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 CF Industries Holdings's Beneish M-Score or its related term are showing as below:
STU:C4F'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.43 Med: -2.61 Max: -1.78
Current: -2.67
During the past 13 years, the highest Beneish M-Score of CF Industries Holdings was -1.78. The lowest was -3.43. And the median was -2.61.
CF Industries Holdings Beneish M-Score Related Terms
CF Industries Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for CF Industries Holdings'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.
STU:C4F vs MOS, SMG, FMC: Beneish M-Score Comparison
For the Agricultural Inputs subindustry, CF Industries Holdings'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.
CF Industries Holdings Beneish M-Score vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, CF Industries Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CF Industries Holdings'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 CF Industries Holdings 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 * 1.0419
+
0.528 * 0.9258
+
0.404 * 0.9439
+
0.892 * 1.1196
+
0.115 * 1.0212
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0037
+
4.679 * -0.074267
-
0.327 * 0.9831
=
-2.74
* 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))
=
(828.047 / (828.047 + 6399.15))
/
(777.96 / (777.96 + 6156.205))
=
0.114574
/
0.112192
=
1.0212
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
=
(1512.409 - 166.844
-
2283.995)
/
12635.92
=
-0.074267
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.
CF Industries Holdings has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
CF Industries Holdings (STU:C4F) has a Beneish M-Score of -2.67 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CF Industries Holdings and its competitors. According to the industry distribution chart, CF Industries Holdings ranks #67 out of 245 companies in the Agriculture industry, placing it in the top 27.3%.
Is CF Industries Holdings' Beneish M-Score too high?
CF Industries Holdings' current Beneish M-Score is -2.67. Based on the distribution chart, CF Industries Holdings ranks #67 out of 245 companies in the Agriculture industry, which is above the industry midpoint. Overall, CF Industries Holdings has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CF Industries Holdings' Beneish M-Score compare to MOS and SMG?
According to the Agriculture industry distribution chart, CF Industries Holdings ranks #67 out of 245 companies for Beneish M-Score. This puts CF Industries Holdings 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 an Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 CF Industries Holdings and its competitors. CF Industries Holdings'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 CF Industries Holdings stock overvalued right now?
Based on GuruFocus' analysis, CF Industries Holdings (STU:C4F) is currently considered Fairly Valued. The stock's GF Value™ is €100.72, compared to a current price of €96.50 — trading 4.2% below its estimated fair value. The current Beneish M-Score is -2.67. CF Industries Holdings' overall GF Score™ is 71/100 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 CF Industries Holdings (STU:C4F), the current Beneish M-Score is -2.67 as of Jul. 04, 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 CF Industries Holdings (STU:C4F) Overvalued in 2026?
Based on GuruFocus' analysis, CF Industries Holdings stock appears to be undervalued.
The current stock price of €96.50 is trading 4.2% below its estimated GF Value™ of €100.72.
GuruFocus considers CF Industries Holdings to be Fairly Valued.
Key valuation signals for STU:C4F:
Beneish M-Score: -2.67
GF Value™: €100.72 vs. price of €96.50 (4.2% below fair value)
No single metric tells the full story. See the STU:C4F stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America. CF also produces nitrogen in the United Kingdom and holds a joint venture interest in a nitrogen production facility in Trinidad and Tobago. CF makes nitrogen primarily using low-cost US natural gas as its feedstock, making the company one of the lowest-cost nitrogen producers globally. It is also investing in carbon-free blue and green ammonia, which can be used as an alternative fuel to hydrogen or as a means to transport hydrogen.
71GF Score
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