Minera IRL (FRA:DZX) Beneish M-Score: -3.41 (As of Jun. 26, 2026)


What is Minera IRL Beneish M-Score?

Minera IRL FRA:DZX Beneish M-Score is -3.41 as of Jun. 26, 2026. The stock has 5 warning signs investors should review. Among 685 Metals & Mining companies, Minera IRL ranks better than 89.64% 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 -3.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:DZX' s Beneish M-Score Range Over the Past 10 Years
Min: -9.63   Med: -3.07   Max: 10.76
Current: -3.41

During the past 13 years, the highest Beneish M-Score of Minera IRL was 10.76. The lowest was -9.63. And the median was -3.07.

Minera IRL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Minera IRL'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.

Minera IRL Beneish M-Score Chart

Minera IRL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.23 -1.24 -2.46 10.76 -3.87

Minera IRL Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.44 -3.31 -3.28 -3.07 -3.41

FRA:DZX vs MGIDF, MAGE, PGOL: Beneish M-Score Comparison

For the Gold subindustry, Minera IRL'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.

Minera IRL Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Minera IRL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Minera IRL's Beneish M-Score falls into.


Minera IRL 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 Minera IRL 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 * 1.1178+0.528 * 0.1306+0.404 * 1.2908+0.892 * 0.8183+0.115 * 2.006
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9006+4.679 * -0.122032-0.327 * 1.4212
=-3.45

* 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.

This Year (Mar26) TTM:Last Year (Sep24) TTM:
Total Receivables was €3.72 Mil.
Revenue was 5.414 + 7.037 + 7.395 + 7.539 = €27.39 Mil.
Gross Profit was 1.707 + 1.64 + 1.909 + 2.379 = €7.64 Mil.
Total Current Assets was €9.26 Mil.
Total Assets was €127.30 Mil.
Property, Plant and Equipment(Net PPE) was €111.01 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.08 Mil.
Selling, General, & Admin. Expense(SGA) was €3.40 Mil.
Total Current Liabilities was €147.76 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was -5.486 + -2.078 + -3.823 + -1.644 = €-13.03 Mil.
Non Operating Income was 0.007 + 0 + 0 + 0 = €0.01 Mil.
Cash Flow from Operations was 0.126 + -1.99 + 2.649 + 1.711 = €2.50 Mil.
 Total Receivables was €4.07 Mil.
Revenue was 7.382 + 6.351 + 10.421 + 9.312 = €33.47 Mil.
Gross Profit was -0.492 + -2.121 + 2.169 + 1.663 = €1.22 Mil.
Total Current Assets was €8.21 Mil.
Total Assets was €160.39 Mil.
Property, Plant and Equipment(Net PPE) was €145.31 Mil.
Depreciation, Depletion and Amortization(DDA) was €11.12 Mil.
Selling, General, & Admin. Expense(SGA) was €4.61 Mil.
Total Current Liabilities was €130.39 Mil.
Long-Term Debt & Capital Lease Obligation was €0.60 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)
=(3.721 / 27.385) / (4.068 / 33.466)
=0.135877 / 0.121556
=1.1178

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)
=(1.219 / 33.466) / (7.635 / 27.385)
=0.036425 / 0.278802
=0.1306

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 - (9.257 + 111.006) / 127.295) / (1 - (8.211 + 145.311) / 160.386)
=0.055242 / 0.042797
=1.2908

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
=27.385 / 33.466
=0.8183

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))
=(11.117 / (11.117 + 145.311)) / (4.077 / (4.077 + 111.006))
=0.071068 / 0.035427
=2.006

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)
=(3.395 / 27.385) / (4.607 / 33.466)
=0.123973 / 0.137662
=0.9006

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 + 147.756) / 127.295) / ((0.598 + 130.394) / 160.386)
=1.160737 / 0.81673
=1.4212

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
=(-13.031 - 0.007 - 2.496) / 127.295
=-0.122032

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.

Minera IRL has a M-score of -3.45 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 -3.41 mean?
Minera IRL (FRA:DZX) has a Beneish M-Score of -3.41 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Minera IRL and its competitors. According to the industry distribution chart, Minera IRL ranks #71 out of 685 companies in the Metals & Mining industry, placing it in the top 10.4%.
Is Minera IRL's Beneish M-Score too high?
Minera IRL's current Beneish M-Score is -3.41. Based on the distribution chart, Minera IRL ranks #71 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers.
How does Minera IRL's Beneish M-Score compare to MGIDF and MAGE?
According to the Metals & Mining industry distribution chart, Minera IRL ranks #71 out of 685 companies for Beneish M-Score. This places Minera IRL in the top 10% 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 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 Minera IRL and its competitors. Minera IRL's current Beneish M-Score is -3.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Minera IRL stock overvalued right now?
Minera IRL (FRA:DZX) has a current Beneish M-Score of -3.41. The current Beneish M-Score is -3.41. 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 Minera IRL (FRA:DZX), the current Beneish M-Score is -3.41 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.

Minera IRL Business Description

Other Exchanges MRLLF:USA
Address 15 Esplanade, Hawksford House, Saint Helier, JEY, JE1 1RB
Minera IRL Ltd is engaged in the development and operation of gold mines in Peru. It is engaged in the exploration, development and operation of mines for the extraction of metals. It operates the Corihuarmi Gold Mine and owns the Ollachea Project through its subsidiaries. The Ollachea Project has a completed feasibility study and environmental and construction permits.