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.
The historical rank and industry rank for Ellenbarrie Industrial Gases's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Ellenbarrie Industrial Gases was 0.48. The lowest was 0.48. And the median was 0.48.
Ellenbarrie Industrial Gases Beneish M-Score Related Terms
Ellenbarrie Industrial Gases Beneish M-Score Historical Data
* 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 Chemicals subindustry, Ellenbarrie Industrial Gases'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.
Ellenbarrie Industrial Gases Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ellenbarrie Industrial Gases's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ellenbarrie Industrial Gases'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 Ellenbarrie Industrial Gases 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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))
=
(207.2 / (207.2 + 0))
/
(214.82 / (214.82 + 5311.68))
=
1
/
0.038871
=
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
=
(1044 - 0
-
1325.46)
/
12989.5
=
-0.021668
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.
Ellenbarrie Industrial Gases (NSE:ELLEN) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ellenbarrie Industrial Gases and its competitors. Over the past decade, Ellenbarrie Industrial Gases' Beneish M-Score has ranged from 0.48 to 0.48. According to the industry distribution chart, Ellenbarrie Industrial Gases ranks #999999 out of 1530 companies in the Chemicals industry.
Is Ellenbarrie Industrial Gases' Beneish M-Score too high?
Ellenbarrie Industrial Gases' current Beneish M-Score is 0.00. Over the past 10 years, this metric has ranged from a low of 0.48 to a high of 0.48. Based on the distribution chart, Ellenbarrie Industrial Gases ranks #999999 out of 1530 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Ellenbarrie Industrial Gases has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Ellenbarrie Industrial Gases' Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Ellenbarrie Industrial Gases ranks #999999 out of 1530 companies for Beneish M-Score. This places Ellenbarrie Industrial Gases in the lower half of its industry. Historically, Ellenbarrie Industrial Gases' own Beneish M-Score has ranged from 0.48 to 0.48 over the past decade. 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Ellenbarrie Industrial Gases and its competitors. Ellenbarrie Industrial Gases's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ellenbarrie Industrial Gases stock overvalued right now?
Ellenbarrie Industrial Gases (NSE:ELLEN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Ellenbarrie Industrial Gases' overall GF Score™ is 36/100 with 3 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 Ellenbarrie Industrial Gases (NSE:ELLEN), the current Beneish M-Score is 0.00 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.
Ellenbarrie Industrial Gases Ltd is engaged in manufacture and sale of industrial, medical and special gases as well as related products. The company is also engaged in Cryogenic and non-cryogenic air separation plants. Its products include oxygen, hydrogen, nitrogen, carbon dioxide, argon, ice, helium, and others.
36GF Score
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