Euro Manganese (ASX:EMN) Beneish M-Score: -3.01 (As of Jun. 24, 2026)


What is Euro Manganese Beneish M-Score?

Euro Manganese ASX:EMN -8.16% Beneish M-Score is -3.01 as of Jun. 24, 2026. The stock has 4 warning signs investors should review. Among 685 Metals & Mining companies, Euro Manganese ranks better than 82.04% 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 -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:EMN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63   Med: -3.27   Max: -1.4
Current: -3.01

During the past 9 years, the highest Beneish M-Score of Euro Manganese was -1.40. The lowest was -3.63. And the median was -3.27.

Euro Manganese Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Euro Manganese'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.

Euro Manganese Beneish M-Score Chart

Euro Manganese Annual Data
Trend Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -3.27

Euro Manganese 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 -1.40 -3.34 -3.27 -3.63 -3.01

Euro Manganese Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Euro Manganese'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.

Euro Manganese Beneish M-Score vs Metals & Mining Industry

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

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


Euro Manganese 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 Euro Manganese 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 * 0.9218+0.528 * 2.2471+0.404 * 1.028+0.892 * 1.2259+0.115 * 1.004
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8879+4.679 * -0.305326-0.327 * 1.1347
=-3.13

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was A$0.99 Mil.
Revenue was 1.301 + 1.251 + 1.033 + 1.722 = A$5.31 Mil.
Gross Profit was -0.02 + -0.396 + -0.148 + 0.037 = A$-0.53 Mil.
Total Current Assets was A$7.49 Mil.
Total Assets was A$32.67 Mil.
Property, Plant and Equipment(Net PPE) was A$23.23 Mil.
Depreciation, Depletion and Amortization(DDA) was A$3.65 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.60 Mil.
Total Current Liabilities was A$37.84 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was -4.597 + -3.964 + -5.215 + -4.105 = A$-17.88 Mil.
Non Operating Income was -0.5 + 0.451 + -1.337 + 0.425 = A$-0.96 Mil.
Cash Flow from Operations was -1.708 + -2.696 + -1.222 + -1.319 = A$-6.95 Mil.
 Total Receivables was A$0.88 Mil.
Revenue was 0.966 + 1.15 + 0.769 + 1.444 = A$4.33 Mil.
Gross Profit was -0.306 + -0.399 + -0.081 + -0.18 = A$-0.97 Mil.
Total Current Assets was A$5.42 Mil.
Total Assets was A$35.74 Mil.
Property, Plant and Equipment(Net PPE) was A$28.24 Mil.
Depreciation, Depletion and Amortization(DDA) was A$4.46 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.23 Mil.
Total Current Liabilities was A$4.28 Mil.
Long-Term Debt & Capital Lease Obligation was A$32.20 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)
=(0.991 / 5.307) / (0.877 / 4.329)
=0.186735 / 0.202587
=0.9218

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)
=(-0.966 / 4.329) / (-0.527 / 5.307)
=-0.223146 / -0.099303
=2.2471

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 - (7.486 + 23.231) / 32.67) / (1 - (5.422 + 28.235) / 35.735)
=0.05978 / 0.05815
=1.028

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
=5.307 / 4.329
=1.2259

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))
=(4.459 / (4.459 + 28.235)) / (3.652 / (3.652 + 23.231))
=0.136386 / 0.135848
=1.004

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)
=(4.599 / 5.307) / (4.225 / 4.329)
=0.866591 / 0.975976
=0.8879

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 + 37.841) / 32.67) / ((32.197 + 4.279) / 35.735)
=1.15828 / 1.020736
=1.1347

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
=(-17.881 - -0.961 - -6.945) / 32.67
=-0.305326

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.

Euro Manganese has a M-score of -3.13 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 -3.01 mean?
Euro Manganese (ASX:EMN) has a Beneish M-Score of -3.01 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Euro Manganese and its competitors. According to the industry distribution chart, Euro Manganese ranks #123 out of 685 companies in the Metals & Mining industry, placing it in the top 18%.
Is Euro Manganese's Beneish M-Score too high?
Euro Manganese's current Beneish M-Score is -3.01. Based on the distribution chart, Euro Manganese ranks #123 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers.
How does Euro Manganese's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Euro Manganese ranks #123 out of 685 companies for Beneish M-Score. This places Euro Manganese in the top 18% of its industry — outperforming the majority of peers. 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 Euro Manganese and its competitors. Euro Manganese's current Beneish M-Score is -3.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Euro Manganese stock overvalued right now?
Euro Manganese (ASX:EMN) has a current Beneish M-Score of -3.01. The current Beneish M-Score is -3.01. 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 Euro Manganese (ASX:EMN), the current Beneish M-Score is -3.01 as of Jun. 24, 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.

Euro Manganese Business Description

Address 700 West Pender Street, Suite 709, Vancouver, BC, CAN, V6C 1G8
Euro Manganese Inc is focused on advancing the Chvaletice Manganese Project, which involves the re-processing of a readily leachable manganese deposit contained in the tailings of a decommissioned mine in the Czech Republic. The Company is also progressing an opportunity to develop a project in Canada aimed at producing high-purity manganese products for the North American market, mainly for use in lithium-ion batteries. The company seeks to produce high-purity manganese products in an economically, socially, and environmentally sound manner. The Company operates through three segments: Mangan, EPCS, and Corporate. The Mangan and EPCS assets are geographically located in the Czech Republic, while corporate activities and assets are based in Canada.