IFLXF (Imaflex) Beneish M-Score: -3.12 (As of Jul. 08, 2026)

What is Imaflex Beneish M-Score?

Imaflex IFLXF 69 Beneish M-Score is -3.12 as of Jul. 08, 2026. GuruFocus rates IFLXF with a GF Score™ of 69/100 and a GF Value™ of $0.89. The stock has 9 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IFLXF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.67 Max: -1.97
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Imaflex was -1.97. The lowest was -3.47. And the median was -2.67.

Imaflex Beneish M-Score Related Terms

Imaflex Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Imaflex'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.

Imaflex Beneish M-Score Chart

Imaflex Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.88

-2.04

-3.13

-2.38

-3.07

Imaflex 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															-2.81	-3.07	-3.18	-3.30	-3.12

IFLXF vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Imaflex'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.

Imaflex Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Imaflex's Beneish M-Score distribution charts can be found below:

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

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69GF Score

Imaflex Inc IFLXF

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

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Imaflex 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 Imaflex 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 * 0.9505

0.528 * 1.1061

0.404 * 0.9355

0.892 * 0.9699

0.115 * 0.8879

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2326

4.679 * -0.113466

0.327 * 1.0842

-3.13

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was $11.18 Mil.
Revenue was 19.868 + 19.313 + 20.147 + 17.687 = $77.02 Mil.
Gross Profit was 3.151 + 2.624 + 3.291 + 2.127 = $11.19 Mil.
Total Current Assets was $30.08 Mil.
Total Assets was $65.54 Mil.
Property, Plant and Equipment(Net PPE) was $33.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.19 Mil.
Selling, General, & Admin. Expense(SGA) was $7.67 Mil.
Total Current Liabilities was $11.90 Mil.
Long-Term Debt & Capital Lease Obligation was $4.50 Mil.
Net Income was 0.403 + -0.144 + 0.184 + 0.499 = $0.94 Mil.
Non Operating Income was -0.273 + -1.025 + -1.279 + 0.801 = $-1.78 Mil.
Cash Flow from Operations was 1.846 + 3.548 + 0.06 + 4.701 = $10.16 Mil.

Total Receivables was $12.12 Mil.
Revenue was 20.979 + 21.038 + 20.245 + 17.147 = $79.41 Mil.
Gross Profit was 3.408 + 4.587 + 2.978 + 1.792 = $12.77 Mil.
Total Current Assets was $24.97 Mil.
Total Assets was $62.97 Mil.
Property, Plant and Equipment(Net PPE) was $36.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.94 Mil.
Selling, General, & Admin. Expense(SGA) was $6.42 Mil.
Total Current Liabilities was $8.77 Mil.
Long-Term Debt & Capital Lease Obligation was $5.76 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)
	=	(11.175 / 77.015)	/	(12.122 / 79.409)
	=	0.145102	/	0.152653
	=	0.9505

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)
	=	(12.765 / 79.409)	/	(11.193 / 77.015)
	=	0.16075	/	0.145335
	=	1.1061

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 - (30.078 + 33.793) / 65.544)	/	(1 - (24.97 + 36.277) / 62.965)
	=	0.025525	/	0.027285
	=	0.9355

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
	=	77.015	/	79.409
	=	0.9699

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))
	=	(3.939 / (3.939 + 36.277))	/	(4.19 / (4.19 + 33.793))
	=	0.097946	/	0.110313
	=	0.8879

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)
	=	(7.671 / 77.015)	/	(6.417 / 79.409)
	=	0.099604	/	0.080809
	=	1.2326

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)
	=	((4.498 + 11.9) / 65.544)	/	((5.762 + 8.767) / 62.965)
	=	0.250183	/	0.230747
	=	1.0842

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
	=	(0.942 - -1.776	-	10.155)	/	65.544
	=	-0.113466

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.

Imaflex has a M-score of -3.13 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 -3.12 mean?

Imaflex (IFLXF) has a Beneish M-Score of -3.12 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Imaflex and its competitors.

Is Imaflex's Beneish M-Score too high?

Imaflex's current Beneish M-Score is -3.12. Overall, Imaflex has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.

How does Imaflex's Beneish M-Score compare to SW and PKG?

Imaflex's Beneish M-Score of -3.12 can be compared against companies in the Packaging & Containers 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 Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers 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 Imaflex and its competitors. Imaflex's current Beneish M-Score is -3.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Imaflex stock overvalued right now?

Imaflex (IFLXF) has a current Beneish M-Score of -3.12. The stock's GF Value™ is $0.89, compared to a current price of $1.70 — trading 91% above its estimated fair value. The current Beneish M-Score is -3.12. Imaflex's overall GF Score™ is 69/100 with 9 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 Imaflex (IFLXF), the current Beneish M-Score is -3.12 as of Jul. 08, 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 Imaflex (IFLXF) Overvalued in 2026?

Based on GuruFocus' analysis, Imaflex stock appears to be overvalued. The current stock price of $1.70 is trading 91% above its estimated GF Value™ of $0.89.

Key valuation signals for IFLXF:

Beneish M-Score: -3.12
GF Value™: $0.89 vs. price of $1.70 (91% above fair value)
GF Score™: 69/100 with 9 warning signs

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

Imaflex Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies TSX:SXP TSXV:NEXE TSX:RIC TSX:TCL.A SW PKG AMCR IP BALL AVY CCK SZSE:002812 TSX:CCL.A OHEL:STERV XSWX:SIGN SZSE:002831 SON REYN SLGN SZSE:002969

Address 5710 Notre-Dame Street West, Montreal, QC, CAN, H4C 1V2

Website https://www.imaflex.com

Imaflex Inc is focused on the manufacture and sale of products for the flexible packaging industry, including polyethylene film and bags, as well as the metallization of plastic film for the agriculture and packaging industries. It manufactures and sells industrial bags using recycled material, including garbage bags, compostable bags, gaylord bags and bags on rolls. Geographically, it operates in Canada, United States and Other countries.

69GF Score

Get the complete analysis for IFLXF

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

$1.70

Price

$0.89

GF Value

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