Southern Palladium (ASX:SPD) Beneish M-Score: 0.00 (As of Jul. 14, 2026)

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ASX:SPD Southern Palladium Ltd ASX:SPD
31 GF Score
Price A$1.28
! 1 Warning Sign
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What is Southern Palladium Beneish M-Score?

Southern Palladium ASX:SPD -8.60% 31 Beneish M-Score is 0.00 as of Jul. 14, 2026. GuruFocus rates ASX:SPD with a GF Score™ of 31/100. The stock has 1 warning sign investors should review. Among 681 Metals & Mining companies, Southern Palladium ranks worse than 146842.73% 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 Southern Palladium's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Southern Palladium was 0.00. The lowest was 0.00. And the median was 0.00.

Southern Palladium Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Southern Palladium'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.

Southern Palladium Beneish M-Score Chart

Southern Palladium Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 0.00 0.00

Southern Palladium Semi-Annual Data
Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

ASX:SPD vs HL: Beneish M-Score Comparison

For the Other Precious Metals & Mining subindustry, Southern Palladium'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.

Southern Palladium Beneish M-Score vs Metals & Mining Industry

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

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


ASX:SPD
31GF Score
Southern Palladium Ltd ASX:SPD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Southern Palladium 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 Southern Palladium 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$0.04 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$9.97 Mil.
Total Assets was A$29.74 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.18 Mil.
Total Current Liabilities was A$0.70 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.00 Mil.
Net Income was A$-4.78 Mil.
Gross Profit was A$-0.73 Mil.
Cash Flow from Operations was A$-1.16 Mil.
 Total Receivables was A$0.00 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$5.45 Mil.
Total Assets was A$25.11 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.81 Mil.
Total Current Liabilities was A$0.14 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)
=(0.04 / 0) / (0.003 / 0)
= /
=

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) / (0 / 0)
= /
=

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 - (9.972 + 0) / 29.735) / (1 - (5.453 + 0) / 25.113)
=0.664638 / 0.782861
=

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
=0 / 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 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=(1.18 / 0) / (0.805 / 0)
= /
=

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 + 0.699) / 29.735) / ((0 + 0.138) / 25.113)
=0.023508 / 0.005495
=

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
=(-4.779 - -0.728 - -1.16) / 29.735
=-0.097225

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?
Southern Palladium (ASX:SPD) has a Beneish M-Score of 0.00 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Southern Palladium and its competitors. According to the industry distribution chart, Southern Palladium ranks #999999 out of 681 companies in the Metals & Mining industry.
Is Southern Palladium's Beneish M-Score too high?
Southern Palladium's current Beneish M-Score is 0.00. Based on the distribution chart, Southern Palladium ranks #999999 out of 681 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Southern Palladium has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Southern Palladium's Beneish M-Score compare to HL?
According to the Metals & Mining industry distribution chart, Southern Palladium ranks #999999 out of 681 companies for Beneish M-Score. This places Southern Palladium 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 Southern Palladium and its competitors. Southern Palladium'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 Southern Palladium stock overvalued right now?
Southern Palladium (ASX:SPD) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Southern Palladium's overall GF Score™ is 31/100 with 1 warning sign 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 Southern Palladium (ASX:SPD), the current Beneish M-Score is 0.00 as of Jul. 14, 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.

Southern Palladium Business Description

Other Exchanges SDL:South Africa
Address 283 George Street, Level 1, Sydney, NSW, AUS, 2000
Southern Palladium Ltd is an Australian mining and exploration company focused on the acquisition and development of platinum group metal (PGM) projects. Its primary asset is a majority interest in the Bengwenyama project in South Africa, which hosts palladium, rhodium, platinum, and other PGMs. These metals are used in various industrial applications, including automotive catalytic converters and clean energy technologies. The company generates revenue through the exploration, development, and eventual production of these metals, serving markets in various countries. The majority of the income generated is through interest income. Its operations mainly target PGM projects in South Africa.
31GF Score

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

A$1.28
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