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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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Przedsiebiorstwo Komunalne AQUA's Beneish M-Score or its related term are showing as below:
FRA:9S0'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.78 Max: -1.89
Current: -1.89
During the past 13 years, the highest Beneish M-Score of Przedsiebiorstwo Komunalne AQUA was -1.89. The lowest was -3.33. And the median was -2.78.
* 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.
Przedsiebiorstwo Komunalne AQUA Beneish M-Score Chart
FRA:9S0 vs AWK, WTRG, AWR: Beneish M-Score Comparison
For the Utilities - Regulated Water subindustry, Przedsiebiorstwo Komunalne AQUA'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.
Przedsiebiorstwo Komunalne AQUA Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Przedsiebiorstwo Komunalne AQUA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Przedsiebiorstwo Komunalne AQUA's Beneish M-Score falls into.
Przedsiebiorstwo Komunalne AQUA Beneish M-Score Calculation
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 Przedsiebiorstwo Komunalne AQUA 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 * 1.0998
+
0.528 * 0.9301
+
0.404 * 2.611
+
0.892 * 1.0307
+
0.115 * 1.0853
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.039174
-
0.327 * 0.9216
=
-1.89
* 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))
=
(8.188 / (8.188 + 96.818))
/
(7.846 / (7.846 + 101.357))
=
0.077976
/
0.071848
=
1.0853
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
=
(2.802 - 0
-
7.866)
/
129.27
=
-0.039174
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.
Przedsiebiorstwo Komunalne AQUA has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
Przedsiebiorstwo Komunalne AQUA (FRA:9S0) has a Beneish M-Score of -1.89 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Przedsiebiorstwo Komunalne AQUA and its competitors. According to the industry distribution chart, Przedsiebiorstwo Komunalne AQUA ranks #440 out of 487 companies in the Utilities - Regulated industry, placing it in the top 90.3%.
Is Przedsiebiorstwo Komunalne AQUA's Beneish M-Score too high?
Przedsiebiorstwo Komunalne AQUA's current Beneish M-Score is -1.89. Based on the distribution chart, Przedsiebiorstwo Komunalne AQUA ranks #440 out of 487 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Przedsiebiorstwo Komunalne AQUA has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Przedsiebiorstwo Komunalne AQUA's Beneish M-Score compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, Przedsiebiorstwo Komunalne AQUA ranks #440 out of 487 companies for Beneish M-Score. This places Przedsiebiorstwo Komunalne AQUA 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Przedsiebiorstwo Komunalne AQUA and its competitors. Przedsiebiorstwo Komunalne AQUA's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Przedsiebiorstwo Komunalne AQUA stock overvalued right now?
Przedsiebiorstwo Komunalne AQUA (FRA:9S0) has a current Beneish M-Score of -1.89. The stock's GF Value™ is €2.94, compared to a current price of €2.60 — trading 11.6% below its estimated fair value. The current Beneish M-Score is -1.89. Przedsiebiorstwo Komunalne AQUA's overall GF Score™ is 75/100 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 Przedsiebiorstwo Komunalne AQUA (FRA:9S0), the current Beneish M-Score is -1.89 as of Aug. 07, 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 Przedsiebiorstwo Komunalne AQUA (FRA:9S0) Overvalued in 2026?
Based on GuruFocus' analysis, Przedsiebiorstwo Komunalne AQUA stock appears to be undervalued.
The current stock price of €2.60 is trading 11.6% below its estimated GF Value™ of €2.94.
Key valuation signals for FRA:9S0:
Beneish M-Score: -1.89
GF Value™: €2.94 vs. price of €2.60 (11.6% below fair value)
No single metric tells the full story. See the FRA:9S0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Przedsiebiorstwo Komunalne AQUA SA conducts water and sewage operations in Bielsko-Biala and neighboring communes. Its business activities include the recognition, treatment and distribution of water and the collection, treatment and discharge of sewage. services offered by the company include the supply of drinking water; sewerage; swimming pool; collection and testing of surface, underground, treated and sewage and sewage sludge samples; geodetic services; waste disposal services and liquid waste; disposal of emulsions and other wastes; and specialized services in the field of water supply and sewage network diagnostics. The services offered by Aqua are used by households, housing cooperatives, public institutions as well as industrial and service plants.
75GF Score
Get the complete analysis for FRA:9S0
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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