Vulcan Steel (ASX:VSL) Beneish M-Score: -3.02 (As of Jun. 26, 2026)


ASX:VSL Vulcan Steel Ltd ASX:VSL
60 GF Score
Price A$5.01
GF Value A$6.22
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is Vulcan Steel Beneish M-Score?

Vulcan Steel ASX:VSL -0.60% 60 Beneish M-Score is -3.02 as of Jun. 26, 2026. GuruFocus rates ASX:VSL with a GF Score™ of 60/100 and a GF Value™ of A$6.22 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 593 Steel companies, Vulcan Steel ranks better than 81.62% 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:VSL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -3.17   Max: -3.02
Current: -3.02

During the past 4 years, the highest Beneish M-Score of Vulcan Steel was -3.02. The lowest was -3.32. And the median was -3.17.

Vulcan Steel Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vulcan Steel'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.

Vulcan Steel Beneish M-Score Chart

Vulcan Steel Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -3.32 -3.02

Vulcan Steel 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 -3.32 0.00 -3.02 0.00

ASX:VSL vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Vulcan Steel'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.

Vulcan Steel Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Vulcan Steel's Beneish M-Score distribution charts can be found below:

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


ASX:VSL
60GF Score
Vulcan Steel Ltd ASX:VSL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vulcan Steel 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 Vulcan Steel 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 * 1.0111+0.528 * 1.029+0.404 * 1.0648+0.892 * 0.8932+0.115 * 0.9675
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1443+4.679 * -0.100319-0.327 * 0.9904
=-3.02

* 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$119.7 Mil.
Revenue was A$878.9 Mil.
Gross Profit was A$300.9 Mil.
Total Current Assets was A$449.7 Mil.
Total Assets was A$796.0 Mil.
Property, Plant and Equipment(Net PPE) was A$325.1 Mil.
Depreciation, Depletion and Amortization(DDA) was A$78.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$169.7 Mil.
Total Current Liabilities was A$160.7 Mil.
Long-Term Debt & Capital Lease Obligation was A$478.0 Mil.
Net Income was A$14.6 Mil.
Gross Profit was A$-2.9 Mil.
Cash Flow from Operations was A$97.3 Mil.
 Total Receivables was A$132.6 Mil.
Revenue was A$984.0 Mil.
Gross Profit was A$346.6 Mil.
Total Current Assets was A$493.0 Mil.
Total Assets was A$838.0 Mil.
Property, Plant and Equipment(Net PPE) was A$324.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$74.6 Mil.
Selling, General, & Admin. Expense(SGA) was A$166.0 Mil.
Total Current Liabilities was A$156.6 Mil.
Long-Term Debt & Capital Lease Obligation was A$522.3 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)
=(119.712 / 878.916) / (132.552 / 983.963)
=0.136204 / 0.134712
=1.0111

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)
=(346.637 / 983.963) / (300.895 / 878.916)
=0.352287 / 0.342348
=1.029

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 - (449.653 + 325.066) / 795.959) / (1 - (493.021 + 323.969) / 837.99)
=0.026685 / 0.02506
=1.0648

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
=878.916 / 983.963
=0.8932

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))
=(74.648 / (74.648 + 323.969)) / (78.022 / (78.022 + 325.066))
=0.187267 / 0.193561
=0.9675

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)
=(169.731 / 878.916) / (166.049 / 983.963)
=0.193114 / 0.168755
=1.1443

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)
=((478.008 + 160.686) / 795.959) / ((522.315 + 156.61) / 837.99)
=0.802421 / 0.810183
=0.9904

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
=(14.579 - -2.861 - 97.29) / 795.959
=-0.100319

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.

Vulcan Steel has a M-score of -3.02 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 -3.02 mean?
Vulcan Steel (ASX:VSL) has a Beneish M-Score of -3.02 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vulcan Steel and its competitors. According to the industry distribution chart, Vulcan Steel ranks #109 out of 593 companies in the Steel industry, placing it in the top 18.4%.
Is Vulcan Steel's Beneish M-Score too high?
Vulcan Steel's current Beneish M-Score is -3.02. Based on the distribution chart, Vulcan Steel ranks #109 out of 593 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Vulcan Steel has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vulcan Steel's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Vulcan Steel ranks #109 out of 593 companies for Beneish M-Score. This places Vulcan Steel 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Vulcan Steel and its competitors. Vulcan Steel's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vulcan Steel stock overvalued right now?
Based on GuruFocus' analysis, Vulcan Steel (ASX:VSL) is currently considered Modestly Undervalued. The stock's GF Value™ is A$6.22, compared to a current price of A$5.01 — trading 19.5% below its estimated fair value. The current Beneish M-Score is -3.02. Vulcan Steel's overall GF Score™ is 60/100 with 5 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 Vulcan Steel (ASX:VSL), the current Beneish M-Score is -3.02 as of Jun. 26, 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 Vulcan Steel (ASX:VSL) Overvalued in 2026?

Based on GuruFocus' analysis, Vulcan Steel stock appears to be undervalued. The current stock price of A$5.01 is trading 19.5% below its estimated GF Value™ of A$6.22. GuruFocus considers Vulcan Steel to be Modestly Undervalued.

Key valuation signals for ASX:VSL:

  • Beneish M-Score: -3.02
  • GF Value™: A$6.22 vs. price of A$5.01 (19.5% below fair value)
  • GF Score™: 60/100 with 5 warning signs

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

Vulcan Steel Business Description

Other Exchanges VSL:New Zealand
Address 29 Neales Road, East Tamaki, Auckland, NTL, NZL, 2013
Vulcan Steel Ltd is a metals distributor and processor. Its products include Steel, Stainless Steel, Engineering steel, Plate processing, and Coil processing. The company has two operating segments namely, the Steel business across New Zealand and Australia which includes Steel distribution, Plate processing, and Coil processing; and Metals business across New Zealand, which includes Stainless Steel, Engineering Steel, and Aluminium.
60GF Score

Get the complete analysis for ASX:VSL

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

A$5.01
Price
A$6.22
GF Value