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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CRA International's Beneish M-Score or its related term are showing as below:
FRA:CR2'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.61 Max: -1.95
Current: -1.95
During the past 13 years, the highest Beneish M-Score of CRA International was -1.95. The lowest was -3.03. And the median was -2.61.
CRA International Beneish M-Score Related Terms
CRA International Beneish M-Score Historical Data
* Premium members only.
The historical data trend for CRA International'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:CR2 vs ICFI, ROMA, SBC: Beneish M-Score Comparison
For the Consulting Services subindustry, CRA International'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.
CRA International Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, CRA International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CRA International'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 CRA International 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 * 1.0085
+
0.528 * 1.0529
+
0.404 * 1.1092
+
0.892 * 1.0237
+
0.115 * 0.8792
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9761
+
4.679 * 0.091658
-
0.327 * 1.1457
=
-2.01
* 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))
=
(25.724 / (25.724 + 112.33))
/
(25.221 / (25.221 + 93.777))
=
0.186333
/
0.211945
=
0.8792
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
=
(41.174 - -0.299
-
-11.046)
/
572.988
=
0.091658
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.
CRA International has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
CRA International (FRA:CR2) has a Beneish M-Score of -1.95 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CRA International and its competitors. According to the industry distribution chart, CRA International ranks #824 out of 1020 companies in the Business Services industry, placing it in the top 80.8%.
Is CRA International's Beneish M-Score too high?
CRA International's current Beneish M-Score is -1.95. Based on the distribution chart, CRA International ranks #824 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, CRA International has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CRA International's Beneish M-Score compare to ICFI and ROMA?
According to the Business Services industry distribution chart, CRA International ranks #824 out of 1020 companies for Beneish M-Score. This places CRA International 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 CRA International and its competitors. CRA International's current Beneish M-Score is -1.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CRA International stock overvalued right now?
Based on GuruFocus' analysis, CRA International (FRA:CR2) is currently considered Modestly Undervalued. The stock's GF Value™ is €179.82, compared to a current price of €130.00 — trading 27.7% below its estimated fair value. The current Beneish M-Score is -1.95. CRA International's overall GF Score™ is 81/100 with 2 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 CRA International (FRA:CR2), the current Beneish M-Score is -1.95 as of Jun. 27, 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 CRA International (FRA:CR2) Overvalued in 2026?
Based on GuruFocus' analysis, CRA International stock appears to be undervalued.
The current stock price of €130.00 is trading 27.7% below its estimated GF Value™ of €179.82.
GuruFocus considers CRA International to be Modestly Undervalued.
Key valuation signals for FRA:CR2:
Beneish M-Score: -1.95
GF Value™: €179.82 vs. price of €130.00 (27.7% below fair value)
No single metric tells the full story. See the FRA:CR2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CRA International Inc is a consulting firm specializing in providing economic, financial and management consulting services. The company provides advisory services on economic and financial matters related to litigation and regulatory proceedings, and advises corporations on business and performance-related matters. Its consulting services are organized into two areas: litigation, regulatory and financial consulting, and management consulting. The company's clients include domestic and foreign companies, government agencies, public and private utilities, and national and international trade associations. It derives revenues by providing professional and consulting services. Geographically, the maximum revenue is derived from the United States, followed by United Kingdom and other regions.
81GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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