Alamo Group (MEX:ALG) Beneish M-Score: -2.48 (As of Jul. 01, 2026)

What is Alamo Group Beneish M-Score?

Alamo Group MEX:ALG 82 Beneish M-Score is -2.48 as of Jul. 01, 2026. GuruFocus rates MEX:ALG with a GF Score™ of 82/100 and a GF Value™ of MXN3,946.62. The stock has 2 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Alamo Group ranks better than 52.2% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:ALG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.47 Max: -1.91
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Alamo Group was -1.91. The lowest was -3.10. And the median was -2.47.

Alamo Group Beneish M-Score Related Terms

Alamo Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Alamo 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.

Alamo Group Beneish M-Score Chart

Alamo Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.28

-1.91

-2.36

-2.90

-2.73

Alamo Group 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															-2.88	-2.75	-2.67	-2.73	-2.48

MEX:ALG vs BLBD, ASTE, LNN: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, Alamo 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.

Alamo Group Beneish M-Score vs Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Alamo Group's Beneish M-Score distribution charts can be found below:

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

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82GF Score

Alamo Group Inc MEX:ALG

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

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Alamo 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 Alamo 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 * 0.9523

0.528 * 1.0311

0.404 * 1.203

0.892 * 0.9456

0.115 * 0.9472

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0127

4.679 * -0.021207

0.327 * 1.0602

-2.60

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN6,257 Mil.
Revenue was 7522.323 + 6727.83 + 7705.334 + 7890.809 = MXN29,846 Mil.
Gross Profit was 1889.917 + 1530.503 + 1865.293 + 2039.052 = MXN7,325 Mil.
Total Current Assets was MXN17,736 Mil.
Total Assets was MXN31,150 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,023 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,034 Mil.
Selling, General, & Admin. Expense(SGA) was MXN4,266 Mil.
Total Current Liabilities was MXN4,108 Mil.
Long-Term Debt & Capital Lease Obligation was MXN4,967 Mil.
Net Income was 526.266 + 279.304 + 465.631 + 585.701 = MXN1,857 Mil.
Non Operating Income was 0.577 + 22.741 + -3.852 + -59.933 = MXN-40 Mil.
Cash Flow from Operations was -423.985 + 1352.57 + 1201.784 + 427.611 = MXN2,558 Mil.

Total Receivables was MXN6,948 Mil.
Revenue was 7998.133 + 8036.181 + 7901.737 + 7626.714 = MXN31,563 Mil.
Gross Profit was 2103.942 + 1914.303 + 1986.495 + 1981.887 = MXN7,987 Mil.
Total Current Assets was MXN18,642 Mil.
Total Assets was MXN30,783 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,427 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,063 Mil.
Selling, General, & Admin. Expense(SGA) was MXN4,455 Mil.
Total Current Liabilities was MXN4,331 Mil.
Long-Term Debt & Capital Lease Obligation was MXN4,128 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)
	=	(6256.968 / 29846.296)	/	(6948.075 / 31562.765)
	=	0.20964	/	0.220135
	=	0.9523

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)
	=	(7986.627 / 31562.765)	/	(7324.765 / 29846.296)
	=	0.25304	/	0.245416
	=	1.0311

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 - (17736.441 + 4022.735) / 31150.479)	/	(1 - (18642.207 + 4426.766) / 30783.331)
	=	0.301482	/	0.250602
	=	1.203

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
	=	29846.296	/	31562.765
	=	0.9456

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))
	=	(1063.222 / (1063.222 + 4426.766))	/	(1033.938 / (1033.938 + 4022.735))
	=	0.193666	/	0.20447
	=	0.9472

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)
	=	(4265.918 / 29846.296)	/	(4454.538 / 31562.765)
	=	0.14293	/	0.141133
	=	1.0127

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)
	=	((4967.414 + 4108.426) / 31150.479)	/	((4128.24 + 4331.349) / 30783.331)
	=	0.291355	/	0.274811
	=	1.0602

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
	=	(1856.902 - -40.467	-	2557.98)	/	31150.479
	=	-0.021207

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.

Alamo Group has a M-score of -2.60 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 -2.48 mean?

Alamo Group (MEX:ALG) has a Beneish M-Score of -2.48 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alamo Group and its competitors. According to the industry distribution chart, Alamo Group ranks #98 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 47.8%.

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

Alamo Group's current Beneish M-Score is -2.48. Based on the distribution chart, Alamo Group ranks #98 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is above the industry midpoint. Overall, Alamo Group has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.

How does Alamo Group's Beneish M-Score compare to BLBD and ASTE?

According to the Farm & Heavy Construction Machinery industry distribution chart, Alamo Group ranks #98 out of 205 companies for Beneish M-Score. This puts Alamo Group 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 Farm & Heavy Construction Machinery company?

A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Alamo Group and its competitors. Alamo Group's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Alamo Group stock overvalued right now?

Alamo Group (MEX:ALG) has a current Beneish M-Score of -2.48. The stock's GF Value™ is MXN3,946.62, compared to a current price of MXN3,500.00 — trading 11.3% below its estimated fair value. The current Beneish M-Score is -2.48. Alamo Group's overall GF Score™ is 82/100 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 Alamo Group (MEX:ALG), the current Beneish M-Score is -2.48 as of Jul. 01, 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 Alamo Group (MEX:ALG) Overvalued in 2026?

Based on GuruFocus' analysis, Alamo Group stock appears to be undervalued. The current stock price of MXN3,500.00 is trading 11.3% below its estimated GF Value™ of MXN3,946.62.

Key valuation signals for MEX:ALG:

Beneish M-Score: -2.48
GF Value™: MXN3,946.62 vs. price of MXN3,500.00 (11.3% below fair value)
GF Score™: 82/100 with 2 warning signs

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

Alamo Group Business Description

Industry Industrials Farm & Heavy Construction Machinery

Comparable Companies BLBD ASTE LNN AEBI HY WNC TWI MTW CMCO GENC CAT DE OSTO:VOLV B PCAR XTER:DTG TSE:6301 OSTO:EPI A SHSE:600031 TSE:6326 XAMS:EXO

Other Exchanges ALG:USA

Address 1627 East Walnut, Seguin, TX, USA, 78155

Website https://www.alamo-group.com

Alamo Group Inc is engaged in the design, manufacture, and servicing of high-quality vegetation management and infrastructure maintenance equipment for governmental, industrial, and agricultural use. Its products include agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, truck-mounted highway attenuator trucks, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, snow removal equipment, etc. The company's reportable segments are Vegetation Management, which generates the maximum revenue, and Industrial Equipment. Geographically, the company generates maximum revenue from the United States, followed by Canada, France, the UK, Brazil, the Netherlands, and other regions.

82GF Score

Get the complete analysis for MEX:ALG

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

MXN3,500.00

Price

MXN3,946.62

GF Value

View MEX:ALG Analysis

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