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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CCL Industries's Beneish M-Score or its related term are showing as below:
MEX:CCLBN'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.57 Max: -2.17
Current: -2.67
During the past 13 years, the highest Beneish M-Score of CCL Industries was -2.17. The lowest was -2.75. And the median was -2.57.
CCL Industries Beneish M-Score Related Terms
CCL Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for CCL 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.
MEX:CCLBN vs SW, PKG, AMCR: Beneish M-Score Comparison
For the Packaging & Containers subindustry, CCL 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.
CCL Industries Beneish M-Score vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, CCL Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CCL Industries'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 CCL Industries 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 * 0.9959
+
0.528 * 0.9909
+
0.404 * 0.9559
+
0.892 * 0.9782
+
0.115 * 0.9547
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0041
+
4.679 * -0.046608
-
0.327 * 0.9997
=
-2.75
* 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))
=
(6255.313 / (6255.313 + 42737.63))
/
(6261.521 / (6261.521 + 40556.489))
=
0.127678
/
0.133742
=
0.9547
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
=
(10657.278 - -116.745
-
17144.149)
/
136675.248
=
-0.046608
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.
CCL Industries has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
CCL Industries (MEX:CCLBN) has a Beneish M-Score of -2.67 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CCL Industries and its competitors. According to the industry distribution chart, CCL Industries ranks #138 out of 372 companies in the Packaging & Containers industry, placing it in the top 37.1%.
Is CCL Industries' Beneish M-Score too high?
CCL Industries' current Beneish M-Score is -2.67. Based on the distribution chart, CCL Industries ranks #138 out of 372 companies in the Packaging & Containers industry, which is above the industry midpoint. Overall, CCL Industries has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CCL Industries' Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, CCL Industries ranks #138 out of 372 companies for Beneish M-Score. This puts CCL Industries 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 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 CCL Industries and its competitors. CCL Industries's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CCL Industries stock overvalued right now?
Based on GuruFocus' analysis, CCL Industries (MEX:CCLBN) is currently considered Fairly Valued. The stock's GF Value™ is MXN1,018.30, compared to a current price of MXN1,052.84 — trading 3.4% above its estimated fair value. The current Beneish M-Score is -2.67. CCL Industries' overall GF Score™ is 77/100 with 1 warning sign 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 CCL Industries (MEX:CCLBN), the current Beneish M-Score is -2.67 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 CCL Industries (MEX:CCLBN) Overvalued in 2026?
Based on GuruFocus' analysis, CCL Industries stock appears to be overvalued.
The current stock price of MXN1,052.84 is trading 3.4% above its estimated GF Value™ of MXN1,018.30.
GuruFocus considers CCL Industries to be Fairly Valued.
Key valuation signals for MEX:CCLBN:
Beneish M-Score: -2.67
GF Value™: MXN1,018.30 vs. price of MXN1,052.84 (3.4% above fair value)
No single metric tells the full story. See the MEX:CCLBN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CCL Industries Inc manufactures and sells packaging and packaging-related products. The company operates through various segments, which include The CCL segment, which generates the majority of revenue, and sells pressure-sensitive and extruded film materials used for labels on consumer packaging, healthcare, automotive, and consumer durable products. The Avery segment sells software, labels, tags, dividers, badges, and specialty card products under the Avery brand. The Checkpoint segment includes the manufacturing and selling of technology-driven, inventory management and labeling solutions. Innovia segment manufactures specialty films. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand.
77GF Score
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