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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 -3.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ProPetro Holding's Beneish M-Score or its related term are showing as below:
PUMP'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.61 Med: -3 Max: 20.88
Current: -3.21
During the past 11 years, the highest Beneish M-Score of ProPetro Holding was 20.88. The lowest was -4.61. And the median was -3.00.
The historical data trend for ProPetro Holding'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.
PUMP vs HLX, AESI, VTOL: Beneish M-Score Comparison
For the Oil & Gas Equipment & Services subindustry, ProPetro Holding'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.
ProPetro Holding Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, ProPetro Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ProPetro Holding'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 ProPetro Holding 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 * 1.3016
+
0.528 * 1.2508
+
0.404 * 0.4619
+
0.892 * 0.8486
+
0.115 * 1.2835
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1829
+
4.679 * -0.107325
-
0.327 * 1.8649
=
-3.21
* 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))
=
(197.034 / (197.034 + 827.641))
/
(166.983 / (166.983 + 947.598))
=
0.192289
/
0.149817
=
1.2835
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
=
(-13.379 - 16.209
-
191.483)
/
2059.831
=
-0.107325
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.
ProPetro Holding has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
ProPetro Holding (PUMP) has a Beneish M-Score of -3.21 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ProPetro Holding and its competitors. According to the industry distribution chart, ProPetro Holding ranks #155 out of 830 companies in the Oil & Gas industry, placing it in the top 18.7%.
Is ProPetro Holding's Beneish M-Score too high?
ProPetro Holding's current Beneish M-Score is -3.21. Based on the distribution chart, ProPetro Holding ranks #155 out of 830 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, ProPetro Holding has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ProPetro Holding's Beneish M-Score compare to HLX and AESI?
According to the Oil & Gas industry distribution chart, ProPetro Holding ranks #155 out of 830 companies for Beneish M-Score. This places ProPetro Holding in the top 19% of its industry — outperforming the majority of peers. 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 Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 ProPetro Holding and its competitors. ProPetro Holding's current Beneish M-Score is -3.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ProPetro Holding stock overvalued right now?
Based on GuruFocus' analysis, ProPetro Holding (PUMP) is currently considered Significantly Overvalued. The stock's GF Value™ is $6.27, compared to a current price of $11.33 — trading 80.7% above its estimated fair value. The current Beneish M-Score is -3.21. ProPetro Holding's overall GF Score™ is 65/100 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 ProPetro Holding (PUMP), the current Beneish M-Score is -3.21 as of Aug. 20, 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 ProPetro Holding (PUMP) Overvalued in 2026?
Based on GuruFocus' analysis, ProPetro Holding stock appears to be overvalued.
The current stock price of $11.33 is trading 80.7% above its estimated GF Value™ of $6.27.
GuruFocus considers ProPetro Holding to be Significantly Overvalued.
Key valuation signals for PUMP:
Beneish M-Score: -3.21
GF Value™: $6.27 vs. price of $11.33 (80.7% above fair value)
No single metric tells the full story. See the PUMP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ProPetro Holding Corp is an integrated energy service company located in Midland, Texas, focused on providing hydraulic fracturing, wireline, and other complementary energy and power generation services to upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources. The company's operations are focused in the Permian Basin, where it have cultivated longstanding customer relationships with some of the region's active and well-capitalized E&P companies. The company's operating segments: Hydraulic Fracturing, Wireline, Cementing and Power Generation, the majority of revenue from Hydraulic Fracturing.
65GF Score
Get the complete analysis for PUMP
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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