WIVCF (The Western Investment Co of Canada) Beneish M-Score: -1.31 (As of Aug. 03, 2026)

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WIVCF The Western Investment Co of Canada Ltd WIVCF
61 GF Score
Price $0.35
GF Value $4.33
! 4 Warning Signs
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What is The Western Investment Co of Canada Beneish M-Score?

The Western Investment Co of Canada WIVCF 61 Beneish M-Score is -1.31 as of Aug. 03, 2026. GuruFocus rates WIVCF with a GF Score™ of 61/100 and a GF Value™ of $4.33. The stock has 4 warning signs investors should review. Among 397 Insurance companies, The Western Investment Co of Canada ranks worse than 91.94% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Warning Sign:

Beneish M-Score -1.31 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for The Western Investment Co of Canada's Beneish M-Score or its related term are showing as below:

WIVCF' s Beneish M-Score Range Over the Past 10 Years
Min: -8.26   Med: -1.5   Max: 159.69
Current: -1.31

During the past 11 years, the highest Beneish M-Score of The Western Investment Co of Canada was 159.69. The lowest was -8.26. And the median was -1.50.

WIVCF
61GF Score
The Western Investment Co of Canada Ltd WIVCF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Western Investment Co of Canada 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 The Western Investment Co of Canada 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 * 0.0335+0.528 * 1+0.404 * 1.001+0.892 * 3.0391+0.115 * 0.6432
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4866+4.679 * 0.036742-0.327 * 0.6319
=-1.21

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $1.84 Mil.
Revenue was 3.3 + 17.356 + 6.421 + 5.639 = $32.72 Mil.
Gross Profit was 3.3 + 17.356 + 6.421 + 5.639 = $32.72 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $113.28 Mil.
Property, Plant and Equipment(Net PPE) was $0.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.23 Mil.
Selling, General, & Admin. Expense(SGA) was $3.72 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.69 Mil.
Net Income was 9.124 + -0.678 + 0.435 + 0.55 = $9.43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.027 + 2.236 + 3.559 + -0.499 = $5.27 Mil.
 Total Receivables was $18.04 Mil.
Revenue was 4.93 + 5.779 + 0.028 + 0.028 = $10.77 Mil.
Gross Profit was 4.93 + 5.779 + 0.028 + 0.028 = $10.77 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $73.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.11 Mil.
Selling, General, & Admin. Expense(SGA) was $2.52 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.71 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)
=(1.835 / 32.716) / (18.038 / 10.765)
=0.056089 / 1.675615
=0.0335

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)
=(10.765 / 10.765) / (32.716 / 32.716)
=1 / 1
=1

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 - (0 + 0.053) / 113.276) / (1 - (0 + 0.105) / 73.667)
=0.999532 / 0.998575
=1.001

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
=32.716 / 10.765
=3.0391

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))
=(0.114 / (0.114 + 0.105)) / (0.225 / (0.225 + 0.053))
=0.520548 / 0.809353
=0.6432

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)
=(3.721 / 32.716) / (2.516 / 10.765)
=0.113736 / 0.23372
=0.4866

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)
=((0.686 + 0) / 113.276) / ((0.706 + 0) / 73.667)
=0.006056 / 0.009584
=0.6319

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
=(9.431 - 0 - 5.269) / 113.276
=0.036742

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.

The Western Investment Co of Canada has a M-score of -1.21 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.31 mean?
The Western Investment Co of Canada (WIVCF) has a Beneish M-Score of -1.31 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Western Investment Co of Canada and its competitors. According to the industry distribution chart, The Western Investment Co of Canada ranks #365 out of 397 companies in the Insurance industry, placing it in the top 91.9%.
Is The Western Investment Co of Canada's Beneish M-Score too high?
The Western Investment Co of Canada's current Beneish M-Score is -1.31. Based on the distribution chart, The Western Investment Co of Canada ranks #365 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, The Western Investment Co of Canada has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does The Western Investment Co of Canada's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, The Western Investment Co of Canada ranks #365 out of 397 companies for Beneish M-Score. This places The Western Investment Co of Canada 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 Insurance company?
A good Beneish M-Score depends on the Insurance 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 The Western Investment Co of Canada and its competitors. The Western Investment Co of Canada's current Beneish M-Score is -1.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Western Investment Co of Canada stock overvalued right now?
The Western Investment Co of Canada (WIVCF) has a current Beneish M-Score of -1.31. The stock's GF Value™ is $4.33, compared to a current price of $0.35 — trading 91.9% below its estimated fair value. The current Beneish M-Score is -1.31. The Western Investment Co of Canada's overall GF Score™ is 61/100 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 The Western Investment Co of Canada (WIVCF), the current Beneish M-Score is -1.31 as of Aug. 03, 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 The Western Investment Co of Canada (WIVCF) Overvalued in 2026?

Based on GuruFocus' analysis, The Western Investment Co of Canada stock appears to be undervalued. The current stock price of $0.35 is trading 91.9% below its estimated GF Value™ of $4.33.

Key valuation signals for WIVCF:

  • Beneish M-Score: -1.31
  • GF Value™: $4.33 vs. price of $0.35 (91.9% below fair value)
  • GF Score™: 61/100 with 4 warning signs

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

The Western Investment Co of Canada Business Description

Other Exchanges WI:Canada
Address 95 Street Clair Avenue West, Suite 1700, Toronto, ON, CAN, M3V 1N6
The Western Investment Co of Canada Ltd is a Canada-based insurance and investments holding company focused on decentralized ownership of insurance businesses and centralized investment management. Through its wholly owned subsidiary, the company is involved in property and other insurance business offering niche products, including accident & sickness, automobile, boiler & machinery, fidelity, legal expense, liability, marine, and surety. In addition, the company also has a non-controlling interest investment in a number of companies.
61GF Score

Get the complete analysis for WIVCF

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

$0.35
Price
$4.33
GF Value