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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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Companhia Siderurgica Nacional's Beneish M-Score or its related term are showing as below:
BUE:SID'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.66 Max: -1.74
Current: -2.33
During the past 13 years, the highest Beneish M-Score of Companhia Siderurgica Nacional was -1.74. The lowest was -3.25. And the median was -2.66.
Companhia Siderurgica Nacional Beneish M-Score Related Terms
Companhia Siderurgica Nacional Beneish M-Score Historical Data
* 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.
Companhia Siderurgica Nacional Beneish M-Score Chart
BUE:SID vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, Companhia Siderurgica Nacional'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.
Companhia Siderurgica Nacional Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Companhia Siderurgica Nacional's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Companhia Siderurgica Nacional's Beneish M-Score falls into.
Companhia Siderurgica Nacional 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 Companhia Siderurgica Nacional 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 * 1.1728
+
0.528 * 0.9563
+
0.404 * 1.0715
+
0.892 * 1.4438
+
0.115 * 0.9967
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.052
+
4.679 * -0.003692
-
0.327 * 0.9945
=
-1.94
* 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))
=
(670868.324 / (670868.324 + 5692904.295))
/
(1079485.008 / (1079485.008 + 9126185.938))
=
0.10542
/
0.105773
=
0.9967
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
=
(-522196.863 - -272443.118
-
-151887.558)
/
26504075.223
=
-0.003692
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.
Companhia Siderurgica Nacional has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.
Companhia Siderurgica Nacional (BUE:SID) has a Beneish M-Score of -2.33 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Companhia Siderurgica Nacional and its competitors. According to the industry distribution chart, Companhia Siderurgica Nacional ranks #363 out of 587 companies in the Steel industry, placing it in the top 61.8%.
Is Companhia Siderurgica Nacional's Beneish M-Score too high?
Companhia Siderurgica Nacional's current Beneish M-Score is -2.33. Based on the distribution chart, Companhia Siderurgica Nacional ranks #363 out of 587 companies in the Steel industry, which is below the industry midpoint. Overall, Companhia Siderurgica Nacional has a GF Score™ of 38/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Companhia Siderurgica Nacional's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Companhia Siderurgica Nacional ranks #363 out of 587 companies for Beneish M-Score. This places Companhia Siderurgica Nacional 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 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 Companhia Siderurgica Nacional and its competitors. Companhia Siderurgica Nacional's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Companhia Siderurgica Nacional stock overvalued right now?
Based on GuruFocus' analysis, Companhia Siderurgica Nacional (BUE:SID) is currently considered Possible Value Trap. The stock's GF Value™ is ARS28,071.76, compared to a current price of ARS12,960.00 — trading 53.8% below its estimated fair value. The current Beneish M-Score is -2.33. Companhia Siderurgica Nacional's overall GF Score™ is 38/100 with 7 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 Companhia Siderurgica Nacional (BUE:SID), the current Beneish M-Score is -2.33 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.
Is Companhia Siderurgica Nacional (BUE:SID) Overvalued in 2026?
Based on GuruFocus' analysis, Companhia Siderurgica Nacional stock appears to be undervalued.
The current stock price of ARS12,960.00 is trading 53.8% below its estimated GF Value™ of ARS28,071.76.
GuruFocus considers Companhia Siderurgica Nacional to be Possible Value Trap.
Key valuation signals for BUE:SID:
Beneish M-Score: -2.33
GF Value™: ARS28,071.76 vs. price of ARS12,960.00 (53.8% below fair value)
No single metric tells the full story. See the BUE:SID stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Companhia Siderurgica Nacional Business Description
Companhia Siderurgica Nacional is an integrated steel producer. together with its subsidiaries operates in five main business segments: Steel industry: production and marketing of flat and long steels; Mining: extraction, processing and marketing of iron ore, tin, limestone and dolomite; Cement: production and commercialization of bagged and bulk cement, in addition to aggregates, concrete, and other related products; Energy: generation and sale of energy from almost all renewable sources; and Logistics: participations port concessions and fleets of road transport vehicles. The group generates the majority of its revenue from the Steel industry segment. Geographically, it derives a majority of revenue from Asia.
38GF Score
Get the complete analysis for BUE:SID
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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