GIPIF (Green Impact Partners) Beneish M-Score: -4.32 (As of Jun. 28, 2026)

What is Green Impact Partners Beneish M-Score?

Green Impact Partners GIPIF 51 Beneish M-Score is -4.32 as of Jun. 28, 2026. GuruFocus rates GIPIF with a GF Score™ of 51/100 and a GF Value™ of $2.81. The stock has 6 warning signs investors should review.

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 -4.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GIPIF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.32 Med: -2.84 Max: -0.88
Current: -4.32

During the past 5 years, the highest Beneish M-Score of Green Impact Partners was -0.88. The lowest was -4.32. And the median was -2.84.

Green Impact Partners Beneish M-Score Related Terms

Green Impact Partners Beneish M-Score Historical Data

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The historical data trend for Green Impact Partners'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.

Green Impact Partners Beneish M-Score Chart

Green Impact Partners Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

0.00

-2.63

-1.91

-3.05

Green Impact Partners Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-3.64	-3.05	-3.28	-4.11	-4.32

GIPIF vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Green Impact Partners'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.

Green Impact Partners Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Green Impact Partners's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Green Impact Partners's Beneish M-Score falls into.

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51GF Score

Green Impact Partners Inc GIPIF

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

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Green Impact Partners 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 Green Impact Partners 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 * 0.2237

0.528 * 0.8271

0.404 * 0.4757

0.892 * 0.7778

0.115 * 0.8151

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.301

4.679 * -0.093021

0.327 * 1.4108

-4.34

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was $1.79 Mil.
Revenue was 12.158 + 20.38 + 24.97 + 25.949 = $83.46 Mil.
Gross Profit was 1.204 + 1.812 + 1.302 + 1.962 = $6.28 Mil.
Total Current Assets was $45.98 Mil.
Total Assets was $115.01 Mil.
Property, Plant and Equipment(Net PPE) was $65.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.43 Mil.
Selling, General, & Admin. Expense(SGA) was $9.37 Mil.
Total Current Liabilities was $48.65 Mil.
Long-Term Debt & Capital Lease Obligation was $0.30 Mil.
Net Income was -2.443 + -3.532 + -3.895 + -3.813 = $-13.68 Mil.
Non Operating Income was 0.21 + -1.313 + -1.81 + -1.652 = $-4.57 Mil.
Cash Flow from Operations was 1.115 + -0.203 + 0.744 + -0.076 = $1.58 Mil.

Total Receivables was $10.26 Mil.
Revenue was 24.798 + 30.018 + 24.617 + 27.87 = $107.30 Mil.
Gross Profit was 1.935 + 2.134 + 0.965 + 1.644 = $6.68 Mil.
Total Current Assets was $15.11 Mil.
Total Assets was $124.56 Mil.
Property, Plant and Equipment(Net PPE) was $101.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.29 Mil.
Selling, General, & Admin. Expense(SGA) was $9.26 Mil.
Total Current Liabilities was $37.24 Mil.
Long-Term Debt & Capital Lease Obligation was $0.34 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)
	=	(1.785 / 83.457)	/	(10.257 / 107.303)
	=	0.021388	/	0.095589
	=	0.2237

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)
	=	(6.678 / 107.303)	/	(6.28 / 83.457)
	=	0.062235	/	0.075248
	=	0.8271

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 - (45.976 + 65.693) / 115.006)	/	(1 - (15.111 + 101.851) / 124.56)
	=	0.029016	/	0.060999
	=	0.4757

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
	=	83.457	/	107.303
	=	0.7778

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))
	=	(4.288 / (4.288 + 101.851))	/	(3.426 / (3.426 + 65.693))
	=	0.0404	/	0.049567
	=	0.8151

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)
	=	(9.367 / 83.457)	/	(9.257 / 107.303)
	=	0.112237	/	0.08627
	=	1.301

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)
	=	((0.3 + 48.653) / 115.006)	/	((0.338 + 37.243) / 124.56)
	=	0.425656	/	0.30171
	=	1.4108

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
	=	(-13.683 - -4.565	-	1.58)	/	115.006
	=	-0.093021

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.

Green Impact Partners has a M-score of -4.34 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 -4.32 mean?

Green Impact Partners (GIPIF) has a Beneish M-Score of -4.32 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Green Impact Partners and its competitors.

Is Green Impact Partners' Beneish M-Score too high?

Green Impact Partners' current Beneish M-Score is -4.32. Overall, Green Impact Partners has a GF Score™ of 51/100, reflecting its overall financial health beyond just this single metric.

How does Green Impact Partners' Beneish M-Score compare to WM and RSG?

Green Impact Partners' Beneish M-Score of -4.32 can be compared against companies in the Waste Management 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 Green Impact Partners and its competitors. Green Impact Partners's current Beneish M-Score is -4.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Green Impact Partners stock overvalued right now?

Green Impact Partners (GIPIF) has a current Beneish M-Score of -4.32. The stock's GF Value™ is $2.81, compared to a current price of $2.25 — trading 19.9% below its estimated fair value. The current Beneish M-Score is -4.32. Green Impact Partners' overall GF Score™ is 51/100 with 6 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 Green Impact Partners (GIPIF), the current Beneish M-Score is -4.32 as of Jun. 28, 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 Green Impact Partners (GIPIF) Overvalued in 2026?

Based on GuruFocus' analysis, Green Impact Partners stock appears to be undervalued. The current stock price of $2.25 is trading 19.9% below its estimated GF Value™ of $2.81.

Key valuation signals for GIPIF:

Beneish M-Score: -4.32
GF Value™: $2.81 vs. price of $2.25 (19.9% below fair value)
GF Score™: 51/100 with 6 warning signs

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

Green Impact Partners Business Description

Industry Industrials Waste Management

Comparable Companies TSXV:BLM TSXV:VCI TSXV:ECM TSXV:YES TSXV:ROOF TSXV:VTX XCNQ:PLAS TSXV:CMC TSXV:BQE XCNQ:LUX WM RSG WCN XPAR:VIE CLH GFL SHSE:603568 SZSE:002340 XMAD:FCC CWST

Address 322 - 11 Avenue Sw, Suite 303, Calgary, AB, CAN, T2R 0C5

Website https://www.greenipi.com

Green Impact Partners Inc is a clean energy company with an operating portfolio of water and solids treatment and recycling facilities in North America. The company also has a portfolio of renewable natural gas and clean energy development projects. Its services include water and solids recycling management, disposal services, and energy product optimization services. Its operating segments are Water & Solids Recycling & Energy Product Optimization and Clean Energy Production. Its core focus is that GIP has an infrastructure network located throughout western Canada and the United States that includes wastewater, hydrocarbon processing, disposal facilities, industrial landfill, recycling facilities, oil and water gathering pipelines, and oil terminals.

51GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$2.25

Price

$2.81

GF Value

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