Exco Technologies (TSX:XTC) Beneish M-Score: -2.84 (As of Jun. 25, 2026)

What is Exco Technologies Beneish M-Score?

Exco Technologies TSX:XTC +0.26% 82 Beneish M-Score is -2.84 as of Jun. 25, 2026. GuruFocus rates TSX:XTC with a GF Score™ of 82/100 and a GF Value™ of C$7.52 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Exco Technologies ranks better than 76.67% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:XTC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.74 Max: -1.46
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Exco Technologies was -1.46. The lowest was -3.51. And the median was -2.74.

Exco Technologies Beneish M-Score Related Terms

Exco Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Exco Technologies'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.

Exco Technologies Beneish M-Score Chart

Exco Technologies Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

Get a 7-Day Free Trial

-2.66

-2.34

-2.74

-2.98

-2.68

Exco Technologies 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															-2.76	-2.86	-2.68	-2.80	-2.84

TSX:XTC vs ORLY, AZO, BWA: Beneish M-Score Comparison

For the Auto Parts subindustry, Exco Technologies'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.

Exco Technologies Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Exco Technologies's Beneish M-Score distribution charts can be found below:

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

Save Embed

82GF Score

Exco Technologies Ltd TSX:XTC

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

View Full Analysis

Exco Technologies 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 Exco Technologies 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 * 0.9964

0.528 * 1.0308

0.404 * 0.9861

0.892 * 0.9772

0.115 * 0.9547

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.117

4.679 * -0.070954

0.327 * 0.976

-2.84

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$123.6 Mil.
Revenue was 157.559 + 149.522 + 150.696 + 154.882 = C$612.7 Mil.
Gross Profit was 33.488 + 31.276 + 29.723 + 30.657 = C$125.1 Mil.
Total Current Assets was C$260.8 Mil.
Total Assets was C$617.2 Mil.
Property, Plant and Equipment(Net PPE) was C$230.9 Mil.
Depreciation, Depletion and Amortization(DDA) was C$36.4 Mil.
Selling, General, & Admin. Expense(SGA) was C$57.2 Mil.
Total Current Liabilities was C$96.5 Mil.
Long-Term Debt & Capital Lease Obligation was C$96.8 Mil.
Net Income was 5.789 + 4.832 + 8.227 + 5.399 = C$24.2 Mil.
Non Operating Income was 0.051 + 0.025 + -0.092 + 0.086 = C$0.1 Mil.
Cash Flow from Operations was 11.06 + 10.166 + 21.558 + 25.188 = C$68.0 Mil.

Total Receivables was C$126.9 Mil.
Revenue was 166.117 + 143.568 + 155.447 + 161.809 = C$626.9 Mil.
Gross Profit was 35.322 + 27.369 + 34.559 + 34.758 = C$132.0 Mil.
Total Current Assets was C$255.3 Mil.
Total Assets was C$614.3 Mil.
Property, Plant and Equipment(Net PPE) was C$232.3 Mil.
Depreciation, Depletion and Amortization(DDA) was C$34.7 Mil.
Selling, General, & Admin. Expense(SGA) was C$52.4 Mil.
Total Current Liabilities was C$95.1 Mil.
Long-Term Debt & Capital Lease Obligation was C$102.1 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)
	=	(123.552 / 612.659)	/	(126.888 / 626.941)
	=	0.201665	/	0.202392
	=	0.9964

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)
	=	(132.008 / 626.941)	/	(125.144 / 612.659)
	=	0.210559	/	0.204264
	=	1.0308

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 - (260.825 + 230.941) / 617.234)	/	(1 - (255.304 + 232.327) / 614.254)
	=	0.203275	/	0.206141
	=	0.9861

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
	=	612.659	/	626.941
	=	0.9772

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))
	=	(34.705 / (34.705 + 232.327))	/	(36.393 / (36.393 + 230.941))
	=	0.129966	/	0.136133
	=	0.9547

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)
	=	(57.213 / 612.659)	/	(52.413 / 626.941)
	=	0.093385	/	0.083601
	=	1.117

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)
	=	((96.84 + 96.545) / 617.234)	/	((102.104 + 95.084) / 614.254)
	=	0.313309	/	0.32102
	=	0.976

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
	=	(24.247 - 0.07	-	67.972)	/	617.234
	=	-0.070954

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.

Exco Technologies has a M-score of -2.84 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 -2.84 mean?

Exco Technologies (TSX:XTC) has a Beneish M-Score of -2.84 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Exco Technologies and its competitors. According to the industry distribution chart, Exco Technologies ranks #297 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 23.3%.

Is Exco Technologies' Beneish M-Score too high?

Exco Technologies' current Beneish M-Score is -2.84. Based on the distribution chart, Exco Technologies ranks #297 out of 1273 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Exco Technologies has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Exco Technologies' Beneish M-Score compare to ORLY and AZO?

According to the Vehicles & Parts industry distribution chart, Exco Technologies ranks #297 out of 1273 companies for Beneish M-Score. This places Exco Technologies in the top 23% of its industry — outperforming the majority of peers. 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Exco Technologies and its competitors. Exco Technologies's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Exco Technologies stock overvalued right now?

Based on GuruFocus' analysis, Exco Technologies (TSX:XTC) is currently considered Fairly Valued. The stock's GF Value™ is C$7.52, compared to a current price of C$7.68 — trading 2.1% above its estimated fair value. The current Beneish M-Score is -2.84. Exco Technologies' overall GF Score™ is 82/100 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 Exco Technologies (TSX:XTC), the current Beneish M-Score is -2.84 as of Jun. 25, 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 Exco Technologies (TSX:XTC) Overvalued in 2026?

Based on GuruFocus' analysis, Exco Technologies stock appears to be overvalued. The current stock price of C$7.68 is trading 2.1% above its estimated GF Value™ of C$7.52. GuruFocus considers Exco Technologies to be Fairly Valued.

Key valuation signals for TSX:XTC:

Beneish M-Score: -2.84
GF Value™: C$7.52 vs. price of C$7.68 (2.1% above fair value)
GF Score™: 82/100 with 6 warning signs

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

Exco Technologies Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies TSX:WPRT TSXV:HC TSXV:SSA XCNQ:ATHR TSX:MRE ORLY TSE:5802 AZO XKRX:012330 TSE:6902 TSE:5108 XPAR:ML SHSE:600660 XTER:KBX TSX:MG XTER:CON NSE:MOTHERSON SHSE:601689 BWA MOD

Other Exchanges EXCOF:USA 3XT:Germany

Address 130 Spy Court, 2nd Floor, Markham, ON, CAN, L3R 5H6

Website https://www.excocorp.com

Exco Technologies Ltd is a designer, developer, and manufacturer of dies, moulds, components and assemblies, and consumable equipment for the die-cast, extrusion, and automotive industries. The company reports in two business segments namely, the Casting and Extrusion segment and Automotive Solutions segment. It generates maximum revenue from the Automotive Solutions segment. The Automotive Solutions segment produces automotive interior components and assemblies for seating, cargo storage, and restraint for sale to automotive manufacturers and Tier 1 suppliers. Geographically, it derives a majority of its revenue from the United States and also has its presence in Canada, Europe, Asia and other regions.

82GF Score

Get the complete analysis for TSX:XTC

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

C$7.68

Price

C$7.52

GF Value

View TSX:XTC Analysis

See Beneish M-Score data for all stocks →