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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 -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Evolution PowerX's Beneish M-Score or its related term are showing as below:
FRA:3EO'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.16 Med: -2.86 Max: -1.99
Current: -2.91
During the past 13 years, the highest Beneish M-Score of Evolution PowerX was -1.99. The lowest was -4.16. And the median was -2.86.
The historical data trend for Evolution PowerX'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:3EO vs SLB, BKR, FTI: Beneish M-Score Comparison
For the Oil & Gas Equipment & Services subindustry, Evolution PowerX'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.
Evolution PowerX Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Evolution PowerX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evolution PowerX'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 Evolution PowerX 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 * 0.8774
+
0.528 * 1.018
+
0.404 * 1.4926
+
0.892 * 1.0974
+
0.115 * 1.108
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0091
+
4.679 * -0.067687
-
0.327 * 2.0276
=
-2.94
* 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))
=
(3.243 / (3.243 + 48.5))
/
(3.611 / (3.611 + 60.225))
=
0.062675
/
0.056567
=
1.108
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
=
(1.846 - -0.386
-
7.926)
/
84.123
=
-0.067687
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.
Evolution PowerX has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
Evolution PowerX (FRA:3EO) has a Beneish M-Score of -2.91 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Evolution PowerX and its competitors. According to the industry distribution chart, Evolution PowerX ranks #265 out of 828 companies in the Oil & Gas industry, placing it in the top 32%.
Is Evolution PowerX's Beneish M-Score too high?
Evolution PowerX's current Beneish M-Score is -2.91. Based on the distribution chart, Evolution PowerX ranks #265 out of 828 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Evolution PowerX has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Evolution PowerX's Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Evolution PowerX ranks #265 out of 828 companies for Beneish M-Score. This puts Evolution PowerX 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 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 Evolution PowerX and its competitors. Evolution PowerX's current Beneish M-Score is -2.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Evolution PowerX stock overvalued right now?
Based on GuruFocus' analysis, Evolution PowerX (FRA:3EO) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.81, compared to a current price of €0.98 — trading 21.6% above its estimated fair value. The current Beneish M-Score is -2.91. Evolution PowerX's overall GF Score™ is 81/100 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 Evolution PowerX (FRA:3EO), the current Beneish M-Score is -2.91 as of Aug. 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 Evolution PowerX (FRA:3EO) Overvalued in 2026?
Based on GuruFocus' analysis, Evolution PowerX stock appears to be overvalued.
The current stock price of €0.98 is trading 21.6% above its estimated GF Value™ of €0.81.
GuruFocus considers Evolution PowerX to be Modestly Overvalued.
Key valuation signals for FRA:3EO:
Beneish M-Score: -2.91
GF Value™: €0.81 vs. price of €0.98 (21.6% above fair value)
No single metric tells the full story. See the FRA:3EO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Enterprise Group Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas and other harmful emissions for itself and its clients.
81GF Score
Get the complete analysis for FRA:3EO
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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