Bilfinger SE (LTS:0NRG) Beneish M-Score: -2.69 (As of Jun. 30, 2026)

What is Bilfinger SE Beneish M-Score?

Bilfinger SE LTS:0NRG -2.01% 80 Beneish M-Score is -2.69 as of Jun. 30, 2026. GuruFocus rates LTS:0NRG with a GF Score™ of 80/100 and a GF Value™ of €59.89 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,700 Construction companies, Bilfinger SE ranks better than 65.47% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0NRG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.51 Max: -1.5
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Bilfinger SE was -1.50. The lowest was -3.10. And the median was -2.51.

Bilfinger SE Beneish M-Score Related Terms

Bilfinger SE Beneish M-Score Historical Data

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The historical data trend for Bilfinger SE'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.

Bilfinger SE Beneish M-Score Chart

Bilfinger SE Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.45

-2.52

-2.36

-2.47

-3.00

Bilfinger SE 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															-2.75	-2.87	-2.88	-3.00	-2.69

LTS:0NRG vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Bilfinger SE'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.

Bilfinger SE Beneish M-Score vs Construction Industry

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

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

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80GF Score

Bilfinger SE LTS:0NRG

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

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Bilfinger SE 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 Bilfinger SE 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 * 1.0369

0.528 * 0.9811

0.404 * 0.9706

0.892 * 1.0488

0.115 * 0.7629

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9766

4.679 * -0.050507

0.327 * 1.0069

-2.69

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €1,466 Mil.
Revenue was 1312.4 + 1422.6 + 1384.1 + 1352.9 = €5,472 Mil.
Gross Profit was 142 + 162.7 + 156.2 + 155.1 = €616 Mil.
Total Current Assets was €2,214 Mil.
Total Assets was €3,629 Mil.
Property, Plant and Equipment(Net PPE) was €484 Mil.
Depreciation, Depletion and Amortization(DDA) was €2 Mil.
Selling, General, & Admin. Expense(SGA) was €337 Mil.
Total Current Liabilities was €1,745 Mil.
Long-Term Debt & Capital Lease Obligation was €191 Mil.
Net Income was 36.7 + 42.2 + 54.6 + 47.6 = €181 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 36.1 + 186.6 + 80.4 + 61.3 = €364 Mil.

Total Receivables was €1,348 Mil.
Revenue was 1267.4 + 1361.9 + 1283.8 + 1304.1 = €5,217 Mil.
Gross Profit was 141.6 + 137.7 + 157.8 + 139.1 = €576 Mil.
Total Current Assets was €2,103 Mil.
Total Assets was €3,496 Mil.
Property, Plant and Equipment(Net PPE) was €470 Mil.
Depreciation, Depletion and Amortization(DDA) was €2 Mil.
Selling, General, & Admin. Expense(SGA) was €329 Mil.
Total Current Liabilities was €1,543 Mil.
Long-Term Debt & Capital Lease Obligation was €310 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)
	=	(1465.5 / 5472)	/	(1347.5 / 5217.2)
	=	0.267818	/	0.25828
	=	1.0369

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)
	=	(576.2 / 5217.2)	/	(616 / 5472)
	=	0.110442	/	0.112573
	=	0.9811

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 - (2214.2 + 484.3) / 3629.2)	/	(1 - (2102.5 + 469.8) / 3496)
	=	0.256448	/	0.264216
	=	0.9706

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
	=	5472	/	5217.2
	=	1.0488

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))
	=	(1.7 / (1.7 + 469.8))	/	(2.3 / (2.3 + 484.3))
	=	0.003606	/	0.004727
	=	0.7629

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)
	=	(337.3 / 5472)	/	(329.3 / 5217.2)
	=	0.061641	/	0.063118
	=	0.9766

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)
	=	((190.6 + 1745.4) / 3629.2)	/	((309.6 + 1542.6) / 3496)
	=	0.533451	/	0.529805
	=	1.0069

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
	=	(181.1 - 0	-	364.4)	/	3629.2
	=	-0.050507

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.

Bilfinger SE has a M-score of -2.69 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 -2.69 mean?

Bilfinger SE (LTS:0NRG) has a Beneish M-Score of -2.69 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bilfinger SE and its competitors. According to the industry distribution chart, Bilfinger SE ranks #587 out of 1700 companies in the Construction industry, placing it in the top 34.5%.

Is Bilfinger SE's Beneish M-Score too high?

Bilfinger SE's current Beneish M-Score is -2.69. Based on the distribution chart, Bilfinger SE ranks #587 out of 1700 companies in the Construction industry, which is above the industry midpoint. Overall, Bilfinger SE has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Bilfinger SE's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Bilfinger SE ranks #587 out of 1700 companies for Beneish M-Score. This puts Bilfinger SE 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 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 Bilfinger SE and its competitors. Bilfinger SE's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bilfinger SE stock overvalued right now?

Based on GuruFocus' analysis, Bilfinger SE (LTS:0NRG) is currently considered Significantly Overvalued. The stock's GF Value™ is €59.89, compared to a current price of €80.45 — trading 34.3% above its estimated fair value. The current Beneish M-Score is -2.69. Bilfinger SE's overall GF Score™ is 80/100 with 1 warning sign 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 Bilfinger SE (LTS:0NRG), the current Beneish M-Score is -2.69 as of Jun. 30, 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 Bilfinger SE (LTS:0NRG) Overvalued in 2026?

Based on GuruFocus' analysis, Bilfinger SE stock appears to be overvalued. The current stock price of €80.45 is trading 34.3% above its estimated GF Value™ of €59.89. GuruFocus considers Bilfinger SE to be Significantly Overvalued.

Key valuation signals for LTS:0NRG:

Beneish M-Score: -2.69
GF Value™: €59.89 vs. price of €80.45 (34.3% above fair value)
GF Score™: 80/100 with 1 warning sign

No single metric tells the full story. See the LTS:0NRG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bilfinger SE Business Description

Industry Industrials Construction

Comparable Companies HAM:B5A0 PWR XPAR:DG FIX NSE:LT XKRX:028260 XAMS:FER XTER:HOT XMAD:ACS EME MTZ SHSE:601668 STRL XPAR:EN APG TSX:WSP XMAD:ANA TSE:1812 HKSE:03996 J

Other Exchanges BFLBY:USA BFLBF:USA 1GBF:Italy GBFd:UK GBF:Germany GBF:Austria

Address Oskar-Meixner-Street 1, Mannheim, BW, DEU, 68163

Website https://www.bilfinger.com

Bilfinger SE is an international industrial services provider. It delivers customized engineering services to customers in the chemical, pharmaceutical, energy, oil, and gas markets. Its product portfolio attempts to cover the entire value chain, from consulting and planning to installation and maintenance. Bilfinger has three operating segments: Engineering & Maintenance Europe, Engineering & Maintenance International, and Technologies.

80GF Score

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

€80.45

Price

€59.89

GF Value

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