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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 -2.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ACI Formulations's Beneish M-Score or its related term are showing as below:
DHA:ACIFORMULA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.22 Max: -0.63
Current: -2.02
During the past 13 years, the highest Beneish M-Score of ACI Formulations was -0.63. The lowest was -3.05. And the median was -2.22.
ACI Formulations Beneish M-Score Related Terms
ACI Formulations Beneish M-Score Historical Data
* Premium members only.
The historical data trend for ACI Formulations'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.
DHA:ACIFORMULA vs CTVA, CF, MOS: Beneish M-Score Comparison
For the Agricultural Inputs subindustry, ACI Formulations'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.
ACI Formulations Beneish M-Score vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, ACI Formulations's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACI Formulations'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 ACI Formulations 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 * 0.945
+
0.528 * 1.067
+
0.404 * 0.9778
+
0.892 * 1.1139
+
0.115 * 1.024
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0992
+
4.679 * 0.086433
-
0.327 * 1.028
=
-2.02
* 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))
=
(47.808 / (47.808 + 2585.169))
/
(50.874 / (50.874 + 2818.276))
=
0.018157
/
0.017731
=
1.024
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
=
(352.592 - 0
-
-456.584)
/
9361.878
=
0.086433
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.
ACI Formulations has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
ACI Formulations (DHA:ACIFORMULA) has a Beneish M-Score of -2.02 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ACI Formulations and its competitors. According to the industry distribution chart, ACI Formulations ranks #165 out of 243 companies in the Agriculture industry, placing it in the top 67.9%.
Is ACI Formulations' Beneish M-Score too high?
ACI Formulations' current Beneish M-Score is -2.02. Based on the distribution chart, ACI Formulations ranks #165 out of 243 companies in the Agriculture industry, which is below the industry midpoint. Overall, ACI Formulations has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ACI Formulations' Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, ACI Formulations ranks #165 out of 243 companies for Beneish M-Score. This places ACI Formulations 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 an Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 ACI Formulations and its competitors. ACI Formulations's current Beneish M-Score is -2.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ACI Formulations stock overvalued right now?
Based on GuruFocus' analysis, ACI Formulations (DHA:ACIFORMULA) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT149.51, compared to a current price of BDT172.00 — trading 15% above its estimated fair value. The current Beneish M-Score is -2.02. ACI Formulations' overall GF Score™ is 88/100 with 8 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 ACI Formulations (DHA:ACIFORMULA), the current Beneish M-Score is -2.02 as of Jul. 28, 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 ACI Formulations (DHA:ACIFORMULA) Overvalued in 2026?
Based on GuruFocus' analysis, ACI Formulations stock appears to be overvalued.
The current stock price of BDT172.00 is trading 15% above its estimated GF Value™ of BDT149.51.
GuruFocus considers ACI Formulations to be Modestly Overvalued.
Key valuation signals for DHA:ACIFORMULA:
Beneish M-Score: -2.02
GF Value™: BDT149.51 vs. price of BDT172.00 (15% above fair value)
No single metric tells the full story. See the DHA:ACIFORMULA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ACI Formulations PLC is engaged in the manufacturing and marketing of several agrochemical and consumer products. The company offers a complete range of cost-effective solutions for farmers through formulating and marketing insecticides, herbicides, fungicides, miticides, etc. Its businesses are Pharmaceuticals, Salt, Skincare & Antiseptics, Kitchen Care, Fabric Care, Surface Care, Herbal Care, Lavatory Care, and Others. The group's reportable segments are Crop Care and Public Health (CC & PH), which include manufacturing and selling crop care and public health products; Mosquito coil (M. Coil) includes manufacturing and selling mosquito coil products; Aerosol provides manufacturing and selling aerosol and air freshener products; and Paint covers manufacture and sell paint products.
88GF Score
Get the complete analysis for DHA:ACIFORMULA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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