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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kinross Gold's Beneish M-Score or its related term are showing as below:
BUE:KGC'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.3 Med: -3.06 Max: -0.48
Current: -2.83
During the past 13 years, the highest Beneish M-Score of Kinross Gold was -0.48. The lowest was -4.30. And the median was -3.06.
Kinross Gold Beneish M-Score Related Terms
Kinross Gold Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kinross Gold'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.
BUE:KGC vs NEM, AU, CDE: Beneish M-Score Comparison
For the Gold subindustry, Kinross Gold'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.
Kinross Gold Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Kinross Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinross Gold's Beneish M-Score falls into.
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 Kinross Gold 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 * 0.849
+
0.528 * 0.7144
+
0.404 * 0.9716
+
0.892 * 1.9714
+
0.115 * 1.057
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8282
+
4.679 * -0.104172
-
0.327 * 0.8512
=
-2.32
* 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.
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.
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))
=
(1141520.04 / (1141520.04 + 8447703.106))
/
(1474631.017 / (1474631.017 + 11619416.702))
=
0.119042
/
0.112618
=
1.057
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
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
=
(3918861.496 - -31481.777
-
5826963.737)
/
18014710.098
=
-0.104172
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.
Kinross Gold has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Kinross Gold (BUE:KGC) has a Beneish M-Score of -2.83 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kinross Gold and its competitors. According to the industry distribution chart, Kinross Gold ranks #170 out of 685 companies in the Metals & Mining industry, placing it in the top 24.8%.
Is Kinross Gold's Beneish M-Score too high?
Kinross Gold's current Beneish M-Score is -2.83. Based on the distribution chart, Kinross Gold ranks #170 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Kinross Gold has a GF Score™ of 86/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kinross Gold's Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Kinross Gold ranks #170 out of 685 companies for Beneish M-Score. This places Kinross Gold in the top 25% 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 Kinross Gold and its competitors. Kinross Gold's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kinross Gold stock overvalued right now?
Based on GuruFocus' analysis, Kinross Gold (BUE:KGC) is currently considered Significantly Overvalued. The stock's GF Value™ is ARS27,562.73, compared to a current price of ARS36,580.00 — trading 32.7% above its estimated fair value. The current Beneish M-Score is -2.83. Kinross Gold's overall GF Score™ is 86/100 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 Kinross Gold (BUE:KGC), the current Beneish M-Score is -2.83 as of Jun. 25, 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 Kinross Gold (BUE:KGC) Overvalued in 2026?
Based on GuruFocus' analysis, Kinross Gold stock appears to be overvalued.
The current stock price of ARS36,580.00 is trading 32.7% above its estimated GF Value™ of ARS27,562.73.
GuruFocus considers Kinross Gold to be Significantly Overvalued.
Key valuation signals for BUE:KGC:
Beneish M-Score: -2.83
GF Value™: ARS27,562.73 vs. price of ARS36,580.00 (32.7% above fair value)
No single metric tells the full story. See the BUE:KGC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kinross Gold is a Canada-based gold producer, producing roughly 2 million gold equivalent ounces in 2025. The company had about a decade of gold reserves at the end of 2025. It operates mines in the Americas and West Africa after selling its low-cost Russian operations in 2022 in response to the invasion of Ukraine. Kinross has historically used acquisitions to fuel expansion into new regions and production growth. In 2022, Kinross purchased the Great Bear project in Canada. If developed as we think likely, it could produce an average of more than 500,000 ounces of gold per year for at least a decade, with its unit cash costs likely in the first quartile of the industry cost curve. Though Great Bear's production is likely to be replacement ounces for falling volumes at other mines.
86GF Score
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