NeoenergiaNRGIY 63 Beneish M-Score is -2.14 as of Jun. 27, 2026. GuruFocus rates NRGIY with a GF Score™ of 63/100 and a GF Value™ of $16.39 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 486 Utilities - Regulated companies, Neoenergia ranks worse than 84.36% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Neoenergia's Beneish M-Score or its related term are showing as below:
NRGIY'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.73 Med: -2.3 Max: -1.71
Current: -2.14
During the past 13 years, the highest Beneish M-Score of Neoenergia was -1.71. The lowest was -2.73. And the median was -2.30.
Neoenergia Beneish M-Score Related Terms
Neoenergia Beneish M-Score Historical Data
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The historical data trend for Neoenergia'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 Utilities - Regulated Electric subindustry, Neoenergia'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.
Neoenergia Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Neoenergia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Neoenergia'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 Neoenergia 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 * 1.1177
+
0.528 * 1.148
+
0.404 * 0.9871
+
0.892 * 1.1084
+
0.115 * 0.9172
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9146
+
4.679 * 0.031651
-
0.327 * 1.0125
=
-2.05
* 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))
=
(508.384 / (508.384 + 1846.095))
/
(570.868 / (570.868 + 1854.061))
=
0.215922
/
0.235416
=
0.9172
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
=
(982.272 - 0
-
234.128)
/
23636.989
=
0.031651
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.
Neoenergia has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
Neoenergia (NRGIY) has a Beneish M-Score of -2.14 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neoenergia and its competitors. According to the industry distribution chart, Neoenergia ranks #410 out of 486 companies in the Utilities - Regulated industry, placing it in the top 84.4%.
Is Neoenergia's Beneish M-Score too high?
Neoenergia's current Beneish M-Score is -2.14. Based on the distribution chart, Neoenergia ranks #410 out of 486 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Neoenergia has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Neoenergia's Beneish M-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Neoenergia ranks #410 out of 486 companies for Beneish M-Score. This places Neoenergia 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 Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Neoenergia and its competitors. Neoenergia's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neoenergia stock overvalued right now?
Based on GuruFocus' analysis, Neoenergia (NRGIY) is currently considered Significantly Overvalued. The stock's GF Value™ is $16.39, compared to a current price of $24.00 — trading 46.4% above its estimated fair value. The current Beneish M-Score is -2.14. Neoenergia's overall GF Score™ is 63/100 with 8 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 Neoenergia (NRGIY), the current Beneish M-Score is -2.14 as of Jun. 27, 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 Neoenergia (NRGIY) Overvalued in 2026?
Based on GuruFocus' analysis, Neoenergia stock appears to be overvalued.
The current stock price of $24.00 is trading 46.4% above its estimated GF Value™ of $16.39.
GuruFocus considers Neoenergia to be Significantly Overvalued.
Key valuation signals for NRGIY:
Beneish M-Score: -2.14
GF Value™: $16.39 vs. price of $24.00 (46.4% above fair value)
No single metric tells the full story. See the NRGIY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Neoenergia SA is principally dedicated to the activities of distribution, transmission, generation, and commercialization of electricity. The main activities of the operating segments are as follows: (i) Networks - comprising business lines related to concessions for electricity distribution and transmission services; (ii) Renewables - comprising activities related to concessions for electricity generation services from renewable natural sources, such as wind farms, solar farms and hydroelectric plants; (iii) Liberalized - comprising electricity generation activities from thermal power plants and energy trading activities; and (iv) Other - including corporate and operational support activities. The company generates the majority of its revenue from Networks segment.
63GF Score
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