CCDBF (CCL Industries) Beneish M-Score: -2.67 (As of Jun. 24, 2026)

What is CCL Industries Beneish M-Score?

CCL Industries CCDBF +1.74% 86 Beneish M-Score is -2.67 as of Jun. 24, 2026. GuruFocus rates CCDBF with a GF Score™ of 86/100 and a GF Value™ of $60.34 (Fairly Valued). The stock has 1 warning sign investors should review. Among 372 Packaging & Containers companies, CCL Industries ranks better than 62.9% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CCDBF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.57 Max: -2.17
Current: -2.67

During the past 13 years, the highest Beneish M-Score of CCL Industries was -2.17. The lowest was -2.75. And the median was -2.57.

CCL Industries Beneish M-Score Related Terms

CCL Industries Beneish M-Score Historical Data

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The historical data trend for CCL Industries'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.

CCL Industries Beneish M-Score Chart

CCL Industries Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-2.66

-2.71

-2.50

-2.68

CCL Industries 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															-2.48	-2.61	-2.60	-2.68	-2.67

CCDBF vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, CCL Industries'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.

CCL Industries Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, CCL Industries's Beneish M-Score distribution charts can be found below:

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

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86GF Score

CCL Industries Inc CCDBF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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CCL Industries 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 CCL Industries for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.044

0.528 * 0.9916

0.404 * 0.9559

0.892 * 1.0587

0.115 * 0.9931

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0043

4.679 * -0.045795

0.327 * 0.9997

-2.63

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $1,128 Mil.
Revenue was 1413.265 + 1360.058 + 1421.064 + 1415.423 = $5,610 Mil.
Gross Profit was 426.603 + 392.026 + 430.1 + 430.421 = $1,679 Mil.
Total Current Assets was $2,530 Mil.
Total Assets was $7,579 Mil.
Property, Plant and Equipment(Net PPE) was $2,249 Mil.
Depreciation, Depletion and Amortization(DDA) was $342 Mil.
Selling, General, & Admin. Expense(SGA) was $837 Mil.
Total Current Liabilities was $1,822 Mil.
Long-Term Debt & Capital Lease Obligation was $1,189 Mil.
Net Income was 149.344 + 124.03 + 152.378 + 155.912 = $582 Mil.
Non Operating Income was -3.207 + -4.567 + 0.145 + 1.097 = $-7 Mil.
Cash Flow from Operations was 99.125 + 286.263 + 313.142 + 236.757 = $935 Mil.

Total Receivables was $1,021 Mil.
Revenue was 1314.503 + 1272.198 + 1365.495 + 1346.662 = $5,299 Mil.
Gross Profit was 398.509 + 364.779 + 406.984 + 402.408 = $1,573 Mil.
Total Current Assets was $2,267 Mil.
Total Assets was $7,100 Mil.
Property, Plant and Equipment(Net PPE) was $2,089 Mil.
Depreciation, Depletion and Amortization(DDA) was $315 Mil.
Selling, General, & Admin. Expense(SGA) was $787 Mil.
Total Current Liabilities was $1,066 Mil.
Long-Term Debt & Capital Lease Obligation was $1,755 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)
	=	(1128.207 / 5609.81)	/	(1020.758 / 5298.858)
	=	0.201113	/	0.192637
	=	1.044

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)
	=	(1572.68 / 5298.858)	/	(1679.15 / 5609.81)
	=	0.296796	/	0.299324
	=	0.9916

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 - (2530.029 + 2249.052) / 7579.3)	/	(1 - (2266.927 + 2089.022) / 7100.306)
	=	0.369456	/	0.386512
	=	0.9559

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
	=	5609.81	/	5298.858
	=	1.0587

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))
	=	(315.335 / (315.335 + 2089.022))	/	(342.218 / (342.218 + 2249.052))
	=	0.131151	/	0.132066
	=	0.9931

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)
	=	(836.556 / 5609.81)	/	(786.803 / 5298.858)
	=	0.149124	/	0.148485
	=	1.0043

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)
	=	((1188.557 + 1822.376) / 7579.3)	/	((1755.155 + 1066.383) / 7100.306)
	=	0.397257	/	0.397383
	=	0.9997

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
	=	(581.664 - -6.532	-	935.287)	/	7579.3
	=	-0.045795

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.

CCL Industries has a M-score of -2.63 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 -2.67 mean?

CCL Industries (CCDBF) has a Beneish M-Score of -2.67 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CCL Industries and its competitors. According to the industry distribution chart, CCL Industries ranks #138 out of 372 companies in the Packaging & Containers industry, placing it in the top 37.1%.

Is CCL Industries' Beneish M-Score too high?

CCL Industries' current Beneish M-Score is -2.67. Based on the distribution chart, CCL Industries ranks #138 out of 372 companies in the Packaging & Containers industry, which is above the industry midpoint. Overall, CCL Industries has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does CCL Industries' Beneish M-Score compare to SW and PKG?

According to the Packaging & Containers industry distribution chart, CCL Industries ranks #138 out of 372 companies for Beneish M-Score. This puts CCL Industries 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 Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers 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 CCL Industries and its competitors. CCL Industries's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CCL Industries stock overvalued right now?

Based on GuruFocus' analysis, CCL Industries (CCDBF) is currently considered Fairly Valued. The stock's GF Value™ is $60.34, compared to a current price of $63.98 — trading 6% above its estimated fair value. The current Beneish M-Score is -2.67. CCL Industries' overall GF Score™ is 86/100 with 1 warning sign 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 CCL Industries (CCDBF), the current Beneish M-Score is -2.67 as of Jun. 24, 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 CCL Industries (CCDBF) Overvalued in 2026?

Based on GuruFocus' analysis, CCL Industries stock appears to be overvalued. The current stock price of $63.98 is trading 6% above its estimated GF Value™ of $60.34. GuruFocus considers CCL Industries to be Fairly Valued.

Key valuation signals for CCDBF:

Beneish M-Score: -2.67
GF Value™: $60.34 vs. price of $63.98 (6% above fair value)
GF Score™: 86/100 with 1 warning sign

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

CCL Industries Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies TSX:WPK TSX:CAS TSX:TCL.A TSX:RIC TSX:SXP TSXV:NEXE SW PKG AMCR IP BALL AVY CCK SZSE:002812 OHEL:STERV XSWX:SIGN SZSE:002831 SON REYN SLGN

Other Exchanges CCLLF:USA CCLBN:Mexico 1C9:Germany CCL.B:Canada CCL.A:Canada

Address 111 Gordon Baker Road, Suite 801, Toronto, ON, CAN, M2H 3R1

Website https://www.cclind.com

CCL Industries Inc manufactures and sells packaging and packaging-related products. The company operates through various segments, which include The CCL segment, which generates the majority of revenue, and sells pressure-sensitive and extruded film materials used for labels on consumer packaging, healthcare, automotive, and consumer durable products. The Avery segment sells software, labels, tags, dividers, badges, and specialty card products under the Avery brand. The Checkpoint segment includes the manufacturing and selling of technology-driven, inventory management and labeling solutions. Innovia segment manufactures specialty films. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand.

86GF Score

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

$63.98

Price

$60.34

GF Value

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