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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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eva Airways's Beneish M-Score or its related term are showing as below:
TPE:2618'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.78 Max: -2.46
Current: -2.88
During the past 13 years, the highest Beneish M-Score of Eva Airways was -2.46. The lowest was -3.07. And the median was -2.78.
Eva Airways Beneish M-Score Related Terms
Eva Airways Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Eva Airways'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.
TPE:2618 vs DAL, UAL, LUV: Beneish M-Score Comparison
For the Airlines subindustry, Eva Airways'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.
Eva Airways Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Eva Airways's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eva Airways'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 Eva Airways 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 * 1.0002
+
0.528 * 1.0431
+
0.404 * 0.9761
+
0.892 * 0.9969
+
0.115 * 1.0339
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.079705
-
0.327 * 1.1216
=
-2.88
* 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))
=
(28548.92 / (28548.92 + 219460.484))
/
(27686.421 / (27686.421 + 220978.435))
=
0.115112
/
0.11134
=
1.0339
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
=
(26146.437 - 0
-
55224.615)
/
364821.777
=
-0.079705
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.
Eva Airways has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
Eva Airways (TPE:2618) has a Beneish M-Score of -2.88 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eva Airways and its competitors. According to the industry distribution chart, Eva Airways ranks #227 out of 966 companies in the Transportation industry, placing it in the top 23.5%.
Is Eva Airways' Beneish M-Score too high?
Eva Airways' current Beneish M-Score is -2.88. Based on the distribution chart, Eva Airways ranks #227 out of 966 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Eva Airways has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Eva Airways' Beneish M-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Eva Airways ranks #227 out of 966 companies for Beneish M-Score. This places Eva Airways in the top 24% 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Eva Airways and its competitors. Eva Airways's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eva Airways stock overvalued right now?
Based on GuruFocus' analysis, Eva Airways (TPE:2618) is currently considered Fairly Valued. The stock's GF Value™ is NT$41.05, compared to a current price of NT$41.20 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.88. Eva Airways' overall GF Score™ is 85/100 with 8 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 Eva Airways (TPE:2618), the current Beneish M-Score is -2.88 as of Jul. 19, 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 Eva Airways (TPE:2618) Overvalued in 2026?
Based on GuruFocus' analysis, Eva Airways stock appears to be overvalued.
The current stock price of NT$41.20 is trading 0.4% above its estimated GF Value™ of NT$41.05.
GuruFocus considers Eva Airways to be Fairly Valued.
Key valuation signals for TPE:2618:
Beneish M-Score: -2.88
GF Value™: NT$41.05 vs. price of NT$41.20 (0.4% above fair value)
No single metric tells the full story. See the TPE:2618 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eva Airways Corp is an aviation transportation business. Its business activities are civil aviation transportation and general aviation business; Wholesale and retail sale of medical devices; carrying out any business which is not forbidden or restricted by the applicable laws and regulations, excluding those requiring licensing. Its geographic markets are Taiwan, Asia, Europe, North America, and others. It derives maximum revenue from Taiwan. The Group has two reportable segments: Aviation transportation segment, which derives maximum revenue, is involved in aviation transportation of passengers and cargo; and the aircraft maintenance and manufacture segment is involved in maintenance, manufacture, processing and sale of aircraft, parts and engine.
85GF Score
Get the complete analysis for TPE:2618
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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