Thorpe (F W)LSE:TFW +2.75%85 Beneish M-Score is -2.61 as of Jun. 24, 2026. GuruFocus rates LSE:TFW with a GF Score™ of 85/100 and a GF Value™ of £3.47 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 2,926 Industrial Products companies, Thorpe (F W) ranks better than 64.73% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thorpe (F W)'s Beneish M-Score or its related term are showing as below:
LSE:TFW'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.58 Max: -1.77
Current: -2.61
During the past 13 years, the highest Beneish M-Score of Thorpe (F W) was -1.77. The lowest was -2.90. And the median was -2.58.
Thorpe (F W) Beneish M-Score Related Terms
Thorpe (F W) Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thorpe (F W)'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.
For the Electrical Equipment & Parts subindustry, Thorpe (F W)'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.
Thorpe (F W) Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Thorpe (F W)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thorpe (F W)'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 Thorpe (F W) 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 * 1.0146
+
0.528 * 1.0121
+
0.404 * 0.9618
+
0.892 * 0.9967
+
0.115 * 1.1176
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9528
+
4.679 * -0.031572
-
0.327 * 1.0251
=
-2.61
* 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))
=
(10.705 / (10.705 + 38.323))
/
(9.555 / (9.555 + 39.351))
=
0.218345
/
0.195375
=
1.1176
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
=
(25.412 - 0
-
33.24)
/
247.944
=
-0.031572
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.
Thorpe (F W) has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Thorpe (F W) (LSE:TFW) has a Beneish M-Score of -2.61 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thorpe (F W) and its competitors. According to the industry distribution chart, Thorpe (F W) ranks #1032 out of 2926 companies in the Industrial Products industry, placing it in the top 35.3%.
Is Thorpe (F W)'s Beneish M-Score too high?
Thorpe (F W)'s current Beneish M-Score is -2.61. Based on the distribution chart, Thorpe (F W) ranks #1032 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Thorpe (F W) has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thorpe (F W)'s Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Thorpe (F W) ranks #1032 out of 2926 companies for Beneish M-Score. This puts Thorpe (F W) 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 Thorpe (F W) and its competitors. Thorpe (F W)'s current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thorpe (F W) stock overvalued right now?
Based on GuruFocus' analysis, Thorpe (F W) (LSE:TFW) is currently considered Modestly Undervalued. The stock's GF Value™ is £3.47, compared to a current price of £2.62 — trading 24.5% below its estimated fair value. The current Beneish M-Score is -2.61. Thorpe (F W)'s overall GF Score™ is 85/100 with 2 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 Thorpe (F W) (LSE:TFW), the current Beneish M-Score is -2.61 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 Thorpe (F W) (LSE:TFW) Overvalued in 2026?
Based on GuruFocus' analysis, Thorpe (F W) stock appears to be undervalued.
The current stock price of £2.62 is trading 24.5% below its estimated GF Value™ of £3.47.
GuruFocus considers Thorpe (F W) to be Modestly Undervalued.
Key valuation signals for LSE:TFW:
Beneish M-Score: -2.61
GF Value™: £3.47 vs. price of £2.62 (24.5% below fair value)
No single metric tells the full story. See the LSE:TFW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thorpe (F W) PLC is engaged in the designing, manufacturing, and supply of professional lighting equipment. It is organized in various operating segments based on the products and customer base in the lighting market: Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited, Thorlux Lighting L.L.C., Thorlux Australasia Pty Limited, Thorlux Lighting GmbH, Lightronics Participaties B.V. amd Zemper Group. The majority of its revenue is obtained from the Thorlux segment from its United Kingdom region. It also has operations in the Netherlands, Germany, the rest of Europe and the rest of the world.
85GF Score
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