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 0.5 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for C21 Investments's Beneish M-Score or its related term are showing as below:
CXXIF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.97 Med: -2.12 Max: 7.53
Current: 0.5
During the past 13 years, the highest Beneish M-Score of C21 Investments was 7.53. The lowest was -3.97. And the median was -2.12.
C21 Investments Beneish M-Score Related Terms
C21 Investments Beneish M-Score Historical Data
* Premium members only.
The historical data trend for C21 Investments'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.
For the Drug Manufacturers - Specialty & Generic subindustry, C21 Investments'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.
C21 Investments Beneish M-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, C21 Investments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C21 Investments'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 C21 Investments 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 * 4.6694
+
0.528 * 0.9996
+
0.404 * 0.981
+
0.892 * 1.0828
+
0.115 * 0.881
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9017
+
4.679 * -0.078263
-
0.327 * 0.8818
=
0.64
* 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))
=
(2.281 / (2.281 + 12.059))
/
(2.435 / (2.435 + 11.051))
=
0.159066
/
0.180558
=
0.881
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
=
(-3.245 - -0.34
-
1.354)
/
54.419
=
-0.078263
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.
C21 Investments has a M-score of 0.64 signals that the company is likely to be a manipulator.
C21 Investments (CXXIF) has a Beneish M-Score of 0.50 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on C21 Investments and its competitors. According to the industry distribution chart, C21 Investments ranks #867 out of 909 companies in the Drug Manufacturers industry, placing it in the top 95.4%.
Is C21 Investments' Beneish M-Score too high?
C21 Investments' current Beneish M-Score is 0.50. Based on the distribution chart, C21 Investments ranks #867 out of 909 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, C21 Investments has a GF Score™ of 31/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does C21 Investments' Beneish M-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, C21 Investments ranks #867 out of 909 companies for Beneish M-Score. This places C21 Investments 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 C21 Investments and its competitors. C21 Investments's current Beneish M-Score is 0.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is C21 Investments stock overvalued right now?
Based on GuruFocus' analysis, C21 Investments (CXXIF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.28, compared to a current price of $0.24 — trading 13% below its estimated fair value. The current Beneish M-Score is 0.50. C21 Investments' overall GF Score™ is 31/100 with 4 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 C21 Investments (CXXIF), the current Beneish M-Score is 0.50 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 C21 Investments (CXXIF) Overvalued in 2026?
Based on GuruFocus' analysis, C21 Investments stock appears to be undervalued.
The current stock price of $0.24 is trading 13% below its estimated GF Value™ of $0.28.
GuruFocus considers C21 Investments to be Modestly Undervalued.
Key valuation signals for CXXIF:
Beneish M-Score: 0.50
GF Value™: $0.28 vs. price of $0.24 (13% below fair value)
No single metric tells the full story. See the CXXIF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
C21 Investments Inc is a vertically integrated cannabis company that cultivates, processes, distributes, and sells quality cannabis and hemp-derived consumer products in Nevada, U.S.A., and the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry retail revenues with high-growth potential and multi-market branded consumer packaged goods (CPG). The Company focuses on scalable opportunities in key markets through retail operational excellence, expanding its retail footprint through value-add acquisitions in existing markets, and branded CPG expansion through captive retail and wholesale channels.
31GF Score
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