WeBuild SpA (CHIX:WBDM) Beneish M-Score: -2.45 (As of Jun. 26, 2026)


CHIX:WBDM WeBuild SpA CHIX:WBDM
77 GF Score
Price €2.50
GF Value €3.43
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is WeBuild SpA Beneish M-Score?

WeBuild SpA CHIX:WBDM 77 Beneish M-Score is -2.45 as of Jun. 26, 2026. GuruFocus rates CHIX:WBDM with a GF Score™ of 77/100 and a GF Value™ of €3.43 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,704 Construction companies, WeBuild SpA ranks worse than 52.35% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for WeBuild SpA's Beneish M-Score or its related term are showing as below:

CHIX:WBDm' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.33   Max: -1.89
Current: -2.45

During the past 13 years, the highest Beneish M-Score of WeBuild SpA was -1.89. The lowest was -2.92. And the median was -2.33.

WeBuild SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for WeBuild SpA'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.

WeBuild SpA Beneish M-Score Chart

WeBuild SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.92 -2.32 -2.85 -2.65 -2.45

WeBuild SpA Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.85 0.00 -2.65 0.00 -2.45

CHIX:WBDM vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, WeBuild SpA'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.

WeBuild SpA Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, WeBuild SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where WeBuild SpA's Beneish M-Score falls into.


CHIX:WBDM
77GF Score
WeBuild SpA CHIX:WBDM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

WeBuild SpA 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 WeBuild SpA 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 * 0.8968+0.528 * 1.0414+0.404 * 0.9068+0.892 * 1.1459+0.115 * 1.0584
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8576+4.679 * -0.003841-0.327 * 1.0079
=-2.45

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €9,896 Mil.
Revenue was €12,636 Mil.
Gross Profit was €6,115 Mil.
Total Current Assets was €13,932 Mil.
Total Assets was €17,793 Mil.
Property, Plant and Equipment(Net PPE) was €2,209 Mil.
Depreciation, Depletion and Amortization(DDA) was €487 Mil.
Selling, General, & Admin. Expense(SGA) was €1,495 Mil.
Total Current Liabilities was €13,348 Mil.
Long-Term Debt & Capital Lease Obligation was €2,354 Mil.
Net Income was €240 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €308 Mil.
 Total Receivables was €9,630 Mil.
Revenue was €11,027 Mil.
Gross Profit was €5,557 Mil.
Total Current Assets was €14,681 Mil.
Total Assets was €18,249 Mil.
Property, Plant and Equipment(Net PPE) was €1,700 Mil.
Depreciation, Depletion and Amortization(DDA) was €402 Mil.
Selling, General, & Admin. Expense(SGA) was €1,521 Mil.
Total Current Liabilities was €13,836 Mil.
Long-Term Debt & Capital Lease Obligation was €2,141 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)
=(9896.144 / 12636.199) / (9629.654 / 11027.232)
=0.783158 / 0.873261
=0.8968

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)
=(5557.08 / 11027.232) / (6114.993 / 12636.199)
=0.503942 / 0.483927
=1.0414

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 - (13932.108 + 2208.995) / 17793.27) / (1 - (14680.809 + 1699.59) / 18249.08)
=0.092853 / 0.102399
=0.9068

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
=12636.199 / 11027.232
=1.1459

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))
=(402.055 / (402.055 + 1699.59)) / (487.356 / (487.356 + 2208.995))
=0.191305 / 0.180746
=1.0584

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)
=(1494.771 / 12636.199) / (1521.068 / 11027.232)
=0.118293 / 0.137937
=0.8576

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)
=((2353.976 + 13348.244) / 17793.27) / ((2141.486 + 13836.217) / 18249.08)
=0.882481 / 0.875535
=1.0079

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
=(239.847 - 0 - 308.185) / 17793.27
=-0.003841

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.

WeBuild SpA has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.45 mean?
WeBuild SpA (CHIX:WBDM) has a Beneish M-Score of -2.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WeBuild SpA and its competitors. According to the industry distribution chart, WeBuild SpA ranks #892 out of 1704 companies in the Construction industry, placing it in the top 52.3%.
Is WeBuild SpA's Beneish M-Score too high?
WeBuild SpA's current Beneish M-Score is -2.45. Based on the distribution chart, WeBuild SpA ranks #892 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, WeBuild SpA has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does WeBuild SpA's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, WeBuild SpA ranks #892 out of 1704 companies for Beneish M-Score. This places WeBuild SpA 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 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 WeBuild SpA and its competitors. WeBuild SpA's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WeBuild SpA stock overvalued right now?
Based on GuruFocus' analysis, WeBuild SpA (CHIX:WBDM) is currently considered Modestly Undervalued. The stock's GF Value™ is €3.43, compared to a current price of €2.50 — trading 27.2% below its estimated fair value. The current Beneish M-Score is -2.45. WeBuild SpA's overall GF Score™ is 77/100 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 WeBuild SpA (CHIX:WBDM), the current Beneish M-Score is -2.45 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 WeBuild SpA (CHIX:WBDM) Overvalued in 2026?

Based on GuruFocus' analysis, WeBuild SpA stock appears to be undervalued. The current stock price of €2.50 is trading 27.2% below its estimated GF Value™ of €3.43. GuruFocus considers WeBuild SpA to be Modestly Undervalued.

Key valuation signals for CHIX:WBDM:

  • Beneish M-Score: -2.45
  • GF Value™: €3.43 vs. price of €2.50 (27.2% below fair value)
  • GF Score™: 77/100 with 4 warning signs

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

WeBuild SpA Business Description

Address Milanofiori Strada 6 - Palazzo L, Milanofiori Business Center, Milan, ITA, 20089
WeBuild SpA is a construction company specializing in building large works and complex infrastructure for sustainable mobility, hydroelectric energy, water, green buildings, and the tunneling sectors.
77GF Score

Get the complete analysis for CHIX:WBDM

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

€2.50
Price
€3.43
GF Value