Piperndler Cos (STU:62C) Beneish M-Score: -2.74 (As of Jun. 24, 2026)


STU:62C Piper Sandler Cos STU:62C
75 GF Score
Price €64.00
GF Value €68.07
! 1 Warning Sign
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What is Piperndler Cos Beneish M-Score?

Piperndler Cos STU:62C 75 Beneish M-Score is -2.74 as of Jun. 24, 2026. GuruFocus rates STU:62C with a GF Score™ of 75/100 and a GF Value™ of €68.07. The stock has 1 warning sign investors should review. Among 702 Capital Markets companies, Piperndler Cos ranks better than 76.92% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Piperndler Cos's Beneish M-Score or its related term are showing as below:

STU:62C' s Beneish M-Score Range Over the Past 10 Years
Min: -4.75   Med: -2.99   Max: -0.02
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Piperndler Cos was -0.02. The lowest was -4.75. And the median was -2.99.

STU:62C
75GF Score
Piper Sandler Cos STU:62C
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Piperndler Cos Beneish M-Score Calculation

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 Piperndler Cos 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 * 0.8797+0.528 * 1+0.404 * 1.0176+0.892 * 1.2097+0.115 * 0.918
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9102+4.679 * -0.10002-0.327 * 0.8254
=-2.80

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €171 Mil.
Revenue was 406.007 + 553.199 + 393.243 + 329.747 = €1,682 Mil.
Gross Profit was 406.007 + 553.199 + 393.243 + 329.747 = €1,682 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,843 Mil.
Property, Plant and Equipment(Net PPE) was €117 Mil.
Depreciation, Depletion and Amortization(DDA) was €24 Mil.
Selling, General, & Admin. Expense(SGA) was €1,102 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €84 Mil.
Net Income was 56.434 + 97.329 + 51.347 + 36.572 = €242 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -252.335 + 623.249 + 27.186 + 27.869 = €426 Mil.
 Total Receivables was €161 Mil.
Revenue was 325.691 + 445.693 + 313.88 + 305.382 = €1,391 Mil.
Gross Profit was 325.691 + 445.693 + 313.88 + 305.382 = €1,391 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,684 Mil.
Property, Plant and Equipment(Net PPE) was €134 Mil.
Depreciation, Depletion and Amortization(DDA) was €25 Mil.
Selling, General, & Admin. Expense(SGA) was €1,001 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €93 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(170.87 / 1682.196) / (160.576 / 1390.646)
=0.101576 / 0.115469
=0.8797

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1390.646 / 1390.646) / (1682.196 / 1682.196)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 116.874) / 1842.504) / (1 - (0 + 134.077) / 1683.963)
=0.936568 / 0.92038
=1.0176

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1682.196 / 1390.646
=1.2097

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(24.814 / (24.814 + 134.077)) / (23.96 / (23.96 + 116.874))
=0.15617 / 0.170129
=0.918

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1101.887 / 1682.196) / (1000.755 / 1390.646)
=0.655029 / 0.719633
=0.9102

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((84.097 + 0) / 1842.504) / ((93.115 + 0) / 1683.963)
=0.045643 / 0.055295
=0.8254

8. TATA = Total Accruals to Total Assets

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
=(241.682 - 0 - 425.969) / 1842.504
=-0.10002

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.

Piperndler Cos has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.74 mean?
Piperndler Cos (STU:62C) has a Beneish M-Score of -2.74 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Piperndler Cos and its competitors. According to the industry distribution chart, Piperndler Cos ranks #162 out of 702 companies in the Capital Markets industry, placing it in the top 23.1%.
Is Piperndler Cos' Beneish M-Score too high?
Piperndler Cos' current Beneish M-Score is -2.74. Based on the distribution chart, Piperndler Cos ranks #162 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Piperndler Cos has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Piperndler Cos' Beneish M-Score compare to MARA and BGC?
According to the Capital Markets industry distribution chart, Piperndler Cos ranks #162 out of 702 companies for Beneish M-Score. This places Piperndler Cos in the top 23% 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Piperndler Cos and its competitors. Piperndler Cos's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Piperndler Cos stock overvalued right now?
Piperndler Cos (STU:62C) has a current Beneish M-Score of -2.74. The stock's GF Value™ is €68.07, compared to a current price of €64.00 — trading 6% below its estimated fair value. The current Beneish M-Score is -2.74. Piperndler Cos' overall GF Score™ is 75/100 with 1 warning sign 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 Piperndler Cos (STU:62C), the current Beneish M-Score is -2.74 as of Jun. 24, 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 Piperndler Cos (STU:62C) Overvalued in 2026?

Based on GuruFocus' analysis, Piperndler Cos stock appears to be undervalued. The current stock price of €64.00 is trading 6% below its estimated GF Value™ of €68.07.

Key valuation signals for STU:62C:

  • Beneish M-Score: -2.74
  • GF Value™: €68.07 vs. price of €64.00 (6% below fair value)
  • GF Score™: 75/100 with 1 warning sign

No single metric tells the full story. See the STU:62C stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Piperndler Cos Business Description

Other Exchanges PIPR:USA62C:Germany
Address 350 North 5th Street, Suite 1000, Minneapolis, MN, USA, 55401-5711
Piper Sandler Cos is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States (U.S.) and internationally. The company provides a broad set of products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. It generates maximum revenue from Advisory services.
75GF Score

Get the complete analysis for STU:62C

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€64.00
Price
€68.07
GF Value