Zona Franca de Iquique (XSGO:ZOFRI) Beneish M-Score: -2.38 (As of Jun. 28, 2026)


XSGO:ZOFRI Zona Franca de Iquique SA XSGO:ZOFRI
86 GF Score
Price CLP990.34
GF Value CLP941.88
Valuation Fairly Valued
! 6 Warning Signs
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What is Zona Franca de Iquique Beneish M-Score?

Zona Franca de Iquique XSGO:ZOFRI -0.11% 86 Beneish M-Score is -2.38 as of Jun. 28, 2026. GuruFocus rates XSGO:ZOFRI with a GF Score™ of 86/100 and a GF Value™ of CLP941.88 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,684 Real Estate companies, Zona Franca de Iquique ranks better than 51.19% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Zona Franca de Iquique's Beneish M-Score or its related term are showing as below:

XSGO:ZOFRI' s Beneish M-Score Range Over the Past 10 Years
Min: -6.64   Med: -2.49   Max: -1.33
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Zona Franca de Iquique was -1.33. The lowest was -6.64. And the median was -2.49.

Zona Franca de Iquique Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zona Franca de Iquique'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.

Zona Franca de Iquique Beneish M-Score Chart

Zona Franca de Iquique Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.20 -2.56 -2.26 -2.11 -2.23

Zona Franca de Iquique 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.38 -1.50 -2.03 -2.23 -2.38

XSGO:ZOFRI vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, Zona Franca de Iquique'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.

Zona Franca de Iquique Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Zona Franca de Iquique's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zona Franca de Iquique's Beneish M-Score falls into.


XSGO:ZOFRI
86GF Score
Zona Franca de Iquique SA XSGO:ZOFRI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Zona Franca de Iquique 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 Zona Franca de Iquique 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 * 0.9077+0.528 * 0.9644+0.404 * 0.9916+0.892 * 1.0004+0.115 * 1.1474
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1844+4.679 * 0.048732-0.327 * 1.0256
=-2.38

* 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 CLP7,968 Mil.
Revenue was 13748.121 + 13929.104 + 13689.39 + 13397.366 = CLP54,764 Mil.
Gross Profit was 6882.936 + 7772.567 + 7588.044 + 6047.281 = CLP28,291 Mil.
Total Current Assets was CLP55,046 Mil.
Total Assets was CLP136,172 Mil.
Property, Plant and Equipment(Net PPE) was CLP5,061 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP386 Mil.
Selling, General, & Admin. Expense(SGA) was CLP6,680 Mil.
Total Current Liabilities was CLP31,939 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
Net Income was 4759.589 + 5459.329 + 5259.772 + 3481.692 = CLP18,960 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was -1566.675 + -197.421 + 15207.748 + -1119.203 = CLP12,324 Mil.
 Total Receivables was CLP8,775 Mil.
Revenue was 15966.341 + 14096.996 + 12531.543 + 12147.725 = CLP54,743 Mil.
Gross Profit was 8332.515 + 7814.454 + 6719.541 + 4407.18 = CLP27,274 Mil.
Total Current Assets was CLP53,529 Mil.
Total Assets was CLP135,200 Mil.
Property, Plant and Equipment(Net PPE) was CLP5,509 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP488 Mil.
Selling, General, & Admin. Expense(SGA) was CLP5,638 Mil.
Total Current Liabilities was CLP30,920 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 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)
=(7968.281 / 54763.981) / (8775.471 / 54742.605)
=0.145502 / 0.160304
=0.9077

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)
=(27273.69 / 54742.605) / (28290.828 / 54763.981)
=0.498217 / 0.516596
=0.9644

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 - (55046.007 + 5060.865) / 136171.837) / (1 - (53528.524 + 5508.821) / 135200.189)
=0.558595 / 0.563334
=0.9916

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
=54763.981 / 54742.605
=1.0004

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))
=(487.906 / (487.906 + 5508.821)) / (386.25 / (386.25 + 5060.865))
=0.081362 / 0.070909
=1.1474

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)
=(6680.254 / 54763.981) / (5637.963 / 54742.605)
=0.121983 / 0.10299
=1.1844

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 + 31939.36) / 136171.837) / ((0 + 30919.537) / 135200.189)
=0.234552 / 0.228694
=1.0256

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
=(18960.382 - 0 - 12324.449) / 136171.837
=0.048732

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.

Zona Franca de Iquique has a M-score of -2.38 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 -2.38 mean?
Zona Franca de Iquique (XSGO:ZOFRI) has a Beneish M-Score of -2.38 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zona Franca de Iquique and its competitors. According to the industry distribution chart, Zona Franca de Iquique ranks #822 out of 1684 companies in the Real Estate industry, placing it in the top 48.8%.
Is Zona Franca de Iquique's Beneish M-Score too high?
Zona Franca de Iquique's current Beneish M-Score is -2.38. Based on the distribution chart, Zona Franca de Iquique ranks #822 out of 1684 companies in the Real Estate industry, which is above the industry midpoint. Overall, Zona Franca de Iquique has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Zona Franca de Iquique's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Zona Franca de Iquique ranks #822 out of 1684 companies for Beneish M-Score. This puts Zona Franca de Iquique 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Zona Franca de Iquique and its competitors. Zona Franca de Iquique's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zona Franca de Iquique stock overvalued right now?
Based on GuruFocus' analysis, Zona Franca de Iquique (XSGO:ZOFRI) is currently considered Fairly Valued. The stock's GF Value™ is CLP941.88, compared to a current price of CLP990.34 — trading 5.1% above its estimated fair value. The current Beneish M-Score is -2.38. Zona Franca de Iquique's overall GF Score™ is 86/100 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 Zona Franca de Iquique (XSGO:ZOFRI), the current Beneish M-Score is -2.38 as of Jun. 28, 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 Zona Franca de Iquique (XSGO:ZOFRI) Overvalued in 2026?

Based on GuruFocus' analysis, Zona Franca de Iquique stock appears to be overvalued. The current stock price of CLP990.34 is trading 5.1% above its estimated GF Value™ of CLP941.88. GuruFocus considers Zona Franca de Iquique to be Fairly Valued.

Key valuation signals for XSGO:ZOFRI:

  • Beneish M-Score: -2.38
  • GF Value™: CLP941.88 vs. price of CLP990.34 (5.1% above fair value)
  • GF Score™: 86/100 with 6 warning signs

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

Zona Franca de Iquique Business Description

Address Zofri Walled Enclosure, Conventions Building S/N, Iquique, CHL
Zona Franca de Iquique SA operates in the nonresidential building operators sector. Its business includes the administration and exploitation of the Free Trade Zone of Iquique. The company offers the required infrastructure for companies to store, commercialize, and distribute their products in the markets. Its activities are divided into four business units which include Real Estate Management, Shopping Mall, Logistics Center, and Chacalluta Industrial Park. Maximum income for the company is derived from its Real Estate Management business unit which focuses on leasing land for the construction of warehouses and showrooms, both in the area of the Wholesale Sales Business Center (Walled Enclosure) and in the Industrial Business Center (Industrial District).
86GF Score

Get the complete analysis for XSGO:ZOFRI

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

CLP990.34
Price
CLP941.88
GF Value