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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Waste Management's Beneish M-Score or its related term are showing as below:
WBO:WM'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.77 Max: -2.41
Current: -2.74
During the past 13 years, the highest Beneish M-Score of Waste Management was -2.41. The lowest was -2.89. And the median was -2.77.
Waste Management Beneish M-Score Related Terms
Waste Management Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Waste Management'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.
WBO:WM vs RSG, WCN, CLH: Beneish M-Score Comparison
For the Waste Management subindustry, Waste Management'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.
Waste Management Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Waste Management's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Waste Management's Beneish M-Score falls into.
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 Waste Management 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 * 1.0059
+
0.528 * 0.971
+
0.404 * 0.9772
+
0.892 * 1.0271
+
0.115 * 0.8861
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9898
+
4.679 * -0.071866
-
0.327 * 0.9447
=
-2.80
* 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.
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.
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))
=
(2236.665 / (2236.665 + 18086.525))
/
(2494.564 / (2494.564 + 17589.775))
=
0.110055
/
0.124204
=
0.8861
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
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
=
(2402.261 - -201.188
-
5444.356)
/
39530.5
=
-0.071866
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.
Waste Management has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Waste Management (WBO:WM) has a Beneish M-Score of -2.74 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waste Management and its competitors. According to the industry distribution chart, Waste Management ranks #91 out of 228 companies in the Waste Management industry, placing it in the top 39.9%.
Is Waste Management's Beneish M-Score too high?
Waste Management's current Beneish M-Score is -2.74. Based on the distribution chart, Waste Management ranks #91 out of 228 companies in the Waste Management industry, which is above the industry midpoint. Overall, Waste Management has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Waste Management's Beneish M-Score compare to RSG and WCN?
According to the Waste Management industry distribution chart, Waste Management ranks #91 out of 228 companies for Beneish M-Score. This puts Waste Management 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Waste Management and its competitors. Waste Management's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waste Management stock overvalued right now?
Based on GuruFocus' analysis, Waste Management (WBO:WM) is currently considered Fairly Valued. The stock's GF Value™ is €217.25, compared to a current price of €196.60 — trading 9.5% below its estimated fair value. The current Beneish M-Score is -2.74. Waste Management's overall GF Score™ is 90/100 with 4 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 Waste Management (WBO:WM), the current Beneish M-Score is -2.74 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 Waste Management (WBO:WM) Overvalued in 2026?
Based on GuruFocus' analysis, Waste Management stock appears to be undervalued.
The current stock price of €196.60 is trading 9.5% below its estimated GF Value™ of €217.25.
GuruFocus considers Waste Management to be Fairly Valued.
Key valuation signals for WBO:WM:
Beneish M-Score: -2.74
GF Value™: €217.25 vs. price of €196.60 (9.5% below fair value)
No single metric tells the full story. See the WBO:WM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
WM, previously known as Waste Management, ranks as the largest integrated provider of traditional solid waste services in the United States, operating 257 active landfill sites and about 342 transfer stations that help with transporting waste efficiently and economically. The company serves residential, commercial, industrial, and medical end markets for waste collection, transfer, and disposal. The company also has an energy business emanating from the beneficial use of landfill gas and is a leading recycler in North America.
90GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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