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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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Alimentation Couche-Tard's Beneish M-Score or its related term are showing as below:
ANCTF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.56 Max: -2.19
Current: -2.59
During the past 13 years, the highest Beneish M-Score of Alimentation Couche-Tard was -2.19. The lowest was -3.21. And the median was -2.56.
* 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.
ANCTF vs CASY, WSM, ULTA: Beneish M-Score Comparison
For the Specialty Retail subindustry, Alimentation Couche-Tard'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.
Alimentation Couche-Tard Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Alimentation Couche-Tard's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alimentation Couche-Tard'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 Alimentation Couche-Tard 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 * 1.173
+
0.528 * 0.9457
+
0.404 * 0.9895
+
0.892 * 1.0501
+
0.115 * 0.9561
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.053384
-
0.327 * 1.0347
=
-2.58
* 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))
=
(2111.8 / (2111.8 + 19201.3))
/
(2366.9 / (2366.9 + 20471.7))
=
0.099085
/
0.103636
=
0.9561
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
=
(3143.7 - 103.6
-
5363.2)
/
43516.7
=
-0.053384
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.
Alimentation Couche-Tard has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Alimentation Couche-Tard (ANCTF) has a Beneish M-Score of -2.59 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alimentation Couche-Tard and its competitors. According to the industry distribution chart, Alimentation Couche-Tard ranks #534 out of 1086 companies in the Retail - Cyclical industry, placing it in the top 49.2%.
Is Alimentation Couche-Tard's Beneish M-Score too high?
Alimentation Couche-Tard's current Beneish M-Score is -2.59. Based on the distribution chart, Alimentation Couche-Tard ranks #534 out of 1086 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Alimentation Couche-Tard has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Alimentation Couche-Tard's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Alimentation Couche-Tard ranks #534 out of 1086 companies for Beneish M-Score. This puts Alimentation Couche-Tard 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Alimentation Couche-Tard and its competitors. Alimentation Couche-Tard's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alimentation Couche-Tard stock overvalued right now?
Based on GuruFocus' analysis, Alimentation Couche-Tard (ANCTF) is currently considered Fairly Valued. The stock's GF Value™ is $62.78, compared to a current price of $65.01 — trading 3.6% above its estimated fair value. The current Beneish M-Score is -2.59. Alimentation Couche-Tard's overall GF Score™ is 91/100 with 7 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 Alimentation Couche-Tard (ANCTF), the current Beneish M-Score is -2.59 as of Aug. 02, 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 Alimentation Couche-Tard (ANCTF) Overvalued in 2026?
Based on GuruFocus' analysis, Alimentation Couche-Tard stock appears to be overvalued.
The current stock price of $65.01 is trading 3.6% above its estimated GF Value™ of $62.78.
GuruFocus considers Alimentation Couche-Tard to be Fairly Valued.
Key valuation signals for ANCTF:
Beneish M-Score: -2.59
GF Value™: $62.78 vs. price of $65.01 (3.6% above fair value)
No single metric tells the full story. See the ANCTF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States.
91GF Score
Get the complete analysis for ANCTF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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