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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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Casella Waste Systems's Beneish M-Score or its related term are showing as below:
CWST'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.75 Max: -2.17
Current: -2.73
During the past 13 years, the highest Beneish M-Score of Casella Waste Systems was -2.17. The lowest was -3.23. And the median was -2.75.
Casella Waste Systems Beneish M-Score Related Terms
Casella Waste Systems Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Casella Waste Systems'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.
CWST vs SGLA, OIO, NVRI: Beneish M-Score Comparison
For the Waste Management subindustry, Casella Waste Systems'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.
Casella Waste Systems Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Casella Waste Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Casella Waste Systems's Beneish M-Score falls into.
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 Casella Waste Systems 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 * 1.022
+
0.528 * 1.0084
+
0.404 * 1.1123
+
0.892 * 1.1359
+
0.115 * 0.9431
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9762
+
4.679 * -0.089811
-
0.327 * 1.0712
=
-2.73
* 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.
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.
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))
=
(274.029 / (274.029 + 1351.849))
/
(324.819 / (324.819 + 1492.799))
=
0.168542
/
0.178706
=
0.9431
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
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
=
(5.704 - -25.945
-
351.154)
/
3557.516
=
-0.089811
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.
Casella Waste Systems has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Casella Waste Systems (CWST) has a Beneish M-Score of -2.73 as of Sep. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Casella Waste Systems and its competitors. According to the industry distribution chart, Casella Waste Systems ranks #94 out of 226 companies in the Waste Management industry, placing it in the top 41.6%.
Is Casella Waste Systems' Beneish M-Score too high?
Casella Waste Systems' current Beneish M-Score is -2.73. Based on the distribution chart, Casella Waste Systems ranks #94 out of 226 companies in the Waste Management industry, which is above the industry midpoint. Overall, Casella Waste Systems has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Casella Waste Systems' Beneish M-Score compare to SGLA and OIO?
According to the Waste Management industry distribution chart, Casella Waste Systems ranks #94 out of 226 companies for Beneish M-Score. This puts Casella Waste Systems 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Casella Waste Systems and its competitors. Casella Waste Systems's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Casella Waste Systems stock overvalued right now?
Based on GuruFocus' analysis, Casella Waste Systems (CWST) is currently considered Modestly Undervalued. The stock's GF Value™ is $124.17, compared to a current price of $92.65 — trading 25.4% below its estimated fair value. The current Beneish M-Score is -2.73. Casella Waste Systems' overall GF Score™ is 85/100 with 7 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 Casella Waste Systems (CWST), the current Beneish M-Score is -2.73 as of Sep. 01, 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 Casella Waste Systems (CWST) Overvalued in 2026?
Based on GuruFocus' analysis, Casella Waste Systems stock appears to be undervalued.
The current stock price of $92.65 is trading 25.4% below its estimated GF Value™ of $124.17.
GuruFocus considers Casella Waste Systems to be Modestly Undervalued.
Key valuation signals for CWST:
Beneish M-Score: -2.73
GF Value™: $124.17 vs. price of $92.65 (25.4% below fair value)
No single metric tells the full story. See the CWST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Casella Waste Systems Inc is a solid waste removal company, providing resource management services to residential, commercial, municipal, and industrial customers. The company's reportable segments on Geographical basis include Eastern, Western and Mid-Atlantic regions through the Resource solution segment. It generates maximum revenue from the Western region segment. The company's services include Recycling, Collection, Organics, Energy, Landfills, Special Waste as well as Professional Services.
85GF Score
Get the complete analysis for CWST
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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