Volvo ABVOLAF -1.64%92 Beneish M-Score is -2.58 as of Jun. 24, 2026. GuruFocus rates VOLAF with a GF Score™ of 92/100 and a GF Value™ of $28.60 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Volvo AB ranks better than 62.44% on this metric.
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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Volvo AB's Beneish M-Score or its related term are showing as below:
VOLAF'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.44 Max: -2.11
Current: -2.58
During the past 13 years, the highest Beneish M-Score of Volvo AB was -2.11. The lowest was -2.87. And the median was -2.44.
Volvo AB Beneish M-Score Related Terms
Volvo AB Beneish M-Score Historical Data
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The historical data trend for Volvo AB'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.
VOLAF vs CAT, DE, PCAR: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Volvo AB'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.
Volvo AB Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Volvo AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Volvo AB'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 Volvo AB 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 * 1.0154
+
0.528 * 1.0901
+
0.404 * 1.0455
+
0.892 * 1.0093
+
0.115 * 1.0435
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0534
+
4.679 * -0.024841
-
0.327 * 1.0135
=
-2.52
* 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))
=
(2207.631 / (2207.631 + 11740.782))
/
(2516.359 / (2516.359 + 14073.756))
=
0.158271
/
0.151678
=
1.0435
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
=
(3507.657 - 0
-
5327.221)
/
73249.796
=
-0.024841
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.
Volvo AB has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
Volvo AB (VOLAF) has a Beneish M-Score of -2.58 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Volvo AB and its competitors. According to the industry distribution chart, Volvo AB ranks #77 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 37.6%.
Is Volvo AB's Beneish M-Score too high?
Volvo AB's current Beneish M-Score is -2.58. Based on the distribution chart, Volvo AB ranks #77 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is above the industry midpoint. Overall, Volvo AB has a GF Score™ of 92/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Volvo AB's Beneish M-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Volvo AB ranks #77 out of 205 companies for Beneish M-Score. This puts Volvo AB 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 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 Volvo AB and its competitors. Volvo AB's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Volvo AB stock overvalued right now?
Based on GuruFocus' analysis, Volvo AB (VOLAF) is currently considered Modestly Overvalued. The stock's GF Value™ is $28.60, compared to a current price of $34.15 — trading 19.4% above its estimated fair value. The current Beneish M-Score is -2.58. Volvo AB's overall GF Score™ is 92/100 with 6 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 Volvo AB (VOLAF), the current Beneish M-Score is -2.58 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 Volvo AB (VOLAF) Overvalued in 2026?
Based on GuruFocus' analysis, Volvo AB stock appears to be overvalued.
The current stock price of $34.15 is trading 19.4% above its estimated GF Value™ of $28.60.
GuruFocus considers Volvo AB to be Modestly Overvalued.
Key valuation signals for VOLAF:
Beneish M-Score: -2.58
GF Value™: $28.60 vs. price of $34.15 (19.4% above fair value)
No single metric tells the full story. See the VOLAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Volvo Group is one of the largest global truck, bus, construction equipment, and engine and power system original equipment manufacturers, operating with the Volvo, Renault Truck, Mack Trucks, Volvo Penta, and Nova Bus brands. Among the four largest Western global brands—Volvo, Daimler, Paccar, and Traton—Volvo ranks third in terms of annual deliveries. Its truck, construction equipment, bus, and engines and power system segments contributed 71%, 18%, 5%, and 5%, respectively, to industrial operations' revenue in 2025. An in-house financial services division supports these businesses. In its key regions of Europe, North America, Brazil, and Australia, the truck business holds large market shares of 29%, 17%, 24%, and 22%, respectively.
92GF Score
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