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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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Air Water's Beneish M-Score or its related term are showing as below:
AWTRF'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.6 Max: -2.37
Current: -2.99
During the past 13 years, the highest Beneish M-Score of Air Water was -2.37. The lowest was -2.99. And the median was -2.60.
The historical data trend for Air Water'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.
AWTRF vs LIN, SHW, ECL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Air Water'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.
Air Water Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Water's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Water'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 Air Water 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 * 0.9067
+
0.528 * 0.9743
+
0.404 * 0.9375
+
0.892 * 0.8845
+
0.115 * 0.844
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0748
+
4.679 * -0.055623
-
0.327 * 1.1311
=
-3.04
* 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))
=
(330.282 / (330.282 + 3528.804))
/
(359.56 / (359.56 + 3186.34))
=
0.085586
/
0.101402
=
0.844
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
=
(251.628 - 0
-
677.976)
/
7664.9
=
-0.055623
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.
Air Water has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
Air Water (AWTRF) has a Beneish M-Score of -2.99 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Air Water and its competitors. According to the industry distribution chart, Air Water ranks #230 out of 1527 companies in the Chemicals industry, placing it in the top 15.1%.
Is Air Water's Beneish M-Score too high?
Air Water's current Beneish M-Score is -2.99. Based on the distribution chart, Air Water ranks #230 out of 1527 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Air Water has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Air Water's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Air Water ranks #230 out of 1527 companies for Beneish M-Score. This places Air Water in the top 15% of its industry — outperforming the majority of peers. 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Air Water and its competitors. Air Water's current Beneish M-Score is -2.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Water stock overvalued right now?
Based on GuruFocus' analysis, Air Water (AWTRF) is currently considered Fairly Valued. The stock's GF Value™ is $13.19, compared to a current price of $13.91 — trading 5.5% above its estimated fair value. The current Beneish M-Score is -2.99. Air Water's overall GF Score™ is 72/100 with 11 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 Air Water (AWTRF), the current Beneish M-Score is -2.99 as of Aug. 15, 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 Air Water (AWTRF) Overvalued in 2026?
Based on GuruFocus' analysis, Air Water stock appears to be overvalued.
The current stock price of $13.91 is trading 5.5% above its estimated GF Value™ of $13.19.
GuruFocus considers Air Water to be Fairly Valued.
Key valuation signals for AWTRF:
Beneish M-Score: -2.99
GF Value™: $13.19 vs. price of $13.91 (5.5% above fair value)
No single metric tells the full story. See the AWTRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Air Water Inc is a diversified conglomerate engaged in the supply of industrial gases and various other businesses and services. The company operates through five segments. The Agri & Foods segment covers the processing and distribution of fruits and vegetables, frozen foods, meat products, and contract manufacturing of beverages. The Digital & Industry segment focuses on industrial gases, electrical, and functional materials. The Energy Solutions segment deals with LP gas, kerosene, and related equipment. The Health & Safety segment provides medical gases, dental and protective materials, hospital equipment, and home medical care services. The Other Businesses segment includes logistics, salt production, overseas industrial gas operations, biomass power, and high-output UPS solutions.
72GF Score
Get the complete analysis for AWTRF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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