Champion Iron (TSX:CIA) Beneish M-Score: -2.54 (As of Jun. 25, 2026)

What is Champion Iron Beneish M-Score?

Champion Iron TSX:CIA -1.06% 82 Beneish M-Score is -2.54 as of Jun. 25, 2026. GuruFocus rates TSX:CIA with a GF Score™ of 82/100 and a GF Value™ of C$6.03 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 593 Steel companies, Champion Iron ranks better than 52.61% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:CIA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93 Med: -1.98 Max: -1.54
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Champion Iron was -1.54. The lowest was -3.93. And the median was -1.98.

Champion Iron Beneish M-Score Related Terms

Champion Iron Beneish M-Score Historical Data

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The historical data trend for Champion Iron'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.

Champion Iron Beneish M-Score Chart

Champion Iron Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.90

-1.58

-3.45

-1.98

-2.54

Champion Iron Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-1.98	-2.75	-2.12	-2.28	-2.54

TSX:CIA vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Champion Iron'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.

Champion Iron Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Champion Iron's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Champion Iron's Beneish M-Score falls into.

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82GF Score

Champion Iron Ltd TSX:CIA

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

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Champion Iron 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 Champion Iron 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 * 0.8546

0.528 * 1.083

0.404 * 2.0864

0.892 * 1.1016

0.115 * 0.9149

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1231

4.679 * -0.081661

0.327 * 1.0476

-2.47

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$194 Mil.
Revenue was 414.505 + 472.309 + 492.89 + 390.027 = C$1,770 Mil.
Gross Profit was 85.191 + 139.746 + 154.384 + 29.303 = C$409 Mil.
Total Current Assets was C$828 Mil.
Total Assets was C$3,497 Mil.
Property, Plant and Equipment(Net PPE) was C$2,420 Mil.
Depreciation, Depletion and Amortization(DDA) was C$180 Mil.
Selling, General, & Admin. Expense(SGA) was C$68 Mil.
Total Current Liabilities was C$319 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,016 Mil.
Net Income was 23.186 + 64.972 + 56.794 + 23.784 = C$169 Mil.
Non Operating Income was 5.026 + 5.7 + -15.187 + 22.856 = C$18 Mil.
Cash Flow from Operations was 152.062 + 81.713 + 121.024 + 81.132 = C$436 Mil.

Total Receivables was C$206 Mil.
Revenue was 425.345 + 363.17 + 350.98 + 467.084 = C$1,607 Mil.
Gross Profit was 104.255 + 68.081 + 62.747 + 166.649 = C$402 Mil.
Total Current Assets was C$732 Mil.
Total Assets was C$3,030 Mil.
Property, Plant and Equipment(Net PPE) was C$2,194 Mil.
Depreciation, Depletion and Amortization(DDA) was C$149 Mil.
Selling, General, & Admin. Expense(SGA) was C$55 Mil.
Total Current Liabilities was C$359 Mil.
Long-Term Debt & Capital Lease Obligation was C$745 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)
	=	(193.589 / 1769.731)	/	(205.643 / 1606.579)
	=	0.109389	/	0.128001
	=	0.8546

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)
	=	(401.732 / 1606.579)	/	(408.624 / 1769.731)
	=	0.250054	/	0.230896
	=	1.083

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 - (827.65 + 2420.475) / 3497.261)	/	(1 - (732.305 + 2194.435) / 3030.201)
	=	0.071237	/	0.034143
	=	2.0864

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
	=	1769.731	/	1606.579
	=	1.1016

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))
	=	(148.604 / (148.604 + 2194.435))	/	(180.284 / (180.284 + 2420.475))
	=	0.063424	/	0.06932
	=	0.9149

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)
	=	(68.463 / 1769.731)	/	(55.341 / 1606.579)
	=	0.038686	/	0.034446
	=	1.1231

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)
	=	((1015.927 + 318.744) / 3497.261)	/	((745.195 + 358.682) / 3030.201)
	=	0.381633	/	0.364292
	=	1.0476

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
	=	(168.736 - 18.395	-	435.931)	/	3497.261
	=	-0.081661

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.

Champion Iron has a M-score of -2.47 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 -2.54 mean?

Champion Iron (TSX:CIA) has a Beneish M-Score of -2.54 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Champion Iron and its competitors. According to the industry distribution chart, Champion Iron ranks #281 out of 593 companies in the Steel industry, placing it in the top 47.4%.

Is Champion Iron's Beneish M-Score too high?

Champion Iron's current Beneish M-Score is -2.54. Based on the distribution chart, Champion Iron ranks #281 out of 593 companies in the Steel industry, which is above the industry midpoint. Overall, Champion Iron has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Champion Iron's Beneish M-Score compare to NUE and STLD?

According to the Steel industry distribution chart, Champion Iron ranks #281 out of 593 companies for Beneish M-Score. This puts Champion Iron 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 Steel company?

A good Beneish M-Score depends on the Steel 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 Champion Iron and its competitors. Champion Iron's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Champion Iron stock overvalued right now?

Based on GuruFocus' analysis, Champion Iron (TSX:CIA) is currently considered Significantly Undervalued. The stock's GF Value™ is C$6.03, compared to a current price of C$3.72 — trading 38.3% below its estimated fair value. The current Beneish M-Score is -2.54. Champion Iron's overall GF Score™ is 82/100 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 Champion Iron (TSX:CIA), the current Beneish M-Score is -2.54 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 Champion Iron (TSX:CIA) Overvalued in 2026?

Based on GuruFocus' analysis, Champion Iron stock appears to be undervalued. The current stock price of C$3.72 is trading 38.3% below its estimated GF Value™ of C$6.03. GuruFocus considers Champion Iron to be Significantly Undervalued.

Key valuation signals for TSX:CIA:

Beneish M-Score: -2.54
GF Value™: C$6.03 vs. price of C$3.72 (38.3% below fair value)
GF Score™: 82/100 with 6 warning signs

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

Champion Iron Business Description

Industry Basic Materials Steel

Comparable Companies ASX:BCI ASX:VSL ASX:MGX ASX:FEX ASX:BIS ASX:GRR ASX:GWR ASX:M4M ASX:EQX ASX:IRD NUE XAMS:MT STLD BOM:500228 NSE:TATASTEEL XKRX:005490 RS SHSE:600019 TSE:5401 SHSE:600010

Other Exchanges CIAFF:USA MMPI:Germany CIA:Australia

Address 91 Evans Street, Level 1, Rozelle, Sydney, NSW, AUS, 2039

Website https://www.championiron.com

Champion Iron Ltd is engaged in the exploration and development of iron ore properties in Quebec, Canada. The company projects include Fire Lake North, Powderhorn/Gullbridge, Moire, Quinto Claims, Harvey Tuttle, O'keefe-Purdy, and others. Its segment includes Iron Ore Concentrate, Exploration and Evaluation, and Corporate. The company generates the maximum of its revenue from the Iron Ore Concentrate segment.

82GF Score

Get the complete analysis for TSX:CIA

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

C$3.72

Price

C$6.03

GF Value

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