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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Imperial Oil's Beneish M-Score or its related term are showing as below:
HAM:IMP'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.34 Med: -2.49 Max: 1.53
Current: -2.51
During the past 13 years, the highest Beneish M-Score of Imperial Oil was 1.53. The lowest was -4.34. And the median was -2.49.
Imperial Oil Beneish M-Score Related Terms
Imperial Oil Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Imperial Oil'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, Imperial Oil'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.
Imperial Oil Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Imperial Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Imperial Oil'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 Imperial Oil 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 * 1.4903
+
0.528 * 1.2558
+
0.404 * 1.0679
+
0.892 * 0.8704
+
0.115 * 0.8369
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.7471
+
4.679 * -0.068259
-
0.327 * 1.1638
=
-2.50
* 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))
=
(1343.73 / (1343.73 + 19762.242))
/
(1600.077 / (1600.077 + 19432.868))
=
0.063666
/
0.076075
=
0.8369
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
=
(1831.152 - 86.583
-
3700.631)
/
28656.593
=
-0.068259
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.
Imperial Oil has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
Imperial Oil (HAM:IMP) has a Beneish M-Score of -2.51 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Imperial Oil and its competitors. According to the industry distribution chart, Imperial Oil ranks #495 out of 822 companies in the Oil & Gas industry, placing it in the top 60.2%.
Is Imperial Oil's Beneish M-Score too high?
Imperial Oil's current Beneish M-Score is -2.51. Based on the distribution chart, Imperial Oil ranks #495 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Imperial Oil has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Imperial Oil's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Imperial Oil ranks #495 out of 822 companies for Beneish M-Score. This places Imperial Oil 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 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 Imperial Oil and its competitors. Imperial Oil's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Imperial Oil stock overvalued right now?
Imperial Oil (HAM:IMP) has a current Beneish M-Score of -2.51. The stock's GF Value™ is €69.69, compared to a current price of €98.86 — trading 41.9% above its estimated fair value. The current Beneish M-Score is -2.51. Imperial Oil's overall GF Score™ is 80/100 with 2 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 Imperial Oil (HAM:IMP), the current Beneish M-Score is -2.51 as of Jun. 27, 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 Imperial Oil (HAM:IMP) Overvalued in 2026?
Based on GuruFocus' analysis, Imperial Oil stock appears to be overvalued.
The current stock price of €98.86 is trading 41.9% above its estimated GF Value™ of €69.69.
Key valuation signals for HAM:IMP:
Beneish M-Score: -2.51
GF Value™: €69.69 vs. price of €98.86 (41.9% above fair value)
No single metric tells the full story. See the HAM:IMP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Imperial Oil Ltd is an integrated oil company active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil, natural gas, petroleum products, and petrochemicals. It also pursues lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. The company's reportable segments are Upstream, Downstream, and Chemical. Maximum revenue for the company is generated from its Downstream segment, which refines crude oil into petroleum products and distributes and market these products. The Upstream segment explores and produces crude oil, its equivalents, and natural gas, and the Chemical segment manufactures and markets hydrocarbon-based chemicals and chemical products.
80GF Score
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