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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 Zehnder Group AG's Beneish M-Score or its related term are showing as below:
XSWX:ZEHN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.57 Max: -2.15
Current: -2.83
During the past 13 years, the highest Beneish M-Score of Zehnder Group AG was -2.15. The lowest was -3.10. And the median was -2.57.
Zehnder Group AG Beneish M-Score Related Terms
Zehnder Group AG Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Zehnder Group 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.
XSWX:ZEHN vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Zehnder Group 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.
Zehnder Group AG Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Zehnder Group AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zehnder Group 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 Zehnder Group 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 * 0.9821
+
0.528 * 0.9938
+
0.404 * 0.965
+
0.892 * 1.0772
+
0.115 * 1.0123
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9426
+
4.679 * -0.073742
-
0.327 * 1.1589
=
-2.83
* 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))
=
(23.62 / (23.62 + 170.011))
/
(22.209 / (22.209 + 162.086))
=
0.121985
/
0.120508
=
1.0123
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
=
(43.204 - 0
-
74.651)
/
426.444
=
-0.073742
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.
Zehnder Group AG has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Zehnder Group AG (XSWX:ZEHN) has a Beneish M-Score of -2.83 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zehnder Group AG and its competitors. According to the industry distribution chart, Zehnder Group AG ranks #424 out of 1699 companies in the Construction industry, placing it in the top 25%.
Is Zehnder Group AG's Beneish M-Score too high?
Zehnder Group AG's current Beneish M-Score is -2.83. Based on the distribution chart, Zehnder Group AG ranks #424 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Zehnder Group AG has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Zehnder Group AG's Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Zehnder Group AG ranks #424 out of 1699 companies for Beneish M-Score. This places Zehnder Group AG in the top 25% 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Zehnder Group AG and its competitors. Zehnder Group 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 Zehnder Group AG stock overvalued right now?
Based on GuruFocus' analysis, Zehnder Group AG (XSWX:ZEHN) is currently considered Fairly Valued. The stock's GF Value™ is CHF58.24, compared to a current price of CHF62.60 — trading 7.5% above its estimated fair value. The current Beneish M-Score is -2.83. Zehnder Group AG's overall GF Score™ is 78/100 with 2 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 Zehnder Group AG (XSWX:ZEHN), the current Beneish M-Score is -2.83 as of Jul. 21, 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 Zehnder Group AG (XSWX:ZEHN) Overvalued in 2026?
Based on GuruFocus' analysis, Zehnder Group AG stock appears to be overvalued.
The current stock price of CHF62.60 is trading 7.5% above its estimated GF Value™ of CHF58.24.
GuruFocus considers Zehnder Group AG to be Fairly Valued.
Key valuation signals for XSWX:ZEHN:
Beneish M-Score: -2.83
GF Value™: CHF58.24 vs. price of CHF62.60 (7.5% above fair value)
No single metric tells the full story. See the XSWX:ZEHN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zehnder Group AG is an indoor climate system supplier. The products and services of the Group include heating, cooling, indoor ventilation, and air cleaning. The business activity of the company functions through Europe, China, and North America. The company has two segments, Ventilation and Radiators. The ventilation segment covers the three product lines for ventilation, heat exchangers, and clean air solutions, and generates maximum revenue. The radiator segment contains two product lines: radiators and climate ceilings. The company generates revenue from the EMEA (Europe, the Middle East, and Africa) Region.
78GF Score
Get the complete analysis for XSWX:ZEHN
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