DNDDF (Dundee Sustainable Technologies) Beneish M-Score: -7.35 (As of Jun. 27, 2026)

What is Dundee Sustainable Technologies Beneish M-Score?

Dundee Sustainable Technologies DNDDF -61.17% Beneish M-Score is -7.35 as of Jun. 27, 2026. The stock has 6 warning signs investors should review. Among 2,926 Industrial Products companies, Dundee Sustainable Technologies ranks better than 99.28% 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 -7.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DNDDF' s Beneish M-Score Range Over the Past 10 Years
Min: -38.12 Med: -3.66 Max: 30.21
Current: -7.35

During the past 13 years, the highest Beneish M-Score of Dundee Sustainable Technologies was 30.21. The lowest was -38.12. And the median was -3.66.

Dundee Sustainable Technologies Beneish M-Score Related Terms

Dundee Sustainable Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dundee Sustainable Technologies'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.

Dundee Sustainable Technologies Beneish M-Score Chart

Dundee Sustainable Technologies Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-4.53

-4.62

-2.99

-22.33

0.00

Dundee Sustainable Technologies Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-34.66	-36.56	-38.12	0.00	-7.35

DNDDF vs VLTO, ZWS, CECO: Beneish M-Score Comparison

For the Pollution & Treatment Controls subindustry, Dundee Sustainable Technologies'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.

Dundee Sustainable Technologies Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Dundee Sustainable Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dundee Sustainable Technologies's Beneish M-Score falls into.

Save Embed

Dundee Sustainable Technologies 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 Dundee Sustainable Technologies for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.9795

0.528 * 0.6025

0.404 * -0.5699

0.892 * 1.4772

0.115 * 2.3793

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4996

4.679 * -1.446429

0.327 * 0.5577

-7.46

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.69 Mil.
Revenue was 0.442 + 0.504 + 0.466 + 0.337 = $1.75 Mil.
Gross Profit was 0.242 + 0.383 + 0.28 + 0.159 = $1.06 Mil.
Total Current Assets was $0.78 Mil.
Total Assets was $0.84 Mil.
Property, Plant and Equipment(Net PPE) was $0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $0.97 Mil.
Total Current Liabilities was $18.42 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.409 + 2.589 + -0.106 + -0.466 = $1.61 Mil.
Non Operating Income was -0.004 + 3.301 + -0.016 + -0.036 = $3.25 Mil.
Cash Flow from Operations was -0.323 + 0.132 + -0.102 + -0.129 = $-0.42 Mil.

Total Receivables was $0.16 Mil.
Revenue was 0.188 + 0.124 + 0.401 + 0.471 = $1.18 Mil.
Gross Profit was 0.066 + -0.014 + 0.176 + 0.206 = $0.43 Mil.
Total Current Assets was $0.40 Mil.
Total Assets was $0.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $1.31 Mil.
Total Current Liabilities was $18.68 Mil.
Long-Term Debt & Capital Lease Obligation was $0.16 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)
	=	(0.691 / 1.749)	/	(0.157 / 1.184)
	=	0.395083	/	0.132601
	=	2.9795

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)
	=	(0.434 / 1.184)	/	(1.064 / 1.749)
	=	0.366554	/	0.608348
	=	0.6025

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 - (0.781 + 0.058) / 0.84)	/	(1 - (0.4 + 0.08) / 0.479)
	=	0.00119	/	-0.002088
	=	-0.5699

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
	=	1.749	/	1.184
	=	1.4772

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))
	=	(0.275 / (0.275 + 0.08))	/	(0.028 / (0.028 + 0.058))
	=	0.774648	/	0.325581
	=	2.3793

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)
	=	(0.969 / 1.749)	/	(1.313 / 1.184)
	=	0.554031	/	1.108953
	=	0.4996

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 + 18.423) / 0.84)	/	((0.155 + 18.681) / 0.479)
	=	21.932143	/	39.323591
	=	0.5577

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
	=	(1.608 - 3.245	-	-0.422)	/	0.84
	=	-1.446429

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.

Dundee Sustainable Technologies has a M-score of -7.46 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 -7.35 mean?

Dundee Sustainable Technologies (DNDDF) has a Beneish M-Score of -7.35 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dundee Sustainable Technologies and its competitors. According to the industry distribution chart, Dundee Sustainable Technologies ranks #21 out of 2926 companies in the Industrial Products industry, placing it in the top 0.7%.

Is Dundee Sustainable Technologies' Beneish M-Score too high?

Dundee Sustainable Technologies' current Beneish M-Score is -7.35. Based on the distribution chart, Dundee Sustainable Technologies ranks #21 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers.

How does Dundee Sustainable Technologies' Beneish M-Score compare to VLTO and ZWS?

According to the Industrial Products industry distribution chart, Dundee Sustainable Technologies ranks #21 out of 2926 companies for Beneish M-Score. This places Dundee Sustainable Technologies in the top 1% 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Dundee Sustainable Technologies and its competitors. Dundee Sustainable Technologies's current Beneish M-Score is -7.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Dundee Sustainable Technologies stock overvalued right now?

Based on GuruFocus' analysis, Dundee Sustainable Technologies (DNDDF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.09, compared to a current price of $0.04 — trading 55.6% below its estimated fair value. The current Beneish M-Score is -7.35. 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 Dundee Sustainable Technologies (DNDDF), the current Beneish M-Score is -7.35 as of Jun. 27, 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.

Dundee Sustainable Technologies Business Description

Industry Industrials Industrial Products

Comparable Companies TSXV:WATR TSXV:TMS.H XCNQ:RGEN TSXV:APL XCNQ:DOCT TSXV:QST VLTO SZSE:300390 ZWS TSE:6370 TSE:6368 OSTO:MTRS SHSE:600388 CECO HKSE:00586 TPE:6944 PCT ASX:SRL TSE:6013 SZSE:300137

Other Exchanges DST:Canada

Address 2000 Peel Street, Suite 860, Montreal, QC, CAN, H3A 2W5

Website http://www.dundeetechnologies.com

Dundee Sustainable Technologies Inc is engaged in offering metallurgical processes for the treatment of complex and refractory material from mining operations. The company processes are applied for the extraction of precious metals and for the removal and stabilization of contaminants, such as arsenic, antimony, and cadmium from ores and concentrates.