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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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eagle Materials's Beneish M-Score or its related term are showing as below:
FRA:E5M'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.64 Max: -2.27
Current: -2.78
During the past 13 years, the highest Beneish M-Score of Eagle Materials was -2.27. The lowest was -3.39. And the median was -2.64.
Eagle Materials Beneish M-Score Related Terms
Eagle Materials Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Eagle Materials'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:E5M vs KNF, USLM, TTAM: Beneish M-Score Comparison
For the Building Materials subindustry, Eagle Materials'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.
Eagle Materials Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Eagle Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eagle Materials'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 Eagle Materials 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 * 1.181
+
0.528 * 1.0885
+
0.404 * 0.8758
+
0.892 * 0.9609
+
0.115 * 1.1887
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0988
+
4.679 * -0.064104
-
0.327 * 1.1222
=
-2.69
* 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))
=
(146.987 / (146.987 + 1623.64))
/
(142.106 / (142.106 + 1892.791))
=
0.083014
/
0.069834
=
1.1887
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
=
(345.614 - 20.545
-
542.527)
/
3392.287
=
-0.064104
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.
Eagle Materials has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
Eagle Materials (FRA:E5M) has a Beneish M-Score of -2.78 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eagle Materials and its competitors. According to the industry distribution chart, Eagle Materials ranks #115 out of 385 companies in the Building Materials industry, placing it in the top 29.9%.
Is Eagle Materials' Beneish M-Score too high?
Eagle Materials' current Beneish M-Score is -2.78. Based on the distribution chart, Eagle Materials ranks #115 out of 385 companies in the Building Materials industry, which is above the industry midpoint. Overall, Eagle Materials has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Eagle Materials' Beneish M-Score compare to KNF and USLM?
According to the Building Materials industry distribution chart, Eagle Materials ranks #115 out of 385 companies for Beneish M-Score. This puts Eagle Materials 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Eagle Materials and its competitors. Eagle Materials's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eagle Materials stock overvalued right now?
Based on GuruFocus' analysis, Eagle Materials (FRA:E5M) is currently considered Modestly Undervalued. The stock's GF Value™ is €220.36, compared to a current price of €192.00 — trading 12.9% below its estimated fair value. The current Beneish M-Score is -2.78. Eagle Materials' overall GF Score™ is 95/100 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 Eagle Materials (FRA:E5M), the current Beneish M-Score is -2.78 as of Jul. 30, 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 Eagle Materials (FRA:E5M) Overvalued in 2026?
Based on GuruFocus' analysis, Eagle Materials stock appears to be undervalued.
The current stock price of €192.00 is trading 12.9% below its estimated GF Value™ of €220.36.
GuruFocus considers Eagle Materials to be Modestly Undervalued.
Key valuation signals for FRA:E5M:
Beneish M-Score: -2.78
GF Value™: €220.36 vs. price of €192.00 (12.9% below fair value)
No single metric tells the full story. See the FRA:E5M stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eagle Materials Inc is engaged in the manufacture of heavy construction products and light building materials. Its primary products, Cement and Gypsum Wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America. The business is organized into two sectors: Heavy Materials, which includes the Cement and Concrete and Aggregates segments, and Light Materials, which includes the Gypsum Wallboard and Recycled Paperboard segments. The primary end market for the Cement and Concrete and Aggregates segments is infrastructure, while the primary end market for the Gypsum Wallboard and Recycled Paperboard segments is residential construction.
95GF Score
Get the complete analysis for FRA:E5M
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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