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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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Graham Holdings Co's Beneish M-Score or its related term are showing as below:
FRA:WPOB'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.54 Max: -1.68
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Graham Holdings Co was -1.68. The lowest was -2.88. And the median was -2.54.
Graham Holdings Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Graham Holdings Co'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:WPOB vs SEB, OTTR, TTI: Beneish M-Score Comparison
For the Conglomerates subindustry, Graham Holdings Co'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.
Graham Holdings Co Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Graham Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Graham Holdings Co'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 Graham Holdings Co 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 * 1.0817
+
0.528 * 1.0384
+
0.404 * 0.9838
+
0.892 * 0.9881
+
0.115 * 1.1128
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9831
+
4.679 * -0.030817
-
0.327 * 0.9513
=
-2.51
* 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))
=
(158.147 / (158.147 + 825.2))
/
(142.825 / (142.825 + 845.455))
=
0.160825
/
0.144519
=
1.1128
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
=
(466.755 - 404.32
-
280.201)
/
7066.483
=
-0.030817
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.
Graham Holdings Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Graham Holdings Co (FRA:WPOB) has a Beneish M-Score of -2.53 as of Aug. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Graham Holdings Co and its competitors. According to the industry distribution chart, Graham Holdings Co ranks #247 out of 528 companies in the Conglomerates industry, placing it in the top 46.8%.
Is Graham Holdings Co's Beneish M-Score too high?
Graham Holdings Co's current Beneish M-Score is -2.53. Based on the distribution chart, Graham Holdings Co ranks #247 out of 528 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Graham Holdings Co has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does Graham Holdings Co's Beneish M-Score compare to SEB and OTTR?
According to the Conglomerates industry distribution chart, Graham Holdings Co ranks #247 out of 528 companies for Beneish M-Score. This puts Graham Holdings Co 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Graham Holdings Co and its competitors. Graham Holdings Co's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Graham Holdings Co stock overvalued right now?
Graham Holdings Co (FRA:WPOB) has a current Beneish M-Score of -2.53. The stock's GF Value™ is €861.67, compared to a current price of €1,050.00 — trading 21.9% above its estimated fair value. The current Beneish M-Score is -2.53. Graham Holdings Co's overall GF Score™ is 91/100 with 9 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 Graham Holdings Co (FRA:WPOB), the current Beneish M-Score is -2.53 as of Aug. 06, 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 Graham Holdings Co (FRA:WPOB) Overvalued in 2026?
Based on GuruFocus' analysis, Graham Holdings Co stock appears to be overvalued.
The current stock price of €1,050.00 is trading 21.9% above its estimated GF Value™ of €861.67.
Key valuation signals for FRA:WPOB:
Beneish M-Score: -2.53
GF Value™: €861.67 vs. price of €1,050.00 (21.9% above fair value)
No single metric tells the full story. See the FRA:WPOB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Graham Holdings Company is a diversified holding company with operations spanning educational services, television broadcasting, healthcare, manufacturing, automotive dealerships, and other businesses. The Company's education activities are conducted through Kaplan, whose services include academic preparation programs for international students, English-language programs, exam preparation, and career and academic advisement. These services are provided to students, schools, and colleges, both domestically and outside the United States. It operates through seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing and Automotive, with key revenue coming from the Education and Automotive segments.
91GF Score
Get the complete analysis for FRA:WPOB
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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