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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 -3.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Badger Infrastructure Solutions's Beneish M-Score or its related term are showing as below:
FRA:6BD0'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.96 Med: -3.01 Max: -1.83
Current: -3.31
During the past 13 years, the highest Beneish M-Score of Badger Infrastructure Solutions was -1.83. The lowest was -3.96. And the median was -3.01.
Badger Infrastructure Solutions Beneish M-Score Related Terms
Badger Infrastructure Solutions Beneish M-Score Historical Data
* 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:6BD0 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Badger Infrastructure Solutions'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.
Badger Infrastructure Solutions Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Badger Infrastructure Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Badger Infrastructure Solutions'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 Badger Infrastructure Solutions 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 * 0.9671
+
0.528 * 1.0263
+
0.404 * 1.0206
+
0.892 * 1.0574
+
0.115 * 1.0243
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.4833
+
4.679 * -0.167931
-
0.327 * 1.0672
=
-3.32
* 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))
=
(74.185 / (74.185 + 413.311))
/
(80.222 / (80.222 + 459.742))
=
0.152176
/
0.148569
=
1.0243
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
=
(48.729 - 15.053
-
148.658)
/
684.696
=
-0.167931
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.
Badger Infrastructure Solutions has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
Badger Infrastructure Solutions (FRA:6BD0) has a Beneish M-Score of -3.31 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Badger Infrastructure Solutions and its competitors. According to the industry distribution chart, Badger Infrastructure Solutions ranks #168 out of 1699 companies in the Construction industry, placing it in the top 9.9%.
Is Badger Infrastructure Solutions' Beneish M-Score too high?
Badger Infrastructure Solutions' current Beneish M-Score is -3.31. Based on the distribution chart, Badger Infrastructure Solutions ranks #168 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Badger Infrastructure Solutions has a GF Score™ of 89/100, reflecting its overall financial health beyond just this single metric.
How does Badger Infrastructure Solutions' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Badger Infrastructure Solutions ranks #168 out of 1699 companies for Beneish M-Score. This places Badger Infrastructure Solutions in the top 10% 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Badger Infrastructure Solutions and its competitors. Badger Infrastructure Solutions's current Beneish M-Score is -3.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Badger Infrastructure Solutions stock overvalued right now?
Badger Infrastructure Solutions (FRA:6BD0) has a current Beneish M-Score of -3.31. The stock's GF Value™ is €34.70, compared to a current price of €57.00 — trading 64.3% above its estimated fair value. The current Beneish M-Score is -3.31. Badger Infrastructure Solutions' overall GF Score™ is 89/100 with 7 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 Badger Infrastructure Solutions (FRA:6BD0), the current Beneish M-Score is -3.31 as of Jul. 15, 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 Badger Infrastructure Solutions (FRA:6BD0) Overvalued in 2026?
Based on GuruFocus' analysis, Badger Infrastructure Solutions stock appears to be overvalued.
The current stock price of €57.00 is trading 64.3% above its estimated GF Value™ of €34.70.
Key valuation signals for FRA:6BD0:
Beneish M-Score: -3.31
GF Value™: €34.70 vs. price of €57.00 (64.3% above fair value)
No single metric tells the full story. See the FRA:6BD0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Badger Infrastructure Solutions Business Description
Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. The company manufactures and designs its truck-mounted hydrovac units into its existing and future design and manufacturing processes. It provides services to contractors and facility owners in a range of infrastructure industries, general commercial construction and industrial cleaning services.
89GF Score
Get the complete analysis for FRA:6BD0
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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