AJ Lucas Group (FRA:FW9) Beneish M-Score: -4.41 (As of Jul. 11, 2026)


What is AJ Lucas Group Beneish M-Score?

AJ Lucas Group FRA:FW9 Beneish M-Score is -4.41 as of Jul. 11, 2026. The stock has 5 warning signs investors should review. Among 588 Steel companies, AJ Lucas Group ranks better than 96.6% 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 -4.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:FW9' s Beneish M-Score Range Over the Past 10 Years
Min: -4.41   Med: -3.17   Max: -2.22
Current: -4.41

During the past 13 years, the highest Beneish M-Score of AJ Lucas Group was -2.22. The lowest was -4.41. And the median was -3.17.

AJ Lucas Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for AJ Lucas Group'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.

AJ Lucas Group Beneish M-Score Chart

AJ Lucas Group Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -3.86 -4.41

AJ Lucas Group Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 -3.86 0.00 -4.41 0.00

FRA:FW9 vs HCC, AMR, METC: Beneish M-Score Comparison

For the Coking Coal subindustry, AJ Lucas Group'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.

AJ Lucas Group Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, AJ Lucas Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AJ Lucas Group's Beneish M-Score falls into.


AJ Lucas Group 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 AJ Lucas Group 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 * 0.5238+0.528 * 1.0267+0.404 * 1.2157+0.892 * 0.8374+0.115 * 1.0097
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0528+4.679 * -0.309917-0.327 * 1.1861
=-4.48

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was €5.07 Mil.
Revenue was €82.19 Mil.
Gross Profit was €58.38 Mil.
Total Current Assets was €17.39 Mil.
Total Assets was €50.28 Mil.
Property, Plant and Equipment(Net PPE) was €26.71 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.43 Mil.
Selling, General, & Admin. Expense(SGA) was €35.84 Mil.
Total Current Liabilities was €38.67 Mil.
Long-Term Debt & Capital Lease Obligation was €50.93 Mil.
Net Income was €-8.47 Mil.
Gross Profit was €-0.27 Mil.
Cash Flow from Operations was €7.38 Mil.
 Total Receivables was €11.55 Mil.
Revenue was €98.15 Mil.
Gross Profit was €71.58 Mil.
Total Current Assets was €32.57 Mil.
Total Assets was €66.82 Mil.
Property, Plant and Equipment(Net PPE) was €27.49 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.61 Mil.
Selling, General, & Admin. Expense(SGA) was €40.65 Mil.
Total Current Liabilities was €52.24 Mil.
Long-Term Debt & Capital Lease Obligation was €48.15 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)
=(5.065 / 82.191) / (11.548 / 98.146)
=0.061625 / 0.117661
=0.5238

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)
=(71.577 / 98.146) / (58.382 / 82.191)
=0.729291 / 0.710321
=1.0267

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 - (17.389 + 26.707) / 50.278) / (1 - (32.566 + 27.494) / 66.818)
=0.122956 / 0.10114
=1.2157

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
=82.191 / 98.146
=0.8374

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))
=(4.608 / (4.608 + 27.494)) / (4.426 / (4.426 + 26.707))
=0.143542 / 0.142164
=1.0097

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)
=(35.837 / 82.191) / (40.646 / 98.146)
=0.436021 / 0.414138
=1.0528

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)
=((50.926 + 38.671) / 50.278) / ((48.152 + 52.237) / 66.818)
=1.782032 / 1.502424
=1.1861

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
=(-8.472 - -0.267 - 7.377) / 50.278
=-0.309917

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.

AJ Lucas Group has a M-score of -4.48 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 -4.41 mean?
AJ Lucas Group (FRA:FW9) has a Beneish M-Score of -4.41 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AJ Lucas Group and its competitors. According to the industry distribution chart, AJ Lucas Group ranks #20 out of 588 companies in the Steel industry, placing it in the top 3.4%.
Is AJ Lucas Group's Beneish M-Score too high?
AJ Lucas Group's current Beneish M-Score is -4.41. Based on the distribution chart, AJ Lucas Group ranks #20 out of 588 companies in the Steel industry, which is in the top quartile — a strong position relative to peers.
How does AJ Lucas Group's Beneish M-Score compare to HCC and AMR?
According to the Steel industry distribution chart, AJ Lucas Group ranks #20 out of 588 companies for Beneish M-Score. This places AJ Lucas Group in the top 3% 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 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 AJ Lucas Group and its competitors. AJ Lucas Group's current Beneish M-Score is -4.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AJ Lucas Group stock overvalued right now?
AJ Lucas Group (FRA:FW9) has a current Beneish M-Score of -4.41. The current Beneish M-Score is -4.41. 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 AJ Lucas Group (FRA:FW9), the current Beneish M-Score is -4.41 as of Jul. 11, 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.

AJ Lucas Group Business Description

Other Exchanges AJL:Australia
Address 167 Eagle Street, Level 22, Emirates House, Brisbane, QLD, AUS, 4000
AJ Lucas Group Ltd is a provider of drilling services to the Australian coal industry, and an operator, through its subsidiary Cuadrilla Resources Holdings Limited, of exploration and appraisal of conventional and unconventional oil and gas prospects in the United Kingdom (UK). The Group is structured with two principal operating segments: Drilling (Australian operations) provides drilling services to the energy and resources sectors, but focuses on delivering a suite of degasification and exploration drilling and related services to Australian metallurgical coal mines; Oil & Gas Operations (UK investments operations) include the Exploration of unconventional and conventional hydrocarbons in the UK. It generates the majority of revenue from the Australian Operations segment.