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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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Dawson Geophysical Co's Beneish M-Score or its related term are showing as below:
DWSN'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.05 Med: -3.42 Max: 1.87
Current: -2.37
During the past 13 years, the highest Beneish M-Score of Dawson Geophysical Co was 1.87. The lowest was -8.05. And the median was -3.42.
Dawson Geophysical Co Beneish M-Score Related Terms
Dawson Geophysical Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Dawson Geophysical Co'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.
DWSN vs NINE, STAK, OMSE: Beneish M-Score Comparison
For the Oil & Gas Equipment & Services subindustry, Dawson Geophysical Co'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.
Dawson Geophysical Co Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Dawson Geophysical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dawson Geophysical Co'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 Dawson Geophysical Co 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 * 0.3578
+
0.528 * 0.7498
+
0.404 * 0.7921
+
0.892 * 1.8631
+
0.115 * 1.5716
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6336
+
4.679 * 0.003452
-
0.327 * 0.9955
=
-2.37
* 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))
=
(5.186 / (5.186 + 13.889))
/
(7.207 / (7.207 + 34.453))
=
0.271874
/
0.172996
=
1.5716
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
=
(3.637 - 0.098
-
3.348)
/
55.324
=
0.003452
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.
Dawson Geophysical Co has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
Dawson Geophysical Co (DWSN) has a Beneish M-Score of -2.37 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dawson Geophysical Co and its competitors. According to the industry distribution chart, Dawson Geophysical Co ranks #555 out of 830 companies in the Oil & Gas industry, placing it in the top 66.9%.
Is Dawson Geophysical Co's Beneish M-Score too high?
Dawson Geophysical Co's current Beneish M-Score is -2.37. Based on the distribution chart, Dawson Geophysical Co ranks #555 out of 830 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Dawson Geophysical Co has a GF Score™ of 42/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dawson Geophysical Co's Beneish M-Score compare to NINE and STAK?
According to the Oil & Gas industry distribution chart, Dawson Geophysical Co ranks #555 out of 830 companies for Beneish M-Score. This places Dawson Geophysical Co 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 Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Dawson Geophysical Co and its competitors. Dawson Geophysical Co's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dawson Geophysical Co stock overvalued right now?
Based on GuruFocus' analysis, Dawson Geophysical Co (DWSN) is currently considered Significantly Overvalued. The stock's GF Value™ is $2.04, compared to a current price of $3.18 — trading 55.6% above its estimated fair value. The current Beneish M-Score is -2.37. Dawson Geophysical Co's overall GF Score™ is 42/100 with 1 warning sign 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 Dawson Geophysical Co (DWSN), the current Beneish M-Score is -2.37 as of Aug. 21, 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 Dawson Geophysical Co (DWSN) Overvalued in 2026?
Based on GuruFocus' analysis, Dawson Geophysical Co stock appears to be overvalued.
The current stock price of $3.18 is trading 55.6% above its estimated GF Value™ of $2.04.
GuruFocus considers Dawson Geophysical Co to be Significantly Overvalued.
Key valuation signals for DWSN:
Beneish M-Score: -2.37
GF Value™: $2.04 vs. price of $3.18 (55.6% above fair value)
No single metric tells the full story. See the DWSN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dawson Geophysical Co provides seismic data acquisition services mainly to providers of multi-client data libraries and directly to onshore oil and natural gas exploration and development companies in the continental U.S. and Canada. The demand for seismic services is largely influenced by drilling and completion activity, exploration budgets, and prevailing and anticipated crude oil and natural gas prices. Its data acquisition crews serve companies engaged in the exploration and development of oil and gas on land and in land-to-water transition areas. The business operates through two reportable segments, with U.S. operations generating the majority of revenue and Canada operations contributing additionally.
42GF Score
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