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.
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.
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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Waste Connections's Beneish M-Score or its related term are showing as below:
MEX:WCNN'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.69 Max: -1.68
Current: -2.76
During the past 13 years, the highest Beneish M-Score of Waste Connections was -1.68. The lowest was -2.87. And the median was -2.69.
The historical data trend for Waste Connections'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:WCNN vs RSG, CLH, GFL: Beneish M-Score Comparison
For the Waste Management subindustry, Waste Connections'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.
Waste Connections Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Waste Connections's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Waste Connections'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 Waste Connections 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 * 1.009
+
0.528 * 0.9879
+
0.404 * 0.9751
+
0.892 * 0.9521
+
0.115 * 1.0393
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9975
+
4.679 * -0.061006
-
0.327 * 1.0633
=
-2.83
* 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))
=
(24217.887 / (24217.887 + 163920.952))
/
(22893.358 / (22893.358 + 161938.585))
=
0.128723
/
0.12386
=
1.0393
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
=
(19033.116 - -3275.375
-
45088.003)
/
373399.038
=
-0.061006
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.
Waste Connections has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Waste Connections (MEX:WCNN) has a Beneish M-Score of -2.76 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waste Connections and its competitors. According to the industry distribution chart, Waste Connections ranks #87 out of 225 companies in the Waste Management industry, placing it in the top 38.7%.
Is Waste Connections' Beneish M-Score too high?
Waste Connections' current Beneish M-Score is -2.76. Based on the distribution chart, Waste Connections ranks #87 out of 225 companies in the Waste Management industry, which is above the industry midpoint. Overall, Waste Connections has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Waste Connections' Beneish M-Score compare to RSG and CLH?
According to the Waste Management industry distribution chart, Waste Connections ranks #87 out of 225 companies for Beneish M-Score. This puts Waste Connections 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Waste Connections and its competitors. Waste Connections's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waste Connections stock overvalued right now?
Based on GuruFocus' analysis, Waste Connections (MEX:WCNN) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN3,613.14, compared to a current price of MXN2,880.00 — trading 20.3% below its estimated fair value. The current Beneish M-Score is -2.76. Waste Connections' overall GF Score™ is 89/100 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 Waste Connections (MEX:WCNN), the current Beneish M-Score is -2.76 as of Aug. 09, 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 Waste Connections (MEX:WCNN) Overvalued in 2026?
Based on GuruFocus' analysis, Waste Connections stock appears to be undervalued.
The current stock price of MXN2,880.00 is trading 20.3% below its estimated GF Value™ of MXN3,613.14.
GuruFocus considers Waste Connections to be Modestly Undervalued.
Key valuation signals for MEX:WCNN:
Beneish M-Score: -2.76
GF Value™: MXN3,613.14 vs. price of MXN2,880.00 (20.3% below fair value)
No single metric tells the full story. See the MEX:WCNN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.
89GF Score
Get the complete analysis for MEX:WCNN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MEX:WCNN has been successfully added to your 
