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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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for voestalpine AG's Beneish M-Score or its related term are showing as below:
XPRA:VOE'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.71 Max: -2.1
Current: -2.83
During the past 13 years, the highest Beneish M-Score of voestalpine AG was -2.10. The lowest was -3.40. And the median was -2.71.
voestalpine AG Beneish M-Score Related Terms
voestalpine AG Beneish M-Score Historical Data
* Premium members only.
The historical data trend for voestalpine AG'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.
XPRA:VOE vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, voestalpine AG'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.
voestalpine AG Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, voestalpine AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where voestalpine AG'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 voestalpine AG 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 * 1.0793
+
0.528 * 0.9007
+
0.404 * 0.9959
+
0.892 * 0.9368
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0813
+
4.679 * -0.069881
-
0.327 * 0.9781
=
-2.85
* 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))
=
(0 / (0 + 159245.869))
/
(0 / (0 + 161522.115))
=
0
/
0
=
1
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
=
(10401.586 - 0
-
37732.693)
/
391107.054
=
-0.069881
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.
voestalpine AG has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
voestalpine AG (XPRA:VOE) has a Beneish M-Score of -2.83 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on voestalpine AG and its competitors. According to the industry distribution chart, voestalpine AG ranks #158 out of 587 companies in the Steel industry, placing it in the top 26.9%.
Is voestalpine AG's Beneish M-Score too high?
voestalpine AG's current Beneish M-Score is -2.83. Based on the distribution chart, voestalpine AG ranks #158 out of 587 companies in the Steel industry, which is above the industry midpoint. Overall, voestalpine AG has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does voestalpine AG's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, voestalpine AG ranks #158 out of 587 companies for Beneish M-Score. This puts voestalpine AG 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 Steel company?
A good Beneish M-Score depends on the Steel 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 voestalpine AG and its competitors. voestalpine AG's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is voestalpine AG stock overvalued right now?
Based on GuruFocus' analysis, voestalpine AG (XPRA:VOE) is currently considered Significantly Overvalued. The stock's GF Value™ is Kč688.23, compared to a current price of Kč1,063.50 — trading 54.5% above its estimated fair value. The current Beneish M-Score is -2.83. voestalpine AG's overall GF Score™ is 82/100 with 4 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 voestalpine AG (XPRA:VOE), the current Beneish M-Score is -2.83 as of Jul. 13, 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 voestalpine AG (XPRA:VOE) Overvalued in 2026?
Based on GuruFocus' analysis, voestalpine AG stock appears to be overvalued.
The current stock price of Kč1,063.50 is trading 54.5% above its estimated GF Value™ of Kč688.23.
GuruFocus considers voestalpine AG to be Significantly Overvalued.
Key valuation signals for XPRA:VOE:
Beneish M-Score: -2.83
GF Value™: Kč688.23 vs. price of Kč1,063.50 (54.5% above fair value)
No single metric tells the full story. See the XPRA:VOE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
voestalpine AG is engaged in the manufacturing, processing, and development of steel products. Its divisions are: Steel Division, which generates maximum revenue and is involved in the production of steel products and the casting of large turbines. High-Performance Metals Division provides metals for the automotive, consumer goods, power generation, energy, and aviation sectors. The Metal Engineering Division produces rails, turnout systems, track-based monitoring systems, specially treated wire, and others. Metal Forming Division provides customized special and precision sections, as well as solutions for systems in the construction, cab construction for commercial vehicles, and aviation sectors, and Holding & Group Services. It generates its maximum revenue from the European Union.
82GF Score
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