IAG (Iamgold) Beneish M-Score: -2.78 (As of Jun. 26, 2026)

What is Iamgold Beneish M-Score?

Iamgold IAG +3.94% 70 Beneish M-Score is -2.78 as of Jun. 26, 2026. GuruFocus rates IAG with a GF Score™ of 70/100 and a GF Value™ of $12.30 (Modestly Overvalued). Among 685 Metals & Mining companies, Iamgold ranks better than 73.14% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IAG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.07 Med: -2.81 Max: 0.49
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Iamgold was 0.49. The lowest was -4.07. And the median was -2.81.

Iamgold Beneish M-Score Related Terms

Iamgold Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Iamgold'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.

Iamgold Beneish M-Score Chart

Iamgold Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.66

-2.82

-2.51

-2.80

-2.17

Iamgold 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															-2.17	-2.19	-2.18	-2.17	-2.78

IAG vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Iamgold'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.

Iamgold Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Iamgold's Beneish M-Score distribution charts can be found below:

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

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70GF Score

Iamgold Corp IAG

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

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Iamgold 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 Iamgold 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 * 0.2537

0.528 * 0.6882

0.404 * 1.1671

0.892 * 1.9229

0.115 * 0.6895

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5659

4.679 * -0.098048

0.327 * 0.6408

-2.74

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $30 Mil.
Revenue was 1030.1 + 1088.1 + 706.7 + 580.9 = $3,406 Mil.
Gross Profit was 570.7 + 593.6 + 272.6 + 198.8 = $1,636 Mil.
Total Current Assets was $991 Mil.
Total Assets was $5,993 Mil.
Property, Plant and Equipment(Net PPE) was $4,567 Mil.
Depreciation, Depletion and Amortization(DDA) was $457 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $523 Mil.
Long-Term Debt & Capital Lease Obligation was $619 Mil.
Net Income was 379.7 + 406.6 + 139.4 + 78.7 = $1,004 Mil.
Non Operating Income was -8.1 + -26.9 + -18.5 + 7.3 = $-46 Mil.
Cash Flow from Operations was 569.9 + 701.7 + 280.8 + 85.8 = $1,638 Mil.

Total Receivables was $62 Mil.
Revenue was 477.1 + 469.9 + 438.9 + 385.3 = $1,771 Mil.
Gross Profit was 141.2 + 130.9 + 162.6 + 150.7 = $585 Mil.
Total Current Assets was $681 Mil.
Total Assets was $5,390 Mil.
Property, Plant and Equipment(Net PPE) was $4,374 Mil.
Depreciation, Depletion and Amortization(DDA) was $293 Mil.
Selling, General, & Admin. Expense(SGA) was $50 Mil.
Total Current Liabilities was $482 Mil.
Long-Term Debt & Capital Lease Obligation was $1,121 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)
	=	(30 / 3405.8)	/	(61.5 / 1771.2)
	=	0.008809	/	0.034722
	=	0.2537

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)
	=	(585.4 / 1771.2)	/	(1635.7 / 3405.8)
	=	0.33051	/	0.480269
	=	0.6882

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 - (990.7 + 4567.3) / 5993)	/	(1 - (680.7 + 4373.6) / 5389.5)
	=	0.072585	/	0.062195
	=	1.1671

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
	=	3405.8	/	1771.2
	=	1.9229

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))
	=	(292.6 / (292.6 + 4373.6))	/	(456.9 / (456.9 + 4567.3))
	=	0.062706	/	0.09094
	=	0.6895

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)
	=	(54.3 / 3405.8)	/	(49.9 / 1771.2)
	=	0.015943	/	0.028173
	=	0.5659

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)
	=	((618.5 + 523.3) / 5993)	/	((1120.6 + 481.9) / 5389.5)
	=	0.190522	/	0.297337
	=	0.6408

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
	=	(1004.4 - -46.2	-	1638.2)	/	5993
	=	-0.098048

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.

Iamgold has a M-score of -2.74 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 -2.78 mean?

Iamgold (IAG) has a Beneish M-Score of -2.78 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Iamgold and its competitors. According to the industry distribution chart, Iamgold ranks #184 out of 685 companies in the Metals & Mining industry, placing it in the top 26.9%.

Is Iamgold's Beneish M-Score too high?

Iamgold's current Beneish M-Score is -2.78. Based on the distribution chart, Iamgold ranks #184 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Iamgold has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Iamgold's Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Iamgold ranks #184 out of 685 companies for Beneish M-Score. This puts Iamgold 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 Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining 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 Iamgold and its competitors. Iamgold's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Iamgold stock overvalued right now?

Based on GuruFocus' analysis, Iamgold (IAG) is currently considered Modestly Overvalued. The stock's GF Value™ is $12.30, compared to a current price of $15.83 — trading 28.7% above its estimated fair value. The current Beneish M-Score is -2.78. Iamgold's overall GF Score™ is 70/100. 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 Iamgold (IAG), the current Beneish M-Score is -2.78 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 Iamgold (IAG) Overvalued in 2026?

Based on GuruFocus' analysis, Iamgold stock appears to be overvalued. The current stock price of $15.83 is trading 28.7% above its estimated GF Value™ of $12.30. GuruFocus considers Iamgold to be Modestly Overvalued.

Key valuation signals for IAG:

Beneish M-Score: -2.78
GF Value™: $12.30 vs. price of $15.83 (28.7% above fair value)
GF Score™: 70/100

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

Iamgold Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSX:EQX TSX:ELD TSX:GMIN TSX:DPM TSX:OR TSX:OGC TSX:SSRM TSX:BTO TSX:MAU TSX:LUG SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM AU TSX:FNV HKSE:02259 TSX:K JSE:GFI

Other Exchanges 0XGN:UK IAL:Germany IMG:Canada

Address 150 King Street West, Suite 2200, Toronto, ON, CAN, M5H 1J9

Website https://www.iamgold.com

Iamgold Corp is a mid-tier gold mining company. The company operating gold mines are divided into geographic segments such as Cote Gold mine - Canada, Burkina Faso - Essakane mine, Westwood mine - Canada. The company's s non-gold mine segments are Exploration and evaluation and development, and Corporate - which includes royalty interests. The company generates the majority of its revenue from the Cote Gold mine segment.

70GF Score

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

$15.83

Price

$12.30

GF Value

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