NML (Neuberger Berman Energy Infrastructure &ome Fund) Beneish M-Score: 7.52 (As of Jul. 25, 2026) — 68% Below Median

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NML Neuberger Berman Energy Infrastructure & Income Fund Inc NML
31 GF Score
Price $10.72
GF Value $0.50
Valuation Significantly Overvalued
! 10 Warning Signs
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What is Neuberger Berman Energy Infrastructure &ome Fund Beneish M-Score?

Neuberger Berman Energy Infrastructure &ome Fund NML +0.19% 31 Beneish M-Score is 7.52 as of Jul. 25, 2026, which is 68% below its 10-year median of 23.81. GuruFocus rates NML with a GF Score™ of 31/100 and a GF Value™ of $0.50 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 952 Asset Management companies, Neuberger Berman Energy Infrastructure &ome Fund ranks worse than 94.75% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Warning Sign:

Beneish M-Score 7.52 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Neuberger Berman Energy Infrastructure &ome Fund's Beneish M-Score or its related term are showing as below:

NML' s Beneish M-Score Range Over the Past 10 Years
Min: -0.16   Med: 23.81   Max: 83.45
Current: 7.52

During the past 13 years, the highest Beneish M-Score of Neuberger Berman Energy Infrastructure &ome Fund was 83.45. The lowest was -0.16. And the median was 23.81.

NML
31GF Score
Neuberger Berman Energy Infrastructure & Income Fund Inc NML
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Neuberger Berman Energy Infrastructure &ome Fund 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 Neuberger Berman Energy Infrastructure &ome Fund 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 * 16.2771+0.528 * 1+0.404 * 1+0.892 * 0.0593+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 18.8711+4.679 * -0.013091-0.327 * 1.2533
=7.52

* 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 (Nov25) TTM:Last Year (Nov24) TTM:
Total Receivables was $0.63 Mil.
Revenue was $10.24 Mil.
Gross Profit was $10.24 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $726.07 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $2.55 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $130.50 Mil.
Net Income was $4.64 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $14.14 Mil.
 Total Receivables was $0.65 Mil.
Revenue was $172.83 Mil.
Gross Profit was $172.83 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $746.11 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $2.28 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $107.00 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)
=(0.628 / 10.242) / (0.651 / 172.833)
=0.061316 / 0.003767
=16.2771

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)
=(172.833 / 172.833) / (10.242 / 10.242)
=1 / 1
=1

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 - (0 + 0) / 726.073) / (1 - (0 + 0) / 746.109)
=1 / 1
=1

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
=10.242 / 172.833
=0.0593

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(2.553 / 10.242) / (2.283 / 172.833)
=0.249268 / 0.013209
=18.8711

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)
=((130.5 + 0) / 726.073) / ((107 + 0) / 746.109)
=0.179734 / 0.143411
=1.2533

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
=(4.638 - 0 - 14.143) / 726.073
=-0.013091

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.

Neuberger Berman Energy Infrastructure &ome Fund has a M-score of 7.52 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 7.52 mean?
Neuberger Berman Energy Infrastructure &ome Fund (NML) has a Beneish M-Score of 7.52 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neuberger Berman Energy Infrastructure &ome Fund and its competitors. This is 68% below median its historical median of 23.81. According to the industry distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #902 out of 952 companies in the Asset Management industry, placing it in the top 94.7%.
Is Neuberger Berman Energy Infrastructure &ome Fund's Beneish M-Score too high?
Neuberger Berman Energy Infrastructure &ome Fund's current Beneish M-Score of 7.52 is 68% below median its 10-year median of 23.81. Based on the distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #902 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Neuberger Berman Energy Infrastructure &ome Fund has a GF Score™ of 31/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Neuberger Berman Energy Infrastructure &ome Fund's Beneish M-Score compare to VKQ and CHW?
According to the Asset Management industry distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #902 out of 952 companies for Beneish M-Score. This places Neuberger Berman Energy Infrastructure &ome Fund 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Neuberger Berman Energy Infrastructure &ome Fund and its competitors. Neuberger Berman Energy Infrastructure &ome Fund's current Beneish M-Score is 7.52, which is 68% below median its own 10-year median of 23.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neuberger Berman Energy Infrastructure &ome Fund stock overvalued right now?
Based on GuruFocus' analysis, Neuberger Berman Energy Infrastructure &ome Fund (NML) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.50, compared to a current price of $10.72 — trading 2044% above its estimated fair value. The current Beneish M-Score is 7.52, which is 68% below median its 10-year median of 23.81. Neuberger Berman Energy Infrastructure &ome Fund's overall GF Score™ is 31/100 with 10 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 Neuberger Berman Energy Infrastructure &ome Fund (NML), the current Beneish M-Score is 7.52 as of Jul. 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 Neuberger Berman Energy Infrastructure &ome Fund (NML) Overvalued in 2026?

Based on GuruFocus' analysis, Neuberger Berman Energy Infrastructure &ome Fund stock appears to be overvalued. The current stock price of $10.72 is trading 2044% above its estimated GF Value™ of $0.50. GuruFocus considers Neuberger Berman Energy Infrastructure &ome Fund to be Significantly Overvalued.

Key valuation signals for NML:

  • Beneish M-Score: 7.52 (68% below median its 10-year median of 23.81)
  • GF Value™: $0.50 vs. price of $10.72 (2044% above fair value)
  • GF Score™: 31/100 with 10 warning signs

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

Neuberger Berman Energy Infrastructure &ome Fund Business Description

Address C/o Neuberger Berman Investment Advisers LLC, 1290 Avenue of the Americas, New York, NY, USA, 10104-0002
Neuberger Berman Energy Infrastructure & Income Fund Inc is a closed-end investment management company based in the United States. Invest in Capital Markets, Chemicals, Oil, Gas & Consumable Fuels, Electric Utilities, Independent Power and Renewable Electricity Producers, Multi Utilities. Maximum is done in Oil, Gas & Consumable Fuels.
31GF Score

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

$10.72
Price
$0.50
GF Value