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.
Warning Sign:
Beneish M-Score -1.71 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for FleetPartners Group's Beneish M-Score or its related term are showing as below:
ASX:FPR'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.47 Med: -2.61 Max: -1.71
Current: -1.71
During the past 11 years, the highest Beneish M-Score of FleetPartners Group was -1.71. The lowest was -4.47. And the median was -2.61.
FleetPartners Group Beneish M-Score Related Terms
FleetPartners Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for FleetPartners 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.
ASX:FPR vs URI, SUNB, AER: Beneish M-Score Comparison
For the Rental & Leasing Services subindustry, FleetPartners 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.
FleetPartners Group Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, FleetPartners Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FleetPartners Group's Beneish M-Score falls into.
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 FleetPartners Group 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 * 1.2925
+
0.528 * 0.9739
+
0.404 * 1.8128
+
0.892 * 1.0183
+
0.115 * 0.9705
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9958
+
4.679 * 0.038226
-
0.327 * 1.0163
=
-1.71
* 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.
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.
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))
=
(206.698 / (206.698 + 1128.243))
/
(223.352 / (223.352 + 1176.612))
=
0.154837
/
0.159541
=
0.9705
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
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
=
(75.335 - 43.4
-
-72.493)
/
2731.881
=
0.038226
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.
FleetPartners Group has a M-score of -1.71 signals that the company is likely to be a manipulator.
FleetPartners Group (ASX:FPR) has a Beneish M-Score of -1.71 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FleetPartners Group and its competitors. According to the industry distribution chart, FleetPartners Group ranks #873 out of 1020 companies in the Business Services industry, placing it in the top 85.6%.
Is FleetPartners Group's Beneish M-Score too high?
FleetPartners Group's current Beneish M-Score is -1.71. Based on the distribution chart, FleetPartners Group ranks #873 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, FleetPartners Group has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does FleetPartners Group's Beneish M-Score compare to URI and SUNB?
According to the Business Services industry distribution chart, FleetPartners Group ranks #873 out of 1020 companies for Beneish M-Score. This places FleetPartners Group 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 FleetPartners Group and its competitors. FleetPartners Group's current Beneish M-Score is -1.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FleetPartners Group stock overvalued right now?
Based on GuruFocus' analysis, FleetPartners Group (ASX:FPR) is currently considered Modestly Undervalued. The stock's GF Value™ is A$3.64, compared to a current price of A$2.82 — trading 22.5% below its estimated fair value. The current Beneish M-Score is -1.71. FleetPartners Group's overall GF Score™ is 75/100 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 FleetPartners Group (ASX:FPR), the current Beneish M-Score is -1.71 as of Jun. 24, 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 FleetPartners Group (ASX:FPR) Overvalued in 2026?
Based on GuruFocus' analysis, FleetPartners Group stock appears to be undervalued.
The current stock price of A$2.82 is trading 22.5% below its estimated GF Value™ of A$3.64.
GuruFocus considers FleetPartners Group to be Modestly Undervalued.
Key valuation signals for ASX:FPR:
Beneish M-Score: -1.71
GF Value™: A$3.64 vs. price of A$2.82 (22.5% below fair value)
No single metric tells the full story. See the ASX:FPR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FleetPartners Group Ltd is a provider of fleet leasing and fleet management services that operates across Australia and New Zealand. The company offers consumers and businesses access to funding solutions including fleet leasing, novated leasing, and salary packaging solutions. Its business segments include Australia commercial, Novated, and New Zealand commercial, with the majority of revenue flowing from Australia commercial. Australia commercial provides fleet leasing and management services; novated provides novated leasing and salary packaging services in Australia, and New Zealand commercial provides fleet leasing, management, and vehicle dealerships. Some of its brands include FleetPartners, FleetPlus and FleetChoice.
75GF Score
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