TerraVest Industries (TSX:TVK) Beneish M-Score: -2.56 (As of Jun. 26, 2026)

What is TerraVest Industries Beneish M-Score?

TerraVest Industries TSX:TVK +1.62% 91 Beneish M-Score is -2.56 as of Jun. 26, 2026. GuruFocus rates TSX:TVK with a GF Score™ of 91/100 and a GF Value™ of C$154.36 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, TerraVest Industries ranks worse than 58.03% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:TVK' s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -2.46 Max: -1.41
Current: -2.56

During the past 13 years, the highest Beneish M-Score of TerraVest Industries was -1.41. The lowest was -4.19. And the median was -2.46.

TerraVest Industries Beneish M-Score Related Terms

TerraVest Industries Beneish M-Score Historical Data

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The historical data trend for TerraVest Industries'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.

TerraVest Industries Beneish M-Score Chart

TerraVest Industries Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-1.95

-1.74

-2.78

-2.73

-1.60

TerraVest Industries 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															-1.68	-1.76	-1.60	-1.87	-2.56

TSX:TVK vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, TerraVest Industries'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.

TerraVest Industries Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, TerraVest Industries's Beneish M-Score distribution charts can be found below:

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

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91GF Score

TerraVest Industries Inc TSX:TVK

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

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TerraVest Industries 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 TerraVest Industries 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 * 0.6335

0.528 * 1.133

0.404 * 0.898

0.892 * 1.6516

0.115 * 0.7202

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0356

4.679 * -0.07649

0.327 * 0.8646

-2.56

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$219 Mil.
Revenue was 442.565 + 408.35 + 419.409 + 405.707 = C$1,676 Mil.
Gross Profit was 109.442 + 102.685 + 114.403 + 105.472 = C$432 Mil.
Total Current Assets was C$660 Mil.
Total Assets was C$2,269 Mil.
Property, Plant and Equipment(Net PPE) was C$625 Mil.
Depreciation, Depletion and Amortization(DDA) was C$165 Mil.
Selling, General, & Admin. Expense(SGA) was C$193 Mil.
Total Current Liabilities was C$443 Mil.
Long-Term Debt & Capital Lease Obligation was C$978 Mil.
Net Income was 10.041 + 33.21 + 18.479 + 11.25 = C$73 Mil.
Non Operating Income was 0.029 + 34.878 + 11.737 + 4.539 = C$51 Mil.
Cash Flow from Operations was 58.54 + 96.548 + 12.285 + 27.957 = C$195 Mil.

Total Receivables was C$209 Mil.
Revenue was 311.45 + 234.585 + 230.654 + 238.129 = C$1,015 Mil.
Gross Profit was 90.785 + 70.625 + 65.793 + 69.166 = C$296 Mil.
Total Current Assets was C$573 Mil.
Total Assets was C$1,980 Mil.
Property, Plant and Equipment(Net PPE) was C$451 Mil.
Depreciation, Depletion and Amortization(DDA) was C$80 Mil.
Selling, General, & Admin. Expense(SGA) was C$113 Mil.
Total Current Liabilities was C$436 Mil.
Long-Term Debt & Capital Lease Obligation was C$998 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)
	=	(218.781 / 1676.031)	/	(209.122 / 1014.818)
	=	0.130535	/	0.206068
	=	0.6335

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)
	=	(296.369 / 1014.818)	/	(432.002 / 1676.031)
	=	0.292042	/	0.257753
	=	1.133

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 - (660.424 + 625.118) / 2268.705)	/	(1 - (573.466 + 451.218) / 1980.387)
	=	0.433359	/	0.482584
	=	0.898

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
	=	1676.031	/	1014.818
	=	1.6516

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))
	=	(79.985 / (79.985 + 451.218))	/	(165.236 / (165.236 + 625.118))
	=	0.150573	/	0.209066
	=	0.7202

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)
	=	(193.25 / 1676.031)	/	(112.989 / 1014.818)
	=	0.115302	/	0.111339
	=	1.0356

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)
	=	((977.822 + 442.727) / 2268.705)	/	((998.353 + 435.824) / 1980.387)
	=	0.62615	/	0.72419
	=	0.8646

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
	=	(72.98 - 51.183	-	195.33)	/	2268.705
	=	-0.07649

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.

TerraVest Industries has a M-score of -2.56 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 -2.56 mean?

TerraVest Industries (TSX:TVK) has a Beneish M-Score of -2.56 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TerraVest Industries and its competitors. According to the industry distribution chart, TerraVest Industries ranks #477 out of 822 companies in the Oil & Gas industry, placing it in the top 58%.

Is TerraVest Industries' Beneish M-Score too high?

TerraVest Industries' current Beneish M-Score is -2.56. Based on the distribution chart, TerraVest Industries ranks #477 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, TerraVest Industries has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does TerraVest Industries' Beneish M-Score compare to SLB and BKR?

According to the Oil & Gas industry distribution chart, TerraVest Industries ranks #477 out of 822 companies for Beneish M-Score. This places TerraVest Industries 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 TerraVest Industries and its competitors. TerraVest Industries's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TerraVest Industries stock overvalued right now?

Based on GuruFocus' analysis, TerraVest Industries (TSX:TVK) is currently considered Modestly Undervalued. The stock's GF Value™ is C$154.36, compared to a current price of C$117.63 — trading 23.8% below its estimated fair value. The current Beneish M-Score is -2.56. TerraVest Industries' overall GF Score™ is 91/100 with 6 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 TerraVest Industries (TSX:TVK), the current Beneish M-Score is -2.56 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 TerraVest Industries (TSX:TVK) Overvalued in 2026?

Based on GuruFocus' analysis, TerraVest Industries stock appears to be undervalued. The current stock price of C$117.63 is trading 23.8% below its estimated GF Value™ of C$154.36. GuruFocus considers TerraVest Industries to be Modestly Undervalued.

Key valuation signals for TSX:TVK:

Beneish M-Score: -2.56
GF Value™: C$154.36 vs. price of C$117.63 (23.8% below fair value)
GF Score™: 91/100 with 6 warning signs

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

TerraVest Industries Business Description

Industry Energy Oil & Gas

Comparable Companies TSX:CEU TSX:EFX TSX:TCW TSX:PSI TSX:TOT TSX:MATR TSX:CFW TSX:NOA TSX:MTEK TSX:FLNT SLB BKR HAL MIL:TEN FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT SHSE:601808

Other Exchanges TRRVF:USA 4TV:Germany

Address 60th Street, Suite 6205, Vegreville, AB, CAN, T9C 1S3

Website https://www.terravestindustries.com

TerraVest Industries Inc manufactures home heating products, propane, anhydrous ammonia, natural gas liquids transport vehicles, storage vessels, energy processing equipment, and fiberglass storage tanks. The company's operating segments include Home Heating and Cooling Products and Containment Equipment (HVAC Equipment), Compressed Gas Storage and Distribution Equipment (Compressed Gas Equipment), Energy Processing Equipment (Processing Equipment), and Service. The majority of its revenue is generated from its HVAC and Cooling Products and Containment Equipment segment which manufactures and distributes products including commercial and residential refined fuel tanks, wastewater treatment systems, grease removal systems, and other custom-built steel storage products.

91GF Score

Get the complete analysis for TSX:TVK

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

C$117.63

Price

C$154.36

GF Value

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