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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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for WillScot Holdings's Beneish M-Score or its related term are showing as below:
STU:WS11'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.68 Max: -0.84
Current: -2.84
During the past 11 years, the highest Beneish M-Score of WillScot Holdings was -0.84. The lowest was -2.95. And the median was -2.68.
The historical data trend for WillScot Holdings'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:WS11 vs EQPT, HRI, CAR: Beneish M-Score Comparison
For the Rental & Leasing Services subindustry, WillScot Holdings'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.
WillScot Holdings Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, WillScot Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WillScot Holdings'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 WillScot Holdings 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 * 1.11
+
0.528 * 1.0563
+
0.404 * 1.0183
+
0.892 * 0.9192
+
0.115 * 1.0001
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0458
+
4.679 * -0.07571
-
0.327 * 1.008
=
-2.78
* 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))
=
(371.568 / (371.568 + 3519.228))
/
(350.555 / (350.555 + 3320.752))
=
0.095499
/
0.095485
=
1.0001
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
=
(-57.95 - -277.159
-
604.668)
/
5091.262
=
-0.07571
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.
WillScot Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
WillScot Holdings (STU:WS11) has a Beneish M-Score of -2.84 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WillScot Holdings and its competitors. According to the industry distribution chart, WillScot Holdings ranks #289 out of 1024 companies in the Business Services industry, placing it in the top 28.2%.
Is WillScot Holdings' Beneish M-Score too high?
WillScot Holdings' current Beneish M-Score is -2.84. Based on the distribution chart, WillScot Holdings ranks #289 out of 1024 companies in the Business Services industry, which is above the industry midpoint. Overall, WillScot Holdings has a GF Score™ of 73/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does WillScot Holdings' Beneish M-Score compare to EQPT and HRI?
According to the Business Services industry distribution chart, WillScot Holdings ranks #289 out of 1024 companies for Beneish M-Score. This puts WillScot Holdings 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 a Business Services company?
A good Beneish M-Score depends on the Business Services 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 WillScot Holdings and its competitors. WillScot Holdings's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WillScot Holdings stock overvalued right now?
Based on GuruFocus' analysis, WillScot Holdings (STU:WS11) is currently considered Possible Value Trap. The stock's GF Value™ is €31.86, compared to a current price of €22.40 — trading 29.7% below its estimated fair value. The current Beneish M-Score is -2.84. WillScot Holdings' overall GF Score™ is 73/100 with 7 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 WillScot Holdings (STU:WS11), the current Beneish M-Score is -2.84 as of Aug. 07, 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 WillScot Holdings (STU:WS11) Overvalued in 2026?
Based on GuruFocus' analysis, WillScot Holdings stock appears to be undervalued.
The current stock price of €22.40 is trading 29.7% below its estimated GF Value™ of €31.86.
GuruFocus considers WillScot Holdings to be Possible Value Trap.
Key valuation signals for STU:WS11:
Beneish M-Score: -2.84
GF Value™: €31.86 vs. price of €22.40 (29.7% below fair value)
No single metric tells the full story. See the STU:WS11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
WillScot Holdings Corp designs, delivers, and services on-site, on-demand space solutions for clients. The company offers turnkey solutions in construction, education, manufacturing, retail, healthcare, and entertainment sectors. The products of the company include modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers.
73GF Score
Get the complete analysis for STU:WS11
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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