Almacenes Exito (BOG:EXITO) Beneish M-Score: -2.98 (As of Jul. 12, 2026)


BOG:EXITO Almacenes Exito SA BOG:EXITO
70 GF Score
Price COP4,790.00
GF Value COP2,854.72
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Almacenes Exito Beneish M-Score?

Almacenes Exito BOG:EXITO +0.74% 70 Beneish M-Score is -2.98 as of Jul. 12, 2026. GuruFocus rates BOG:EXITO with a GF Score™ of 70/100 and a GF Value™ of COP2,854.72 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,083 Retail - Cyclical companies, Almacenes Exito ranks better than 76.45% on this metric.

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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Almacenes Exito's Beneish M-Score or its related term are showing as below:

BOG:EXITO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74   Med: -2.65   Max: -0.1
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Almacenes Exito was -0.10. The lowest was -3.74. And the median was -2.65.

Almacenes Exito Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Almacenes Exito'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.

Almacenes Exito Beneish M-Score Chart

Almacenes Exito Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.43 -2.99 -2.59 -2.92

Almacenes Exito Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.85 -2.81 -2.97 -2.92 -2.98

BOG:EXITO vs DDS, M: Beneish M-Score Comparison

For the Department Stores subindustry, Almacenes Exito'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.

Almacenes Exito Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Almacenes Exito's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Almacenes Exito's Beneish M-Score falls into.


BOG:EXITO
70GF Score
Almacenes Exito SA BOG:EXITO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Almacenes Exito 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 Almacenes Exito 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 * 0.8741+0.528 * 0.9863+0.404 * 0.9758+0.892 * 1.0023+0.115 * 1.012
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9773+4.679 * -0.081609-0.327 * 0.9874
=-2.98

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was COP460,802 Mil.
Revenue was 5457857 + 6166344 + 5228905 + 5208469 = COP22,061,575 Mil.
Gross Profit was 1424318 + 1612428 + 1312056 + 1335783 = COP5,684,585 Mil.
Total Current Assets was COP5,207,513 Mil.
Total Assets was COP16,733,672 Mil.
Property, Plant and Equipment(Net PPE) was COP5,661,312 Mil.
Depreciation, Depletion and Amortization(DDA) was COP638,546 Mil.
Selling, General, & Admin. Expense(SGA) was COP1,355,404 Mil.
Total Current Liabilities was COP6,428,251 Mil.
Long-Term Debt & Capital Lease Obligation was COP1,889,260 Mil.
Net Income was 159622 + 209191 + 142905 + 146865 = COP658,583 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = COP0 Mil.
Cash Flow from Operations was 120832 + 1068224 + 450336 + 384812 = COP2,024,204 Mil.
 Total Receivables was COP525,946 Mil.
Revenue was 5404642 + 6288024 + 5242429 + 5074917 = COP22,010,012 Mil.
Gross Profit was 1382773 + 1624970 + 1286381 + 1299704 = COP5,593,828 Mil.
Total Current Assets was COP4,944,078 Mil.
Total Assets was COP16,924,670 Mil.
Property, Plant and Equipment(Net PPE) was COP5,901,868 Mil.
Depreciation, Depletion and Amortization(DDA) was COP674,563 Mil.
Selling, General, & Admin. Expense(SGA) was COP1,383,620 Mil.
Total Current Liabilities was COP6,598,295 Mil.
Long-Term Debt & Capital Lease Obligation was COP1,921,748 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(460802 / 22061575) / (525946 / 22010012)
=0.020887 / 0.023896
=0.8741

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(5593828 / 22010012) / (5684585 / 22061575)
=0.254149 / 0.257669
=0.9863

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (5207513 + 5661312) / 16733672) / (1 - (4944078 + 5901868) / 16924670)
=0.350482 / 0.359164
=0.9758

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=22061575 / 22010012
=1.0023

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(674563 / (674563 + 5901868)) / (638546 / (638546 + 5661312))
=0.102573 / 0.101359
=1.012

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1355404 / 22061575) / (1383620 / 22010012)
=0.061437 / 0.062863
=0.9773

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1889260 + 6428251) / 16733672) / ((1921748 + 6598295) / 16924670)
=0.497052 / 0.50341
=0.9874

8. TATA = Total Accruals to Total Assets

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
=(658583 - 0 - 2024204) / 16733672
=-0.081609

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.

Almacenes Exito has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.98 mean?
Almacenes Exito (BOG:EXITO) has a Beneish M-Score of -2.98 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Almacenes Exito and its competitors. According to the industry distribution chart, Almacenes Exito ranks #255 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 23.5%.
Is Almacenes Exito's Beneish M-Score too high?
Almacenes Exito's current Beneish M-Score is -2.98. Based on the distribution chart, Almacenes Exito ranks #255 out of 1083 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Almacenes Exito has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Almacenes Exito's Beneish M-Score compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, Almacenes Exito ranks #255 out of 1083 companies for Beneish M-Score. This places Almacenes Exito in the top 24% of its industry — outperforming the majority of peers. 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 Almacenes Exito and its competitors. Almacenes Exito's current Beneish M-Score is -2.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Almacenes Exito stock overvalued right now?
Based on GuruFocus' analysis, Almacenes Exito (BOG:EXITO) is currently considered Significantly Overvalued. The stock's GF Value™ is COP2,854.72, compared to a current price of COP4,790.00 — trading 67.8% above its estimated fair value. The current Beneish M-Score is -2.98. Almacenes Exito's overall GF Score™ is 70/100 with 8 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 Almacenes Exito (BOG:EXITO), the current Beneish M-Score is -2.98 as of Jul. 12, 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 Almacenes Exito (BOG:EXITO) Overvalued in 2026?

Based on GuruFocus' analysis, Almacenes Exito stock appears to be overvalued. The current stock price of COP4,790.00 is trading 67.8% above its estimated GF Value™ of COP2,854.72. GuruFocus considers Almacenes Exito to be Significantly Overvalued.

Key valuation signals for BOG:EXITO:

  • Beneish M-Score: -2.98
  • GF Value™: COP2,854.72 vs. price of COP4,790.00 (67.8% above fair value)
  • GF Score™: 70/100 with 8 warning signs

No single metric tells the full story. See the BOG:EXITO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Almacenes Exito Business Description

Address Carrera 48 No. 32 B Sur 139, Las Vegas Avenue, Envigado, COL, 3479
Almacenes Exito SA is a Colombian retailer that operates in its homeland and overseas. The company operates under three reportable segments Grupo Exito, Carulla, Low cost, and others in Colombia; Libertad in Argentina; and Disco, Devoto, and Geant chains in Uruguay. Exito has an omnichannel, multiformat, and multibrand model. Its store offerings include groceries and food, clothing, home appliances, oil-based liquid fuels, biofuels, personal care products, and home entertainment electronic and digital products.
70GF Score

Get the complete analysis for BOG:EXITO

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

COP4,790.00
Price
COP2,854.72
GF Value