EcopetrolEC -5.93%65 Beneish M-Score is -2.83 as of Jun. 24, 2026. GuruFocus rates EC with a GF Score™ of 65/100 and a GF Value™ of $10.29 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 822 Oil & Gas companies, Ecopetrol ranks better than 61.56% 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ecopetrol's Beneish M-Score or its related term are showing as below:
EC'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.66 Max: -0.74
Current: -2.83
During the past 13 years, the highest Beneish M-Score of Ecopetrol was -0.74. The lowest was -3.54. And the median was -2.66.
Ecopetrol Beneish M-Score Related Terms
Ecopetrol Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ecopetrol'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 Oil & Gas Integrated subindustry, Ecopetrol'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.
Ecopetrol Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ecopetrol's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ecopetrol'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 Ecopetrol 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 * 1.1554
+
0.528 * 1.0424
+
0.404 * 0.9503
+
0.892 * 0.9459
+
0.115 * 1.0537
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.045
+
4.679 * -0.057726
-
0.327 * 0.9522
=
-2.64
* 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))
=
(2803.35 / (2803.35 + 35206.412))
/
(3128.781 / (3128.781 + 41573.764))
=
0.073753
/
0.069991
=
1.0537
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
=
(2686.592 - 69.577
-
6972.46)
/
75450.614
=
-0.057726
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.
Ecopetrol has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
Ecopetrol (EC) has a Beneish M-Score of -2.83 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ecopetrol and its competitors. According to the industry distribution chart, Ecopetrol ranks #316 out of 822 companies in the Oil & Gas industry, placing it in the top 38.4%.
Is Ecopetrol's Beneish M-Score too high?
Ecopetrol's current Beneish M-Score is -2.83. Based on the distribution chart, Ecopetrol ranks #316 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Ecopetrol has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ecopetrol's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Ecopetrol ranks #316 out of 822 companies for Beneish M-Score. This puts Ecopetrol 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Ecopetrol and its competitors. Ecopetrol's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ecopetrol stock overvalued right now?
Based on GuruFocus' analysis, Ecopetrol (EC) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.29, compared to a current price of $14.59 — trading 41.8% above its estimated fair value. The current Beneish M-Score is -2.83. Ecopetrol's overall GF Score™ is 65/100 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 Ecopetrol (EC), the current Beneish M-Score is -2.83 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 Ecopetrol (EC) Overvalued in 2026?
Based on GuruFocus' analysis, Ecopetrol stock appears to be overvalued.
The current stock price of $14.59 is trading 41.8% above its estimated GF Value™ of $10.29.
GuruFocus considers Ecopetrol to be Significantly Overvalued.
Key valuation signals for EC:
Beneish M-Score: -2.83
GF Value™: $10.29 vs. price of $14.59 (41.8% above fair value)
No single metric tells the full story. See the EC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ecopetrol SA is engaged in commercial and industrial activities related to the exploration, exploitation, refining, transportation, storage, distribution, and marketing of hydrocarbons, their derivatives, and products, as well as the electric power transmission services, design, development, construction, operation, and maintenance of road and energy infrastructure projects and the provision of information technology and telecommunications services. The operations of the company are performed through four business segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions. The majority of the company's revenue is generated from the Exploration and Production segment.
65GF Score
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