IRCFRA:2I80 37 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates FRA:2I80 with a GF Score™ of 37/100 and a GF Value™ of €0.06. The stock has 4 warning signs investors should review. Among 592 Steel companies, IRC ranks worse than 168918.75% 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 IRC's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of IRC was 2.60. The lowest was -4.74. And the median was -1.86.
IRC Beneish M-Score Related Terms
IRC Beneish M-Score Historical Data
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The historical data trend for IRC'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.
FRA:2I80 vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, IRC'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.
IRC Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, IRC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IRC'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 IRC 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.
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))
=
(16.808 / (16.808 + 277.577))
/
(14.27 / (14.27 + 126.783))
=
0.057095
/
0.101168
=
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
=
(-112.274 - 0
-
25.444)
/
236.019
=
-0.583504
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.
IRC (FRA:2I80) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IRC and its competitors. According to the industry distribution chart, IRC ranks #999999 out of 592 companies in the Steel industry.
Is IRC's Beneish M-Score too high?
IRC's current Beneish M-Score is 0.00. Based on the distribution chart, IRC ranks #999999 out of 592 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, IRC has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does IRC's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, IRC ranks #999999 out of 592 companies for Beneish M-Score. This places IRC 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 IRC and its competitors. IRC'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 IRC stock overvalued right now?
IRC (FRA:2I80) has a current Beneish M-Score of 0.00. The stock's GF Value™ is €0.06, compared to a current price of €0.05 — trading 20% below its estimated fair value. The current Beneish M-Score is 0.00. IRC's overall GF Score™ is 37/100 with 4 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 IRC (FRA:2I80), the current Beneish M-Score is 0.00 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 IRC (FRA:2I80) Overvalued in 2026?
Based on GuruFocus' analysis, IRC stock appears to be undervalued.
The current stock price of €0.05 is trading 20% below its estimated GF Value™ of €0.06.
Key valuation signals for FRA:2I80:
Beneish M-Score: 0.00
GF Value™: €0.06 vs. price of €0.05 (20% below fair value)
No single metric tells the full story. See the FRA:2I80 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IRC Ltd is engaged in the production and development of industrial commodity products, including iron ore concentrate. The main activities of the Group are carried out in Russia and the Group predominantly serves the Russian and Chinese markets. The company's segment includes: Mines in production, Mines in development, Engineering, and Other. The company generates the majority of its revenue from Mines in the production segment, which comprises an iron ore project in the production phase. This segment includes the K&S Project, which is located in the Russian Far East Region and started commercial production in January 2017. Geographically, the firm derives the majority of its revenue from the PRC.
37GF Score
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