Empresas COPEC (XSGO:COPEC) Beneish M-Score: -2.69 (As of Jul. 01, 2026)

What is Empresas COPEC Beneish M-Score?

Empresas COPEC XSGO:COPEC -0.24% 84 Beneish M-Score is -2.69 as of Jul. 01, 2026. GuruFocus rates XSGO:COPEC with a GF Score™ of 84/100 and a GF Value™ of CLP6,987.82 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 536 Conglomerates companies, Empresas COPEC ranks better than 69.4% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:COPEC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.59 Max: -1.74
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Empresas COPEC was -1.74. The lowest was -3.14. And the median was -2.59.

Empresas COPEC Beneish M-Score Related Terms

Empresas COPEC Beneish M-Score Historical Data

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The historical data trend for Empresas COPEC'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 COPEC Beneish M-Score Chart

Empresas COPEC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.04

-2.19

-2.53

-2.67

-2.65

Empresas COPEC 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															-2.60	-2.58	-2.50	-2.65	-2.69

XSGO:COPEC vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Empresas COPEC'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 COPEC Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Empresas COPEC's Beneish M-Score distribution charts can be found below:

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

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84GF Score

Empresas COPEC SA XSGO:COPEC

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

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Empresas COPEC 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 COPEC 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 * 0.9806

0.528 * 1.0436

0.404 * 1.0475

0.892 * 1.0282

0.115 * 1.0079

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9878

4.679 * -0.048547

0.327 * 1.101

-2.69

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was CLP2,421,306 Mil.
Revenue was 7166374.664 + 7038557.875 + 7051596.236 + 6731056.344 = CLP27,987,585 Mil.
Gross Profit was 1143390.838 + 981961.651 + 994022.592 + 998930.526 = CLP4,118,306 Mil.
Total Current Assets was CLP9,285,274 Mil.
Total Assets was CLP31,562,516 Mil.
Property, Plant and Equipment(Net PPE) was CLP15,254,231 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP206,595 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,725,481 Mil.
Total Current Liabilities was CLP5,458,608 Mil.
Long-Term Debt & Capital Lease Obligation was CLP10,124,679 Mil.
Net Income was 248194.477 + 220986.406 + 190265.912 + 214093.568 = CLP873,540 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 880614.35 + 564420.415 + 541680.866 + 419086.904 = CLP2,405,803 Mil.

Total Receivables was CLP2,401,625 Mil.
Revenue was 6907138.208 + 6845319.892 + 6738969.835 + 6729165.277 = CLP27,220,593 Mil.
Gross Profit was 1093261.387 + 969060.395 + 1055648.972 + 1062285.535 = CLP4,180,256 Mil.
Total Current Assets was CLP8,152,129 Mil.
Total Assets was CLP27,412,666 Mil.
Property, Plant and Equipment(Net PPE) was CLP13,437,275 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP183,449 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,698,899 Mil.
Total Current Liabilities was CLP3,995,959 Mil.
Long-Term Debt & Capital Lease Obligation was CLP8,296,466 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)
	=	(2421305.654 / 27987585.119)	/	(2401624.749 / 27220593.212)
	=	0.086514	/	0.088228
	=	0.9806

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)
	=	(4180256.289 / 27220593.212)	/	(4118305.607 / 27987585.119)
	=	0.15357	/	0.147148
	=	1.0436

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 - (9285274.278 + 15254230.914) / 31562515.945)	/	(1 - (8152129.394 + 13437274.814) / 27412665.839)
	=	0.222511	/	0.21243
	=	1.0475

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
	=	27987585.119	/	27220593.212
	=	1.0282

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))
	=	(183448.747 / (183448.747 + 13437274.814))	/	(206594.816 / (206594.816 + 15254230.914))
	=	0.013468	/	0.013362
	=	1.0079

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)
	=	(1725481.459 / 27987585.119)	/	(1698898.681 / 27220593.212)
	=	0.061652	/	0.062412
	=	0.9878

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)
	=	((10124679.113 + 5458608.165) / 31562515.945)	/	((8296465.835 + 3995959.105) / 27412665.839)
	=	0.493728	/	0.448421
	=	1.101

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
	=	(873540.363 - 0	-	2405802.535)	/	31562515.945
	=	-0.048547

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 COPEC has a M-score of -2.69 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 -2.69 mean?

Empresas COPEC (XSGO:COPEC) has a Beneish M-Score of -2.69 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Empresas COPEC and its competitors. According to the industry distribution chart, Empresas COPEC ranks #164 out of 536 companies in the Conglomerates industry, placing it in the top 30.6%.

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

Empresas COPEC's current Beneish M-Score is -2.69. Based on the distribution chart, Empresas COPEC ranks #164 out of 536 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Empresas COPEC has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Empresas COPEC's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, Empresas COPEC ranks #164 out of 536 companies for Beneish M-Score. This puts Empresas COPEC 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 COPEC and its competitors. Empresas COPEC's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Empresas COPEC stock overvalued right now?

Based on GuruFocus' analysis, Empresas COPEC (XSGO:COPEC) is currently considered Modestly Undervalued. The stock's GF Value™ is CLP6,987.82, compared to a current price of CLP5,751.00 — trading 17.7% below its estimated fair value. The current Beneish M-Score is -2.69. Empresas COPEC's overall GF Score™ is 84/100 with 8 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 COPEC (XSGO:COPEC), the current Beneish M-Score is -2.69 as of Jul. 01, 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 COPEC (XSGO:COPEC) Overvalued in 2026?

Based on GuruFocus' analysis, Empresas COPEC stock appears to be undervalued. The current stock price of CLP5,751.00 is trading 17.7% below its estimated GF Value™ of CLP6,987.82. GuruFocus considers Empresas COPEC to be Modestly Undervalued.

Key valuation signals for XSGO:COPEC:

Beneish M-Score: -2.69
GF Value™: CLP6,987.82 vs. price of CLP5,751.00 (17.7% below fair value)
GF Score™: 84/100 with 8 warning signs

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

Empresas COPEC Business Description

Industry Industrials Conglomerates

Comparable Companies XSGO:ANTARCHILE XSGO:SK XSGO:POTASIOS-A XSGO:SIEMEL XSGO:QUEMCHI XSGO:TRICAHUE XSGO:COPEVAL XSGO:QUILICURA ADX:IHC HON TSE:6501 TSE:8058 MMM TSE:8001 TSE:8031 TSE:5803 TSE:8002 TSE:8053 HKSE:00267 MIL:PST

Address El Golf 150, 17th floor, Las Condes, Santiago, CHL

Website https://www.empresascopec.cl

Empresas COPEC SA is an investment holding company that is engaged in two main areas of activity: natural resources, where it has clear competitive advantages, and energy, which is closely linked to the growth and productive development of countries. It engages in the production of market pulp, panels, sawn timber and energy. It also engages in the distribution of liquid fuels, lubricants, liquefied petroleum gas and natural gas.

84GF Score

Get the complete analysis for XSGO:COPEC

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

CLP5,751.00

Price

CLP6,987.82

GF Value

View XSGO:COPEC Analysis

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