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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Astec Industries's Beneish M-Score or its related term are showing as below:
STU:AI2'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.45 Max: -1.66
Current: -2.26
During the past 13 years, the highest Beneish M-Score of Astec Industries was -1.66. The lowest was -3.35. And the median was -2.45.
Astec Industries Beneish M-Score Related Terms
Astec Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Astec Industries'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.
STU:AI2 vs LNN, AEBI, HY: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Astec Industries'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.
Astec Industries Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Astec Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astec Industries'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 Astec Industries 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 * 1.1027
+
0.528 * 1.0064
+
0.404 * 1.982
+
0.892 * 1.0313
+
0.115 * 0.8326
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0617
+
4.679 * -0.041248
-
0.327 * 1.4168
=
-2.32
* 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))
=
(24.757 / (24.757 + 166.962))
/
(37.871 / (37.871 + 206.302))
=
0.129132
/
0.155099
=
0.8326
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
=
(22.273 - 2.939
-
70.317)
/
1235.998
=
-0.041248
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.
Astec Industries has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Astec Industries (STU:AI2) has a Beneish M-Score of -2.26 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Astec Industries and its competitors. According to the industry distribution chart, Astec Industries ranks #126 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 61.5%.
Is Astec Industries' Beneish M-Score too high?
Astec Industries' current Beneish M-Score is -2.26. Based on the distribution chart, Astec Industries ranks #126 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Astec Industries has a GF Score™ of 84/100, reflecting its overall financial health beyond just this single metric.
How does Astec Industries' Beneish M-Score compare to LNN and AEBI?
According to the Farm & Heavy Construction Machinery industry distribution chart, Astec Industries ranks #126 out of 205 companies for Beneish M-Score. This places Astec Industries 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Astec Industries and its competitors. Astec Industries's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Astec Industries stock overvalued right now?
Astec Industries (STU:AI2) has a current Beneish M-Score of -2.26. The stock's GF Value™ is €39.43, compared to a current price of €49.20 — trading 24.8% above its estimated fair value. The current Beneish M-Score is -2.26. Astec Industries' overall GF Score™ is 84/100 with 5 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 Astec Industries (STU:AI2), the current Beneish M-Score is -2.26 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 Astec Industries (STU:AI2) Overvalued in 2026?
Based on GuruFocus' analysis, Astec Industries stock appears to be overvalued.
The current stock price of €49.20 is trading 24.8% above its estimated GF Value™ of €39.43.
Key valuation signals for STU:AI2:
Beneish M-Score: -2.26
GF Value™: €39.43 vs. price of €49.20 (24.8% above fair value)
No single metric tells the full story. See the STU:AI2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Astec Industries Inc designs and manufactures equipment and components used in road construction and other development activities. Its products are used through the entire process of building roads, from mining and crushing materials to creating the road surface. The company manufactures a line of plants, pavers, vehicles, and machines to mix and transform materials into construction components. The company has two operating segments: infrastructure solutions generating maximum revenue and materials solutions. The majority of sales are derived from the United States. Its customers are asphalt producers, highway and heavy equipment contractors, ready mix concrete producers, demolition recycling markets, sand and gravel producers, open mine operators, quarry operators, and others.
84GF Score
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