GTBIF (Green Thumb Industries) Beneish M-Score: -2.06 (As of Jun. 26, 2026)

What is Green Thumb Industries Beneish M-Score?

Green Thumb Industries GTBIF +1.08% 85 Beneish M-Score is -2.06 as of Jun. 26, 2026. GuruFocus rates GTBIF with a GF Score™ of 85/100 and a GF Value™ of $8.89 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 911 Drug Manufacturers companies, Green Thumb Industries ranks worse than 76.07% 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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GTBIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.24 Max: 4.16
Current: -2.06

During the past 13 years, the highest Beneish M-Score of Green Thumb Industries was 4.16. The lowest was -2.77. And the median was -2.24.

Green Thumb Industries Beneish M-Score Related Terms

Green Thumb Industries Beneish M-Score Historical Data

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The historical data trend for Green Thumb Industries'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 Thumb Industries Beneish M-Score Chart

Green Thumb Industries Annual Data

Trend

Feb16

Feb17

Feb18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.39

-1.92

-2.76

-2.25

-2.46

Green Thumb Industries 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															-2.60	-2.76	-2.77	-2.46	-2.06

GTBIF vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Green Thumb Industries'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 Thumb Industries Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Green Thumb Industries's Beneish M-Score distribution charts can be found below:

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

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85GF Score

Green Thumb Industries Inc GTBIF

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

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Green Thumb Industries 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 Thumb Industries 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 * 2.057

0.528 * 1.0924

0.404 * 0.9638

0.892 * 1.0483

0.115 * 0.84

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0393

4.679 * -0.117442

0.327 * 0.9469

-1.99

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $124 Mil.
Revenue was 300.19 + 311.129 + 291.369 + 293.257 = $1,196 Mil.
Gross Profit was 143.645 + 141.335 + 144.027 + 146.256 = $575 Mil.
Total Current Assets was $674 Mil.
Total Assets was $2,832 Mil.
Property, Plant and Equipment(Net PPE) was $924 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $439 Mil.
Total Current Liabilities was $194 Mil.
Long-Term Debt & Capital Lease Obligation was $520 Mil.
Net Income was 15.397 + 83.203 + 23.288 + -0.645 = $121 Mil.
Non Operating Income was 22.967 + 110.199 + 38.11 + -13.989 = $157 Mil.
Cash Flow from Operations was 75.799 + 90.141 + 74.119 + 56.447 = $297 Mil.

Total Receivables was $57 Mil.
Revenue was 279.54 + 294.323 + 286.865 + 280.147 = $1,141 Mil.
Gross Profit was 143.275 + 158.069 + 147.591 + 150.52 = $599 Mil.
Total Current Assets was $445 Mil.
Total Assets was $2,569 Mil.
Property, Plant and Equipment(Net PPE) was $963 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $403 Mil.
Total Current Liabilities was $187 Mil.
Long-Term Debt & Capital Lease Obligation was $497 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)
	=	(123.897 / 1195.945)	/	(57.458 / 1140.875)
	=	0.103598	/	0.050363
	=	2.057

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)
	=	(599.455 / 1140.875)	/	(575.263 / 1195.945)
	=	0.525434	/	0.481011
	=	1.0924

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 - (673.85 + 924.227) / 2831.606)	/	(1 - (444.905 + 962.972) / 2569.082)
	=	0.435629	/	0.451992
	=	0.9638

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
	=	1195.945	/	1140.875
	=	1.0483

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))
	=	(169.748 / (169.748 + 962.972))	/	(200.697 / (200.697 + 924.227))
	=	0.149859	/	0.178409
	=	0.84

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)
	=	(439.311 / 1195.945)	/	(403.219 / 1140.875)
	=	0.367334	/	0.35343
	=	1.0393

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)
	=	((519.807 + 194.155) / 2831.606)	/	((496.997 + 187.123) / 2569.082)
	=	0.25214	/	0.26629
	=	0.9469

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
	=	(121.243 - 157.287	-	296.506)	/	2831.606
	=	-0.117442

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 Thumb Industries has a M-score of -1.99 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 -2.06 mean?

Green Thumb Industries (GTBIF) has a Beneish M-Score of -2.06 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Green Thumb Industries and its competitors. According to the industry distribution chart, Green Thumb Industries ranks #693 out of 911 companies in the Drug Manufacturers industry, placing it in the top 76.1%.

Is Green Thumb Industries' Beneish M-Score too high?

Green Thumb Industries' current Beneish M-Score is -2.06. Based on the distribution chart, Green Thumb Industries ranks #693 out of 911 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Green Thumb Industries has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Green Thumb Industries' Beneish M-Score compare to ZTS?

According to the Drug Manufacturers industry distribution chart, Green Thumb Industries ranks #693 out of 911 companies for Beneish M-Score. This places Green Thumb Industries 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 Green Thumb Industries and its competitors. Green Thumb Industries's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Green Thumb Industries stock overvalued right now?

Based on GuruFocus' analysis, Green Thumb Industries (GTBIF) is currently considered Modestly Undervalued. The stock's GF Value™ is $8.89, compared to a current price of $7.47 — trading 16% below its estimated fair value. The current Beneish M-Score is -2.06. Green Thumb Industries' overall GF Score™ is 85/100 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 Thumb Industries (GTBIF), the current Beneish M-Score is -2.06 as of Jun. 26, 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 Thumb Industries (GTBIF) Overvalued in 2026?

Based on GuruFocus' analysis, Green Thumb Industries stock appears to be undervalued. The current stock price of $7.47 is trading 16% below its estimated GF Value™ of $8.89. GuruFocus considers Green Thumb Industries to be Modestly Undervalued.

Key valuation signals for GTBIF:

Beneish M-Score: -2.06
GF Value™: $8.89 vs. price of $7.47 (16% below fair value)
GF Score™: 85/100 with 6 warning signs

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

Green Thumb Industries Business Description

Industry Healthcare Drug Manufacturers

Comparable Companies XCNQ:TRUL TSX:BHC TSX:CRON NEOE:GLAS.A.U TSX:CURA TSX:DHT.U XCNQ:VREO TSX:GUD TSX:WEED NEOE:VRNO XTER:MRK TSE:4502 XSWX:GALD SHSE:600276 NSE:SUNPHARMA XTAE:TEVA LSE:HLN XSWX:SDZ ZTS HKSE:03692

Other Exchanges R9U2:Germany GTII:Canada

Address 325 West Huron Street, Suite 700, Chicago, IL, USA, 60654

Website https://www.gtigrows.com

Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 14 states and operates more than 100 cannabis stores under the brand Rise. GTI is focusing its expansion on limited-license states with large populations, and it does not currently export into the global medical market due to the USA federal prohibition. It offers multiple products under a portfolio of cannabis consumer packaged goods brands, including &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, Incredibles, and RYTHM.

85GF Score

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

$7.47

Price

$8.89

GF Value

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