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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 -12.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Southwest Gas Holdings's Beneish M-Score or its related term are showing as below:
SWX'
s Beneish M-Score Range Over the Past 10 Years
Min: -12.5 Med: -2.44 Max: 18.97
Current: -12.5
During the past 13 years, the highest Beneish M-Score of Southwest Gas Holdings was 18.97. The lowest was -12.50. And the median was -2.44.
Southwest Gas Holdings Beneish M-Score Related Terms
Southwest Gas Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Southwest Gas 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.
For the Utilities - Regulated Gas subindustry, Southwest Gas 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.
Southwest Gas Holdings Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Southwest Gas Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Southwest Gas Holdings's Beneish M-Score falls into.
Southwest Gas Holdings 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 Southwest Gas 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 * 0.2834
+
0.528 * 0.7744
+
0.404 * 0.3323
+
0.892 * 0.8472
+
0.115 * 0.7118
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 52.622
+
4.679 * 0.004511
-
0.327 * 0.8401
=
-12.50
* 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))
=
(250.511 / (250.511 + 9518.552))
/
(345.543 / (345.543 + 9245.569))
=
0.025643
/
0.036027
=
0.7118
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
=
(519.335 - 25.392
-
446.689)
/
10475.435
=
0.004511
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.
Southwest Gas Holdings has a M-score of -12.50 suggests that the company is unlikely to be a manipulator.
Southwest Gas Holdings (SWX) has a Beneish M-Score of -12.50 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Southwest Gas Holdings and its competitors. According to the industry distribution chart, Southwest Gas Holdings ranks #3 out of 487 companies in the Utilities - Regulated industry, placing it in the top 0.59999999999999%.
Is Southwest Gas Holdings' Beneish M-Score too high?
Southwest Gas Holdings' current Beneish M-Score is -12.50. Based on the distribution chart, Southwest Gas Holdings ranks #3 out of 487 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Southwest Gas Holdings has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Southwest Gas Holdings' Beneish M-Score compare to NJR and BKH?
According to the Utilities - Regulated industry distribution chart, Southwest Gas Holdings ranks #3 out of 487 companies for Beneish M-Score. This places Southwest Gas Holdings in the top 1% 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Southwest Gas Holdings and its competitors. Southwest Gas Holdings's current Beneish M-Score is -12.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Southwest Gas Holdings stock overvalued right now?
Based on GuruFocus' analysis, Southwest Gas Holdings (SWX) is currently considered Significantly Overvalued. The stock's GF Value™ is $53.66, compared to a current price of $92.09 — trading 71.6% above its estimated fair value. The current Beneish M-Score is -12.50. Southwest Gas Holdings' overall GF Score™ is 65/100 with 9 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 Southwest Gas Holdings (SWX), the current Beneish M-Score is -12.50 as of Aug. 08, 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 Southwest Gas Holdings (SWX) Overvalued in 2026?
Based on GuruFocus' analysis, Southwest Gas Holdings stock appears to be overvalued.
The current stock price of $92.09 is trading 71.6% above its estimated GF Value™ of $53.66.
GuruFocus considers Southwest Gas Holdings to be Significantly Overvalued.
Key valuation signals for SWX:
Beneish M-Score: -12.50
GF Value™: $53.66 vs. price of $92.09 (71.6% above fair value)
No single metric tells the full story. See the SWX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Southwest Gas Holdings Inc is a utility company engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest. The company segments its activities into natural gas distribution segment. The Natural gas distribution segment encompasses the company's core natural gas business as distributors in the states of Arizona and Nevada. Its division is responsible for roughly half of Southwest Gas' total revenue through the sale of natural gas to mainly residential and small commercial customers.
65GF Score
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