Malthouse said Collingwood was in the same boat as this week's opponents, Port Adelaide, who had also lost three of their last four games.
"We're one of the lowest (on the form ladder) at this stage in the last month," he said.
"That's pretty indicative of the way we've played.
"Our form picked up last week, but we're under no illusions that if you took the last month we're nowhere near the best sides in the competition."
Malthouse said his team would not underestimate a Power side that had won just five games this season and lay 14th on the ladder.
"As proven, anyone can beat anyone on a given day and that's the mindset that you've got to have, that the side you're playing is potentially very dangerous and you prepare yourself accordingly.
"I'm under no illusions whatsoever about Port. I know they've trained pretty hard during the week. I know Mark Williams and I suggest that he's going to pick the best side possible to win the game of footy."
Malthouse praised the performances of the club's older players, who had brought a level of consistency to a young side throughout the year.
One of them, Shane Wakelin, this weekend plays his 250th AFL game.
"We've been very fortunate to have two or three very good senior players hold their consistency," Malthouse said.
"I'm talking about Wakelin and (Scott) Burns, who are our oldest players.
"When you've got the inconsistency of youth, you put up with it. It's exciting. It's fantastic when you win.
"I don't blame the youth for losing, but the consistency sometimes is a factor."
