KGSPY (Kingspan Group) Beneish M-Score: -2.47 (As of Jun. 24, 2026)

What is Kingspan Group Beneish M-Score?

Kingspan Group KGSPY +0.57% 96 Beneish M-Score is -2.47 as of Jun. 24, 2026. GuruFocus rates KGSPY with a GF Score™ of 96/100 and a GF Value™ of $98.29 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,704 Construction companies, Kingspan Group ranks worse than 51.06% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KGSPY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.46 Max: -1.81
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Kingspan Group was -1.81. The lowest was -2.87. And the median was -2.46.

Kingspan Group Beneish M-Score Related Terms

Kingspan Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kingspan 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.

Kingspan Group Beneish M-Score Chart

Kingspan Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.81

-2.35

-2.85

-2.51

-2.47

Kingspan Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.85	0.00	-2.51	0.00	-2.47

KGSPY vs TT, JCI, CARR: Beneish M-Score Comparison

For the Building Products & Equipment subindustry, Kingspan 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.

Kingspan Group Beneish M-Score vs Construction Industry

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

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

Save Embed

96GF Score

Kingspan Group PLC KGSPY

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

View Full Analysis

Kingspan 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 Kingspan 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 * 1.003

0.528 * 0.9967

0.404 * 1.0441

0.892 * 1.195

0.115 * 0.9328

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.015121

0.327 * 0.9668

-2.35

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $1,641 Mil.
Revenue was $10,772 Mil.
Gross Profit was $3,197 Mil.
Total Current Assets was $3,866 Mil.
Total Assets was $11,500 Mil.
Property, Plant and Equipment(Net PPE) was $3,071 Mil.
Depreciation, Depletion and Amortization(DDA) was $369 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,815 Mil.
Long-Term Debt & Capital Lease Obligation was $2,633 Mil.
Net Income was $786 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $960 Mil.

Total Receivables was $1,369 Mil.
Revenue was $9,014 Mil.
Gross Profit was $2,666 Mil.
Total Current Assets was $3,767 Mil.
Total Assets was $10,282 Mil.
Property, Plant and Equipment(Net PPE) was $2,607 Mil.
Depreciation, Depletion and Amortization(DDA) was $290 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,359 Mil.
Long-Term Debt & Capital Lease Obligation was $2,681 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)
	=	(1640.749 / 10771.663)	/	(1368.796 / 9013.613)
	=	0.152321	/	0.151859
	=	1.003

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)
	=	(2666.387 / 9013.613)	/	(3197.073 / 10771.663)
	=	0.295818	/	0.296804
	=	0.9967

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 - (3865.574 + 3070.609) / 11499.649)	/	(1 - (3766.911 + 2607.33) / 10282.199)
	=	0.396835	/	0.38007
	=	1.0441

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
	=	10771.663	/	9013.613
	=	1.195

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))
	=	(289.529 / (289.529 + 2607.33))	/	(368.501 / (368.501 + 3070.609))
	=	0.099946	/	0.10715
	=	0.9328

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)
	=	(0 / 10771.663)	/	(0 / 9013.613)
	=	0	/	0
	=	1

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)
	=	((2633.489 + 2815.457) / 11499.649)	/	((2680.628 + 2358.639) / 10282.199)
	=	0.473836	/	0.490096
	=	0.9668

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
	=	(785.948 - 0	-	959.836)	/	11499.649
	=	-0.015121

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.

Kingspan Group has a M-score of -2.35 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 -2.47 mean?

Kingspan Group (KGSPY) has a Beneish M-Score of -2.47 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kingspan Group and its competitors. According to the industry distribution chart, Kingspan Group ranks #870 out of 1704 companies in the Construction industry, placing it in the top 51.1%.

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

Kingspan Group's current Beneish M-Score is -2.47. Based on the distribution chart, Kingspan Group ranks #870 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Kingspan Group has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Kingspan Group's Beneish M-Score compare to TT and JCI?

According to the Construction industry distribution chart, Kingspan Group ranks #870 out of 1704 companies for Beneish M-Score. This places Kingspan 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 Kingspan Group and its competitors. Kingspan Group's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kingspan Group stock overvalued right now?

Based on GuruFocus' analysis, Kingspan Group (KGSPY) is currently considered Fairly Valued. The stock's GF Value™ is $98.29, compared to a current price of $95.14 — trading 3.2% below its estimated fair value. The current Beneish M-Score is -2.47. Kingspan Group's overall GF Score™ is 96/100 with 6 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 Kingspan Group (KGSPY), the current Beneish M-Score is -2.47 as of Jun. 24, 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 Kingspan Group (KGSPY) Overvalued in 2026?

Based on GuruFocus' analysis, Kingspan Group stock appears to be undervalued. The current stock price of $95.14 is trading 3.2% below its estimated GF Value™ of $98.29. GuruFocus considers Kingspan Group to be Fairly Valued.

Key valuation signals for KGSPY:

Beneish M-Score: -2.47
GF Value™: $98.29 vs. price of $95.14 (3.2% below fair value)
GF Score™: 96/100 with 6 warning signs

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

Kingspan Group Business Description

Industry Industrials Construction

Comparable Companies TT JCI CARR XPAR:SGO TSE:6367 MAIR XSWX:GEBN LII MAS CSL XSWX:BEAN AAON SPXC WMS OC BLDR TSE:5332 OSTO:NIBE B OCSE:ROCK A AWI

Other Exchanges KGSPF:USA KRX:Ireland 0KGP:UK KRX:Germany

Address Dublin Road, Kingscourt, County Cavan, IRL, A82 XY31

Website https://www.kingspan.com

Kingspan is a global leader in high-performance insulation and building envelope solutions. It's been a serial acquirer of insulation companies since the 1980s and boasts a well-known brand that resonates with risk-averse project specifiers. In recent years, it has focused on expanding its product scope beyond insulation and now offers a comprehensive suite of products and solutions for the broader building envelope. Today, its insulated building envelopes segment generates 82% of group sales, while the rest comes from Advnsys. Kingspan has more than 270 manufacturing sites spread across 80 countries. It has leading positions in Europe (71% of sales) and North America (22%), and it is highly exposed to new-build (75%) and nonresidential construction (75%).

96GF Score

Get the complete analysis for KGSPY

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

$95.14

Price

$98.29

GF Value

View KGSPY Analysis

See Beneish M-Score data for all stocks →