Goodfood Market (TSX:FOOD) Beneish M-Score: -3.85 (As of Jun. 26, 2026)

What is Goodfood Market Beneish M-Score?

Goodfood Market TSX:FOOD -2.63% 29 Beneish M-Score is -3.85 as of Jun. 26, 2026. GuruFocus rates TSX:FOOD with a GF Score™ of 29/100 and a GF Value™ of C$0.16 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 92 Personal Services companies, Goodfood Market ranks better than 90.22% 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 -3.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:FOOD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85 Med: -2.67 Max: 2.8
Current: -3.85

During the past 11 years, the highest Beneish M-Score of Goodfood Market was 2.80. The lowest was -3.85. And the median was -2.67.

Goodfood Market Beneish M-Score Related Terms

Goodfood Market Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Goodfood Market'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.

Goodfood Market Beneish M-Score Chart

Goodfood Market Annual Data

Trend

Dec16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

Get a 7-Day Free Trial

-2.59

-3.42

-2.55

-3.71

-2.64

Goodfood Market Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-3.40	-2.70	-2.64	-3.13	-3.85

TSX:FOOD vs ROL, SCI, HRB: Beneish M-Score Comparison

For the Personal Services subindustry, Goodfood Market'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.

Goodfood Market Beneish M-Score vs Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Goodfood Market's Beneish M-Score distribution charts can be found below:

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

Save Embed

29GF Score

Goodfood Market Corp TSX:FOOD

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

View Full Analysis

Goodfood Market 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 Goodfood Market 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 * 1.2213

0.528 * 1.03

0.404 * 1.0999

0.892 * 0.7676

0.115 * 0.9702

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0406

4.679 * -0.278732

0.327 * 1.3271

-3.85

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was C$3.4 Mil.
Revenue was 22.509 + 27.538 + 25.034 + 30.683 = C$105.8 Mil.
Gross Profit was 6.898 + 11.646 + 10.087 + 13.593 = C$42.2 Mil.
Total Current Assets was C$16.5 Mil.
Total Assets was C$32.5 Mil.
Property, Plant and Equipment(Net PPE) was C$10.4 Mil.
Depreciation, Depletion and Amortization(DDA) was C$5.3 Mil.
Selling, General, & Admin. Expense(SGA) was C$40.5 Mil.
Total Current Liabilities was C$20.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$48.0 Mil.
Net Income was -6.771 + -2.581 + -4.074 + 0.054 = C$-13.4 Mil.
Non Operating Income was -2.357 + -0.709 + -1.544 + 0.447 = C$-4.2 Mil.
Cash Flow from Operations was -2.441 + 1.356 + 0.346 + 0.598 = C$-0.1 Mil.

Total Receivables was C$3.6 Mil.
Revenue was 30.5 + 34.662 + 34.063 + 38.561 = C$137.8 Mil.
Gross Profit was 12.998 + 13.721 + 12.991 + 16.949 = C$56.7 Mil.
Total Current Assets was C$27.1 Mil.
Total Assets was C$48.9 Mil.
Property, Plant and Equipment(Net PPE) was C$14.1 Mil.
Depreciation, Depletion and Amortization(DDA) was C$6.9 Mil.
Selling, General, & Admin. Expense(SGA) was C$50.7 Mil.
Total Current Liabilities was C$28.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$49.0 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)
	=	(3.359 / 105.764)	/	(3.583 / 137.786)
	=	0.031759	/	0.026004
	=	1.2213

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)
	=	(56.659 / 137.786)	/	(42.224 / 105.764)
	=	0.41121	/	0.399228
	=	1.03

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 - (16.538 + 10.382) / 32.533)	/	(1 - (27.083 + 14.132) / 48.883)
	=	0.172533	/	0.156864
	=	1.0999

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
	=	105.764	/	137.786
	=	0.7676

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))
	=	(6.859 / (6.859 + 14.132))	/	(5.272 / (5.272 + 10.382))
	=	0.326759	/	0.336783
	=	0.9702

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)
	=	(40.51 / 105.764)	/	(50.718 / 137.786)
	=	0.383023	/	0.368093
	=	1.0406

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)
	=	((47.959 + 20.292) / 32.533)	/	((48.993 + 28.283) / 48.883)
	=	2.097901	/	1.580836
	=	1.3271

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
	=	(-13.372 - -4.163	-	-0.141)	/	32.533
	=	-0.278732

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.

Goodfood Market has a M-score of -3.85 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 -3.85 mean?

Goodfood Market (TSX:FOOD) has a Beneish M-Score of -3.85 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Goodfood Market and its competitors. According to the industry distribution chart, Goodfood Market ranks #9 out of 92 companies in the Personal Services industry, placing it in the top 9.8%.

Is Goodfood Market's Beneish M-Score too high?

Goodfood Market's current Beneish M-Score is -3.85. Based on the distribution chart, Goodfood Market ranks #9 out of 92 companies in the Personal Services industry, which is in the top quartile — a strong position relative to peers. Overall, Goodfood Market has a GF Score™ of 29/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Goodfood Market's Beneish M-Score compare to ROL and SCI?

According to the Personal Services industry distribution chart, Goodfood Market ranks #9 out of 92 companies for Beneish M-Score. This places Goodfood Market in the top 10% of its industry — outperforming the majority of peers. 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 Personal Services company?

A good Beneish M-Score depends on the Personal Services 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 Goodfood Market and its competitors. Goodfood Market's current Beneish M-Score is -3.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Goodfood Market stock overvalued right now?

Based on GuruFocus' analysis, Goodfood Market (TSX:FOOD) is currently considered Modestly Overvalued. The stock's GF Value™ is C$0.16, compared to a current price of C$0.19 — trading 15.6% above its estimated fair value. The current Beneish M-Score is -3.85. Goodfood Market's overall GF Score™ is 29/100 with 5 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 Goodfood Market (TSX:FOOD), the current Beneish M-Score is -3.85 as of Jun. 26, 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 Goodfood Market (TSX:FOOD) Overvalued in 2026?

Based on GuruFocus' analysis, Goodfood Market stock appears to be overvalued. The current stock price of C$0.19 is trading 15.6% above its estimated GF Value™ of C$0.16. GuruFocus considers Goodfood Market to be Modestly Overvalued.

Key valuation signals for TSX:FOOD:

Beneish M-Score: -3.85
GF Value™: C$0.16 vs. price of C$0.19 (15.6% above fair value)
GF Score™: 29/100 with 5 warning signs

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

Goodfood Market Business Description

Industry Consumer Cyclical Personal Services

Comparable Companies TSXV:RMB TSXV:WPR TSXV:MNLX TSXV:WOLF ROL SCI HRB FTDR ANDG BFAM HKSE:08603 LSE:XPS XTER:CWC CSV ROCO:5530 OHEL:MUSTI BSP:AUAU3 LSE:MER ASX:PFP TSE:6574

Other Exchanges GDDFF:USA 76O:Germany

Address 4600 Hickmore Street, Saint-Laurent, Montreal, QC, CAN, H4T 1K2

Website https://www.makegoodfood.ca

Goodfood Market Corp is an online grocery company in Canada that delivers fresh meal solutions and groceries that make it easy for members to enjoy delicious meals at home every day. The principal business activity is focused on developing and servicing the online meal kit and grocery add-on market. Goodfood members have access to products and exclusive pricing made possible by its direct-to-consumer fulfillment ecosystem that eliminates waste and retail overhead. It has a production facility and administrative offices in Montreal, with five additional facilities located in Quebec, Ontario, Alberta, and British Columbia. The company is passionate about connecting its partner farms and suppliers to its customers' kitchens while eliminating food waste and costly retail overhead.

29GF Score

Get the complete analysis for TSX:FOOD

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

C$0.19

Price

C$0.16

GF Value

View TSX:FOOD Analysis

See Beneish M-Score data for all stocks →