Empresas Lipigas (XSGO:LIPIGAS) Beneish M-Score: -3.02 (As of Jun. 26, 2026)

What is Empresas Lipigas Beneish M-Score?

Empresas Lipigas XSGO:LIPIGAS 79 Beneish M-Score is -3.02 as of Jun. 26, 2026. GuruFocus rates XSGO:LIPIGAS with a GF Score™ of 79/100 and a GF Value™ of CLP4,662.11 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Empresas Lipigas ranks better than 71.65% 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:LIPIGAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.81 Max: -1.83
Current: -3.02

During the past 12 years, the highest Beneish M-Score of Empresas Lipigas was -1.83. The lowest was -3.55. And the median was -2.81.

Empresas Lipigas Beneish M-Score Related Terms

Empresas Lipigas Beneish M-Score Historical Data

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

Empresas Lipigas Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.20

-2.58

-3.25

-2.57

-3.02

Empresas Lipigas 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															-2.62	-2.66	-2.73	-3.02	-3.02

XSGO:LIPIGAS vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Empresas Lipigas'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 Lipigas Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Empresas Lipigas's Beneish M-Score distribution charts can be found below:

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

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79GF Score

Empresas Lipigas SA XSGO:LIPIGAS

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

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Empresas Lipigas 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 Lipigas 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 * 1.0081

0.528 * 0.895

0.404 * 1.0629

0.892 * 1.0254

0.115 * 0.7553

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0016

4.679 * -0.111846

0.327 * 0.9764

-3.02

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was CLP88,361 Mil.
Revenue was 201487.436 + 221274.944 + 262299.091 + 251891.461 = CLP936,953 Mil.
Gross Profit was 74485.674 + 84854.373 + 89372.177 + 83298.828 = CLP332,011 Mil.
Total Current Assets was CLP252,261 Mil.
Total Assets was CLP853,830 Mil.
Property, Plant and Equipment(Net PPE) was CLP503,443 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP25,596 Mil.
Selling, General, & Admin. Expense(SGA) was CLP161,341 Mil.
Total Current Liabilities was CLP150,760 Mil.
Long-Term Debt & Capital Lease Obligation was CLP314,657 Mil.
Net Income was 16373.047 + 15225.068 + 29291.817 + 22337.501 = CLP83,227 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 41431.999 + 37077.533 + 57286.667 + 42928.986 = CLP178,725 Mil.

Total Receivables was CLP85,487 Mil.
Revenue was 209138.459 + 212418.165 + 250481.57 + 241749.4 = CLP913,788 Mil.
Gross Profit was 63168.347 + 62004.278 + 86144.133 + 78470.794 = CLP289,788 Mil.
Total Current Assets was CLP238,314 Mil.
Total Assets was CLP796,746 Mil.
Property, Plant and Equipment(Net PPE) was CLP472,284 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP17,913 Mil.
Selling, General, & Admin. Expense(SGA) was CLP157,093 Mil.
Total Current Liabilities was CLP134,692 Mil.
Long-Term Debt & Capital Lease Obligation was CLP310,102 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)
	=	(88360.873 / 936952.932)	/	(85486.743 / 913787.594)
	=	0.094307	/	0.093552
	=	1.0081

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)
	=	(289787.552 / 913787.594)	/	(332011.052 / 936952.932)
	=	0.317128	/	0.354352
	=	0.895

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 - (252261.117 + 503442.888) / 853830.428)	/	(1 - (238313.627 + 472283.762) / 796746.288)
	=	0.114925	/	0.108126
	=	1.0629

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
	=	936952.932	/	913787.594
	=	1.0254

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))
	=	(17912.794 / (17912.794 + 472283.762))	/	(25595.975 / (25595.975 + 503442.888))
	=	0.036542	/	0.048382
	=	0.7553

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)
	=	(161340.587 / 936952.932)	/	(157093.137 / 913787.594)
	=	0.172197	/	0.171914
	=	1.0016

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)
	=	((314657.065 + 150760.34) / 853830.428)	/	((310101.979 + 134691.515) / 796746.288)
	=	0.545093	/	0.558262
	=	0.9764

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
	=	(83227.433 - 0	-	178725.185)	/	853830.428
	=	-0.111846

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 Lipigas has a M-score of -3.02 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 -3.02 mean?

Empresas Lipigas (XSGO:LIPIGAS) has a Beneish M-Score of -3.02 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Empresas Lipigas and its competitors. According to the industry distribution chart, Empresas Lipigas ranks #233 out of 822 companies in the Oil & Gas industry, placing it in the top 28.3%.

Is Empresas Lipigas' Beneish M-Score too high?

Empresas Lipigas' current Beneish M-Score is -3.02. Based on the distribution chart, Empresas Lipigas ranks #233 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Empresas Lipigas has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Empresas Lipigas' Beneish M-Score compare to VLO and MPC?

According to the Oil & Gas industry distribution chart, Empresas Lipigas ranks #233 out of 822 companies for Beneish M-Score. This puts Empresas Lipigas 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Lipigas and its competitors. Empresas Lipigas's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Empresas Lipigas stock overvalued right now?

Based on GuruFocus' analysis, Empresas Lipigas (XSGO:LIPIGAS) is currently considered Significantly Overvalued. The stock's GF Value™ is CLP4,662.11, compared to a current price of CLP8,158.20 — trading 75% above its estimated fair value. The current Beneish M-Score is -3.02. Empresas Lipigas' overall GF Score™ is 79/100 with 5 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 Lipigas (XSGO:LIPIGAS), the current Beneish M-Score is -3.02 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 Lipigas (XSGO:LIPIGAS) Overvalued in 2026?

Based on GuruFocus' analysis, Empresas Lipigas stock appears to be overvalued. The current stock price of CLP8,158.20 is trading 75% above its estimated GF Value™ of CLP4,662.11. GuruFocus considers Empresas Lipigas to be Significantly Overvalued.

Key valuation signals for XSGO:LIPIGAS:

Beneish M-Score: -3.02
GF Value™: CLP4,662.11 vs. price of CLP8,158.20 (75% above fair value)
GF Score™: 79/100 with 5 warning signs

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

Empresas Lipigas Business Description

Industry Energy Oil & Gas

Comparable Companies NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE TSE:5020 NSE:IOC TPE:6505 XKRX:096770 BOM:500547 XKRX:267250 DINO SUN TSE:5019 IST:TUPRS BUD:MOL SAU:2380 NSE:HINDPETRO XKRX:010950

Address Apoquindo 5400, piso 15, Las Condes, Codigo, Santiago, CHL, 7560910

Website http://www.lipigas.com

Empresas Lipigas SA is engaged in the sales and distribution of liquefied petroleum gas (LPG) for residential, commercial, industrial and vehicular use in Chile company.

79GF Score

Get the complete analysis for XSGO:LIPIGAS

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

CLP8,158.20

Price

CLP4,662.11

GF Value

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