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RelianceRS +0.33%89 Beneish M-Score is -2.27 as of Aug. 15, 2026. GuruFocus rates RS with a GF Score™ of 89/100 and a GF Value™ of $364.07 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 590 Steel companies, Reliance ranks worse than 65.08% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Reliance's Beneish M-Score or its related term are showing as below:
RS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.65 Max: -1.56
Current: -2.27
During the past 13 years, the highest Beneish M-Score of Reliance was -1.56. The lowest was -3.40. And the median was -2.65.
The historical data trend for Reliance'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 Steel subindustry, Reliance'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.
Reliance Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Reliance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Reliance'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 Reliance 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 * 1.1451
+
0.528 * 1.0392
+
0.404 * 0.9325
+
0.892 * 1.1544
+
0.115 * 1.0164
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9335
+
4.679 * -0.007264
-
0.327 * 1.1039
=
-2.27
* 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))
=
(276.9 / (276.9 + 2909.4))
/
(278.5 / (278.5 + 2978.9))
=
0.086903
/
0.085498
=
1.0164
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
=
(893.8 - 123.4
-
851.5)
/
11165.2
=
-0.007264
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.
Reliance has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
Reliance (RS) has a Beneish M-Score of -2.27 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Reliance and its competitors. According to the industry distribution chart, Reliance ranks #384 out of 590 companies in the Steel industry, placing it in the top 65.1%.
Is Reliance's Beneish M-Score too high?
Reliance's current Beneish M-Score is -2.27. Based on the distribution chart, Reliance ranks #384 out of 590 companies in the Steel industry, which is below the industry midpoint. Overall, Reliance has a GF Score™ of 89/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Reliance's Beneish M-Score compare to TX and CLF?
According to the Steel industry distribution chart, Reliance ranks #384 out of 590 companies for Beneish M-Score. This places Reliance 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Reliance and its competitors. Reliance's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Reliance stock overvalued right now?
Based on GuruFocus' analysis, Reliance (RS) is currently considered Modestly Overvalued. The stock's GF Value™ is $364.07, compared to a current price of $426.54 — trading 17.2% above its estimated fair value. The current Beneish M-Score is -2.27. Reliance's overall GF Score™ is 89/100 with 9 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 Reliance (RS), the current Beneish M-Score is -2.27 as of Aug. 15, 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 Reliance (RS) Overvalued in 2026?
Based on GuruFocus' analysis, Reliance stock appears to be overvalued.
The current stock price of $426.54 is trading 17.2% above its estimated GF Value™ of $364.07.
GuruFocus considers Reliance to be Modestly Overvalued.
Key valuation signals for RS:
Beneish M-Score: -2.27
GF Value™: $364.07 vs. price of $426.54 (17.2% above fair value)
No single metric tells the full story. See the RS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Reliance Inc operates a network of companies providing diversified metal solutions and is the metals service center company. It distributes a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. The company services more than 125,000 customers in a variety of industries, including consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, industrial machinery and heavy industry. It also services the auto industry, through its toll processing operations where it processes customer-owned metal for a fee.
89GF Score
Get the complete analysis for RS
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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