White Energy Co (ASX:WEC) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


ASX:WEC White Energy Co Ltd ASX:WEC
22 GF Score
Price A$0.17
! 6 Warning Signs
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What is White Energy Co Beneish M-Score?

White Energy Co ASX:WEC -2.86% 22 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates ASX:WEC with a GF Score™ of 22/100. The stock has 6 warning signs investors should review. Among 119 Other Energy Sources companies, White Energy Co ranks worse than 840335.29% 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 White Energy Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of White Energy Co was 54.14. The lowest was -5.61. And the median was -2.92.

White Energy Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for White Energy Co'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.

White Energy Co Beneish M-Score Chart

White Energy Co 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 -2.92 0.00 0.00 0.00

White Energy Co 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

White Energy Co Beneish M-Score Competitor Comparison

For the Thermal Coal subindustry, White Energy Co'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.

White Energy Co Beneish M-Score vs Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, White Energy Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where White Energy Co's Beneish M-Score falls into.


ASX:WEC
22GF Score
White Energy Co Ltd ASX:WEC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

White Energy Co 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 White Energy Co 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$0.67 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$4.13 Mil.
Total Assets was A$12.92 Mil.
Property, Plant and Equipment(Net PPE) was A$8.79 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.07 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.58 Mil.
Total Current Liabilities was A$0.92 Mil.
Long-Term Debt & Capital Lease Obligation was A$55.50 Mil.
Net Income was A$-23.92 Mil.
Gross Profit was A$-20.59 Mil.
Cash Flow from Operations was A$-2.26 Mil.
 Total Receivables was A$0.65 Mil.
Revenue was A$0.00 Mil.
Gross Profit was A$0.00 Mil.
Total Current Assets was A$6.68 Mil.
Total Assets was A$13.27 Mil.
Property, Plant and Equipment(Net PPE) was A$6.59 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.29 Mil.
Selling, General, & Admin. Expense(SGA) was A$1.62 Mil.
Total Current Liabilities was A$2.23 Mil.
Long-Term Debt & Capital Lease Obligation was A$51.83 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)
=(0.67 / 0) / (0.648 / 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 - (4.129 + 8.791) / 12.92) / (1 - (6.676 + 6.591) / 13.267)
=0 / 0
=

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))
=(1.29 / (1.29 + 6.591)) / (0.066 / (0.066 + 8.791))
=0.163685 / 0.007452
=

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)
=(1.575 / 0) / (1.618 / 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)
=((55.499 + 0.921) / 12.92) / ((51.826 + 2.234) / 13.267)
=4.366873 / 4.074772
=

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
=(-23.921 - -20.592 - -2.26) / 12.92
=-0.08274

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?
White Energy Co (ASX:WEC) 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 White Energy Co and its competitors. According to the industry distribution chart, White Energy Co ranks #999999 out of 119 companies in the Other Energy Sources industry.
Is White Energy Co's Beneish M-Score too high?
White Energy Co's current Beneish M-Score is 0.00. Based on the distribution chart, White Energy Co ranks #999999 out of 119 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers. Overall, White Energy Co has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does White Energy Co's Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, White Energy Co ranks #999999 out of 119 companies for Beneish M-Score. This places White Energy Co 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 an Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 White Energy Co and its competitors. White Energy Co'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 White Energy Co stock overvalued right now?
White Energy Co (ASX:WEC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. White Energy Co's overall GF Score™ is 22/100 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 White Energy Co (ASX:WEC), 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.

White Energy Co Business Description

Other Exchanges WECFF:USAXPK:Germany
Address 76 Skyring Terrace, Level 2, Lobby 1, Newstead, QLD, AUS, 4006
White Energy Co Ltd engages in the development and exploitation of coal technology. It operates through two main business segments: coal technology and mining exploration. The coal technology segment holds an exclusive license for a binderless coal briquetting process that upgrades lower-quality coal into higher-value briquettes suitable for power generation. The mining exploration segment focuses on exploring mineral deposits such as copper, gold, and rare earth elements across various regions in Australia. The company generates maximum revenue from the Coal Technology in Australia segment. White Energy emphasizes innovation through the use of geochemical and geophysical techniques in mineral exploration.
22GF Score

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

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