CWGL (Crimson Wine Group) Beneish M-Score: -1.16 (As of Jul. 03, 2026)

What is Crimson Wine Group Beneish M-Score?

Crimson Wine Group CWGL -2.11% 59 Beneish M-Score is -1.16 as of Jul. 03, 2026. GuruFocus rates CWGL with a GF Score™ of 59/100 and a GF Value™ of $5.69 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 201 Beverages - Alcoholic companies, Crimson Wine Group ranks worse than 92.04% 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.

Warning Sign:

Beneish M-Score -1.16 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CWGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.68 Max: -1.16
Current: -1.16

During the past 13 years, the highest Beneish M-Score of Crimson Wine Group was -1.16. The lowest was -3.28. And the median was -2.68.

Crimson Wine Group Beneish M-Score Related Terms

Crimson Wine Group Beneish M-Score Historical Data

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The historical data trend for Crimson Wine Group'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.

Crimson Wine Group Beneish M-Score Chart

Crimson Wine Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.19

-2.63

-2.57

-2.43

-2.38

Crimson Wine Group 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															-2.95	-2.16	-2.73	-2.38	-1.16

CWGL vs AMSS, YHC, EPSM: Beneish M-Score Comparison

For the Beverages - Wineries & Distilleries subindustry, Crimson Wine Group'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.

Crimson Wine Group Beneish M-Score vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Crimson Wine Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Crimson Wine Group's Beneish M-Score falls into.

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59GF Score

Crimson Wine Group Ltd CWGL

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

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Crimson Wine Group 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 Crimson Wine Group 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 * 2.4048

0.528 * 1.0243

0.404 * 2.1929

0.892 * 0.9633

0.115 * 0.9606

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9955

4.679 * -0.022356

0.327 * 1.9854

-1.16

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $12.24 Mil.
Revenue was 18.264 + 20.307 + 13.317 + 17.001 = $68.89 Mil.
Gross Profit was 7.913 + 10.027 + 6.289 + 7.751 = $31.98 Mil.
Total Current Assets was $127.65 Mil.
Total Assets was $243.06 Mil.
Property, Plant and Equipment(Net PPE) was $101.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.88 Mil.
Selling, General, & Admin. Expense(SGA) was $32.40 Mil.
Total Current Liabilities was $11.06 Mil.
Long-Term Debt & Capital Lease Obligation was $43.00 Mil.
Net Income was -0.63 + 0.737 + 0.943 + -0.131 = $0.92 Mil.
Non Operating Income was 0.18 + -0.483 + 2.765 + 0.228 = $2.69 Mil.
Cash Flow from Operations was 2.357 + -1.722 + 2.488 + 0.54 = $3.66 Mil.

Total Receivables was $5.28 Mil.
Revenue was 14.46 + 22.897 + 16.912 + 17.246 = $71.52 Mil.
Gross Profit was 6.648 + 10.464 + 8.102 + 8.791 = $34.01 Mil.
Total Current Assets was $93.11 Mil.
Total Assets was $211.45 Mil.
Property, Plant and Equipment(Net PPE) was $112.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.38 Mil.
Selling, General, & Admin. Expense(SGA) was $33.78 Mil.
Total Current Liabilities was $8.56 Mil.
Long-Term Debt & Capital Lease Obligation was $15.13 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)
	=	(12.238 / 68.889)	/	(5.283 / 71.515)
	=	0.177648	/	0.073873
	=	2.4048

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)
	=	(34.005 / 71.515)	/	(31.98 / 68.889)
	=	0.475495	/	0.464225
	=	1.0243

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 - (127.648 + 101.74) / 243.063)	/	(1 - (93.105 + 112.921) / 211.451)
	=	0.056261	/	0.025656
	=	2.1929

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
	=	68.889	/	71.515
	=	0.9633

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))
	=	(8.376 / (8.376 + 112.921))	/	(7.88 / (7.88 + 101.74))
	=	0.069054	/	0.071885
	=	0.9606

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)
	=	(32.396 / 68.889)	/	(33.783 / 71.515)
	=	0.470264	/	0.47239
	=	0.9955

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)
	=	((42.998 + 11.064) / 243.063)	/	((15.129 + 8.559) / 211.451)
	=	0.22242	/	0.112026
	=	1.9854

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
	=	(0.919 - 2.69	-	3.663)	/	243.063
	=	-0.022356

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.

Crimson Wine Group has a M-score of -1.16 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.16 mean?

Crimson Wine Group (CWGL) has a Beneish M-Score of -1.16 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Crimson Wine Group and its competitors. According to the industry distribution chart, Crimson Wine Group ranks #185 out of 201 companies in the Beverages - Alcoholic industry, placing it in the top 92%.

Is Crimson Wine Group's Beneish M-Score too high?

Crimson Wine Group's current Beneish M-Score is -1.16. Based on the distribution chart, Crimson Wine Group ranks #185 out of 201 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Crimson Wine Group has a GF Score™ of 59/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Crimson Wine Group's Beneish M-Score compare to AMSS and YHC?

According to the Beverages - Alcoholic industry distribution chart, Crimson Wine Group ranks #185 out of 201 companies for Beneish M-Score. This places Crimson Wine Group 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 Beverages - Alcoholic company?

A good Beneish M-Score depends on the Beverages - Alcoholic 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 Crimson Wine Group and its competitors. Crimson Wine Group's current Beneish M-Score is -1.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Crimson Wine Group stock overvalued right now?

Based on GuruFocus' analysis, Crimson Wine Group (CWGL) is currently considered Modestly Undervalued. The stock's GF Value™ is $5.69, compared to a current price of $4.27 — trading 25% below its estimated fair value. The current Beneish M-Score is -1.16. Crimson Wine Group's overall GF Score™ is 59/100 with 3 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 Crimson Wine Group (CWGL), the current Beneish M-Score is -1.16 as of Jul. 03, 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 Crimson Wine Group (CWGL) Overvalued in 2026?

Based on GuruFocus' analysis, Crimson Wine Group stock appears to be undervalued. The current stock price of $4.27 is trading 25% below its estimated GF Value™ of $5.69. GuruFocus considers Crimson Wine Group to be Modestly Undervalued.

Key valuation signals for CWGL:

Beneish M-Score: -1.16
GF Value™: $5.69 vs. price of $4.27 (25% below fair value)
GF Score™: 59/100 with 3 warning signs

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

Crimson Wine Group Business Description

Industry Consumer Defensive Beverages - Alcoholic

Comparable Companies AMSS YHC EPSM WVVI SBEV IBG AGCC SNDL MGPI SHSE:600519 LSE:DGE SZSE:000858 SHSE:600809 XPAR:RI SZSE:000568 BF.B BOM:532432 SZSE:002304 SGX:Y92 MIL:CPR

Address 5901 Silverado Trail, Napa, CA, USA, 94558

Website https://www.crimsonwinegroup.com

Crimson Wine Group Ltd is engaged in the business of producing and selling luxury wines. Its operating segments are Wholesale net sales and direct-to-consumer and others. It generates revenues from sales of wine to wholesalers and directs to consumers, sales of bulk wine and grapes, custom winemaking services, special event fees, tasting fees, and retail sales. The company's wineries include wine brands of Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery, and Malene Wines.

59GF Score

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$4.27

Price

$5.69

GF Value

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