Ormat TechnologiesFRA:HNM -6.07%85 Beneish M-Score is -2.57 as of Jun. 27, 2026. GuruFocus rates FRA:HNM with a GF Score™ of 85/100 and a GF Value™ of €90.72 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Ormat Technologies ranks worse than 54.1% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ormat Technologies's Beneish M-Score or its related term are showing as below:
FRA:HNM'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.59 Max: -1.63
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Ormat Technologies was -1.63. The lowest was -2.98. And the median was -2.59.
Ormat Technologies Beneish M-Score Related Terms
Ormat Technologies Beneish M-Score Historical Data
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The historical data trend for Ormat Technologies'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:HNM vs MWH, CWEN, FRVO: Beneish M-Score Comparison
For the Utilities - Renewable subindustry, Ormat Technologies'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.
Ormat Technologies Beneish M-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Ormat Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ormat Technologies'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 Ormat Technologies 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 * 0.761
+
0.528 * 1.0963
+
0.404 * 0.9235
+
0.892 * 1.2182
+
0.115 * 0.9954
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8744
+
4.679 * -0.032191
-
0.327 * 1.0931
=
-2.65
* 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))
=
(250.775 / (250.775 + 4049.608))
/
(256.7 / (256.7 + 4125.115))
=
0.058315
/
0.058583
=
0.9954
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
=
(109.775 - 18.201
-
280.156)
/
5858.159
=
-0.032191
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.
Ormat Technologies has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Ormat Technologies (FRA:HNM) has a Beneish M-Score of -2.57 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ormat Technologies and its competitors. According to the industry distribution chart, Ormat Technologies ranks #211 out of 390 companies in the Utilities - Independent Power Producers industry, placing it in the top 54.1%.
Is Ormat Technologies' Beneish M-Score too high?
Ormat Technologies' current Beneish M-Score is -2.57. Based on the distribution chart, Ormat Technologies ranks #211 out of 390 companies in the Utilities - Independent Power Producers industry, which is below the industry midpoint. Overall, Ormat Technologies has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ormat Technologies' Beneish M-Score compare to MWH and CWEN?
According to the Utilities - Independent Power Producers industry distribution chart, Ormat Technologies ranks #211 out of 390 companies for Beneish M-Score. This places Ormat Technologies 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 Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Ormat Technologies and its competitors. Ormat Technologies's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ormat Technologies stock overvalued right now?
Based on GuruFocus' analysis, Ormat Technologies (FRA:HNM) is currently considered Modestly Overvalued. The stock's GF Value™ is €90.72, compared to a current price of €103.70 — trading 14.3% above its estimated fair value. The current Beneish M-Score is -2.57. Ormat Technologies' overall GF Score™ is 85/100 with 8 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 Ormat Technologies (FRA:HNM), the current Beneish M-Score is -2.57 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 Ormat Technologies (FRA:HNM) Overvalued in 2026?
Based on GuruFocus' analysis, Ormat Technologies stock appears to be overvalued.
The current stock price of €103.70 is trading 14.3% above its estimated GF Value™ of €90.72.
GuruFocus considers Ormat Technologies to be Modestly Overvalued.
Key valuation signals for FRA:HNM:
Beneish M-Score: -2.57
GF Value™: €90.72 vs. price of €103.70 (14.3% above fair value)
No single metric tells the full story. See the FRA:HNM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ormat Technologies Inc is engaged in the geothermal and recovered energy power business. It is engaged in three business segments: the Electricity Segment. where the company develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the United States and geothermal power plants in other countries and sells the electricity generated. Product Segment includes designing, manufacturing, and selling equipment for geothermal and recovered energy-based electricity generation and providing services relating to the engineering, procurement, and construction of geothermal & recovered energy-based power plants. Energy Storage Segment includes owning & operating grid-connected which provide capacity, energy, & ancillary services directly to the electric grid.
85GF Score
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