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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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Armstrong World Industries's Beneish M-Score or its related term are showing as below:
AWI'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.64 Max: -1.95
Current: -2.65
During the past 13 years, the highest Beneish M-Score of Armstrong World Industries was -1.95. The lowest was -3.17. And the median was -2.64.
* 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.
AWI vs FBIN, BLDR, AAON: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Armstrong World Industries'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.
Armstrong World Industries Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Armstrong World Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Armstrong World Industries's Beneish M-Score falls into.
Armstrong World Industries 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 Armstrong World Industries 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 * 1.1198
+
0.528 * 1.0069
+
0.404 * 1.0812
+
0.892 * 1.0857
+
0.115 * 0.9003
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0179
+
4.679 * -0.078732
-
0.327 * 1.018
=
-2.65
* 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))
=
(113.2 / (113.2 + 669.7))
/
(120.5 / (120.5 + 629.8))
=
0.144591
/
0.160602
=
0.9003
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
=
(315.3 - 114.5
-
358.8)
/
2006.8
=
-0.078732
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.
Armstrong World Industries has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Armstrong World Industries (AWI) has a Beneish M-Score of -2.65 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Armstrong World Industries and its competitors. According to the industry distribution chart, Armstrong World Industries ranks #631 out of 1705 companies in the Construction industry, placing it in the top 37%.
Is Armstrong World Industries' Beneish M-Score too high?
Armstrong World Industries' current Beneish M-Score is -2.65. Based on the distribution chart, Armstrong World Industries ranks #631 out of 1705 companies in the Construction industry, which is above the industry midpoint. Overall, Armstrong World Industries has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Armstrong World Industries' Beneish M-Score compare to FBIN and BLDR?
According to the Construction industry distribution chart, Armstrong World Industries ranks #631 out of 1705 companies for Beneish M-Score. This puts Armstrong World Industries 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 Armstrong World Industries and its competitors. Armstrong World Industries's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Armstrong World Industries stock overvalued right now?
Based on GuruFocus' analysis, Armstrong World Industries (AWI) is currently considered Fairly Valued. The stock's GF Value™ is $173.75, compared to a current price of $183.32 — trading 5.5% above its estimated fair value. The current Beneish M-Score is -2.65. Armstrong World Industries' overall GF Score™ is 71/100 with 1 warning sign 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 Armstrong World Industries (AWI), the current Beneish M-Score is -2.65 as of Aug. 10, 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 Armstrong World Industries (AWI) Overvalued in 2026?
Based on GuruFocus' analysis, Armstrong World Industries stock appears to be overvalued.
The current stock price of $183.32 is trading 5.5% above its estimated GF Value™ of $173.75.
GuruFocus considers Armstrong World Industries to be Fairly Valued.
Key valuation signals for AWI:
Beneish M-Score: -2.65
GF Value™: $173.75 vs. price of $183.32 (5.5% above fair value)
No single metric tells the full story. See the AWI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Armstrong World Industries Inc designs and manufactures exterior architectural applications, including ceilings, specialty walls, and exterior metal solutions, using materials such as mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber, and glass-reinforced-gypsum. Its segments include Mineral Fiber, which produces suspended mineral fiber and fiberglass ceiling systems and includes results from the Worthington Armstrong Venture (WAVE) for ceiling suspension system (grid) products; Architectural Specialties, which designs, produces, and sources specialty ceilings, walls, and other architectural applications for commercial settings, with revenues mainly project driven; and Unallocated Corporate. The company operates in the United States and Canada.
71GF Score
Get the complete analysis for AWI
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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