jun. 25, 2026. GuruFocus rates ASX:AHL with a GF Score™ of 43/100 and a GF Value™ of A$0.79 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 2,926 Industrial Products companies, Adrad Holdings ranks better than 70.64% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:AHL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68   Med: -2.68   Max: -2.68
Current: -2.68

During the past 3 years, the highest Beneish M-Score of Adrad Holdings was -2.68. The lowest was -2.68. And the median was -2.68.

Adrad Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Adrad Holdings'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.

Adrad Holdings Beneish M-Score Chart

Adrad Holdings Annual Data
Trend Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.68

Adrad Holdings Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 -2.68 0.00

ASX:AHL vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Adrad Holdings'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.

Adrad Holdings Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Adrad Holdings's Beneish M-Score distribution charts can be found below:

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


ASX:AHL
43GF Score
Adrad Holdings Ltd ASX:AHL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Adrad Holdings 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 Adrad Holdings 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 * 0.8497+0.528 * 1.0249+0.404 * 0.9922+0.892 * 1.0724+0.115 * 0.9246
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9672+4.679 * -0.035921-0.327 * 0.9065
=-2.68

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$20.3 Mil.
Revenue was A$153.2 Mil.
Gross Profit was A$80.2 Mil.
Total Current Assets was A$92.7 Mil.
Total Assets was A$189.2 Mil.
Property, Plant and Equipment(Net PPE) was A$55.3 Mil.
Depreciation, Depletion and Amortization(DDA) was A$7.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$52.9 Mil.
Total Current Liabilities was A$24.8 Mil.
Long-Term Debt & Capital Lease Obligation was A$37.7 Mil.
Net Income was A$5.7 Mil.
Gross Profit was A$-1.5 Mil.
Cash Flow from Operations was A$13.9 Mil.
 Total Receivables was A$22.2 Mil.
Revenue was A$142.9 Mil.
Gross Profit was A$76.6 Mil.
Total Current Assets was A$87.6 Mil.
Total Assets was A$190.6 Mil.
Property, Plant and Equipment(Net PPE) was A$61.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$7.3 Mil.
Selling, General, & Admin. Expense(SGA) was A$51.0 Mil.
Total Current Liabilities was A$25.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$44.3 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)
=(20.262 / 153.2) / (22.235 / 142.858)
=0.132258 / 0.155644
=0.8497

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)
=(76.639 / 142.858) / (80.187 / 153.2)
=0.53647 / 0.523414
=1.0249

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 - (92.693 + 55.346) / 189.221) / (1 - (87.624 + 61.135) / 190.556)
=0.21764 / 0.219342
=0.9922

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
=153.2 / 142.858
=1.0724

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))
=(7.269 / (7.269 + 61.135)) / (7.187 / (7.187 + 55.346))
=0.106266 / 0.114931
=0.9246

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)
=(52.854 / 153.2) / (50.955 / 142.858)
=0.345 / 0.356683
=0.9672

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)
=((37.707 + 24.756) / 189.221) / ((44.3 + 25.094) / 190.556)
=0.330106 / 0.364166
=0.9065

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
=(5.654 - -1.496 - 13.947) / 189.221
=-0.035921

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.

Adrad Holdings has a M-score of -2.68 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 -2.68 mean?
Adrad Holdings (ASX:AHL) has a Beneish M-Score of -2.68 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Adrad Holdings and its competitors. According to the industry distribution chart, Adrad Holdings ranks #859 out of 2926 companies in the Industrial Products industry, placing it in the top 29.4%.
Is Adrad Holdings' Beneish M-Score too high?
Adrad Holdings' current Beneish M-Score is -2.68. Based on the distribution chart, Adrad Holdings ranks #859 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Adrad Holdings has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Adrad Holdings' Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Adrad Holdings ranks #859 out of 2926 companies for Beneish M-Score. This puts Adrad Holdings 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Adrad Holdings and its competitors. Adrad Holdings's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adrad Holdings stock overvalued right now?
Based on GuruFocus' analysis, Adrad Holdings (ASX:AHL) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.79, compared to a current price of A$1.44 — trading 82.3% above its estimated fair value. The current Beneish M-Score is -2.68. Adrad Holdings' overall GF Score™ is 43/100 with 6 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 Adrad Holdings (ASX:AHL), the current Beneish M-Score is -2.68 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 Adrad Holdings (ASX:AHL) Overvalued in 2026?

Based on GuruFocus' analysis, Adrad Holdings stock appears to be overvalued. The current stock price of A$1.44 is trading 82.3% above its estimated GF Value™ of A$0.79. GuruFocus considers Adrad Holdings to be Significantly Overvalued.

Key valuation signals for ASX:AHL:

  • Beneish M-Score: -2.68
  • GF Value™: A$0.79 vs. price of A$1.44 (82.3% above fair value)
  • GF Score™: 43/100 with 6 warning signs

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

Adrad Holdings Business Description

Address 26 Howards Road, Beverley, SA, AUS, 5009
Adrad Holdings Ltd designs and manufactures a wide variety of original equipment and aftermarket heat exchange products for both mobile and stationary applications. The company operates in two segments: Heat Transfer Solutions and Distribution. The Heat Transfer Solutions segment which designs and manufactures industrial cooling solutions for use in road transport and heavy vehicles, mining, power generation, data centres, and rail industries. The Distribution segment includes imports and distributes radiators, mobile and stationary heat exchange products, as well as a variety of automotive parts for the automotive and industrial markets. Geographically, the company derives key revenue from Australasia and the rest from Asia, the Middle East, North America, South America, Europe, & Africa.
43GF Score

Get the complete analysis for ASX:AHL

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

A$1.44
Price
A$0.79
GF Value