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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Apogee Enterprises's Beneish M-Score or its related term are showing as below:
FRA:ANP'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.69 Max: -2.08
Current: -2.69
During the past 13 years, the highest Beneish M-Score of Apogee Enterprises was -2.08. The lowest was -3.16. And the median was -2.69.
Apogee Enterprises Beneish M-Score Related Terms
Apogee Enterprises Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Apogee Enterprises'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:ANP vs NX, JBI, LMB: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Apogee Enterprises'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.
Apogee Enterprises Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Apogee Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apogee Enterprises'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 Apogee Enterprises 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 * 0.9246
+
0.528 * 1.1605
+
0.404 * 0.9859
+
0.892 * 0.9553
+
0.115 * 0.8082
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9419
+
4.679 * -0.06715
-
0.327 * 0.9065
=
-2.81
* 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))
=
(41.761 / (41.761 + 317.235))
/
(43.21 / (43.21 + 256.988))
=
0.116327
/
0.143938
=
0.8082
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
=
(46.306 - 5.972
-
104.093)
/
949.504
=
-0.06715
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.
Apogee Enterprises has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Apogee Enterprises (FRA:ANP) has a Beneish M-Score of -2.69 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Apogee Enterprises and its competitors. According to the industry distribution chart, Apogee Enterprises ranks #585 out of 1704 companies in the Construction industry, placing it in the top 34.3%.
Is Apogee Enterprises' Beneish M-Score too high?
Apogee Enterprises' current Beneish M-Score is -2.69. Based on the distribution chart, Apogee Enterprises ranks #585 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Apogee Enterprises has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Apogee Enterprises' Beneish M-Score compare to NX and JBI?
According to the Construction industry distribution chart, Apogee Enterprises ranks #585 out of 1704 companies for Beneish M-Score. This puts Apogee Enterprises 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 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 Apogee Enterprises and its competitors. Apogee Enterprises's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Apogee Enterprises stock overvalued right now?
Based on GuruFocus' analysis, Apogee Enterprises (FRA:ANP) is currently considered Modestly Undervalued. The stock's GF Value™ is €42.31, compared to a current price of €36.60 — trading 13.5% below its estimated fair value. The current Beneish M-Score is -2.69. Apogee Enterprises' overall GF Score™ is 71/100 with 5 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 Apogee Enterprises (FRA:ANP), the current Beneish M-Score is -2.69 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 Apogee Enterprises (FRA:ANP) Overvalued in 2026?
Based on GuruFocus' analysis, Apogee Enterprises stock appears to be undervalued.
The current stock price of €36.60 is trading 13.5% below its estimated GF Value™ of €42.31.
GuruFocus considers Apogee Enterprises to be Modestly Undervalued.
Key valuation signals for FRA:ANP:
Beneish M-Score: -2.69
GF Value™: €42.31 vs. price of €36.60 (13.5% below fair value)
No single metric tells the full story. See the FRA:ANP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Apogee Enterprises Inc is a provider of architectural products and services for enclosing buildings, and high-performance glass and acrylic products used in applications for preservation, protection, and enhanced viewing. The company's operating segment consists of the Architectural Metals Segment, Architectural Services Segment, Architectural Glass Segment, and Performance Surfaces Segment. The company generates the majority of its revenue from the Architectural Metals Segment, which designs, engineers, fabricates, and finishes aluminum window, curtainwall, storefront, and entrance systems used principally in non-residential construction. The company geographically operates in the United States, Canada, and Brazil, with the majority revenue generated from the United States.
71GF Score
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