Holcim (Argentina) (BUE:HARG) Beneish M-Score: -1.40 (As of Jul. 08, 2026)

What is Holcim (Argentina) Beneish M-Score?

Holcim (Argentina) BUE:HARG -0.32% 80 Beneish M-Score is -1.40 as of Jul. 08, 2026. GuruFocus rates BUE:HARG with a GF Score™ of 80/100 and a GF Value™ of ARS1,643.57 (Fairly Valued). The stock has 9 warning signs investors should review. Among 388 Building Materials companies, Holcim (Argentina) ranks worse than 92.27% 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.

Warning Sign:

Beneish M-Score -1.4 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Holcim (Argentina)'s Beneish M-Score or its related term are showing as below:

BUE:HARG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -1.53 Max: -0.07
Current: -1.4

During the past 13 years, the highest Beneish M-Score of Holcim (Argentina) was -0.07. The lowest was -3.67. And the median was -1.53.

Holcim (Argentina) Beneish M-Score Related Terms

Holcim (Argentina) Beneish M-Score Historical Data

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The historical data trend for Holcim (Argentina)'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.

Holcim (Argentina) Beneish M-Score Chart

Holcim (Argentina) Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.52

-0.18

-2.41

-0.86

-2.46

Holcim (Argentina) Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-1.32	-0.62	-0.92	-2.46	-1.40

BUE:HARG vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Holcim (Argentina)'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.

Holcim (Argentina) Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Holcim (Argentina)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Holcim (Argentina)'s Beneish M-Score falls into.

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Holcim (Argentina) SA BUE:HARG

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Holcim (Argentina) 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 Holcim (Argentina) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.0629

0.528 * 1.2119

0.404 * 1.4213

0.892 * 0.9603

0.115 * 1.0764

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5657

4.679 * -0.015565

0.327 * 1.4768

-1.40

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ARS64,197 Mil.
Revenue was 125086 + 154262 + 125548 + 107947 = ARS512,843 Mil.
Gross Profit was 23516 + 37969 + 25370 + 31061 = ARS117,916 Mil.
Total Current Assets was ARS184,301 Mil.
Total Assets was ARS1,071,990 Mil.
Property, Plant and Equipment(Net PPE) was ARS783,459 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS64,243 Mil.
Selling, General, & Admin. Expense(SGA) was ARS64,754 Mil.
Total Current Liabilities was ARS311,858 Mil.
Long-Term Debt & Capital Lease Obligation was ARS9,975 Mil.
Net Income was -3811 + -21308 + -20437 + 148 = ARS-45,408 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was -64912 + 86090 + -6137 + -43763 = ARS-28,722 Mil.

Total Receivables was ARS32,406 Mil.
Revenue was 129890 + 163062 + 132936 + 108147 = ARS534,035 Mil.
Gross Profit was 31326 + 58149 + 27384 + 31951 = ARS148,810 Mil.
Total Current Assets was ARS130,716 Mil.
Total Assets was ARS787,118 Mil.
Property, Plant and Equipment(Net PPE) was ARS602,555 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS53,520 Mil.
Selling, General, & Admin. Expense(SGA) was ARS119,195 Mil.
Total Current Liabilities was ARS154,027 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,989 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)
	=	(64197 / 512843)	/	(32406 / 534035)
	=	0.125179	/	0.060681
	=	2.0629

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)
	=	(148810 / 534035)	/	(117916 / 512843)
	=	0.278652	/	0.229926
	=	1.2119

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 - (184301 + 783459) / 1071990)	/	(1 - (130716 + 602555) / 787118)
	=	0.09723	/	0.06841
	=	1.4213

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
	=	512843	/	534035
	=	0.9603

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))
	=	(53520 / (53520 + 602555))	/	(64243 / (64243 + 783459))
	=	0.081576	/	0.075785
	=	1.0764

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)
	=	(64754 / 512843)	/	(119195 / 534035)
	=	0.126265	/	0.223197
	=	0.5657

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)
	=	((9975 + 311858) / 1071990)	/	((5989 + 154027) / 787118)
	=	0.30022	/	0.203294
	=	1.4768

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
	=	(-45408 - 0	-	-28722)	/	1071990
	=	-0.015565

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.

Holcim (Argentina) has a M-score of -1.40 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.40 mean?

Holcim (Argentina) (BUE:HARG) has a Beneish M-Score of -1.40 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Holcim (Argentina) and its competitors. According to the industry distribution chart, Holcim (Argentina) ranks #358 out of 388 companies in the Building Materials industry, placing it in the top 92.3%.

Is Holcim (Argentina)'s Beneish M-Score too high?

Holcim (Argentina)'s current Beneish M-Score is -1.40. Based on the distribution chart, Holcim (Argentina) ranks #358 out of 388 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, Holcim (Argentina) has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Holcim (Argentina)'s Beneish M-Score compare to CRH and VMC?

According to the Building Materials industry distribution chart, Holcim (Argentina) ranks #358 out of 388 companies for Beneish M-Score. This places Holcim (Argentina) 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 Building Materials company?

A good Beneish M-Score depends on the Building Materials 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 Holcim (Argentina) and its competitors. Holcim (Argentina)'s current Beneish M-Score is -1.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Holcim (Argentina) stock overvalued right now?

Based on GuruFocus' analysis, Holcim (Argentina) (BUE:HARG) is currently considered Fairly Valued. The stock's GF Value™ is ARS1,643.57, compared to a current price of ARS1,560.00 — trading 5.1% below its estimated fair value. The current Beneish M-Score is -1.40. Holcim (Argentina)'s overall GF Score™ is 80/100 with 9 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 Holcim (Argentina) (BUE:HARG), the current Beneish M-Score is -1.40 as of Jul. 08, 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 Holcim (Argentina) (BUE:HARG) Overvalued in 2026?

Based on GuruFocus' analysis, Holcim (Argentina) stock appears to be undervalued. The current stock price of ARS1,560.00 is trading 5.1% below its estimated GF Value™ of ARS1,643.57. GuruFocus considers Holcim (Argentina) to be Fairly Valued.

Key valuation signals for BUE:HARG:

Beneish M-Score: -1.40
GF Value™: ARS1,643.57 vs. price of ARS1,560.00 (5.1% below fair value)
GF Score™: 80/100 with 9 warning signs

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

Holcim (Argentina) Business Description

Industry Basic Materials Building Materials

Comparable Companies BUE:LOMA CRH XSWX:HOLN SHSE:600176 VMC XTER:HEI MLM BOM:532538 XSWX:AMRZ NSE:GRASIM MEX:CEMEXCPO JHX SHSE:600585 NSA:DCP BOM:500425 BOM:500387 MIL:BZU NSA:BUACEMENT EXP TPE:1802

Address Piso 1, Avenida Alicia Moreau de Justo 140, Buenos Aires, ARG

Website https://www.holcim.com.ar

Holcim (Argentina) SA manufactures construction and building materials. It produces and markets cement, concrete and aggregates. Some of its products are Portland cement and other related building materials. It also produces stone products.

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

ARS1,560.00

Price

ARS1,643.57

GF Value

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