29Metals (ASX:29M) Beneish M-Score: -0.53 (As of Jun. 25, 2026)


ASX:29M 29Metals Ltd ASX:29M
35 GF Score
Price A$0.25
GF Value A$0.19
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is 29Metals Beneish M-Score?

29Metals ASX:29M -5.77% 35 Beneish M-Score is -0.53 as of Jun. 25, 2026. GuruFocus rates ASX:29M with a GF Score™ of 35/100 and a GF Value™ of A$0.19 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 685 Metals & Mining companies, 29Metals ranks worse than 83.94% 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.

Warning Sign:

Beneish M-Score -0.53 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for 29Metals's Beneish M-Score or its related term are showing as below:

ASX:29M' s Beneish M-Score Range Over the Past 10 Years
Min: -4.14   Med: -3.36   Max: -0.53
Current: -0.53

During the past 6 years, the highest Beneish M-Score of 29Metals was -0.53. The lowest was -4.14. And the median was -3.36.

29Metals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for 29Metals'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.

29Metals Beneish M-Score Chart

29Metals Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.70 -4.02 -4.14 -0.53

29Metals Semi-Annual Data
Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.02 0.00 -4.14 0.00 -0.53

ASX:29M vs HL: Beneish M-Score Comparison

For the Other Precious Metals & Mining subindustry, 29Metals'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.

29Metals Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, 29Metals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where 29Metals's Beneish M-Score falls into.


ASX:29M
35GF Score
29Metals Ltd ASX:29M
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

29Metals 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 29Metals 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 * 3.7141+0.528 * 0.5513+0.404 * 0.5878+0.892 * 1.0153+0.115 * 1.18
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0399+4.679 * -0.049183-0.327 * 0.8295
=-0.53

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was A$49.8 Mil.
Revenue was A$566.3 Mil.
Gross Profit was A$187.6 Mil.
Total Current Assets was A$262.1 Mil.
Total Assets was A$1,041.7 Mil.
Property, Plant and Equipment(Net PPE) was A$778.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$121.7 Mil.
Selling, General, & Admin. Expense(SGA) was A$34.7 Mil.
Total Current Liabilities was A$206.1 Mil.
Long-Term Debt & Capital Lease Obligation was A$172.7 Mil.
Net Income was A$24.2 Mil.
Gross Profit was A$20.0 Mil.
Cash Flow from Operations was A$55.5 Mil.
 Total Receivables was A$13.2 Mil.
Revenue was A$557.8 Mil.
Gross Profit was A$101.9 Mil.
Total Current Assets was A$358.0 Mil.
Total Assets was A$1,038.1 Mil.
Property, Plant and Equipment(Net PPE) was A$677.5 Mil.
Depreciation, Depletion and Amortization(DDA) was A$128.6 Mil.
Selling, General, & Admin. Expense(SGA) was A$32.9 Mil.
Total Current Liabilities was A$269.5 Mil.
Long-Term Debt & Capital Lease Obligation was A$185.6 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)
=(49.806 / 566.295) / (13.208 / 557.768)
=0.087951 / 0.02368
=3.7141

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)
=(101.865 / 557.768) / (187.585 / 566.295)
=0.18263 / 0.33125
=0.5513

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 - (262.078 + 778.092) / 1041.69) / (1 - (358.048 + 677.451) / 1038.075)
=0.001459 / 0.002482
=0.5878

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
=566.295 / 557.768
=1.0153

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))
=(128.639 / (128.639 + 677.451)) / (121.685 / (121.685 + 778.092))
=0.159584 / 0.135239
=1.18

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)
=(34.694 / 566.295) / (32.859 / 557.768)
=0.061265 / 0.058912
=1.0399

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)
=((172.748 + 206.09) / 1041.69) / ((185.641 + 269.502) / 1038.075)
=0.363676 / 0.438449
=0.8295

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
=(24.171 - 19.953 - 55.451) / 1041.69
=-0.049183

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.

29Metals has a M-score of -0.53 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.53 mean?
29Metals (ASX:29M) has a Beneish M-Score of -0.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on 29Metals and its competitors. According to the industry distribution chart, 29Metals ranks #575 out of 685 companies in the Metals & Mining industry, placing it in the top 83.9%.
Is 29Metals' Beneish M-Score too high?
29Metals' current Beneish M-Score is -0.53. Based on the distribution chart, 29Metals ranks #575 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, 29Metals has a GF Score™ of 35/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does 29Metals' Beneish M-Score compare to HL?
According to the Metals & Mining industry distribution chart, 29Metals ranks #575 out of 685 companies for Beneish M-Score. This places 29Metals 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 29Metals and its competitors. 29Metals's current Beneish M-Score is -0.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is 29Metals stock overvalued right now?
Based on GuruFocus' analysis, 29Metals (ASX:29M) is currently considered Modestly Overvalued. The stock's GF Value™ is A$0.19, compared to a current price of A$0.25 — trading 28.9% above its estimated fair value. The current Beneish M-Score is -0.53. 29Metals' overall GF Score™ is 35/100 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 29Metals (ASX:29M), the current Beneish M-Score is -0.53 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 29Metals (ASX:29M) Overvalued in 2026?

Based on GuruFocus' analysis, 29Metals stock appears to be overvalued. The current stock price of A$0.25 is trading 28.9% above its estimated GF Value™ of A$0.19. GuruFocus considers 29Metals to be Modestly Overvalued.

Key valuation signals for ASX:29M:

  • Beneish M-Score: -0.53
  • GF Value™: A$0.19 vs. price of A$0.25 (28.9% above fair value)
  • GF Score™: 35/100 with 6 warning signs

No single metric tells the full story. See the ASX:29M stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

29Metals Business Description

Other Exchanges TWNMF:USA
Address 80 Collins Street, Suite 2, Level 19, North Tower, Melbourne, VIC, AUS, 3000
29Metals Ltd is a copper-focused base and precious metals mining company. It has two long-life, producing assets: Golden Grove in Western Australia (copper, zinc, gold, and silver) and Capricorn Copper in Queensland (copper and silver). The group has three reportable segments which are Golden Grove, Capricorn Copper, and Exploration (which includes Redhill and regional exploration activities at Golden Grove and Capricorn Copper), and the majority of company's revenue is generated from golden grove.
35GF Score

Get the complete analysis for ASX:29M

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

A$0.25
Price
A$0.19
GF Value