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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Progressive Planet Solutions's Beneish M-Score or its related term are showing as below:
ASHXF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.91 Max: -0.29
Current: -2.17
During the past 13 years, the highest Beneish M-Score of Progressive Planet Solutions was -0.29. The lowest was -3.45. And the median was -2.91.
Progressive Planet Solutions Beneish M-Score Related Terms
Progressive Planet Solutions Beneish M-Score Historical Data
* 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.
For the Other Industrial Metals & Mining subindustry, Progressive Planet Solutions'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.
Progressive Planet Solutions Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Progressive Planet Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Progressive Planet Solutions's Beneish M-Score falls into.
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 Progressive Planet Solutions 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 * 0.7549
+
0.528 * 1.0052
+
0.404 * 2.5733
+
0.892 * 1.1025
+
0.115 * 0.7462
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0444
+
4.679 * -0.033385
-
0.327 * 0.8849
=
-2.13
* 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.
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.
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))
=
(0.677 / (0.677 + 12.431))
/
(1.048 / (1.048 + 14.094))
=
0.051648
/
0.069211
=
0.7462
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
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
=
(1.483 - -0.407
-
2.559)
/
20.039
=
-0.033385
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.
Progressive Planet Solutions has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
Progressive Planet Solutions (ASHXF) has a Beneish M-Score of -2.17 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Progressive Planet Solutions and its competitors. According to the industry distribution chart, Progressive Planet Solutions ranks #382 out of 685 companies in the Metals & Mining industry, placing it in the top 55.8%.
Is Progressive Planet Solutions' Beneish M-Score too high?
Progressive Planet Solutions' current Beneish M-Score is -2.17. Based on the distribution chart, Progressive Planet Solutions ranks #382 out of 685 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Progressive Planet Solutions has a GF Score™ of 34/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Progressive Planet Solutions' Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Progressive Planet Solutions ranks #382 out of 685 companies for Beneish M-Score. This places Progressive Planet Solutions in the lower 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 Progressive Planet Solutions and its competitors. Progressive Planet Solutions's current Beneish M-Score is -2.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Progressive Planet Solutions stock overvalued right now?
Based on GuruFocus' analysis, Progressive Planet Solutions (ASHXF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.14, compared to a current price of $0.23 — trading 65.4% above its estimated fair value. The current Beneish M-Score is -2.17. Progressive Planet Solutions' overall GF Score™ is 34/100 with 3 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 Progressive Planet Solutions (ASHXF), the current Beneish M-Score is -2.17 as of Jun. 25, 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 Progressive Planet Solutions (ASHXF) Overvalued in 2026?
Based on GuruFocus' analysis, Progressive Planet Solutions stock appears to be overvalued.
The current stock price of $0.23 is trading 65.4% above its estimated GF Value™ of $0.14.
GuruFocus considers Progressive Planet Solutions to be Significantly Overvalued.
Key valuation signals for ASHXF:
Beneish M-Score: -2.17
GF Value™: $0.14 vs. price of $0.23 (65.4% above fair value)
No single metric tells the full story. See the ASHXF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Progressive Planet Solutions Inc is a manufacturer of mineral-based products derived from diatomaceous earth, zeolite, and bentonite. It owns a diatomaceous earth mine and a bentonite mine both located in Canada, and is also an operator and partial owner of a zeolite mine. Its expertise lies in developing critical low-carbon and carbon sequestering solutions. The company is also engaged in research and development activities to expand its current operations by developing products for the agricultural and supplementary cementing materials markets. Geographically, its products are sold in the United States where it generates maximum revenue, and in Canada.
34GF Score
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