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Federal SignalFRA:FSG 99 Beneish M-Score is -2.42 as of Aug. 03, 2026. GuruFocus rates FRA:FSG with a GF Score™ of 99/100 and a GF Value™ of €98.00 (Fairly Valued). The stock has 1 warning sign investors should review. Among 205 Farm & Heavy Construction Machinery companies, Federal Signal ranks worse than 53.66% on this metric.
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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Federal Signal's Beneish M-Score or its related term are showing as below:
FRA:FSG'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.73 Med: -2.34 Max: -2.1
Current: -2.42
During the past 13 years, the highest Beneish M-Score of Federal Signal was -2.10. The lowest was -2.73. And the median was -2.34.
The historical data trend for Federal Signal'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:FSG vs TEX, AGCO, OSK: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Federal Signal'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.
Federal Signal Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Federal Signal's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Federal Signal'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 Federal Signal 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 * 1.0352
+
0.528 * 0.9944
+
0.404 * 1.0768
+
0.892 * 1.1721
+
0.115 * 0.9787
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9015
+
4.679 * -0.027786
-
0.327 * 1.1377
=
-2.43
* 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))
=
(66.225 / (66.225 + 402.461))
/
(77.682 / (77.682 + 460.387))
=
0.141299
/
0.144372
=
0.9787
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
=
(245.575 - -16.263
-
320.687)
/
2117.92
=
-0.027786
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.
Federal Signal has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
Federal Signal (FRA:FSG) has a Beneish M-Score of -2.42 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Federal Signal and its competitors. According to the industry distribution chart, Federal Signal ranks #110 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 53.7%.
Is Federal Signal's Beneish M-Score too high?
Federal Signal's current Beneish M-Score is -2.42. Based on the distribution chart, Federal Signal ranks #110 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Federal Signal has a GF Score™ of 99/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Federal Signal's Beneish M-Score compare to TEX and AGCO?
According to the Farm & Heavy Construction Machinery industry distribution chart, Federal Signal ranks #110 out of 205 companies for Beneish M-Score. This places Federal Signal 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Federal Signal and its competitors. Federal Signal's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Federal Signal stock overvalued right now?
Based on GuruFocus' analysis, Federal Signal (FRA:FSG) is currently considered Fairly Valued. The stock's GF Value™ is €98.00, compared to a current price of €100.00 — trading 2% above its estimated fair value. The current Beneish M-Score is -2.42. Federal Signal's overall GF Score™ is 99/100 with 1 warning sign 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 Federal Signal (FRA:FSG), the current Beneish M-Score is -2.42 as of Aug. 03, 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 Federal Signal (FRA:FSG) Overvalued in 2026?
Based on GuruFocus' analysis, Federal Signal stock appears to be overvalued.
The current stock price of €100.00 is trading 2% above its estimated GF Value™ of €98.00.
GuruFocus considers Federal Signal to be Fairly Valued.
Key valuation signals for FRA:FSG:
Beneish M-Score: -2.42
GF Value™: €98.00 vs. price of €100.00 (2% above fair value)
No single metric tells the full story. See the FRA:FSG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Federal Signal Corp designs and manufactures products and integrated solutions for municipal, governmental, industrial, and airport customers. It operates through two segments. The Environmental Solutions Group manufactures and supplies street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks, high-performance water blasting equipment, dump truck bodies, and trailers. The Safety and Security Systems Group manufactures and supplies comprehensive systems and products used by law enforcement, fire rescue, and industrial sites to protect people and property. Its offerings include systems for community alerting and industrial communications. The company generates the majority of its revenue from the Environmental Solutions Group segment.
99GF Score
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