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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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for GFL Environmental's Beneish M-Score or its related term are showing as below:
TSX:GFL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.82 Max: -0.68
Current: -2.74
During the past 10 years, the highest Beneish M-Score of GFL Environmental was -0.68. The lowest was -3.07. And the median was -2.82.
GFL Environmental Beneish M-Score Related Terms
GFL Environmental Beneish M-Score Historical Data
* Premium members only.
The historical data trend for GFL Environmental'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.
TSX:GFL vs CLH, CWST, ONT: Beneish M-Score Comparison
For the Waste Management subindustry, GFL Environmental'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.
GFL Environmental Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, GFL Environmental's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GFL Environmental'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 GFL Environmental 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 * 1.0539
+
0.528 * 0.9096
+
0.404 * 0.9317
+
0.892 * 1.069
+
0.115 * 1.1777
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.981
+
4.679 * -0.068786
-
0.327 * 1.1464
=
-2.79
* 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))
=
(1523.4 / (1523.4 + 6955.9))
/
(1343.1 / (1343.1 + 7461))
=
0.179661
/
0.152554
=
1.1777
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
=
(208.8 - 334
-
1310.3)
/
20869
=
-0.068786
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.
GFL Environmental has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
GFL Environmental (TSX:GFL) has a Beneish M-Score of -2.74 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GFL Environmental and its competitors. According to the industry distribution chart, GFL Environmental ranks #94 out of 225 companies in the Waste Management industry, placing it in the top 41.8%.
Is GFL Environmental's Beneish M-Score too high?
GFL Environmental's current Beneish M-Score is -2.74. Based on the distribution chart, GFL Environmental ranks #94 out of 225 companies in the Waste Management industry, which is above the industry midpoint. Overall, GFL Environmental has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does GFL Environmental's Beneish M-Score compare to CLH and CWST?
According to the Waste Management industry distribution chart, GFL Environmental ranks #94 out of 225 companies for Beneish M-Score. This puts GFL Environmental 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 GFL Environmental and its competitors. GFL Environmental's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GFL Environmental stock overvalued right now?
Based on GuruFocus' analysis, GFL Environmental (TSX:GFL) is currently considered Fairly Valued. The stock's GF Value™ is C$59.20, compared to a current price of C$55.40 — trading 6.4% below its estimated fair value. The current Beneish M-Score is -2.74. GFL Environmental's overall GF Score™ is 69/100 with 4 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 GFL Environmental (TSX:GFL), the current Beneish M-Score is -2.74 as of Jul. 18, 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 GFL Environmental (TSX:GFL) Overvalued in 2026?
Based on GuruFocus' analysis, GFL Environmental stock appears to be undervalued.
The current stock price of C$55.40 is trading 6.4% below its estimated GF Value™ of C$59.20.
GuruFocus considers GFL Environmental to be Fairly Valued.
Key valuation signals for TSX:GFL:
Beneish M-Score: -2.74
GF Value™: C$59.20 vs. price of C$55.40 (6.4% below fair value)
No single metric tells the full story. See the TSX:GFL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. Its solid waste management business line, which generates the majority of the revenue, consists of the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste. Its Environmental Services business line includes liquid waste and soil remediation. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States.
69GF Score
Get the complete analysis for TSX:GFL
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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