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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Construction Partners's Beneish M-Score or its related term are showing as below:
ROAD'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.5 Max: -1.72
Current: -2.46
During the past 10 years, the highest Beneish M-Score of Construction Partners was -1.72. The lowest was -3.18. And the median was -2.50.
Construction Partners Beneish M-Score Related Terms
Construction Partners Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Construction Partners'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.
ROAD vs LGN, FLR, PRIM: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Construction Partners'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.
Construction Partners Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Construction Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Construction Partners'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 Construction Partners 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 * 0.8556
+
0.528 * 0.9178
+
0.404 * 1.1261
+
0.892 * 1.4881
+
0.115 * 0.823
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9388
+
4.679 * -0.060796
-
0.327 * 1.0009
=
-2.46
* 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))
=
(117.406 / (117.406 + 1159.728))
/
(171.122 / (171.122 + 1360.836))
=
0.091929
/
0.111701
=
0.823
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
=
(127.002 - -6.713
-
342.779)
/
3438.757
=
-0.060796
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.
Construction Partners has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Construction Partners (ROAD) has a Beneish M-Score of -2.46 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Construction Partners and its competitors. According to the industry distribution chart, Construction Partners ranks #884 out of 1704 companies in the Construction industry, placing it in the top 51.9%.
Is Construction Partners' Beneish M-Score too high?
Construction Partners' current Beneish M-Score is -2.46. Based on the distribution chart, Construction Partners ranks #884 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Construction Partners has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Construction Partners' Beneish M-Score compare to LGN and FLR?
According to the Construction industry distribution chart, Construction Partners ranks #884 out of 1704 companies for Beneish M-Score. This places Construction Partners 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 a Construction company?
A good Beneish M-Score depends on the Construction 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 Construction Partners and its competitors. Construction Partners's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Construction Partners stock overvalued right now?
Based on GuruFocus' analysis, Construction Partners (ROAD) is currently considered Fairly Valued. The stock's GF Value™ is $120.83, compared to a current price of $122.53 — trading 1.4% above its estimated fair value. The current Beneish M-Score is -2.46. Construction Partners' overall GF Score™ is 91/100 with 4 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 Construction Partners (ROAD), the current Beneish M-Score is -2.46 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 Construction Partners (ROAD) Overvalued in 2026?
Based on GuruFocus' analysis, Construction Partners stock appears to be overvalued.
The current stock price of $122.53 is trading 1.4% above its estimated GF Value™ of $120.83.
GuruFocus considers Construction Partners to be Fairly Valued.
Key valuation signals for ROAD:
Beneish M-Score: -2.46
GF Value™: $120.83 vs. price of $122.53 (1.4% above fair value)
No single metric tells the full story. See the ROAD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Construction Partners Inc operates as a civil infrastructure company. It specializes in the construction and maintenance of roadways. The company through its subsidiaries, provides various products and services to both public and private infrastructure projects, with an emphasis on highways, roads, bridges, airports, and commercial and residential developments. Its operations consist of manufacturing and distributing hot mix asphalt, paving activities, including the construction of roadway base layers and application of asphalt pavement, site development, including the installation of utility and drainage systems, and others. The company has a single segment which predominantly consists of infrastructure and road construction, and operates across various states in the United States.
91GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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