Celulosa Argentina (BUE:CELU) Beneish M-Score: -5.24 (As of Jun. 28, 2026)


What is Celulosa Argentina Beneish M-Score?

Celulosa Argentina BUE:CELU -0.18% Beneish M-Score is -5.24 as of Jun. 28, 2026. The stock has 7 warning signs investors should review. Among 273 Forest Products companies, Celulosa Argentina ranks better than 98.53% 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 -5.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:CELU' s Beneish M-Score Range Over the Past 10 Years
Min: -5.24   Med: -2.21   Max: 1.93
Current: -5.24

During the past 13 years, the highest Beneish M-Score of Celulosa Argentina was 1.93. The lowest was -5.24. And the median was -2.21.

Celulosa Argentina Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Celulosa Argentina'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.

Celulosa Argentina Beneish M-Score Chart

Celulosa Argentina Annual Data
Trend May15 May16 May17 May18 May19 May20 May21 May22 May23 May24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.81 -2.73 -1.62 1.93 -3.23

Celulosa Argentina Quarterly Data
May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Feb25 Aug25
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 0.09 -3.23 0.41 1.08 -5.24

BUE:CELU vs SLVM: Beneish M-Score Comparison

For the Paper & Paper Products subindustry, Celulosa Argentina'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.

Celulosa Argentina Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Celulosa Argentina's Beneish M-Score distribution charts can be found below:

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


Celulosa Argentina 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 Celulosa Argentina 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 * 1.6011+0.528 * -0.8321+0.404 * 1.3055+0.892 * 0.3703+0.115 * 1.1668
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9813+4.679 * -0.310292-0.327 * 1.9366
=-5.24

* 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 (Aug25) TTM:Last Year (Feb24) TTM:
Total Receivables was ARS23,353 Mil.
Revenue was 21967.986 + 57335.354 + 82832.235 + -20403.603 = ARS141,732 Mil.
Gross Profit was -21830.43 + -6776.317 + 7467.319 + -22483.609 = ARS-43,623 Mil.
Total Current Assets was ARS59,168 Mil.
Total Assets was ARS293,886 Mil.
Property, Plant and Equipment(Net PPE) was ARS191,677 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS222 Mil.
Selling, General, & Admin. Expense(SGA) was ARS11,925 Mil.
Total Current Liabilities was ARS325,850 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,389 Mil.
Net Income was -74635.231 + -17190.156 + -11768.504 + -9728.795 = ARS-113,323 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 1742.171 + 0 + -21825.22 + -2049.224 = ARS-22,132 Mil.
 Total Receivables was ARS39,386 Mil.
Revenue was 107660.141 + 41199.68 + 100642.847 + 133215.35 = ARS382,718 Mil.
Gross Profit was 35708.078 + 12573.466 + 25777.14 + 23958.335 = ARS98,017 Mil.
Total Current Assets was ARS92,017 Mil.
Total Assets was ARS263,304 Mil.
Property, Plant and Equipment(Net PPE) was ARS141,750 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS192 Mil.
Selling, General, & Admin. Expense(SGA) was ARS16,252 Mil.
Total Current Liabilities was ARS109,732 Mil.
Long-Term Debt & Capital Lease Obligation was ARS43,971 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)
=(23353.289 / 141731.972) / (39386.034 / 382718.018)
=0.164771 / 0.102911
=1.6011

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)
=(98017.019 / 382718.018) / (-43623.037 / 141731.972)
=0.256108 / -0.307785
=-0.8321

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 - (59167.693 + 191677.299) / 293885.786) / (1 - (92016.875 + 141749.527) / 263304.3)
=0.146454 / 0.112182
=1.3055

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
=141731.972 / 382718.018
=0.3703

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))
=(191.662 / (191.662 + 141749.527)) / (221.98 / (221.98 + 191677.299))
=0.00135 / 0.001157
=1.1668

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)
=(11925.387 / 141731.972) / (16252.462 / 382718.018)
=0.08414 / 0.042466
=1.9813

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)
=((6388.839 + 325850.116) / 293885.786) / ((43970.576 + 109731.894) / 263304.3)
=1.130504 / 0.583745
=1.9366

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
=(-113322.686 - 0 - -22132.273) / 293885.786
=-0.310292

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.

Celulosa Argentina has a M-score of -5.24 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 -5.24 mean?
Celulosa Argentina (BUE:CELU) has a Beneish M-Score of -5.24 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Celulosa Argentina and its competitors. According to the industry distribution chart, Celulosa Argentina ranks #4 out of 273 companies in the Forest Products industry, placing it in the top 1.5%.
Is Celulosa Argentina's Beneish M-Score too high?
Celulosa Argentina's current Beneish M-Score is -5.24. Based on the distribution chart, Celulosa Argentina ranks #4 out of 273 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers.
How does Celulosa Argentina's Beneish M-Score compare to SLVM?
According to the Forest Products industry distribution chart, Celulosa Argentina ranks #4 out of 273 companies for Beneish M-Score. This places Celulosa Argentina in the top 2% 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Celulosa Argentina and its competitors. Celulosa Argentina's current Beneish M-Score is -5.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Celulosa Argentina stock overvalued right now?
Celulosa Argentina (BUE:CELU) has a current Beneish M-Score of -5.24. The current Beneish M-Score is -5.24. 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 Celulosa Argentina (BUE:CELU), the current Beneish M-Score is -5.24 as of Jun. 28, 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.

Celulosa Argentina Business Description

Address Av. Del Libertador 2442, Buenos Aires,piso 4, Olivos, ARG, B1636DSR
Celulosa Argentina SA is engaged in the manufacturing, marketing, and distribution of forest products. Its product portfolio includes Paper products, cellulose pulp, forest products as well as wood products. Geographically, the activities of the company are carried out through Argentina.