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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for SPX Technologies's Beneish M-Score or its related term are showing as below:
SPXC'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.53 Max: -1.57
Current: -2.23
During the past 13 years, the highest Beneish M-Score of SPX Technologies was -1.57. The lowest was -3.45. And the median was -2.53.
SPX Technologies Beneish M-Score Related Terms
SPX Technologies Beneish M-Score Historical Data
* Premium members only.
The historical data trend for SPX Technologies'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 Building Products & Equipment subindustry, SPX Technologies'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.
SPX Technologies Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, SPX Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SPX Technologies'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 SPX Technologies 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 * 1.1222
+
0.528 * 1.0013
+
0.404 * 1.0312
+
0.892 * 1.1739
+
0.115 * 1.0348
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.986
+
4.679 * -0.031318
-
0.327 * 0.6715
=
-2.23
* 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))
=
(97.6 / (97.6 + 223.6))
/
(127.7 / (127.7 + 307.2))
=
0.303861
/
0.293631
=
1.0348
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
=
(252.7 - -0.6
-
374.8)
/
3879.5
=
-0.031318
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.
SPX Technologies has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
SPX Technologies (SPXC) has a Beneish M-Score of -2.23 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SPX Technologies and its competitors. According to the industry distribution chart, SPX Technologies ranks #1141 out of 1704 companies in the Construction industry, placing it in the top 67%.
Is SPX Technologies' Beneish M-Score too high?
SPX Technologies' current Beneish M-Score is -2.23. Based on the distribution chart, SPX Technologies ranks #1141 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, SPX Technologies has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SPX Technologies' Beneish M-Score compare to WMS and AAON?
According to the Construction industry distribution chart, SPX Technologies ranks #1141 out of 1704 companies for Beneish M-Score. This places SPX Technologies 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 SPX Technologies and its competitors. SPX Technologies's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SPX Technologies stock overvalued right now?
Based on GuruFocus' analysis, SPX Technologies (SPXC) is currently considered Significantly Overvalued. The stock's GF Value™ is $177.95, compared to a current price of $244.56 — trading 37.4% above its estimated fair value. The current Beneish M-Score is -2.23. SPX Technologies' 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 SPX Technologies (SPXC), the current Beneish M-Score is -2.23 as of Jun. 25, 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 SPX Technologies (SPXC) Overvalued in 2026?
Based on GuruFocus' analysis, SPX Technologies stock appears to be overvalued.
The current stock price of $244.56 is trading 37.4% above its estimated GF Value™ of $177.95.
GuruFocus considers SPX Technologies to be Significantly Overvalued.
Key valuation signals for SPXC:
Beneish M-Score: -2.23
GF Value™: $177.95 vs. price of $244.56 (37.4% above fair value)
No single metric tells the full story. See the SPXC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SPX Technologies Inc supplies engineered heating, ventilation, and air conditioning, or HVAC, products, as well as detection and measurement technologies and power equipment. The company operates through two reportable segments. The HVAC segment which generates the majority of the revenue for the company, designs, manufactures, installs, and services cooling products, as well as heating and ventilation products. The Detection and Measurement technologies segment designs, manufactures, and installs underground pipe and cable locators and inspection equipment, bus-fare collection systems, and others. Geographically, the company has its operations in the United States, Canada, China, the United Kingdom, and Others. It derives maximum revenue from United States.
91GF Score
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