SPAR Group (FRA:PMH) Beneish M-Score: -2.75 (As of Jun. 26, 2026)


FRA:PMH SPAR Group Inc FRA:PMH
25 GF Score
Price €0.69
GF Value €0.73
Valuation Fairly Valued
! 8 Warning Signs
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What is SPAR Group Beneish M-Score?

SPAR Group FRA:PMH +3.01% 25 Beneish M-Score is -2.75 as of Jun. 26, 2026. GuruFocus rates FRA:PMH with a GF Score™ of 25/100 and a GF Value™ of €0.73 (Fairly Valued). The stock has 8 warning signs investors should review. Among 1,020 Business Services companies, SPAR Group ranks better than 65.59% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SPAR Group's Beneish M-Score or its related term are showing as below:

FRA:PMH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7   Med: -2.46   Max: 12.51
Current: -2.75

During the past 13 years, the highest Beneish M-Score of SPAR Group was 12.51. The lowest was -3.70. And the median was -2.46.

SPAR Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SPAR Group'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.

SPAR Group Beneish M-Score Chart

SPAR Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.36 -2.17 -0.97 -1.24 -2.46

SPAR Group Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.31 11.96 0.00 -2.46 -2.75

FRA:PMH vs THH, CAHO, WHLM: Beneish M-Score Comparison

For the Specialty Business Services subindustry, SPAR Group'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.

SPAR Group Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, SPAR Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SPAR Group's Beneish M-Score falls into.


FRA:PMH
25GF Score
SPAR Group Inc FRA:PMH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SPAR Group Beneish M-Score Calculation

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 SPAR Group 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 * 0.9993+0.528 * 1.3075+0.404 * 0.7232+0.892 * 0.8295+0.115 * 1.7249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1311+4.679 * -0.017762-0.327 * 1.5408
=-2.78

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €29.3 Mil.
Revenue was 26.398 + 18.803 + 35.286 + 33.491 = €114.0 Mil.
Gross Profit was 5.892 + -1.994 + 6.552 + 7.857 = €18.3 Mil.
Total Current Assets was €33.5 Mil.
Total Assets was €44.1 Mil.
Property, Plant and Equipment(Net PPE) was €7.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.9 Mil.
Selling, General, & Admin. Expense(SGA) was €27.9 Mil.
Total Current Liabilities was €38.3 Mil.
Long-Term Debt & Capital Lease Obligation was €5.8 Mil.
Net Income was -0.478 + -13.94 + -7.467 + -0.001 = €-21.9 Mil.
Non Operating Income was -0.198 + -1.3 + -3.818 + -0.006 = €-5.3 Mil.
Cash Flow from Operations was -3.389 + -2.119 + -3.461 + -6.811 = €-15.8 Mil.
 Total Receivables was €35.4 Mil.
Revenue was 31.488 + 31.556 + 34.047 + 40.32 = €137.4 Mil.
Gross Profit was 6.729 + 6.195 + 7.606 + 8.328 = €28.9 Mil.
Total Current Assets was €54.6 Mil.
Total Assets was €64.9 Mil.
Property, Plant and Equipment(Net PPE) was €3.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.8 Mil.
Selling, General, & Admin. Expense(SGA) was €29.8 Mil.
Total Current Liabilities was €40.1 Mil.
Long-Term Debt & Capital Lease Obligation was €1.9 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(29.304 / 113.978) / (35.353 / 137.411)
=0.257102 / 0.257279
=0.9993

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(28.858 / 137.411) / (18.307 / 113.978)
=0.210012 / 0.160619
=1.3075

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (33.541 + 7.114) / 44.138) / (1 - (54.632 + 3.188) / 64.902)
=0.078912 / 0.109118
=0.7232

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=113.978 / 137.411
=0.8295

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(1.774 / (1.774 + 3.188)) / (1.86 / (1.86 + 7.114))
=0.357517 / 0.207265
=1.7249

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(27.927 / 113.978) / (29.766 / 137.411)
=0.245021 / 0.21662
=1.1311

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5.808 + 38.252) / 44.138) / ((1.902 + 40.147) / 64.902)
=0.998233 / 0.647885
=1.5408

8. TATA = Total Accruals to Total Assets

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
=(-21.886 - -5.322 - -15.78) / 44.138
=-0.017762

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.

SPAR Group has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.75 mean?
SPAR Group (FRA:PMH) has a Beneish M-Score of -2.75 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SPAR Group and its competitors. According to the industry distribution chart, SPAR Group ranks #351 out of 1020 companies in the Business Services industry, placing it in the top 34.4%.
Is SPAR Group's Beneish M-Score too high?
SPAR Group's current Beneish M-Score is -2.75. Based on the distribution chart, SPAR Group ranks #351 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, SPAR Group has a GF Score™ of 25/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SPAR Group's Beneish M-Score compare to THH and CAHO?
According to the Business Services industry distribution chart, SPAR Group ranks #351 out of 1020 companies for Beneish M-Score. This puts SPAR Group 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 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 SPAR Group and its competitors. SPAR Group's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SPAR Group stock overvalued right now?
Based on GuruFocus' analysis, SPAR Group (FRA:PMH) is currently considered Fairly Valued. The stock's GF Value™ is €0.73, compared to a current price of €0.69 — trading 6.2% below its estimated fair value. The current Beneish M-Score is -2.75. SPAR Group's overall GF Score™ is 25/100 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 SPAR Group (FRA:PMH), the current Beneish M-Score is -2.75 as of Jun. 26, 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 SPAR Group (FRA:PMH) Overvalued in 2026?

Based on GuruFocus' analysis, SPAR Group stock appears to be undervalued. The current stock price of €0.69 is trading 6.2% below its estimated GF Value™ of €0.73. GuruFocus considers SPAR Group to be Fairly Valued.

Key valuation signals for FRA:PMH:

  • Beneish M-Score: -2.75
  • GF Value™: €0.73 vs. price of €0.69 (6.2% below fair value)
  • GF Score™: 25/100 with 8 warning signs

No single metric tells the full story. See the FRA:PMH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SPAR Group Business Description

Other Exchanges SGRP:USA
Address 110 East Boulevard, Suite 1600, Charlotte, NC, USA, 28203
SPAR Group Inc is a merchandising and brand marketing services company, providing a broad range of sales-enhancing services to retailers across classes of trade and consumer goods manufacturers and distributors. The company provides five principal types of services: Merchandising, Marketing and Category Management, Remodel and Retail Transformation, Assembly and Installation, Fulfilment and Distribution, and Business Analytics and Insights. It operates in two segments, namely the U.S. and Canada, with the majority of the revenues deriving from the U.S. segment.
25GF Score

Get the complete analysis for FRA:PMH

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€0.69
Price
€0.73
GF Value