CaterpillarBUE:CAT +5.47%72 Beneish M-Score is -2.46 as of Jun. 26, 2026. GuruFocus rates BUE:CAT with a GF Score™ of 72/100 and a GF Value™ of ARS31,110.87 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Caterpillar ranks worse than 50.24% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Caterpillar's Beneish M-Score or its related term are showing as below:
BUE:CAT'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.6 Max: -2.42
Current: -2.46
During the past 13 years, the highest Beneish M-Score of Caterpillar was -2.42. The lowest was -2.90. And the median was -2.60.
Caterpillar Beneish M-Score Related Terms
Caterpillar Beneish M-Score Historical Data
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The historical data trend for Caterpillar'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.
BUE:CAT vs DE, PCAR, CNH: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Caterpillar'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.
Caterpillar Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Caterpillar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caterpillar'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 Caterpillar 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 * 0.9876
+
0.528 * 1.1273
+
0.404 * 0.9894
+
0.892 * 1.5488
+
0.115 * 1.0102
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9608
+
4.679 * -0.039736
-
0.327 * 1.0131
=
-2.12
* 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))
=
(2127841.922 / (2127841.922 + 14319008.142))
/
(3131740.509 / (3131740.509 + 21321839.386))
=
0.129377
/
0.128069
=
1.0102
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
=
(12761012.968 - 1461321.964
-
16608449.693)
/
133602318.402
=
-0.039736
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.
Caterpillar has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
Caterpillar (BUE:CAT) has a Beneish M-Score of -2.46 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Caterpillar and its competitors. According to the industry distribution chart, Caterpillar ranks #103 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 50.2%.
Is Caterpillar's Beneish M-Score too high?
Caterpillar's current Beneish M-Score is -2.46. Based on the distribution chart, Caterpillar ranks #103 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Caterpillar has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Caterpillar's Beneish M-Score compare to DE and PCAR?
According to the Farm & Heavy Construction Machinery industry distribution chart, Caterpillar ranks #103 out of 205 companies for Beneish M-Score. This places Caterpillar 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Caterpillar and its competitors. Caterpillar's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Caterpillar stock overvalued right now?
Based on GuruFocus' analysis, Caterpillar (BUE:CAT) is currently considered Significantly Overvalued. The stock's GF Value™ is ARS31,110.87, compared to a current price of ARS80,975.00 — trading 160.3% above its estimated fair value. The current Beneish M-Score is -2.46. Caterpillar's overall GF Score™ is 72/100 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 Caterpillar (BUE:CAT), the current Beneish M-Score is -2.46 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 Caterpillar (BUE:CAT) Overvalued in 2026?
Based on GuruFocus' analysis, Caterpillar stock appears to be overvalued.
The current stock price of ARS80,975.00 is trading 160.3% above its estimated GF Value™ of ARS31,110.87.
GuruFocus considers Caterpillar to be Significantly Overvalued.
Key valuation signals for BUE:CAT:
Beneish M-Score: -2.46
GF Value™: ARS31,110.87 vs. price of ARS80,975.00 (160.3% above fair value)
No single metric tells the full story. See the BUE:CAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Caterpillar is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are construction, resource, energy, and transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.
72GF Score
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