GFL Environmental Beneish M-Score Historical Data
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.
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GFL Environmental Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.10 |
-2.84 |
-2.98 |
-2.95 |
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GFL Environmental Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-2.82 |
-3.00 |
-3.00 |
-2.95 |
Competitive 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 Distribution
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.
GFL Environmental 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 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 * 0.9183 | + | 0.528 * 0.6984 | + | 0.404 * 0.9582 | + | 0.892 * 1.1115 | + | 0.115 * 1.0754 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1996 | + | 4.679 * -0.072216 | - | 0.327 * 0.8929 |
| = | -2.96 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was C$1,128 Mil.
Revenue was 1882.8 + 1890 + 1943.6 + 1799.1 = C$7,516 Mil.
Gross Profit was 308.7 + 363.2 + 353 + 244.5 = C$1,269 Mil.
Total Current Assets was C$1,485 Mil.
Total Assets was C$19,879 Mil.
Property, Plant and Equipment(Net PPE) was C$6,981 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,490 Mil.
Selling, General, & Admin. Expense(SGA) was C$974 Mil.
Total Current Liabilities was C$1,810 Mil.
Long-Term Debt & Capital Lease Obligation was C$9,214 Mil.
Net Income was -52.2 + 22.1 + 294.9 + -219.4 = C$45 Mil.
Non Operating Income was 38.1 + 9 + 578.7 + -125.2 = C$501 Mil.
Cash Flow from Operations was 401.4 + 125.8 + 260.7 + 192.5 = C$980 Mil.
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Total Receivables was C$1,105 Mil.
Revenue was 1821.2 + 1831.2 + 1707.5 + 1401.4 = C$6,761 Mil.
Gross Profit was 197 + 239.3 + 225.5 + 135.8 = C$798 Mil.
Total Current Assets was C$1,383 Mil.
Total Assets was C$19,768 Mil.
Property, Plant and Equipment(Net PPE) was C$6,540 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,526 Mil.
Selling, General, & Admin. Expense(SGA) was C$730 Mil.
Total Current Liabilities was C$2,692 Mil.
Long-Term Debt & Capital Lease Obligation was C$9,585 Mil.
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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) |
| = | (1127.7 / 7515.5) | / | (1104.8 / 6761.3) |
| = | 0.15005 | / | 0.163401 |
| | = | 0.9183 |
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) |
| = | (797.6 / 6761.3) | / | (1269.4 / 7515.5) |
| = | 0.117965 | / | 0.168904 |
| | = | 0.6984 |
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 - (1485 + 6980.7) / 19879.2) | / | (1 - (1383.1 + 6540.3) / 19767.6) |
| = | 0.574143 | / | 0.599172 |
| | = | 0.9582 |
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 |
| = | 7515.5 | / | 6761.3 |
| | = | 1.1115 |
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)) |
| = | (1525.5 / (1525.5 + 6540.3)) | / | (1489.7 / (1489.7 + 6980.7)) |
| = | 0.189132 | / | 0.175871 |
| | = | 1.0754 |
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) |
| = | (973.9 / 7515.5) | / | (730.4 / 6761.3) |
| = | 0.129586 | / | 0.108027 |
| | = | 1.1996 |
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) |
| = | ((9213.5 + 1810.4) / 19879.2) | / | ((9584.9 + 2692.1) / 19767.6) |
| = | 0.554544 | / | 0.621067 |
| | = | 0.8929 |
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 |
| = | (45.4 - 500.6 | - | 980.4) | / | 19879.2 |
| | = | -0.072216 |
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 -2.96 suggests that the company is unlikely to be a manipulator.
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