NFI GroupFRA:9NF +2.90%59 Beneish M-Score is -2.54 as of Jun. 25, 2026. GuruFocus rates FRA:9NF with a GF Score™ of 59/100 and a GF Value™ of €10.34 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 1,273 Vehicles & Parts companies, NFI Group ranks worse than 50.35% on this metric.
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 NFI Group's Beneish M-Score or its related term are showing as below:
FRA:9NF'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.45 Max: -0.93
Current: -2.54
During the past 13 years, the highest Beneish M-Score of NFI Group was -0.93. The lowest was -2.85. And the median was -2.45.
NFI Group Beneish M-Score Related Terms
NFI Group Beneish M-Score Historical Data
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The historical data trend for NFI Group'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:9NF vs TSLA, GM, F: Beneish M-Score Comparison
For the Auto Manufacturers subindustry, NFI Group'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.
NFI Group Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, NFI Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NFI Group'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 NFI Group 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 * 1.0817
+
0.528 * 1.3444
+
0.404 * 0.9297
+
0.892 * 1.0321
+
0.115 * 1.0413
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0582
+
4.679 * -0.06639
-
0.327 * 1.0523
=
-2.56
* 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))
=
(71.514 / (71.514 + 282.767))
/
(68.182 / (68.182 + 283.538))
=
0.201857
/
0.193853
=
1.0413
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
=
(-107.681 - 15.416
-
65.456)
/
2840.09
=
-0.06639
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.
NFI Group has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
NFI Group (FRA:9NF) has a Beneish M-Score of -2.54 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NFI Group and its competitors. According to the industry distribution chart, NFI Group ranks #641 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 50.4%.
Is NFI Group's Beneish M-Score too high?
NFI Group's current Beneish M-Score is -2.54. Based on the distribution chart, NFI Group ranks #641 out of 1273 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, NFI Group has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NFI Group's Beneish M-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, NFI Group ranks #641 out of 1273 companies for Beneish M-Score. This places NFI Group 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 a Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 NFI Group and its competitors. NFI Group'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 NFI Group stock overvalued right now?
Based on GuruFocus' analysis, NFI Group (FRA:9NF) is currently considered Significantly Overvalued. The stock's GF Value™ is €10.34, compared to a current price of €14.20 — trading 37.3% above its estimated fair value. The current Beneish M-Score is -2.54. NFI Group's overall GF Score™ is 59/100 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 NFI Group (FRA:9NF), the current Beneish M-Score is -2.54 as of Jun. 25, 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 NFI Group (FRA:9NF) Overvalued in 2026?
Based on GuruFocus' analysis, NFI Group stock appears to be overvalued.
The current stock price of €14.20 is trading 37.3% above its estimated GF Value™ of €10.34.
GuruFocus considers NFI Group to be Significantly Overvalued.
Key valuation signals for FRA:9NF:
Beneish M-Score: -2.54
GF Value™: €10.34 vs. price of €14.20 (37.3% above fair value)
No single metric tells the full story. See the FRA:9NF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NFI Group Inc is a bus manufacturer providing a comprehensive suite of mass transportation solutions under brands: New Flyer(heavy-duty transit buses), Alexander Dennis Limited (ADL) (single and double-deck buses), Plaxton (motor coaches), MCI (motor coaches), ARBOC Specialty Vehicles, LLC (ARBOC) (low-floor cutaway and medium-duty buses) and NFI Parts (aftermarket parts sales). The company has two reportable segments which are the company's strategic business units: Manufacturing Operations and Aftermarket Operations. It generates majority revenue from Manufacturing Operations. Geographically, the company generates majority of its revenue from North America and rest from United Kingdom, Europe and Asia Pacific region.
59GF Score
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