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KalmarOHEL:KALMAR +1.83%16 Beneish M-Score is -2.53 as of Sep. 05, 2026. GuruFocus rates OHEL:KALMAR with a GF Score™ of 16/100. The stock has 1 warning sign investors should review. Among 206 Farm & Heavy Construction Machinery companies, Kalmar ranks better than 54.37% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kalmar's Beneish M-Score or its related term are showing as below:
OHEL:KALMAR'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.53 Med: -2.52 Max: -2.42
Current: -2.53
During the past 3 years, the highest Beneish M-Score of Kalmar was -2.42. The lowest was -2.53. And the median was -2.52.
The historical data trend for Kalmar'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.
OHEL:KALMAR vs CAT, DE, PCAR: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Kalmar'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.
Kalmar Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Kalmar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kalmar'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 Kalmar 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 * 0.9581
+
0.528 * 1.055
+
0.404 * 0.9728
+
0.892 * 1.0825
+
0.115 * 1.1633
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.907
+
4.679 * -0.036245
-
0.327 * 0.9048
=
-2.53
* 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))
=
(64.4 / (64.4 + 267.3))
/
(60.3 / (60.3 + 301))
=
0.194151
/
0.166897
=
1.1633
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
=
(173.5 - 0
-
236.9)
/
1749.2
=
-0.036245
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.
Kalmar has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Kalmar (OHEL:KALMAR) has a Beneish M-Score of -2.53 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kalmar and its competitors. According to the industry distribution chart, Kalmar ranks #94 out of 206 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 45.6%.
Is Kalmar's Beneish M-Score too high?
Kalmar's current Beneish M-Score is -2.53. Based on the distribution chart, Kalmar ranks #94 out of 206 companies in the Farm & Heavy Construction Machinery industry, which is above the industry midpoint. Overall, Kalmar has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Kalmar's Beneish M-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Kalmar ranks #94 out of 206 companies for Beneish M-Score. This puts Kalmar 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 Kalmar and its competitors. Kalmar's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kalmar stock overvalued right now?
Kalmar (OHEL:KALMAR) has a current Beneish M-Score of -2.53. The current Beneish M-Score is -2.53. Kalmar's overall GF Score™ is 16/100 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 Kalmar (OHEL:KALMAR), the current Beneish M-Score is -2.53 as of Sep. 05, 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.
Kalmar Corp is a material handling company engaged in moving goods in critical supply chains, offering heavy material handling equipment and services to ports and terminals, distribution centres, manufacturing, and heavy logistics. It operates through two reporting segments: the Equipment segment, which earns the majority of revenue, consists of a portfolio of heavy material handling equipment including reachstackers, forklift trucks, empty container handlers, terminal tractors, straddle carriers, and Bromma spreaders; and the Services segment, which consists of solutions aimed at ensuring the uptime and productivity of Kalmar's equipment, including Genuine Parts, on-demand and contract maintenance services, and lifecycle services such as refurbishments, fleet management, and upgrades.
16GF Score
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