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.
Warning Sign:
Beneish M-Score -1.31 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Westgold Resources's Beneish M-Score or its related term are showing as below:
FRA:0W2'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.2 Med: -3.26 Max: -1.03
Current: -1.31
During the past 9 years, the highest Beneish M-Score of Westgold Resources was -1.03. The lowest was -4.20. And the median was -3.26.
Westgold Resources Beneish M-Score Related Terms
Westgold Resources Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Westgold Resources'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.
For the Gold subindustry, Westgold Resources'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.
Westgold Resources Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Westgold Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Westgold Resources'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 Westgold Resources 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 * 2.7735
+
0.528 * 0.4179
+
0.404 * 1.8878
+
0.892 * 1.7373
+
0.115 * 0.5326
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 7.2063
+
4.679 * -0.064629
-
0.327 * 0.6645
=
-1.45
* 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))
=
(27.048 / (27.048 + 444.066))
/
(184.316 / (184.316 + 1525.475))
=
0.057413
/
0.1078
=
0.5326
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
=
(19.616 - -64.999
-
201.533)
/
1809.078
=
-0.064629
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.
Westgold Resources has a M-score of -1.45 signals that the company is likely to be a manipulator.
Westgold Resources (FRA:0W2) has a Beneish M-Score of -1.31 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Westgold Resources and its competitors. According to the industry distribution chart, Westgold Resources ranks #547 out of 685 companies in the Metals & Mining industry, placing it in the top 79.9%.
Is Westgold Resources' Beneish M-Score too high?
Westgold Resources' current Beneish M-Score is -1.31. Based on the distribution chart, Westgold Resources ranks #547 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Westgold Resources has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Westgold Resources' Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Westgold Resources ranks #547 out of 685 companies for Beneish M-Score. This places Westgold Resources 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 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 Westgold Resources and its competitors. Westgold Resources's current Beneish M-Score is -1.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Westgold Resources stock overvalued right now?
Based on GuruFocus' analysis, Westgold Resources (FRA:0W2) is currently considered Fairly Valued. The stock's GF Value™ is €2.75, compared to a current price of €2.74 — trading 0.3% below its estimated fair value. The current Beneish M-Score is -1.31. Westgold Resources' overall GF Score™ is 87/100 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 Westgold Resources (FRA:0W2), the current Beneish M-Score is -1.31 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 Westgold Resources (FRA:0W2) Overvalued in 2026?
Based on GuruFocus' analysis, Westgold Resources stock appears to be undervalued.
The current stock price of €2.74 is trading 0.3% below its estimated GF Value™ of €2.75.
GuruFocus considers Westgold Resources to be Fairly Valued.
Key valuation signals for FRA:0W2:
Beneish M-Score: -1.31
GF Value™: €2.75 vs. price of €2.74 (0.3% below fair value)
No single metric tells the full story. See the FRA:0W2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Westgold Resources Ltd is a gold producer with a large and strategic landholding across two of Western Australia's prolific gold regions, the Murchison and the Southern Goldfields. The group has acquired several square kilometers of land holdings and operates multiple underground mines and four processing hubs across these regions. Its reportable segments are: Murchison and Southern Goldfields. The majority of the group's revenue is generated from the Murchison segment, which incorporates the operations of its three processing hubs at Cue, Meekatharra, and Fortnum. The group generates maximum revenue from the sale of gold at spot, and the rest from the sale of silver.
87GF Score
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