Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Shapir Engineering and Industry's Beneish M-Score or its related term are showing as below:
XTAE:SPEN'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.45 Max: -1.84
Current: -2.61
During the past 13 years, the highest Beneish M-Score of Shapir Engineering and Industry was -1.84. The lowest was -2.82. And the median was -2.45.
Shapir Engineering and Industry Beneish M-Score Related Terms
Shapir Engineering and Industry Beneish M-Score Historical Data
* 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.
Shapir Engineering and Industry Beneish M-Score Chart
XTAE:SPEN vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Shapir Engineering and Industry'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.
Shapir Engineering and Industry Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Shapir Engineering and Industry's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shapir Engineering and Industry's Beneish M-Score falls into.
Shapir Engineering and Industry 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 Shapir Engineering and Industry 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 * 0.8192
+
0.528 * 0.9842
+
0.404 * 0.9852
+
0.892 * 1.1736
+
0.115 * 0.9496
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8631
+
4.679 * -0.024367
-
0.327 * 1.0195
=
-2.61
* 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))
=
(298 / (298 + 1371))
/
(333 / (333 + 1438))
=
0.17855
/
0.188029
=
0.9496
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
=
(274 - 0
-
685)
/
16867
=
-0.024367
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.
Shapir Engineering and Industry has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Shapir Engineering and Industry (XTAE:SPEN) has a Beneish M-Score of -2.61 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shapir Engineering and Industry and its competitors. According to the industry distribution chart, Shapir Engineering and Industry ranks #678 out of 1699 companies in the Construction industry, placing it in the top 39.9%.
Is Shapir Engineering and Industry's Beneish M-Score too high?
Shapir Engineering and Industry's current Beneish M-Score is -2.61. Based on the distribution chart, Shapir Engineering and Industry ranks #678 out of 1699 companies in the Construction industry, which is above the industry midpoint. Overall, Shapir Engineering and Industry has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Shapir Engineering and Industry's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Shapir Engineering and Industry ranks #678 out of 1699 companies for Beneish M-Score. This puts Shapir Engineering and Industry 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 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 Shapir Engineering and Industry and its competitors. Shapir Engineering and Industry's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shapir Engineering and Industry stock overvalued right now?
Based on GuruFocus' analysis, Shapir Engineering and Industry (XTAE:SPEN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₪31.31, compared to a current price of ₪47.77 — trading 52.6% above its estimated fair value. The current Beneish M-Score is -2.61. Shapir Engineering and Industry's overall GF Score™ is 88/100 with 12 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 Shapir Engineering and Industry (XTAE:SPEN), the current Beneish M-Score is -2.61 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 Shapir Engineering and Industry (XTAE:SPEN) Overvalued in 2026?
Based on GuruFocus' analysis, Shapir Engineering and Industry stock appears to be overvalued.
The current stock price of ₪47.77 is trading 52.6% above its estimated GF Value™ of ₪31.31.
GuruFocus considers Shapir Engineering and Industry to be Significantly Overvalued.
Key valuation signals for XTAE:SPEN:
Beneish M-Score: -2.61
GF Value™: ₪31.31 vs. price of ₪47.77 (52.6% above fair value)
No single metric tells the full story. See the XTAE:SPEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shapir Engineering and Industry Business Description
Shapir Engineering and Industry Ltd is an Israel-based company which is active in engineering and construction industry. It is engaged in manufacturing and supplying of aggregates and road materials, concrete, concrete fabricated plant as well as asphalt for road paving. The company also manufactures ready mix concrete and building finishing products and prefabricated elements from prestressed and precast concrete. Shapir focuses on developing high-quality apartment buildings and other apartments in various projects through Israel.
88GF Score
Get the complete analysis for XTAE:SPEN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XTAE:SPEN has been successfully added to your 
