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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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Quest Resource Holding's Beneish M-Score or its related term are showing as below:
FRA:5ZK'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.69 Max: -1.66
Current: -3.18
During the past 13 years, the highest Beneish M-Score of Quest Resource Holding was -1.66. The lowest was -3.46. And the median was -2.69.
Quest Resource Holding Beneish M-Score Related Terms
Quest Resource Holding Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Quest Resource Holding'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:5ZK vs AWX, AQMS, OCLN: Beneish M-Score Comparison
For the Waste Management subindustry, Quest Resource Holding'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.
Quest Resource Holding Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Quest Resource Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quest Resource Holding'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 Quest Resource Holding 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 * 0.9557
+
0.528 * 0.9727
+
0.404 * 1.0881
+
0.892 * 0.7939
+
0.115 * 1.1242
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.982
+
4.679 * -0.120527
-
0.327 * 0.9901
=
-3.23
* 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))
=
(8.831 / (8.831 + 5.829))
/
(4.738 / (4.738 + 4.104))
=
0.602387
/
0.535852
=
1.1242
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
=
(-6.277 - -0.118
-
9.269)
/
128.004
=
-0.120527
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.
Quest Resource Holding has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.
Quest Resource Holding (FRA:5ZK) has a Beneish M-Score of -3.18 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Quest Resource Holding and its competitors. According to the industry distribution chart, Quest Resource Holding ranks #37 out of 226 companies in the Waste Management industry, placing it in the top 16.4%.
Is Quest Resource Holding's Beneish M-Score too high?
Quest Resource Holding's current Beneish M-Score is -3.18. Based on the distribution chart, Quest Resource Holding ranks #37 out of 226 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Quest Resource Holding has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Quest Resource Holding's Beneish M-Score compare to AWX and AQMS?
According to the Waste Management industry distribution chart, Quest Resource Holding ranks #37 out of 226 companies for Beneish M-Score. This places Quest Resource Holding in the top 16% of its industry — outperforming the majority of peers. 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Quest Resource Holding and its competitors. Quest Resource Holding's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Quest Resource Holding stock overvalued right now?
Based on GuruFocus' analysis, Quest Resource Holding (FRA:5ZK) is currently considered Possible Value Trap. The stock's GF Value™ is €4.35, compared to a current price of €1.11 — trading 74.5% below its estimated fair value. The current Beneish M-Score is -3.18. Quest Resource Holding's overall GF Score™ is 55/100 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 Quest Resource Holding (FRA:5ZK), the current Beneish M-Score is -3.18 as of Jul. 14, 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 Quest Resource Holding (FRA:5ZK) Overvalued in 2026?
Based on GuruFocus' analysis, Quest Resource Holding stock appears to be undervalued.
The current stock price of €1.11 is trading 74.5% below its estimated GF Value™ of €4.35.
GuruFocus considers Quest Resource Holding to be Possible Value Trap.
Key valuation signals for FRA:5ZK:
Beneish M-Score: -3.18
GF Value™: €4.35 vs. price of €1.11 (74.5% below fair value)
No single metric tells the full story. See the FRA:5ZK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Quest Resource Holding Corp is a national provider of waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses. The company creates customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables. The company's services focus on the waste streams and recyclables from box, grocers, and other specialty retailers; automotive after-market operations such as automotive maintenance, quick lube, dealerships, and collision repair; transportation, logistics, and fleet operators; manufacturing and industrial facilities; multi-family and commercial properties; restaurant chains and food operations, etc.
55GF Score
Get the complete analysis for FRA:5ZK
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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