Canada Goose Holdings (TSX:GOOS) Beneish M-Score: -2.82 (As of Jun. 24, 2026)

What is Canada Goose Holdings Beneish M-Score?

Canada Goose Holdings TSX:GOOS +1.20% 82 Beneish M-Score is -2.82 as of Jun. 24, 2026. GuruFocus rates TSX:GOOS with a GF Score™ of 82/100 and a GF Value™ of C$19.27 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,003 Manufacturing - Apparel & Accessories companies, Canada Goose Holdings ranks better than 72.38% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:GOOS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.52 Max: -1.58
Current: -2.82

During the past 12 years, the highest Beneish M-Score of Canada Goose Holdings was -1.58. The lowest was -3.31. And the median was -2.52.

Canada Goose Holdings Beneish M-Score Related Terms

Canada Goose Holdings Beneish M-Score Historical Data

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The historical data trend for Canada Goose Holdings'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.

Canada Goose Holdings Beneish M-Score Chart

Canada Goose Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.68

-2.41

-2.04

-2.98

-2.82

Canada Goose Holdings 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															-2.98	-2.98	-2.93	-2.86	-2.82

TSX:GOOS vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, Canada Goose Holdings'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.

Canada Goose Holdings Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Canada Goose Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Canada Goose Holdings's Beneish M-Score falls into.

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82GF Score

Canada Goose Holdings Inc TSX:GOOS

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

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Canada Goose Holdings 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 Canada Goose Holdings 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 * 1.0463

0.528 * 1.0032

0.404 * 0.9044

0.892 * 1.1333

0.115 * 1.0852

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1063

4.679 * -0.097821

0.327 * 0.9854

-2.82

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$128 Mil.
Revenue was 453.3 + 694.5 + 272.6 + 107.8 = C$1,528 Mil.
Gross Profit was 315.4 + 513.8 + 170.1 + 66.2 = C$1,066 Mil.
Total Current Assets was C$968 Mil.
Total Assets was C$1,753 Mil.
Property, Plant and Equipment(Net PPE) was C$494 Mil.
Depreciation, Depletion and Amortization(DDA) was C$132 Mil.
Selling, General, & Admin. Expense(SGA) was C$977 Mil.
Total Current Liabilities was C$369 Mil.
Long-Term Debt & Capital Lease Obligation was C$688 Mil.
Net Income was 28.1 + 134.8 + -15.2 + -125.2 = C$23 Mil.
Non Operating Income was 3 + -2.1 + -1.3 + 2.5 = C$2 Mil.
Cash Flow from Operations was 113.8 + 336.2 + -115.3 + -142.8 = C$192 Mil.

Total Receivables was C$108 Mil.
Revenue was 384.6 + 607.9 + 267.8 + 88.1 = C$1,348 Mil.
Gross Profit was 274.4 + 452 + 164.1 + 52.6 = C$943 Mil.
Total Current Assets was C$890 Mil.
Total Assets was C$1,632 Mil.
Property, Plant and Equipment(Net PPE) was C$442 Mil.
Depreciation, Depletion and Amortization(DDA) was C$131 Mil.
Selling, General, & Admin. Expense(SGA) was C$779 Mil.
Total Current Liabilities was C$344 Mil.
Long-Term Debt & Capital Lease Obligation was C$655 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)
	=	(128.3 / 1528.2)	/	(108.2 / 1348.4)
	=	0.083955	/	0.080243
	=	1.0463

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)
	=	(943.1 / 1348.4)	/	(1065.5 / 1528.2)
	=	0.699422	/	0.697225
	=	1.0032

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 - (968.4 + 493.6) / 1753.2)	/	(1 - (890.4 + 441.8) / 1631.9)
	=	0.166096	/	0.183651
	=	0.9044

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
	=	1528.2	/	1348.4
	=	1.1333

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))
	=	(130.7 / (130.7 + 441.8))	/	(131.5 / (131.5 + 493.6))
	=	0.228297	/	0.210366
	=	1.0852

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)
	=	(976.7 / 1528.2)	/	(779 / 1348.4)
	=	0.639118	/	0.577722
	=	1.1063

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)
	=	((688.2 + 368.5) / 1753.2)	/	((654.6 + 343.6) / 1631.9)
	=	0.602726	/	0.61168
	=	0.9854

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
	=	(22.5 - 2.1	-	191.9)	/	1753.2
	=	-0.097821

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.

Canada Goose Holdings has a M-score of -2.82 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 -2.82 mean?

Canada Goose Holdings (TSX:GOOS) has a Beneish M-Score of -2.82 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Canada Goose Holdings and its competitors. According to the industry distribution chart, Canada Goose Holdings ranks #277 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 27.6%.

Is Canada Goose Holdings' Beneish M-Score too high?

Canada Goose Holdings' current Beneish M-Score is -2.82. Based on the distribution chart, Canada Goose Holdings ranks #277 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Canada Goose Holdings has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Canada Goose Holdings' Beneish M-Score compare to RL and LEVI?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Canada Goose Holdings ranks #277 out of 1003 companies for Beneish M-Score. This puts Canada Goose Holdings 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Canada Goose Holdings and its competitors. Canada Goose Holdings's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Canada Goose Holdings stock overvalued right now?

Based on GuruFocus' analysis, Canada Goose Holdings (TSX:GOOS) is currently considered Significantly Undervalued. The stock's GF Value™ is C$19.27, compared to a current price of C$13.44 — trading 30.3% below its estimated fair value. The current Beneish M-Score is -2.82. Canada Goose Holdings' overall GF Score™ is 82/100 with 3 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 Canada Goose Holdings (TSX:GOOS), the current Beneish M-Score is -2.82 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 Canada Goose Holdings (TSX:GOOS) Overvalued in 2026?

Based on GuruFocus' analysis, Canada Goose Holdings stock appears to be undervalued. The current stock price of C$13.44 is trading 30.3% below its estimated GF Value™ of C$19.27. GuruFocus considers Canada Goose Holdings to be Significantly Undervalued.

Key valuation signals for TSX:GOOS:

Beneish M-Score: -2.82
GF Value™: C$19.27 vs. price of C$13.44 (30.3% below fair value)
GF Score™: 82/100 with 3 warning signs

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

Canada Goose Holdings Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies TSX:IFA TSX:UNI OSTO:HM B RL MIL:MONC WAR:LPP TSX:GIL LEVI VFC HKSE:03998 SHSE:600177 BOM:532827 PVH SHSE:600398 KTB ZGN COLM TPE:1476 XTER:BOSS UAA

Other Exchanges GOOS:USA 0UNA:UK 1GC:Germany

Address 100 Queens Quay East, Floor 22, Toronto, ON, CAN, M5E 1V3

Website https://www.canadagoose.com

Canada Goose Holdings Inc is a Canada-based company that designs, manufactures, distributes, and retails premium outerwear for men, women, and children. It operates business through three segments namely, Wholesale; Direct to Consumer (DTC), and Other. The DTC segment, which is the key revenue driver, comprises sales through country-specific e-commerce platforms and its company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market, and travel retail locations. Geographically, it has a presence in Canada, the United States, North America, Greater China, Asia-Pacific, and Europe, the Middle East, and Africa.

82GF Score

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

C$13.44

Price

C$19.27

GF Value

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