IMI (LSE:IMI) Beneish M-Score: -2.65 (As of Jun. 25, 2026)


LSE:IMI IMI PLC LSE:IMI
86 GF Score
Price £29.34
GF Value £19.95
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is IMI Beneish M-Score?

IMI LSE:IMI -0.27% 86 Beneish M-Score is -2.65 as of Jun. 25, 2026. GuruFocus rates LSE:IMI with a GF Score™ of 86/100 and a GF Value™ of £19.95 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,926 Industrial Products companies, IMI ranks better than 68.08% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:IMI' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.65   Max: -2.41
Current: -2.65

During the past 13 years, the highest Beneish M-Score of IMI was -2.41. The lowest was -3.00. And the median was -2.65.

IMI Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IMI'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.

IMI Beneish M-Score Chart

IMI 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 -2.41 -2.44 -2.64 -2.70 -2.65

IMI 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 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 -2.64 0.00 -2.70 0.00 -2.65

LSE:IMI vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, IMI'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.

IMI Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, IMI's Beneish M-Score distribution charts can be found below:

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


LSE:IMI
86GF Score
IMI PLC LSE:IMI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

IMI 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 IMI 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 * 0.9953+0.528 * 0.996+0.404 * 0.9616+0.892 * 1.0425+0.115 * 1.0723
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.042498-0.327 * 0.9734
=-2.65

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was £534 Mil.
Revenue was £2,304 Mil.
Gross Profit was £1,093 Mil.
Total Current Assets was £1,163 Mil.
Total Assets was £2,480 Mil.
Property, Plant and Equipment(Net PPE) was £406 Mil.
Depreciation, Depletion and Amortization(DDA) was £113 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £778 Mil.
Long-Term Debt & Capital Lease Obligation was £484 Mil.
Net Income was £310 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £415 Mil.
 Total Receivables was £515 Mil.
Revenue was £2,210 Mil.
Gross Profit was £1,045 Mil.
Total Current Assets was £1,149 Mil.
Total Assets was £2,491 Mil.
Property, Plant and Equipment(Net PPE) was £389 Mil.
Depreciation, Depletion and Amortization(DDA) was £119 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £844 Mil.
Long-Term Debt & Capital Lease Obligation was £457 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)
=(534.3 / 2304) / (514.9 / 2210)
=0.231901 / 0.232986
=0.9953

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)
=(1044.6 / 2210) / (1093.4 / 2304)
=0.47267 / 0.474566
=0.996

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 - (1162.7 + 405.5) / 2480.1) / (1 - (1149.4 + 388.8) / 2490.5)
=0.367687 / 0.382373
=0.9616

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
=2304 / 2210
=1.0425

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))
=(119 / (119 + 388.8)) / (113.4 / (113.4 + 405.5))
=0.234344 / 0.218539
=1.0723

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 / 2304) / (0 / 2210)
=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)
=((483.8 + 777.5) / 2480.1) / ((457.3 + 843.9) / 2490.5)
=0.508568 / 0.522465
=0.9734

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
=(309.9 - 0 - 415.3) / 2480.1
=-0.042498

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.

IMI has a M-score of -2.65 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 -2.65 mean?
IMI (LSE:IMI) has a Beneish M-Score of -2.65 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IMI and its competitors. According to the industry distribution chart, IMI ranks #934 out of 2926 companies in the Industrial Products industry, placing it in the top 31.9%.
Is IMI's Beneish M-Score too high?
IMI's current Beneish M-Score is -2.65. Based on the distribution chart, IMI ranks #934 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, IMI has a GF Score™ of 86/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IMI's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, IMI ranks #934 out of 2926 companies for Beneish M-Score. This puts IMI 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 IMI and its competitors. IMI's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IMI stock overvalued right now?
Based on GuruFocus' analysis, IMI (LSE:IMI) is currently considered Significantly Overvalued. The stock's GF Value™ is £19.95, compared to a current price of £29.34 — trading 47.1% above its estimated fair value. The current Beneish M-Score is -2.65. IMI's overall GF Score™ is 86/100 with 5 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 IMI (LSE:IMI), the current Beneish M-Score is -2.65 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.

Is IMI (LSE:IMI) Overvalued in 2026?

Based on GuruFocus' analysis, IMI stock appears to be overvalued. The current stock price of £29.34 is trading 47.1% above its estimated GF Value™ of £19.95. GuruFocus considers IMI to be Significantly Overvalued.

Key valuation signals for LSE:IMI:

  • Beneish M-Score: -2.65
  • GF Value™: £19.95 vs. price of £29.34 (47.1% above fair value)
  • GF Score™: 86/100 with 5 warning signs

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

IMI Business Description

Address Lakeside, Solihull Parkway, Birmingham Business Park, West Midlands, Birmingham, GBR, B37 7XZ
IMI PLC is engaged in designing, building, and servicing engineered products in fluid and motion control applications. It develops technologies centered around valves and actuators to improve processes. It focuses on five market sectors: Process Automation, Industrial Automation, Life Science and Fluid Control, Climate Control, and Transport. The company's segments include: i) Automation: The Automation segment provides technologies and solutions for process and industrial automation, and ii) Life Technology: This segment develops technologies used in areas such as climate control, transport, and life sciences. The majority of the company's revenue is derived from the Automation segment. Geographically, it generates the maximum revenue from Europe.
86GF Score

Get the complete analysis for LSE:IMI

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

£29.34
Price
£19.95
GF Value