GFL Environmental Inc.
GFL Industrials Waste Management
GFL Environmental Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, down 17.5% from fiscal 2024. In the quarter to June 2026, revenue grew 16.2%, EPS fell 165.4%, free cash flow grew 557.1% and total debt rose 41.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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GFL Environmental Inc. (GFL) Beneish M-score
GFL Environmental Inc.'s Beneish M-score for fiscal 2025 is −3.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.04 | (0.06) |
| FY2024 | −2.98 | (0.09) |
| FY2023 | −2.89 | 0.06 |
| FY2022 | −2.96 | (0.15) |
| FY2021 | −2.81 | (0.55) |
| FY2020 | −2.26 | 0.04 |
| FY2019 | −2.30 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.85 | — | 0.78 | |
| Gross margin index | 0.91 | — | 0.48 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.83 | — | 0.74 | |
| Depreciation index | 1.09 | — | 0.13 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.06) | — | −0.26 | |
| Leverage index | 0.87 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ONT Onterris, Inc. compare | −3.1× |
| GFL GFL Environmental Inc. | −3.0× |
| CWST Casella Waste Systems, Inc. compare | −2.8× |
| PESI Perma-Fix Environmental Services, Inc. compare | −2.8× |
| CLH Clean Harbors, Inc. compare | −2.8× |
| WM Waste Management, Inc. compare | −2.8× |
| RSG Republic Services, Inc. compare | −2.7× |
| WCN Waste Connections, Inc. compare | −2.7× |
| ABAT American Battery Technology Company compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI