Empresas CMPC (XSGO:CMPC) Beneish M-Score: -2.61 (As of Jun. 26, 2026)

What is Empresas CMPC Beneish M-Score?

Empresas CMPC XSGO:CMPC +0.42% 65 Beneish M-Score is -2.61 as of Jun. 26, 2026. GuruFocus rates XSGO:CMPC with a GF Score™ of 65/100 and a GF Value™ of CLP1,497.18 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 273 Forest Products companies, Empresas CMPC ranks better than 56.78% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:CMPC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.59 Max: -0.59
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Empresas CMPC was -0.59. The lowest was -3.08. And the median was -2.59.

Empresas CMPC Beneish M-Score Related Terms

Empresas CMPC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Empresas CMPC'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.

Empresas CMPC Beneish M-Score Chart

Empresas CMPC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.47

-2.23

-2.55

-2.54

-2.69

Empresas CMPC 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															-2.85	-2.80	-2.67	-2.69	-2.61

XSGO:CMPC vs SLVM: Beneish M-Score Comparison

For the Paper & Paper Products subindustry, Empresas CMPC'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.

Empresas CMPC Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Empresas CMPC's Beneish M-Score distribution charts can be found below:

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

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65GF Score

Empresas CMPC SA XSGO:CMPC

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

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Empresas CMPC 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 Empresas CMPC 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 * 0.9989

0.528 * 1.1856

0.404 * 0.9177

0.892 * 0.9713

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0255

4.679 * -0.041515

0.327 * 0.8932

-2.61

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was CLP1,039,034 Mil.
Revenue was 1658418.04 + 1727889.707 + 1789478.675 + 1787534.875 = CLP6,963,321 Mil.
Gross Profit was 299182.226 + 307391.676 + 333826.212 + 385994.978 = CLP1,326,395 Mil.
Total Current Assets was CLP3,955,458 Mil.
Total Assets was CLP18,887,918 Mil.
Property, Plant and Equipment(Net PPE) was CLP10,372,101 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP896,751 Mil.
Total Current Liabilities was CLP1,921,654 Mil.
Long-Term Debt & Capital Lease Obligation was CLP5,244,140 Mil.
Net Income was 22610.514 + 34039.88 + 32440.371 + 75830.586 = CLP164,921 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 202127.334 + 272178.291 + 216251.223 + 258499.855 = CLP949,057 Mil.

Total Receivables was CLP1,070,884 Mil.
Revenue was 1690315.624 + 1889673.135 + 1836645.961 + 1752247.104 = CLP7,168,882 Mil.
Gross Profit was 311228.684 + 387941.589 + 465628.527 + 454249.583 = CLP1,619,048 Mil.
Total Current Assets was CLP3,936,492 Mil.
Total Assets was CLP15,878,222 Mil.
Property, Plant and Equipment(Net PPE) was CLP7,764,110 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP900,260 Mil.
Total Current Liabilities was CLP2,073,504 Mil.
Long-Term Debt & Capital Lease Obligation was CLP4,670,838 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)
	=	(1039033.987 / 6963321.297)	/	(1070883.659 / 7168881.824)
	=	0.149215	/	0.149379
	=	0.9989

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)
	=	(1619048.383 / 7168881.824)	/	(1326395.092 / 6963321.297)
	=	0.225844	/	0.190483
	=	1.1856

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 - (3955458.054 + 10372101.408) / 18887918.134)	/	(1 - (3936492.451 + 7764110.476) / 15878222.346)
	=	0.241443	/	0.263104
	=	0.9177

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
	=	6963321.297	/	7168881.824
	=	0.9713

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 / (0 + 7764110.476))	/	(0 / (0 + 10372101.408))
	=	0	/	0
	=	1

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)
	=	(896751.02 / 6963321.297)	/	(900260.137 / 7168881.824)
	=	0.128782	/	0.125579
	=	1.0255

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)
	=	((5244139.608 + 1921653.638) / 18887918.134)	/	((4670838.46 + 2073504.153) / 15878222.346)
	=	0.379385	/	0.424754
	=	0.8932

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
	=	(164921.351 - 0	-	949056.703)	/	18887918.134
	=	-0.041515

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.

Empresas CMPC has a M-score of -2.61 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 -2.61 mean?

Empresas CMPC (XSGO:CMPC) has a Beneish M-Score of -2.61 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Empresas CMPC and its competitors. According to the industry distribution chart, Empresas CMPC ranks #118 out of 273 companies in the Forest Products industry, placing it in the top 43.2%.

Is Empresas CMPC's Beneish M-Score too high?

Empresas CMPC's current Beneish M-Score is -2.61. Based on the distribution chart, Empresas CMPC ranks #118 out of 273 companies in the Forest Products industry, which is above the industry midpoint. Overall, Empresas CMPC has a GF Score™ of 65/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Empresas CMPC's Beneish M-Score compare to SLVM?

According to the Forest Products industry distribution chart, Empresas CMPC ranks #118 out of 273 companies for Beneish M-Score. This puts Empresas CMPC 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 Forest Products company?

A good Beneish M-Score depends on the Forest Products 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 Empresas CMPC and its competitors. Empresas CMPC's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Empresas CMPC stock overvalued right now?

Based on GuruFocus' analysis, Empresas CMPC (XSGO:CMPC) is currently considered Possible Value Trap. The stock's GF Value™ is CLP1,497.18, compared to a current price of CLP1,040.00 — trading 30.5% below its estimated fair value. The current Beneish M-Score is -2.61. Empresas CMPC's overall GF Score™ is 65/100 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 Empresas CMPC (XSGO:CMPC), the current Beneish M-Score is -2.61 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 Empresas CMPC (XSGO:CMPC) Overvalued in 2026?

Based on GuruFocus' analysis, Empresas CMPC stock appears to be undervalued. The current stock price of CLP1,040.00 is trading 30.5% below its estimated GF Value™ of CLP1,497.18. GuruFocus considers Empresas CMPC to be Possible Value Trap.

Key valuation signals for XSGO:CMPC:

Beneish M-Score: -2.61
GF Value™: CLP1,497.18 vs. price of CLP1,040.00 (30.5% below fair value)
GF Score™: 65/100 with 6 warning signs

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

Empresas CMPC Business Description

Industry Basic Materials Forest Products

Comparable Companies XSGO:MASISA XSGO:FOSFOROS OHEL:UPM BSP:SUZB3 OSTO:SCA A SZSE:002078 OSTO:HOLM A LSE:MNDI TSE:3861 BSP:KLBN3 HKSE:02689 XLIS:NVG SHSE:603733 BUE:CELU ISX:INKP XLIS:SEM HKSE:02314 SZSE:000815 OSTO:BILL SLVM

Address Agustinas 1343, Santiago, CHL

Website https://www.cmpc.com

Empresas CMPC SA produces and sells pulp, paper, packaging, tissue paper, and other paper products. The firm organizes itself into three segments based on product type. The pulp forestry segment, which generates the majority of revenue, harvests timber and sells pulp, which is used to make paper products. The paper segment sells a variety of paper products. The tissue segment sells tissue papers. The majority of revenue comes from Latin America. The majority of the company's shares outstanding are owned by Matte Group.

65GF Score

Get the complete analysis for XSGO:CMPC

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

CLP1,040.00

Price

CLP1,497.18

GF Value

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