Canadian Imperial Bank of Commerce (TSX:CM) Beneish M-Score: -2.39 (As of Jun. 24, 2026)


TSX:CM Canadian Imperial Bank of Commerce TSX:CM
71 GF Score
Price C$162.17
GF Value C$107.07
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Canadian Imperial Bank of Commerce Beneish M-Score?

Canadian Imperial Bank of Commerce TSX:CM -0.60% 71 Beneish M-Score is -2.39 as of Jun. 24, 2026. GuruFocus rates TSX:CM with a GF Score™ of 71/100 and a GF Value™ of C$107.07 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, Canadian Imperial Bank of Commerce ranks worse than 51.79% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Canadian Imperial Bank of Commerce's Beneish M-Score or its related term are showing as below:

TSX:CM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.44   Max: -1.83
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Canadian Imperial Bank of Commerce was -1.83. The lowest was -3.02. And the median was -2.44.

TSX:CM
71GF Score
Canadian Imperial Bank of Commerce TSX:CM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Canadian Imperial Bank of Commerce 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 Canadian Imperial Bank of Commerce 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 * 1+0.892 * 1.1328+0.115 * 1.0279
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9928+4.679 * -0.005011-0.327 * 1.0273
=-2.39

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was C$0 Mil.
Revenue was 7965 + 8321 + 7550 + 7225 = C$31,061 Mil.
Gross Profit was 7965 + 8321 + 7550 + 7225 = C$31,061 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$1,160,560 Mil.
Property, Plant and Equipment(Net PPE) was C$3,520 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,214 Mil.
Selling, General, & Admin. Expense(SGA) was C$10,341 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$139,565 Mil.
Net Income was 2457 + 3093 + 2174 + 2094 = C$9,818 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = C$0 Mil.
Cash Flow from Operations was 16215 + -2150 + -4292 + 5861 = C$15,634 Mil.
 Total Receivables was C$0 Mil.
Revenue was 6986 + 7252 + 6598 + 6584 = C$27,420 Mil.
Gross Profit was 6986 + 7252 + 6598 + 6584 = C$27,420 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$1,090,143 Mil.
Property, Plant and Equipment(Net PPE) was C$3,277 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,173 Mil.
Selling, General, & Admin. Expense(SGA) was C$9,195 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$127,613 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 / 31061) / (0 / 27420)
=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)
=(27420 / 27420) / (31061 / 31061)
=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 + 3520) / 1160560) / (1 - (0 + 3277) / 1090143)
=0.996967 / 0.996994
=1

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
=31061 / 27420
=1.1328

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))
=(1173 / (1173 + 3277)) / (1214 / (1214 + 3520))
=0.263596 / 0.256443
=1.0279

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)
=(10341 / 31061) / (9195 / 27420)
=0.332926 / 0.335339
=0.9928

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)
=((139565 + 0) / 1160560) / ((127613 + 0) / 1090143)
=0.120257 / 0.117061
=1.0273

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
=(9818 - 0 - 15634) / 1160560
=-0.005011

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.

Canadian Imperial Bank of Commerce has a M-score of -2.39 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 -2.39 mean?
Canadian Imperial Bank of Commerce (TSX:CM) has a Beneish M-Score of -2.39 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Canadian Imperial Bank of Commerce and its competitors. According to the industry distribution chart, Canadian Imperial Bank of Commerce ranks #723 out of 1396 companies in the Banks industry, placing it in the top 51.8%.
Is Canadian Imperial Bank of Commerce's Beneish M-Score too high?
Canadian Imperial Bank of Commerce's current Beneish M-Score is -2.39. Based on the distribution chart, Canadian Imperial Bank of Commerce ranks #723 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Canadian Imperial Bank of Commerce has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Canadian Imperial Bank of Commerce's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Canadian Imperial Bank of Commerce ranks #723 out of 1396 companies for Beneish M-Score. This places Canadian Imperial Bank of Commerce in the lower 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Canadian Imperial Bank of Commerce and its competitors. Canadian Imperial Bank of Commerce's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canadian Imperial Bank of Commerce stock overvalued right now?
Based on GuruFocus' analysis, Canadian Imperial Bank of Commerce (TSX:CM) is currently considered Significantly Overvalued. The stock's GF Value™ is C$107.07, compared to a current price of C$162.17 — trading 51.5% above its estimated fair value. The current Beneish M-Score is -2.39. Canadian Imperial Bank of Commerce's overall GF Score™ is 71/100 with 8 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 Canadian Imperial Bank of Commerce (TSX:CM), the current Beneish M-Score is -2.39 as of Jun. 24, 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 Canadian Imperial Bank of Commerce (TSX:CM) Overvalued in 2026?

Based on GuruFocus' analysis, Canadian Imperial Bank of Commerce stock appears to be overvalued. The current stock price of C$162.17 is trading 51.5% above its estimated GF Value™ of C$107.07. GuruFocus considers Canadian Imperial Bank of Commerce to be Significantly Overvalued.

Key valuation signals for TSX:CM:

  • Beneish M-Score: -2.39
  • GF Value™: C$107.07 vs. price of C$162.17 (51.5% above fair value)
  • GF Score™: 71/100 with 8 warning signs

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

Canadian Imperial Bank of Commerce Business Description

Address 81 Bay Street, CIBC Square, Toronto, ON, CAN, M5J 0E7
Canadian Imperial Bank of Commerce is Canada's fifth-largest bank with over CAD 1.1 trillion in assets at the end of fiscal 2025. It operates four business segments: Canadian retail and business banking, Canadian commercial banking and wealth management, US commercial banking and wealth management, and capital markets. It serves approximately 14 million personal banking and business customers, primarily in Canada and the US.
71GF Score

Get the complete analysis for TSX:CM

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

C$162.17
Price
C$107.07
GF Value