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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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Carrier Global's Beneish M-Score or its related term are showing as below:
XTER:4PN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.54 Max: -1.24
Current: -2.64
During the past 9 years, the highest Beneish M-Score of Carrier Global was -1.24. The lowest was -3.24. And the median was -2.54.
The historical data trend for Carrier Global'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.
XTER:4PN vs JCI, LII, MAIR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Carrier Global'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.
Carrier Global Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Carrier Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carrier Global'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 Carrier Global 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 * 1.0353
+
0.528 * 1.1383
+
0.404 * 0.9746
+
0.892 * 0.9306
+
0.115 * 1.0202
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0386
+
4.679 * -0.034994
-
0.327 * 1.0499
=
-2.63
* 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))
=
(1139.916 / (1139.916 + 3257.319))
/
(1102.893 / (1102.893 + 3237.64))
=
0.259235
/
0.254092
=
1.0202
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
=
(1050.656 - 134.158
-
2051.663)
/
32438.896
=
-0.034994
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.
Carrier Global has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Carrier Global (XTER:4PN) has a Beneish M-Score of -2.64 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carrier Global and its competitors. According to the industry distribution chart, Carrier Global ranks #645 out of 1703 companies in the Construction industry, placing it in the top 37.9%.
Is Carrier Global's Beneish M-Score too high?
Carrier Global's current Beneish M-Score is -2.64. Based on the distribution chart, Carrier Global ranks #645 out of 1703 companies in the Construction industry, which is above the industry midpoint. Overall, Carrier Global has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carrier Global's Beneish M-Score compare to JCI and LII?
According to the Construction industry distribution chart, Carrier Global ranks #645 out of 1703 companies for Beneish M-Score. This puts Carrier Global 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 Carrier Global and its competitors. Carrier Global's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carrier Global stock overvalued right now?
Based on GuruFocus' analysis, Carrier Global (XTER:4PN) is currently considered Modestly Undervalued. The stock's GF Value™ is €61.93, compared to a current price of €55.28 — trading 10.7% below its estimated fair value. The current Beneish M-Score is -2.64. Carrier Global's overall GF Score™ is 80/100 with 9 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 Carrier Global (XTER:4PN), the current Beneish M-Score is -2.64 as of Aug. 08, 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 Carrier Global (XTER:4PN) Overvalued in 2026?
Based on GuruFocus' analysis, Carrier Global stock appears to be undervalued.
The current stock price of €55.28 is trading 10.7% below its estimated GF Value™ of €61.93.
GuruFocus considers Carrier Global to be Modestly Undervalued.
Key valuation signals for XTER:4PN:
Beneish M-Score: -2.64
GF Value™: €61.93 vs. price of €55.28 (10.7% below fair value)
No single metric tells the full story. See the XTER:4PN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points. In 2024, Carrier acquired Viessmann Climate Solutions to expand its footprint in Europe with heat pumps, boilers, and solar PV equipment. Proceeds from the sale of Carrier's fire and security (Honeywell) and commercial refrigeration (Haier) businesses reduced debt and focused the company on global HVAC and refrigeration solutions. Carrier generates 75% of sales from equipment and 25% from parts and services. The company derives 50% of revenue from the US, 30% from Europe, and 20% from the Asia-Pacific region.
80GF Score
Get the complete analysis for XTER:4PN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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