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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Cementos Argos's Beneish M-Score or its related term are showing as below:
BOG:CEMARGOS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.47 Max: -1.74
Current: -2.21
During the past 13 years, the highest Beneish M-Score of Cementos Argos was -1.74. The lowest was -3.24. And the median was -2.47.
Cementos Argos Beneish M-Score Related Terms
Cementos Argos Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Cementos Argos'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.
BOG:CEMARGOS vs CRH, VMC, MLM: Beneish M-Score Comparison
For the Building Materials subindustry, Cementos Argos'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.
Cementos Argos Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Cementos Argos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cementos Argos'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 Cementos Argos 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 * 0.9076
+
0.528 * 0.9157
+
0.404 * 0.6661
+
0.892 * 0.9729
+
0.115 * 0.993
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9382
+
4.679 * 0.109831
-
0.327 * 0.9022
=
-2.21
* 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))
=
(472704 / (472704 + 5224827))
/
(445969 / (445969 + 4891438))
=
0.082966
/
0.083555
=
0.993
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
=
(2505553 - 0
-
615561)
/
17208128
=
0.109831
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.
Cementos Argos has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
Cementos Argos (BOG:CEMARGOS) has a Beneish M-Score of -2.21 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cementos Argos and its competitors. According to the industry distribution chart, Cementos Argos ranks #307 out of 387 companies in the Building Materials industry, placing it in the top 79.3%.
Is Cementos Argos' Beneish M-Score too high?
Cementos Argos' current Beneish M-Score is -2.21. Based on the distribution chart, Cementos Argos ranks #307 out of 387 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, Cementos Argos has a GF Score™ of 46/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cementos Argos' Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Cementos Argos ranks #307 out of 387 companies for Beneish M-Score. This places Cementos Argos in the lower 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Cementos Argos and its competitors. Cementos Argos's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cementos Argos stock overvalued right now?
Based on GuruFocus' analysis, Cementos Argos (BOG:CEMARGOS) is currently considered Significantly Overvalued. The stock's GF Value™ is COP7,654.07, compared to a current price of COP11,520.00 — trading 50.5% above its estimated fair value. The current Beneish M-Score is -2.21. Cementos Argos' overall GF Score™ is 46/100 with 6 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 Cementos Argos (BOG:CEMARGOS), the current Beneish M-Score is -2.21 as of Jul. 17, 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 Cementos Argos (BOG:CEMARGOS) Overvalued in 2026?
Based on GuruFocus' analysis, Cementos Argos stock appears to be overvalued.
The current stock price of COP11,520.00 is trading 50.5% above its estimated GF Value™ of COP7,654.07.
GuruFocus considers Cementos Argos to be Significantly Overvalued.
Key valuation signals for BOG:CEMARGOS:
Beneish M-Score: -2.21
GF Value™: COP7,654.07 vs. price of COP11,520.00 (50.5% above fair value)
No single metric tells the full story. See the BOG:CEMARGOS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cementos Argos SA is a cement-producing company. In terms of the concrete and cement business, it is Colombia's key producer and one of the key producers in the sector across Central America and the Caribbean. The company's corporate purpose is the exploitation of the cement industry, the production of concrete mixes and any other materials or items made of cement, lime or clay, the acquisition and exploitation of minerals or deposits of exploitable minerals in the cement industry, and similar rights to explore and mine the aforementioned minerals, whether by concession, privilege, lease or other title. Its operating segments are: Colombia, which generates maximum revenue, the Caribbean, Central America, Trading, and Corporate and others.
46GF Score
Get the complete analysis for BOG:CEMARGOS
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
BOG:CEMARGOS has been successfully added to your 
