Invex ControladoraB de CV (MEX:INVEXA) Beneish M-Score: -2.29 (As of Jul. 29, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MEX:INVEXA Invex Controladora SAB de CV MEX:INVEXA
65 GF Score
Price MXN100.00
GF Value MXN205.66
Valuation Significantly Undervalued
! 4 Warning Signs
View Full Analysis

What is Invex ControladoraB de CV Beneish M-Score?

Invex ControladoraB de CV MEX:INVEXA 65 Beneish M-Score is -2.29 as of Jul. 29, 2026. GuruFocus rates MEX:INVEXA with a GF Score™ of 65/100 and a GF Value™ of MXN205.66 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 704 Capital Markets companies, Invex ControladoraB de CV ranks better than 58.24% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:INVEXA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72   Med: -2.3   Max: -1.14
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Invex ControladoraB de CV was -1.14. The lowest was -2.72. And the median was -2.30.

MEX:INVEXA
65GF Score
Invex Controladora SAB de CV MEX:INVEXA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Invex ControladoraB de CV 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 Invex ControladoraB de CV 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+0.528 * 1+0.404 * 0.9927+0.892 * 1.1588+0.115 * 1.1451
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0659+4.679 * 0.05303-0.327 * 1.6189
=-2.29

* 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.

This Year (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was MXN0 Mil.
Revenue was 4916.641 + 4434.954 + 14286.655 + 3974.115 = MXN27,612 Mil.
Gross Profit was 4916.641 + 4434.954 + 14286.655 + 3974.115 = MXN27,612 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN241,610 Mil.
Property, Plant and Equipment(Net PPE) was MXN5,592 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN367 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,826 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN21,351 Mil.
Net Income was 793.796 + 1712.997 + 567.653 + 533.904 = MXN3,608 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was -12177.667 + 8819.765 + -5047.42 + -798.99 = MXN-9,204 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 3740.77 + 4578.461 + 12541.473 + 2966.756 = MXN23,827 Mil.
Gross Profit was 3740.77 + 4578.461 + 12541.473 + 2966.756 = MXN23,827 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN221,156 Mil.
Property, Plant and Equipment(Net PPE) was MXN3,530 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN268 Mil.
Selling, General, & Admin. Expense(SGA) was MXN7,146 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN12,072 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)
=(0 / 27612.365) / (0 / 23827.46)
=0 / 0
=1

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)
=(23827.46 / 23827.46) / (27612.365 / 27612.365)
=1 / 1
=1

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 - (0 + 5592.48) / 241609.913) / (1 - (0 + 3530.427) / 221156.42)
=0.976853 / 0.984037
=0.9927

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
=27612.365 / 23827.46
=1.1588

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))
=(267.9 / (267.9 + 3530.427)) / (367.086 / (367.086 + 5592.48))
=0.070531 / 0.061596
=1.1451

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)
=(8826.476 / 27612.365) / (7145.846 / 23827.46)
=0.319657 / 0.2999
=1.0659

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)
=((21350.594 + 0) / 241609.913) / ((12071.943 + 0) / 221156.42)
=0.088368 / 0.054586
=1.6189

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
=(3608.35 - 0 - -9204.312) / 241609.913
=0.05303

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.

Invex ControladoraB de CV has a M-score of -2.29 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 -2.29 mean?
Invex ControladoraB de CV (MEX:INVEXA) has a Beneish M-Score of -2.29 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Invex ControladoraB de CV and its competitors. According to the industry distribution chart, Invex ControladoraB de CV ranks #294 out of 704 companies in the Capital Markets industry, placing it in the top 41.8%.
Is Invex ControladoraB de CV's Beneish M-Score too high?
Invex ControladoraB de CV's current Beneish M-Score is -2.29. Based on the distribution chart, Invex ControladoraB de CV ranks #294 out of 704 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Invex ControladoraB de CV has a GF Score™ of 65/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Invex ControladoraB de CV's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Invex ControladoraB de CV ranks #294 out of 704 companies for Beneish M-Score. This puts Invex ControladoraB de CV 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Invex ControladoraB de CV and its competitors. Invex ControladoraB de CV's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Invex ControladoraB de CV stock overvalued right now?
Based on GuruFocus' analysis, Invex ControladoraB de CV (MEX:INVEXA) is currently considered Significantly Undervalued. The stock's GF Value™ is MXN205.66, compared to a current price of MXN100.00 — trading 51.4% below its estimated fair value. The current Beneish M-Score is -2.29. Invex ControladoraB de CV's overall GF Score™ is 65/100 with 4 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 Invex ControladoraB de CV (MEX:INVEXA), the current Beneish M-Score is -2.29 as of Jul. 29, 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 Invex ControladoraB de CV (MEX:INVEXA) Overvalued in 2026?

Based on GuruFocus' analysis, Invex ControladoraB de CV stock appears to be undervalued. The current stock price of MXN100.00 is trading 51.4% below its estimated GF Value™ of MXN205.66. GuruFocus considers Invex ControladoraB de CV to be Significantly Undervalued.

Key valuation signals for MEX:INVEXA:

  • Beneish M-Score: -2.29
  • GF Value™: MXN205.66 vs. price of MXN100.00 (51.4% below fair value)
  • GF Score™: 65/100 with 4 warning signs

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

Invex ControladoraB de CV Business Description

Address Boulevard Manual Avila Camacho 40, Piso 7,Colonia Lomas de Chapultepec, Mexico, DF, MEX, 11000
Invex Controladora SAB de CV is a holding company that operates in the financial sectors. The company through its subsidiaries, provides banking, brokerage and consumer credit services.
65GF Score

Get the complete analysis for MEX:INVEXA

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

MXN100.00
Price
MXN205.66
GF Value