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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.
Warning Sign:
Beneish M-Score -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Cohen & Steers's Beneish M-Score or its related term are showing as below:
FRA:FG9'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.86 Med: -2.12 Max: -0.1
Current: -1.53
During the past 13 years, the highest Beneish M-Score of Cohen & Steers was -0.10. The lowest was -5.86. And the median was -2.12.
The historical data trend for Cohen & Steers'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:FG9 vs DNP, FHI, OTF: Beneish M-Score Comparison
For the Asset Management subindustry, Cohen & Steers'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.
Cohen & Steers Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Cohen & Steers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cohen & Steers'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 Cohen & Steers 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 * 1.0623
+
0.528 * 0.9834
+
0.404 * 1.1418
+
0.892 * 1.0334
+
0.115 * 0.898
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0236
+
4.679 * 0.164209
-
0.327 * 0.7912
=
-1.52
* 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))
=
(12.736 / (12.736 + 145.215))
/
(13.3 / (13.3 + 134.816))
=
0.080633
/
0.089794
=
0.898
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
=
(144.803 - -0.932
-
17.315)
/
782.05
=
0.164209
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.
Cohen & Steers has a M-score of -1.52 signals that the company is likely to be a manipulator.
Cohen & Steers (FRA:FG9) has a Beneish M-Score of -1.53 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cohen & Steers and its competitors. According to the industry distribution chart, Cohen & Steers ranks #679 out of 951 companies in the Asset Management industry, placing it in the top 71.4%.
Is Cohen & Steers' Beneish M-Score too high?
Cohen & Steers' current Beneish M-Score is -1.53. Based on the distribution chart, Cohen & Steers ranks #679 out of 951 companies in the Asset Management industry, which is below the industry midpoint. Overall, Cohen & Steers has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Cohen & Steers' Beneish M-Score compare to DNP and FHI?
According to the Asset Management industry distribution chart, Cohen & Steers ranks #679 out of 951 companies for Beneish M-Score. This places Cohen & Steers 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Cohen & Steers and its competitors. Cohen & Steers's current Beneish M-Score is -1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cohen & Steers stock overvalued right now?
Cohen & Steers (FRA:FG9) has a current Beneish M-Score of -1.53. The stock's GF Value™ is €71.95, compared to a current price of €72.50 — trading 0.8% above its estimated fair value. The current Beneish M-Score is -1.53. Cohen & Steers' overall GF Score™ is 77/100 with 10 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 Cohen & Steers (FRA:FG9), the current Beneish M-Score is -1.53 as of Aug. 09, 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 Cohen & Steers (FRA:FG9) Overvalued in 2026?
Based on GuruFocus' analysis, Cohen & Steers stock appears to be overvalued.
The current stock price of €72.50 is trading 0.8% above its estimated GF Value™ of €71.95.
Key valuation signals for FRA:FG9:
Beneish M-Score: -1.53
GF Value™: €71.95 vs. price of €72.50 (0.8% above fair value)
No single metric tells the full story. See the FRA:FG9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests primarily in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for nearly two-thirds of its $99.5 billion in managed assets at the end of May 2026. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. The firm's distribution is balanced among its closed-end funds, open-end funds, and institutional accounts. During the past four calendar quarters, the company garnered 39% (25%) of its managed assets (base management fees) from institutional clients, 48% (55%) from open-end funds, and 13% (20%) from closed-end funds.
77GF Score
Get the complete analysis for FRA:FG9
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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