Raubex Group (JSE:RBX) Beneish M-Score: -2.36 (As of Jun. 26, 2026)

What is Raubex Group Beneish M-Score?

Raubex Group JSE:RBX -0.26% 88 Beneish M-Score is -2.36 as of Jun. 26, 2026. GuruFocus rates JSE:RBX with a GF Score™ of 88/100 and a GF Value™ of R46.46 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, Raubex Group ranks worse than 58.8% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:RBX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.73 Max: -2.12
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Raubex Group was -2.12. The lowest was -3.06. And the median was -2.73.

Raubex Group Beneish M-Score Related Terms

Raubex Group Beneish M-Score Historical Data

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The historical data trend for Raubex 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.

Raubex Group Beneish M-Score Chart

Raubex Group Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-2.12

-2.81

-2.54

-2.58

-2.36

Raubex Group Semi-Annual Data
	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.54	0.00	-2.58	0.00	-2.36

JSE:RBX vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Raubex 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.

Raubex Group Beneish M-Score vs Construction Industry

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

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

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88GF Score

Raubex Group Ltd JSE:RBX

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

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Raubex 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 Raubex Group 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 * 1.0701

0.528 * 0.9099

0.404 * 1.1813

0.892 * 1.0461

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0738

4.679 * -0.004079

0.327 * 0.946

-2.36

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was R3,937 Mil.
Revenue was R22,048 Mil.
Gross Profit was R2,873 Mil.
Total Current Assets was R7,704 Mil.
Total Assets was R16,459 Mil.
Property, Plant and Equipment(Net PPE) was R6,595 Mil.
Depreciation, Depletion and Amortization(DDA) was R0 Mil.
Selling, General, & Admin. Expense(SGA) was R1,183 Mil.
Total Current Liabilities was R6,039 Mil.
Long-Term Debt & Capital Lease Obligation was R1,475 Mil.
Net Income was R1,100 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,167 Mil.

Total Receivables was R3,517 Mil.
Revenue was R21,077 Mil.
Gross Profit was R2,499 Mil.
Total Current Assets was R7,440 Mil.
Total Assets was R14,907 Mil.
Property, Plant and Equipment(Net PPE) was R5,811 Mil.
Depreciation, Depletion and Amortization(DDA) was R768 Mil.
Selling, General, & Admin. Expense(SGA) was R1,053 Mil.
Total Current Liabilities was R5,705 Mil.
Long-Term Debt & Capital Lease Obligation was R1,489 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)
	=	(3936.858 / 22048.117)	/	(3516.98 / 21076.974)
	=	0.178558	/	0.166864
	=	1.0701

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)
	=	(2499.328 / 21076.974)	/	(2873.325 / 22048.117)
	=	0.118581	/	0.130321
	=	0.9099

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 - (7704.033 + 6594.658) / 16458.728)	/	(1 - (7439.568 + 5811.275) / 14906.99)
	=	0.13124	/	0.111099
	=	1.1813

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
	=	22048.117	/	21076.974
	=	1.0461

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))
	=	(768.365 / (768.365 + 5811.275))	/	(0 / (0 + 6594.658))
	=	0.116779	/	0
	=	1

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)
	=	(1182.787 / 22048.117)	/	(1052.962 / 21076.974)
	=	0.053646	/	0.049958
	=	1.0738

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)
	=	((1474.848 + 6039.194) / 16458.728)	/	((1489.2 + 5705.231) / 14906.99)
	=	0.456538	/	0.482621
	=	0.946

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
	=	(1099.527 - 0	-	1166.66)	/	16458.728
	=	-0.004079

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.

Raubex Group has a M-score of -2.36 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 -2.36 mean?

Raubex Group (JSE:RBX) has a Beneish M-Score of -2.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Raubex Group and its competitors. According to the industry distribution chart, Raubex Group ranks #1002 out of 1704 companies in the Construction industry, placing it in the top 58.8%.

Is Raubex Group's Beneish M-Score too high?

Raubex Group's current Beneish M-Score is -2.36. Based on the distribution chart, Raubex Group ranks #1002 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Raubex Group has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Raubex Group's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Raubex Group ranks #1002 out of 1704 companies for Beneish M-Score. This places Raubex Group 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Raubex Group and its competitors. Raubex Group's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Raubex Group stock overvalued right now?

Based on GuruFocus' analysis, Raubex Group (JSE:RBX) is currently considered Fairly Valued. The stock's GF Value™ is R46.46, compared to a current price of R50.40 — trading 8.5% above its estimated fair value. The current Beneish M-Score is -2.36. Raubex Group's overall GF Score™ is 88/100 with 3 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 Raubex Group (JSE:RBX), the current Beneish M-Score is -2.36 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 Raubex Group (JSE:RBX) Overvalued in 2026?

Based on GuruFocus' analysis, Raubex Group stock appears to be overvalued. The current stock price of R50.40 is trading 8.5% above its estimated GF Value™ of R46.46. GuruFocus considers Raubex Group to be Fairly Valued.

Key valuation signals for JSE:RBX:

Beneish M-Score: -2.36
GF Value™: R46.46 vs. price of R50.40 (8.5% above fair value)
GF Score™: 88/100 with 3 warning signs

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

Raubex Group Business Description

Industry Industrials Construction

Comparable Companies JSE:WBO JSE:MDI JSE:SSK JSE:AEG PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ SHSE:601668 STRL XPAR:EN TSX:WSP APG TSE:1812

Address Kenneth Kaunda Road Extension, Noordstad, Cleveley, Bloemfontein, FS, ZAF, 9300

Website https://www.raubex.com

Raubex Group Ltd is a South African infrastructure development and construction materials supply group. It operates across South Africa as well as throughout southern Africa. The Company operates in four key segments which include Materials Handling and Mining (contract crushing, mining services, resource ownership), Construction Materials (aggregates, asphalt, bituminous products), Roads and Earthworks (road construction, surfacing, rehabilitation), and Infrastructure (renewable energy, facilities management, telecommunications, housing, commercial construction). Each segment is vital to the Group's diverse operations in mining, construction materials, infrastructure, and related services. It makes the majority of its revenue from Roads and Earthworks segment.

88GF Score

Get the complete analysis for JSE:RBX

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

R50.40

Price

R46.46

GF Value

View JSE:RBX Analysis

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