Maritana Minerals (ASX:MRT) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


ASX:MRT Maritana Minerals Ltd ASX:MRT
49 GF Score
Price A$0.66
GF Value A$64.10
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Maritana Minerals Beneish M-Score?

Maritana Minerals ASX:MRT +0.77% 49 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates ASX:MRT with a GF Score™ of 49/100 and a GF Value™ of A$64.10 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 685 Metals & Mining companies, Maritana Minerals ranks worse than 145985.26% 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.

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

During the past 13 years, the highest Beneish M-Score of Maritana Minerals was 4.03. The lowest was -3.41. And the median was -2.54.

Maritana Minerals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Maritana Minerals'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.

Maritana Minerals Beneish M-Score Chart

Maritana Minerals Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.54 4.03 0.00 0.00

Maritana Minerals Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 0.00 0.00 0.00 0.00

ASX:MRT vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Maritana Minerals'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.

Maritana Minerals Beneish M-Score vs Metals & Mining Industry

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

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


ASX:MRT
49GF Score
Maritana Minerals Ltd ASX:MRT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Maritana Minerals 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 Maritana Minerals 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$3.04 Mil.
Revenue was A$36.86 Mil.
Gross Profit was A$6.28 Mil.
Total Current Assets was A$32.75 Mil.
Total Assets was A$195.01 Mil.
Property, Plant and Equipment(Net PPE) was A$156.31 Mil.
Depreciation, Depletion and Amortization(DDA) was A$10.92 Mil.
Selling, General, & Admin. Expense(SGA) was A$2.27 Mil.
Total Current Liabilities was A$28.42 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.20 Mil.
Net Income was A$-23.85 Mil.
Gross Profit was A$-2.54 Mil.
Cash Flow from Operations was A$-15.17 Mil.
 Total Receivables was A$0.59 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$4.88 Mil.
Total Assets was A$58.93 Mil.
Property, Plant and Equipment(Net PPE) was A$47.82 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.07 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.62 Mil.
Total Current Liabilities was A$10.62 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 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)
=(3.035 / 36.855) / (0.587 / 0)
=0.08235 /
=

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 / 0) / (6.277 / 36.855)
= / 0.170316
=

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 - (32.751 + 156.311) / 195.011) / (1 - (4.877 + 47.821) / 58.931)
=0.030506 / 0.105768
=

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
=36.855 / 0
=

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))
=(0.072 / (0.072 + 47.821)) / (10.916 / (10.916 + 156.311))
=0.001503 / 0.065277
=

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)
=(2.274 / 36.855) / (1.624 / 0)
=0.061701 /
=

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)
=((0.197 + 28.42) / 195.011) / ((0 + 10.621) / 58.931)
=0.146746 / 0.180228
=

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
=(-23.847 - -2.544 - -15.168) / 195.011
=-0.03146

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Maritana Minerals (ASX:MRT) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maritana Minerals and its competitors. According to the industry distribution chart, Maritana Minerals ranks #999999 out of 685 companies in the Metals & Mining industry.
Is Maritana Minerals' Beneish M-Score too high?
Maritana Minerals' current Beneish M-Score is 0.00. Based on the distribution chart, Maritana Minerals ranks #999999 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Maritana Minerals has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Maritana Minerals' Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Maritana Minerals ranks #999999 out of 685 companies for Beneish M-Score. This places Maritana Minerals 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 Maritana Minerals and its competitors. Maritana Minerals's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maritana Minerals stock overvalued right now?
Based on GuruFocus' analysis, Maritana Minerals (ASX:MRT) is currently considered Possible Value Trap. The stock's GF Value™ is A$64.10, compared to a current price of A$0.66 — trading 99% below its estimated fair value. The current Beneish M-Score is 0.00. Maritana Minerals' overall GF Score™ is 49/100 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 Maritana Minerals (ASX:MRT), the current Beneish M-Score is 0.00 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.

Is Maritana Minerals (ASX:MRT) Overvalued in 2026?

Based on GuruFocus' analysis, Maritana Minerals stock appears to be undervalued. The current stock price of A$0.66 is trading 99% below its estimated GF Value™ of A$64.10. GuruFocus considers Maritana Minerals to be Possible Value Trap.

Key valuation signals for ASX:MRT:

  • Beneish M-Score: 0.00
  • GF Value™: A$64.10 vs. price of A$0.66 (99% below fair value)
  • GF Score™: 49/100 with 3 warning signs

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

Maritana Minerals Business Description

Other Exchanges HRZMF:USAI6R0:Germany
Address 16 Ord Street, Level 2, West Perth, Perth, WA, AUS, 6005
Maritana Minerals Ltd is an emerging gold producer that operates in the Western Australian Goldfields. The group owned around 100% Black Swan processing hub (BSPH), located in Kalgoorlie-Boulder in the Eastern Goldfields region of Western Australia. The BSPH is strategically positioned within an established mining and processing corridor and benefits from proximity to high-quality regional infrastructure, including sealed highway access, existing connection to grid power, established mining services, and the city of Kalgoorlie-Boulder, which provides a skilled workforce, freight logistics, and regional airport facilities.
49GF Score

Get the complete analysis for ASX:MRT

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

A$0.66
Price
A$64.10
GF Value