Spirax GroupSPXSF 89 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates SPXSF with a GF Score™ of 89/100 and a GF Value™ of $111.45 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 2,926 Industrial Products companies, Spirax Group ranks better than 69.72% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Spirax Group's Beneish M-Score or its related term are showing as below:
SPXSF'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.54 Max: -2.2
Current: -2.67
During the past 13 years, the highest Beneish M-Score of Spirax Group was -2.20. The lowest was -2.87. And the median was -2.54.
Spirax Group Beneish M-Score Related Terms
Spirax Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Spirax Group'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 Specialty Industrial Machinery subindustry, Spirax Group'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.
Spirax Group Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Spirax Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spirax Group'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 Spirax Group 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 * 1.0481
+
0.528 * 0.9917
+
0.404 * 0.9662
+
0.892 * 1.0829
+
0.115 * 0.9683
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.049904
-
0.327 * 1.0081
=
-2.62
* 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))
=
(123.894 / (123.894 + 668.394))
/
(132.932 / (132.932 + 690.228))
=
0.156375
/
0.16149
=
0.9683
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
=
(218.742 - 0
-
396.519)
/
3562.383
=
-0.049904
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.
Spirax Group has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Spirax Group (SPXSF) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spirax Group and its competitors. According to the industry distribution chart, Spirax Group ranks #886 out of 2926 companies in the Industrial Products industry, placing it in the top 30.3%.
Is Spirax Group's Beneish M-Score too high?
Spirax Group's current Beneish M-Score is -2.67. Based on the distribution chart, Spirax Group ranks #886 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Spirax Group has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Spirax Group's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Spirax Group ranks #886 out of 2926 companies for Beneish M-Score. This puts Spirax Group 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Spirax Group and its competitors. Spirax Group's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spirax Group stock overvalued right now?
Based on GuruFocus' analysis, Spirax Group (SPXSF) is currently considered Modestly Undervalued. The stock's GF Value™ is $111.45, compared to a current price of $91.10 — trading 18.3% below its estimated fair value. The current Beneish M-Score is -2.67. Spirax Group's overall GF Score™ is 89/100 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 Spirax Group (SPXSF), the current Beneish M-Score is -2.67 as of Jun. 26, 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 Spirax Group (SPXSF) Overvalued in 2026?
Based on GuruFocus' analysis, Spirax Group stock appears to be undervalued.
The current stock price of $91.10 is trading 18.3% below its estimated GF Value™ of $111.45.
GuruFocus considers Spirax Group to be Modestly Undervalued.
Key valuation signals for SPXSF:
Beneish M-Score: -2.67
GF Value™: $111.45 vs. price of $91.10 (18.3% below fair value)
No single metric tells the full story. See the SPXSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spirax is a global manufacturer of a wide range of applications for industrial and commercial steam systems, electric thermal solutions, and peristaltic pumps used across multiple industries. The group operates across three segments and has over 110,000 direct customers across 130 countries. Approximately 85% of group sales are generated from recurring maintenance and small improvements to existing customer systems. Spirax has 1,700 product lines and 2,100 sales and service engineers, who account for 25% of employees.
89GF Score
Get the complete analysis for SPXSF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
SPXSF has been successfully added to your 
