Golden Agri-ResourcesFRA:4G3A 49 Beneish M-Score is -2.62 as of Jun. 30, 2026. GuruFocus rates FRA:4G3A with a GF Score™ of 49/100 and a GF Value™ of €0.16 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,848 Consumer Packaged Goods companies, Golden Agri-Resources ranks better than 58.01% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Golden Agri-Resources's Beneish M-Score or its related term are showing as below:
FRA:4G3A'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.56 Max: -1.97
Current: -2.62
During the past 13 years, the highest Beneish M-Score of Golden Agri-Resources was -1.97. The lowest was -2.84. And the median was -2.56.
Golden Agri-Resources Beneish M-Score Related Terms
Golden Agri-Resources Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Golden Agri-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.
FRA:4G3A vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, Golden Agri-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.
Golden Agri-Resources Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Golden Agri-Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Agri-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 Golden Agri-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 * 0.7701
+
0.528 * 1.2827
+
0.404 * 1.0003
+
0.892 * 1.0616
+
0.115 * 0.9764
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.2218
+
4.679 * -0.07252
-
0.327 * 0.9546
=
-2.68
* 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))
=
(340.369 / (340.369 + 3291.133))
/
(319.245 / (319.245 + 3006.619))
=
0.093727
/
0.095989
=
0.9764
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
=
(341.769 - 0
-
1002.301)
/
9108.227
=
-0.07252
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.
Golden Agri-Resources has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Golden Agri-Resources (FRA:4G3A) has a Beneish M-Score of -2.62 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golden Agri-Resources and its competitors. According to the industry distribution chart, Golden Agri-Resources ranks #776 out of 1848 companies in the Consumer Packaged Goods industry, placing it in the top 42%.
Is Golden Agri-Resources' Beneish M-Score too high?
Golden Agri-Resources' current Beneish M-Score is -2.62. Based on the distribution chart, Golden Agri-Resources ranks #776 out of 1848 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Golden Agri-Resources has a GF Score™ of 49/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Golden Agri-Resources' Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Golden Agri-Resources ranks #776 out of 1848 companies for Beneish M-Score. This puts Golden Agri-Resources in the upper 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Golden Agri-Resources and its competitors. Golden Agri-Resources's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golden Agri-Resources stock overvalued right now?
Based on GuruFocus' analysis, Golden Agri-Resources (FRA:4G3A) is currently considered Fairly Valued. The stock's GF Value™ is €0.16, compared to a current price of €0.16 — trading 2.5% above its estimated fair value. The current Beneish M-Score is -2.62. Golden Agri-Resources' overall GF Score™ is 49/100 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 Golden Agri-Resources (FRA:4G3A), the current Beneish M-Score is -2.62 as of Jun. 30, 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 Golden Agri-Resources (FRA:4G3A) Overvalued in 2026?
Based on GuruFocus' analysis, Golden Agri-Resources stock appears to be overvalued.
The current stock price of €0.16 is trading 2.5% above its estimated GF Value™ of €0.16.
GuruFocus considers Golden Agri-Resources to be Fairly Valued.
Key valuation signals for FRA:4G3A:
Beneish M-Score: -2.62
GF Value™: €0.16 vs. price of €0.16 (2.5% above fair value)
No single metric tells the full story. See the FRA:4G3A stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golden Agri-Resources Ltd is an integrated palm oil plantation in Indonesia with estates spanning from east to west across the archipelago. The company markets its products in bulk, industrial and branded form, domestically as well as in international markets. In addition to its main palm-based products, it processes and markets soybean and sunflower oil-based products, especially in China and India, as well as operate sugar trading business. It operates in two segments namely Plantations and palm oil mills - comprises the products from upstream business; Palm, laurics and others - refers to the processing and merchandising of palm and oilseed-based products comprising bulk and branded products, oleochemicals, sugar and other vegetable oils.
49GF Score
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