CIPI (Correlate Energy) Beneish M-Score: 0.00 (As of Jun. 24, 2026)

What is Correlate Energy Beneish M-Score?

Correlate Energy CIPI 12 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates CIPI with a GF Score™ of 12/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Correlate Energy was 0.00. The lowest was 0.00. And the median was 0.00.

Correlate Energy Beneish M-Score Related Terms

Correlate Energy Beneish M-Score Historical Data

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The historical data trend for Correlate Energy'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.

Correlate Energy Beneish M-Score Chart

Correlate Energy Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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307.75

0.00

16.90

-16.13

Correlate Energy Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-13.32	-16.13	-20.25	-21.15	-4.23

CIPI vs WLGSF, PWR, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Correlate Energy'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.

Correlate Energy Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Correlate Energy's Beneish M-Score distribution charts can be found below:

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

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Correlate Energy Corp CIPI

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

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Correlate Energy 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 Correlate Energy 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 * 12.1523

0.528 * -3.0303

0.404 * 0.5781

0.892 * 1.5629

0.115 * 0.7358

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0515

4.679 * -2.152182

0.327 * 1.3346

-4.23

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $2.43 Mil.
Revenue was 4.54 + 1.863 + 0.433 + 2.424 = $9.26 Mil.
Gross Profit was -0.092 + -0.718 + 0.052 + 0.07 = $-0.69 Mil.
Total Current Assets was $4.35 Mil.
Total Assets was $5.27 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.37 Mil.
Selling, General, & Admin. Expense(SGA) was $9.10 Mil.
Total Current Liabilities was $9.91 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -2.294 + -22.226 + -4.476 + -4.425 = $-33.42 Mil.
Non Operating Income was -0.131 + -16.858 + 0 + 0 = $-16.99 Mil.
Cash Flow from Operations was 0.571 + -1.401 + -1.276 + -2.984 = $-5.09 Mil.

Total Receivables was $0.13 Mil.
Revenue was 0.93 + 4.158 + 0.051 + 0.786 = $5.93 Mil.
Gross Profit was 0.232 + 1.075 + 0.005 + 0.022 = $1.33 Mil.
Total Current Assets was $4.04 Mil.
Total Assets was $5.75 Mil.
Property, Plant and Equipment(Net PPE) was $0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $5.54 Mil.
Total Current Liabilities was $7.41 Mil.
Long-Term Debt & Capital Lease Obligation was $0.68 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)
	=	(2.431 / 9.26)	/	(0.128 / 5.925)
	=	0.262527	/	0.021603
	=	12.1523

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)
	=	(1.334 / 5.925)	/	(-0.688 / 9.26)
	=	0.225148	/	-0.074298
	=	-3.0303

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 - (4.347 + 0.082) / 5.27)	/	(1 - (4.044 + 0.115) / 5.745)
	=	0.159583	/	0.276066
	=	0.5781

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
	=	9.26	/	5.925
	=	1.5629

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))
	=	(0.175 / (0.175 + 0.115))	/	(0.374 / (0.374 + 0.082))
	=	0.603448	/	0.820175
	=	0.7358

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)
	=	(9.101 / 9.26)	/	(5.538 / 5.925)
	=	0.982829	/	0.934684
	=	1.0515

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)
	=	((0 + 9.907) / 5.27)	/	((0.683 + 7.409) / 5.745)
	=	1.879886	/	1.408529
	=	1.3346

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
	=	(-33.421 - -16.989	-	-5.09)	/	5.27
	=	-2.152182

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.

Correlate Energy has a M-score of -4.23 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 0.00 mean?

Correlate Energy (CIPI) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Correlate Energy and its competitors.

Is Correlate Energy's Beneish M-Score too high?

Correlate Energy's current Beneish M-Score is 0.00. Overall, Correlate Energy has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Correlate Energy's Beneish M-Score compare to WLGSF and PWR?

Correlate Energy's Beneish M-Score of 0.00 can be compared against companies in the Construction 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Correlate Energy and its competitors. Correlate Energy's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Correlate Energy stock overvalued right now?

Correlate Energy (CIPI) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Correlate Energy's overall GF Score™ is 12/100. 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 Correlate Energy (CIPI), the current Beneish M-Score is 0.00 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.

Correlate Energy Business Description

Industry Industrials Construction

Comparable Companies WLGSF XPAR:DG PWR NSE:LT XAMS:FER SHSE:601668 EME FIX TSX:WSP XKRX:028260 XMAD:ACS XTER:HOT SHSE:601390 J HKSE:01800 ACM XPAR:EN MTZ APG SHSE:601186

Address 176 S. Capitol Boulevard, 2nd Floor, Boise, ID, USA, 83702

Website https://www.correlate.energy

Correlate Energy Corp together with its subsidiaries, is a technology-enabled clean energy optimization provider that offers a complete suite of proprietary clean energy assessment and deployment solutions for commercial and industrial (C&I) building and property owners in North America. The company generates revenue from its in-house and end-to-end development and fulfillment resources for engineering, procurement, and construction services (EPC) and consulting services. Under contracts for EPC services, it provides engineering services, obtains materials, and installs materials to agreed-upon specifications. Through its consulting services, the company assists its clients in achieving certain defined project milestones.

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