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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for National Beverage's Beneish M-Score or its related term are showing as below:
FRA:20V'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.62 Max: -1.97
Current: -2.54
During the past 13 years, the highest Beneish M-Score of National Beverage was -1.97. The lowest was -3.06. And the median was -2.62.
National Beverage Beneish M-Score Related Terms
National Beverage Beneish M-Score Historical Data
* Premium members only.
The historical data trend for National Beverage'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.
FRA:20V vs COCO, SUJA, BUDA: Beneish M-Score Comparison
For the Beverages - Non-Alcoholic subindustry, National Beverage'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.
National Beverage Beneish M-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, National Beverage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Beverage'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 National Beverage 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 * 1.0089
+
0.528 * 0.9932
+
0.404 * 0.6649
+
0.892 * 0.9359
+
0.115 * 0.9457
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9946
+
4.679 * -0.012691
-
0.327 * 0.7864
=
-2.66
* 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))
=
(19.039 / (19.039 + 211.963))
/
(19.084 / (19.084 + 199.899))
=
0.082419
/
0.087148
=
0.9457
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
=
(162.518 - 1.547
-
169.53)
/
674.393
=
-0.012691
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.
National Beverage has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
National Beverage (FRA:20V) has a Beneish M-Score of -2.54 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Beverage and its competitors. According to the industry distribution chart, National Beverage ranks #51 out of 109 companies in the Beverages - Non-Alcoholic industry, placing it in the top 46.8%.
Is National Beverage's Beneish M-Score too high?
National Beverage's current Beneish M-Score is -2.54. Based on the distribution chart, National Beverage ranks #51 out of 109 companies in the Beverages - Non-Alcoholic industry, which is above the industry midpoint. Overall, National Beverage has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does National Beverage's Beneish M-Score compare to COCO and SUJA?
According to the Beverages - Non-Alcoholic industry distribution chart, National Beverage ranks #51 out of 109 companies for Beneish M-Score. This puts National Beverage in the upper 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 National Beverage and its competitors. National Beverage's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Beverage stock overvalued right now?
National Beverage (FRA:20V) has a current Beneish M-Score of -2.54. The stock's GF Value™ is €40.06, compared to a current price of €29.00 — trading 27.6% below its estimated fair value. The current Beneish M-Score is -2.54. National Beverage's overall GF Score™ is 78/100 with 2 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 National Beverage (FRA:20V), the current Beneish M-Score is -2.54 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 National Beverage (FRA:20V) Overvalued in 2026?
Based on GuruFocus' analysis, National Beverage stock appears to be undervalued.
The current stock price of €29.00 is trading 27.6% below its estimated GF Value™ of €40.06.
Key valuation signals for FRA:20V:
Beneish M-Score: -2.54
GF Value™: €40.06 vs. price of €29.00 (27.6% below fair value)
No single metric tells the full story. See the FRA:20V stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Beverage Corp is a non-alcoholic beverage company in the U.S. Its portfolio skews toward functional drinks (that is those purporting to offer health benefits) and is anchored by the popular LaCroix sparkling water trademark. Other offerings include Rip It energy drinks, Everfresh juices, and soda brands like Shasta and Faygo. The firm controls the majority of its production and distribution apparatus, with very little outsourcing. In terms of go-to-market, it uses warehouse distribution for retailers, direct-store delivery for convenience stores and other small outlets, and food-service distributors for the food-service channel (schools, hospitals, restaurants).
78GF Score
Get the complete analysis for FRA:20V
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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