TSPCF (Cleanaway Waste Management) Beneish M-Score: -2.70 (As of Jun. 25, 2026)

What is Cleanaway Waste Management Beneish M-Score?

Cleanaway Waste Management TSPCF -4.53% 85 Beneish M-Score is -2.70 as of Jun. 25, 2026. GuruFocus rates TSPCF with a GF Score™ of 85/100 and a GF Value™ of $2.27 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 228 Waste Management companies, Cleanaway Waste Management ranks better than 53.95% on this metric.

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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSPCF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.73 Max: -2.26
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Cleanaway Waste Management was -2.26. The lowest was -2.99. And the median was -2.73.

Cleanaway Waste Management Beneish M-Score Related Terms

Cleanaway Waste Management Beneish M-Score Historical Data

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The historical data trend for Cleanaway Waste Management'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.

Cleanaway Waste Management Beneish M-Score Chart

Cleanaway Waste Management Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.72

-2.51

-2.79

-2.84

-2.70

Cleanaway Waste Management Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.84	0.00	-2.70	0.00

TSPCF vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Cleanaway Waste Management'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.

Cleanaway Waste Management Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Cleanaway Waste Management's Beneish M-Score distribution charts can be found below:

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

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85GF Score

Cleanaway Waste Management Ltd TSPCF

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

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Cleanaway Waste Management 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 Cleanaway Waste Management 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 * 1.001

0.528 * 1

0.404 * 0.983

0.892 * 1.0039

0.115 * 1.0357

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.006

4.679 * -0.053008

0.327 * 0.9724

-2.72

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $372 Mil.
Revenue was $2,467 Mil.
Gross Profit was $2,467 Mil.
Total Current Assets was $501 Mil.
Total Assets was $4,283 Mil.
Property, Plant and Equipment(Net PPE) was $1,663 Mil.
Depreciation, Depletion and Amortization(DDA) was $247 Mil.
Selling, General, & Admin. Expense(SGA) was $892 Mil.
Total Current Liabilities was $677 Mil.
Long-Term Debt & Capital Lease Obligation was $1,035 Mil.
Net Income was $102 Mil.
Gross Profit was $32 Mil.
Cash Flow from Operations was $298 Mil.

Total Receivables was $370 Mil.
Revenue was $2,457 Mil.
Gross Profit was $2,457 Mil.
Total Current Assets was $516 Mil.
Total Assets was $4,231 Mil.
Property, Plant and Equipment(Net PPE) was $1,586 Mil.
Depreciation, Depletion and Amortization(DDA) was $245 Mil.
Selling, General, & Admin. Expense(SGA) was $884 Mil.
Total Current Liabilities was $664 Mil.
Long-Term Debt & Capital Lease Obligation was $1,077 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)
	=	(371.94 / 2466.732)	/	(370.12 / 2457.105)
	=	0.150782	/	0.150633
	=	1.001

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)
	=	(2457.105 / 2457.105)	/	(2466.732 / 2466.732)
	=	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 - (500.846 + 1662.695) / 4282.682)	/	(1 - (515.538 + 1585.79) / 4231.408)
	=	0.494816	/	0.503397
	=	0.983

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
	=	2466.732	/	2457.105
	=	1.0039

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))
	=	(245.352 / (245.352 + 1585.79))	/	(247.07 / (247.07 + 1662.695))
	=	0.133989	/	0.129372
	=	1.0357

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)
	=	(892.448 / 2466.732)	/	(883.665 / 2457.105)
	=	0.361794	/	0.359637
	=	1.006

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)
	=	((1035.352 + 677.409) / 4282.682)	/	((1076.693 + 663.612) / 4231.408)
	=	0.399927	/	0.411283
	=	0.9724

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
	=	(102.148 - 31.51	-	297.656)	/	4282.682
	=	-0.053008

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.

Cleanaway Waste Management has a M-score of -2.72 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 -2.70 mean?

Cleanaway Waste Management (TSPCF) has a Beneish M-Score of -2.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cleanaway Waste Management and its competitors. According to the industry distribution chart, Cleanaway Waste Management ranks #105 out of 228 companies in the Waste Management industry, placing it in the top 46.1%.

Is Cleanaway Waste Management's Beneish M-Score too high?

Cleanaway Waste Management's current Beneish M-Score is -2.70. Based on the distribution chart, Cleanaway Waste Management ranks #105 out of 228 companies in the Waste Management industry, which is above the industry midpoint. Overall, Cleanaway Waste Management has a GF Score™ of 85/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Cleanaway Waste Management's Beneish M-Score compare to WM and RSG?

According to the Waste Management industry distribution chart, Cleanaway Waste Management ranks #105 out of 228 companies for Beneish M-Score. This puts Cleanaway Waste Management 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 Cleanaway Waste Management and its competitors. Cleanaway Waste Management's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cleanaway Waste Management stock overvalued right now?

Based on GuruFocus' analysis, Cleanaway Waste Management (TSPCF) is currently considered Possible Value Trap. The stock's GF Value™ is $2.27, compared to a current price of $1.58 — trading 30.4% below its estimated fair value. The current Beneish M-Score is -2.70. Cleanaway Waste Management's overall GF Score™ is 85/100 with 6 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 Cleanaway Waste Management (TSPCF), the current Beneish M-Score is -2.70 as of Jun. 25, 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 Cleanaway Waste Management (TSPCF) Overvalued in 2026?

Based on GuruFocus' analysis, Cleanaway Waste Management stock appears to be undervalued. The current stock price of $1.58 is trading 30.4% below its estimated GF Value™ of $2.27. GuruFocus considers Cleanaway Waste Management to be Possible Value Trap.

Key valuation signals for TSPCF:

Beneish M-Score: -2.70
GF Value™: $2.27 vs. price of $1.58 (30.4% below fair value)
GF Score™: 85/100 with 6 warning signs

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

Cleanaway Waste Management Business Description

Industry Industrials Waste Management

Comparable Companies ASX:IFN ASX:NMT ASX:LIT ASX:CLG WM RSG WCN XPAR:VIE CLH GFL XBRU:UMI XMAD:FCC SZSE:002340 CWST SHSE:603568 HKSE:00257 TSX:SES OSL:TOM XTAE:VRDS SHSE:603588

Other Exchanges TG9:Germany CWY:Australia

Address No: 441 St Kilda Road, Level 4, Melbourne, VIC, AUS, 3004

Website https://www.cleanaway.com.au

Cleanaway Waste Management is Australia's largest waste management business with a national footprint in the collection and disposal of waste. It is active in municipal and commercial and industrial waste stream segments and in nonhazardous and hazardous liquid and medical waste. While Cleanaway is allocating greater capital to waste processing and treatment, earnings remain skewed toward waste collection. The company is particularly strong in commercial, industrial, and municipal waste collection with strong market share in all large Australian metro waste collection markets.

85GF Score

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

$1.58

Price

$2.27

GF Value

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