TMX Group (TSX:X) Beneish M-Score: -2.32 (As of Jul. 11, 2026)

What is TMX Group Beneish M-Score?

TMX Group TSX:X +1.09% 94 Beneish M-Score is -2.32 as of Jul. 11, 2026. GuruFocus rates TSX:X with a GF Score™ of 94/100 and a GF Value™ of C$57.16 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 702 Capital Markets companies, TMX Group ranks better than 57.12% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:X' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.38 Max: -1.56
Current: -2.32

During the past 13 years, the highest Beneish M-Score of TMX Group was -1.56. The lowest was -3.33. And the median was -2.38.

TMX Group Beneish M-Score Related Terms

TMX Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TMX Group'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.

TMX Group Beneish M-Score Chart

TMX Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.50

-2.24

-2.35

-1.80

-2.38

TMX Group 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															-1.60	-1.59	-1.56	-2.38	-2.32

TSX:X vs SPGI, CME, MCO: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, TMX Group'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.

TMX Group Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, TMX Group's Beneish M-Score distribution charts can be found below:

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

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94GF Score

TMX Group Ltd TSX:X

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

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TMX Group 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 TMX Group 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 * 1.0737

0.528 * 0.9765

0.404 * 0.959

0.892 * 1.165

0.115 * 0.9794

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0319

4.679 * -0.004735

0.327 * 1.0013

-2.32

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$693 Mil.
Revenue was 488.2 + 457.8 + 418.6 + 421.7 = C$1,786 Mil.
Gross Profit was 338.5 + 305.8 + 278.1 + 272.3 = C$1,195 Mil.
Total Current Assets was C$48,424 Mil.
Total Assets was C$56,032 Mil.
Property, Plant and Equipment(Net PPE) was C$87 Mil.
Depreciation, Depletion and Amortization(DDA) was C$186 Mil.
Selling, General, & Admin. Expense(SGA) was C$181 Mil.
Total Current Liabilities was C$48,302 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,643 Mil.
Net Income was 224.6 + 115.2 + 120.5 + 74.1 = C$534 Mil.
Non Operating Income was 98.9 + -18.1 + 9.8 + -44.7 = C$46 Mil.
Cash Flow from Operations was 110.8 + 223.6 + 156.7 + 262.7 = C$754 Mil.

Total Receivables was C$554 Mil.
Revenue was 419.1 + 393.3 + 353.8 + 367.1 = C$1,533 Mil.
Gross Profit was 269 + 259.5 + 230.5 + 242.4 = C$1,001 Mil.
Total Current Assets was C$46,063 Mil.
Total Assets was C$53,658 Mil.
Property, Plant and Equipment(Net PPE) was C$84 Mil.
Depreciation, Depletion and Amortization(DDA) was C$169 Mil.
Selling, General, & Admin. Expense(SGA) was C$150 Mil.
Total Current Liabilities was C$45,832 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,937 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)
	=	(693 / 1786.3)	/	(554 / 1533.3)
	=	0.387953	/	0.361312
	=	1.0737

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)
	=	(1001.4 / 1533.3)	/	(1194.7 / 1786.3)
	=	0.653101	/	0.668813
	=	0.9765

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 - (48423.5 + 87) / 56032.3)	/	(1 - (46062.8 + 84.4) / 53658.3)
	=	0.13424	/	0.13998
	=	0.959

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
	=	1786.3	/	1533.3
	=	1.165

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))
	=	(169 / (169 + 84.4))	/	(185.7 / (185.7 + 87))
	=	0.66693	/	0.680968
	=	0.9794

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)
	=	(180.8 / 1786.3)	/	(150.4 / 1533.3)
	=	0.101215	/	0.098089
	=	1.0319

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)
	=	((1642.9 + 48302.2) / 56032.3)	/	((1936.7 + 45831.8) / 53658.3)
	=	0.891363	/	0.890235
	=	1.0013

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
	=	(534.4 - 45.9	-	753.8)	/	56032.3
	=	-0.004735

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.

TMX Group has a M-score of -2.32 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 -2.32 mean?

TMX Group (TSX:X) has a Beneish M-Score of -2.32 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TMX Group and its competitors. According to the industry distribution chart, TMX Group ranks #301 out of 702 companies in the Capital Markets industry, placing it in the top 42.9%.

Is TMX Group's Beneish M-Score too high?

TMX Group's current Beneish M-Score is -2.32. Based on the distribution chart, TMX Group ranks #301 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, TMX Group has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does TMX Group's Beneish M-Score compare to SPGI and CME?

According to the Capital Markets industry distribution chart, TMX Group ranks #301 out of 702 companies for Beneish M-Score. This puts TMX Group 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 Capital Markets company?

A good Beneish M-Score depends on the Capital Markets 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 TMX Group and its competitors. TMX Group's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TMX Group stock overvalued right now?

Based on GuruFocus' analysis, TMX Group (TSX:X) is currently considered Modestly Undervalued. The stock's GF Value™ is C$57.16, compared to a current price of C$48.40 — trading 15.3% below its estimated fair value. The current Beneish M-Score is -2.32. TMX Group's overall GF Score™ is 94/100 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 TMX Group (TSX:X), the current Beneish M-Score is -2.32 as of Jul. 11, 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 TMX Group (TSX:X) Overvalued in 2026?

Based on GuruFocus' analysis, TMX Group stock appears to be undervalued. The current stock price of C$48.40 is trading 15.3% below its estimated GF Value™ of C$57.16. GuruFocus considers TMX Group to be Modestly Undervalued.

Key valuation signals for TSX:X:

Beneish M-Score: -2.32
GF Value™: C$57.16 vs. price of C$48.40 (15.3% below fair value)
GF Score™: 94/100 with 5 warning signs

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

TMX Group Business Description

Industry Financial Services Capital Markets

Comparable Companies TSX:HIVE TSX:CF NEOE:DEFI TSX:XAU TSXV:DMGI TSXV:NDA XCNQ:HODL TSXV:BIGG TSXV:HFC TSXV:BTCW SPGI CME MCO ICE HKSE:00388 LSE:LSEG XTER:DB1 NDAQ MSCI COIN

Other Exchanges TMXXF:USA 9TX:Germany

Address 100 Adelaide Street West, Toronto, ON, CAN, M5H 1S3

Website https://www.tmx.com

TMX Group Ltd is a company that operates several markets to provide investment opportunities for its clients. The company has four operating segments: Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, and Equities and Fixed Income Trading & Clearing. The maximum of its revenue is from Global Solutions, Insights & Analytics, which deliver equities data, index data as well as integrated data sets to fuel high value proprietary and third party analytics, which help clients make trading and investment decisions. The company geographically operates in Canada, USA, UK, Germany, and Other Countries, with maximum revenue from Canada.

94GF 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$48.40

Price

C$57.16

GF Value

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