JHX (James Hardie Industries) Beneish M-Score: -1.74 (As of Jun. 25, 2026)

What is James Hardie Industries Beneish M-Score?

James Hardie Industries JHX +0.77% 46 Beneish M-Score is -1.74 as of Jun. 25, 2026. GuruFocus rates JHX with a GF Score™ of 46/100. The stock has 8 warning signs investors should review. Among 389 Building Materials companies, James Hardie Industries ranks worse than 87.66% 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.

Warning Sign:

Beneish M-Score -1.74 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JHX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.55 Max: -1.74
Current: -1.74

During the past 13 years, the highest Beneish M-Score of James Hardie Industries was -1.74. The lowest was -2.91. And the median was -2.55.

James Hardie Industries Beneish M-Score Related Terms

James Hardie Industries Beneish M-Score Historical Data

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The historical data trend for James Hardie Industries'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.

James Hardie Industries Beneish M-Score Chart

James Hardie Industries Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.50

-2.66

-2.84

-2.59

-1.74

James Hardie Industries 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															-2.59	-2.95	-1.98	-1.84	-1.74

JHX vs EXP, KNF, USLM: Beneish M-Score Comparison

For the Building Materials subindustry, James Hardie Industries'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.

James Hardie Industries Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, James Hardie Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where James Hardie Industries's Beneish M-Score falls into.

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46GF Score

James Hardie Industries PLC JHX

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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James Hardie Industries 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 James Hardie Industries for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0511

0.528 * 1.0852

0.404 * 2.5381

0.892 * 1.2471

0.115 * 0.6794

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2728

4.679 * -0.014691

0.327 * 1.1274

-1.74

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $521 Mil.
Revenue was 1403.9 + 1239.8 + 1292.2 + 899.9 = $4,836 Mil.
Gross Profit was 523.4 + 448.2 + 421.1 + 336.9 = $1,730 Mil.
Total Current Assets was $1,827 Mil.
Total Assets was $13,689 Mil.
Property, Plant and Equipment(Net PPE) was $3,319 Mil.
Depreciation, Depletion and Amortization(DDA) was $494 Mil.
Selling, General, & Admin. Expense(SGA) was $946 Mil.
Total Current Liabilities was $1,157 Mil.
Long-Term Debt & Capital Lease Obligation was $4,703 Mil.
Net Income was 28.5 + 68.7 + -55.8 + 62.6 = $104 Mil.
Non Operating Income was -108.7 + -5.7 + -129.1 + -41.2 = $-285 Mil.
Cash Flow from Operations was 134.4 + 201.1 + 47.4 + 206.9 = $590 Mil.

Total Receivables was $397 Mil.
Revenue was 971.5 + 953.3 + 960.8 + 991.9 = $3,878 Mil.
Gross Profit was 372.8 + 362.4 + 372.9 + 396.9 = $1,505 Mil.
Total Current Assets was $1,702 Mil.
Total Assets was $5,230 Mil.
Property, Plant and Equipment(Net PPE) was $2,242 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $596 Mil.
Total Current Liabilities was $810 Mil.
Long-Term Debt & Capital Lease Obligation was $1,176 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)
	=	(520.8 / 4835.8)	/	(397.3 / 3877.5)
	=	0.107697	/	0.102463
	=	1.0511

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)
	=	(1505 / 3877.5)	/	(1729.6 / 4835.8)
	=	0.388137	/	0.357666
	=	1.0852

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 - (1826.8 + 3318.8) / 13688.6)	/	(1 - (1701.8 + 2242.1) / 5229.9)
	=	0.624096	/	0.245894
	=	2.5381

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
	=	4835.8	/	3877.5
	=	1.2471

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))
	=	(216.2 / (216.2 + 2242.1))	/	(493.5 / (493.5 + 3318.8))
	=	0.087947	/	0.129449
	=	0.6794

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)
	=	(946.4 / 4835.8)	/	(596.2 / 3877.5)
	=	0.195707	/	0.153759
	=	1.2728

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)
	=	((4703.4 + 1157.4) / 13688.6)	/	((1175.9 + 810.2) / 5229.9)
	=	0.428152	/	0.379759
	=	1.1274

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
	=	(104 - -284.7	-	589.8)	/	13688.6
	=	-0.014691

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.

James Hardie Industries has a M-score of -1.74 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.74 mean?

James Hardie Industries (JHX) has a Beneish M-Score of -1.74 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on James Hardie Industries and its competitors. According to the industry distribution chart, James Hardie Industries ranks #341 out of 389 companies in the Building Materials industry, placing it in the top 87.7%.

Is James Hardie Industries' Beneish M-Score too high?

James Hardie Industries' current Beneish M-Score is -1.74. Based on the distribution chart, James Hardie Industries ranks #341 out of 389 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, James Hardie Industries has a GF Score™ of 46/100, reflecting its overall financial health beyond just this single metric.

How does James Hardie Industries' Beneish M-Score compare to EXP and KNF?

According to the Building Materials industry distribution chart, James Hardie Industries ranks #341 out of 389 companies for Beneish M-Score. This places James Hardie Industries 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 Building Materials company?

A good Beneish M-Score depends on the Building Materials 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 James Hardie Industries and its competitors. James Hardie Industries's current Beneish M-Score is -1.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is James Hardie Industries stock overvalued right now?

James Hardie Industries (JHX) has a current Beneish M-Score of -1.74. The current Beneish M-Score is -1.74. James Hardie Industries' overall GF Score™ is 46/100 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 James Hardie Industries (JHX), the current Beneish M-Score is -1.74 as of Jun. 25, 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.

James Hardie Industries Business Description

Industry Basic Materials Building Materials

Comparable Companies EXP KNF USLM TTAM TGLS RMIX MCEM PHCI SMID RETO CRH XSWX:HOLN XTER:HEI VMC BOM:532538 MLM XSWX:AMRZ SHSE:600176 NSE:GRASIM MEX:CEMEXCPO

Other Exchanges JHIUF:USA JHA:Germany JHX:Australia

Address Upper Hatch Street, 1st Floor, Block A, One Park Place, Dublin, IRL, D02 FD79

Website https://www.jameshardie.com

James Hardie is a manufacturer of fiber cement-based building products, selling primarily to the residential construction industry. North America is the primary geography, generating about 80% of group earnings. Here, it is the largest manufacturer of fiber cement, which is mainly used for exterior siding on houses. Following the Azek acquisition in 2025, it also produces wooden composite decking materials, siding trims, and accessories for outdoor areas including stair and deck railing. Businesses in Australia, New Zealand, and Europe, make up the rest of earnings.

46GF Score

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$26.02

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