Eagers Automotive (ASX:APE) Beneish M-Score: -2.40 (As of Jun. 26, 2026)


ASX:APE Eagers Automotive Ltd ASX:APE
93 GF Score
Price A$21.80
GF Value A$22.57
Valuation Fairly Valued
! 3 Warning Signs
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What is Eagers Automotive Beneish M-Score?

Eagers Automotive ASX:APE +1.02% 93 Beneish M-Score is -2.40 as of Jun. 26, 2026. GuruFocus rates ASX:APE with a GF Score™ of 93/100 and a GF Value™ of A$22.57 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Eagers Automotive ranks worse than 61.43% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:APE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.52   Max: -2.17
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Eagers Automotive was -2.17. The lowest was -2.70. And the median was -2.52.

Eagers Automotive Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eagers Automotive'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.

Eagers Automotive Beneish M-Score Chart

Eagers Automotive 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 -2.63 -2.48 -2.46 -2.55 -2.40

Eagers Automotive 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 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 -2.46 0.00 -2.55 0.00 -2.40

ASX:APE vs CVNA, PAG, ALTB: Beneish M-Score Comparison

For the Auto & Truck Dealerships subindustry, Eagers Automotive'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.

Eagers Automotive Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Eagers Automotive's Beneish M-Score distribution charts can be found below:

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


ASX:APE
93GF Score
Eagers Automotive Ltd ASX:APE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Eagers Automotive 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 Eagers Automotive 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 * 1.0996+0.528 * 1.0617+0.404 * 0.8621+0.892 * 1.1654+0.115 * 0.9565
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9544+4.679 * -0.038356-0.327 * 0.8857
=-2.40

* 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 A$449 Mil.
Revenue was A$13,045 Mil.
Gross Profit was A$2,200 Mil.
Total Current Assets was A$2,968 Mil.
Total Assets was A$5,916 Mil.
Property, Plant and Equipment(Net PPE) was A$1,672 Mil.
Depreciation, Depletion and Amortization(DDA) was A$155 Mil.
Selling, General, & Admin. Expense(SGA) was A$892 Mil.
Total Current Liabilities was A$2,727 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,182 Mil.
Net Income was A$227 Mil.
Gross Profit was A$-5 Mil.
Cash Flow from Operations was A$459 Mil.
 Total Receivables was A$350 Mil.
Revenue was A$11,194 Mil.
Gross Profit was A$2,004 Mil.
Total Current Assets was A$2,460 Mil.
Total Assets was A$5,454 Mil.
Property, Plant and Equipment(Net PPE) was A$1,630 Mil.
Depreciation, Depletion and Amortization(DDA) was A$144 Mil.
Selling, General, & Admin. Expense(SGA) was A$802 Mil.
Total Current Liabilities was A$2,420 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,649 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)
=(448.982 / 13045.19) / (350.354 / 11193.742)
=0.034417 / 0.031299
=1.0996

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)
=(2004.178 / 11193.742) / (2199.98 / 13045.19)
=0.179045 / 0.168643
=1.0617

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 - (2968.483 + 1672.322) / 5915.695) / (1 - (2460.287 + 1630.399) / 5454.111)
=0.21551 / 0.249981
=0.8621

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
=13045.19 / 11193.742
=1.1654

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))
=(143.871 / (143.871 + 1630.399)) / (154.906 / (154.906 + 1672.322))
=0.081087 / 0.084777
=0.9565

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)
=(892.179 / 13045.19) / (802.158 / 11193.742)
=0.068391 / 0.071661
=0.9544

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)
=((1181.88 + 2727.092) / 5915.695) / ((1649.111 + 2419.943) / 5454.111)
=0.66078 / 0.746053
=0.8857

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
=(226.656 - -5.453 - 459.014) / 5915.695
=-0.038356

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.

Eagers Automotive has a M-score of -2.40 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 -2.40 mean?
Eagers Automotive (ASX:APE) has a Beneish M-Score of -2.40 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eagers Automotive and its competitors. According to the industry distribution chart, Eagers Automotive ranks #782 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 61.4%.
Is Eagers Automotive's Beneish M-Score too high?
Eagers Automotive's current Beneish M-Score is -2.40. Based on the distribution chart, Eagers Automotive ranks #782 out of 1273 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Eagers Automotive has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Eagers Automotive's Beneish M-Score compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Eagers Automotive ranks #782 out of 1273 companies for Beneish M-Score. This places Eagers Automotive in the lower 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Eagers Automotive and its competitors. Eagers Automotive's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eagers Automotive stock overvalued right now?
Based on GuruFocus' analysis, Eagers Automotive (ASX:APE) is currently considered Fairly Valued. The stock's GF Value™ is A$22.57, compared to a current price of A$21.80 — trading 3.4% below its estimated fair value. The current Beneish M-Score is -2.40. Eagers Automotive's overall GF Score™ is 93/100 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 Eagers Automotive (ASX:APE), the current Beneish M-Score is -2.40 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 Eagers Automotive (ASX:APE) Overvalued in 2026?

Based on GuruFocus' analysis, Eagers Automotive stock appears to be undervalued. The current stock price of A$21.80 is trading 3.4% below its estimated GF Value™ of A$22.57. GuruFocus considers Eagers Automotive to be Fairly Valued.

Key valuation signals for ASX:APE:

  • Beneish M-Score: -2.40
  • GF Value™: A$22.57 vs. price of A$21.80 (3.4% below fair value)
  • GF Score™: 93/100 with 3 warning signs

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

Eagers Automotive Business Description

Other Exchanges K7Z:Germany
Address 5 Edmund Street, Newstead, Brisbane, QLD, AUS, 4006
Eagers Automotive is the largest automotive retailing group in the Australian market, with an estimated share of over 14% of new-vehicle sales. The company offers a range of products and services, including the sale of new and used vehicles, vehicle repair services, and parts. The company also facilitates vehicle financing through third-party providers. Additionally, Eagers operates a truck retailing business, offering a similar range of products and services.
93GF Score

Get the complete analysis for ASX:APE

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

A$21.80
Price
A$22.57
GF Value