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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Anglogold Ashanti's Beneish M-Score or its related term are showing as below:
FRA:HT3'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.56 Max: 1.26
Current: -3.09
During the past 13 years, the highest Beneish M-Score of Anglogold Ashanti was 1.26. The lowest was -3.20. And the median was -2.56.
Anglogold Ashanti Beneish M-Score Related Terms
Anglogold Ashanti Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Anglogold Ashanti'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:HT3 vs CDE, RGLD, AUGO: Beneish M-Score Comparison
For the Gold subindustry, Anglogold Ashanti'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.
Anglogold Ashanti Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Anglogold Ashanti's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anglogold Ashanti'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 Anglogold Ashanti 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 * 0.4604
+
0.528 * 0.7455
+
0.404 * 1.25
+
0.892 * 1.5701
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6207
+
4.679 * -0.162072
-
0.327 * 0.981
=
-3.19
* 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))
=
(0 / (0 + 8115.025))
/
(0 / (0 + 7666.495))
=
0
/
0
=
1
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
=
(2988.246 - 234.894
-
4955.067)
/
13584.825
=
-0.162072
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.
Anglogold Ashanti has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
Anglogold Ashanti (FRA:HT3) has a Beneish M-Score of -3.09 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Anglogold Ashanti and its competitors. According to the industry distribution chart, Anglogold Ashanti ranks #108 out of 685 companies in the Metals & Mining industry, placing it in the top 15.8%.
Is Anglogold Ashanti's Beneish M-Score too high?
Anglogold Ashanti's current Beneish M-Score is -3.09. Based on the distribution chart, Anglogold Ashanti ranks #108 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Anglogold Ashanti has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Anglogold Ashanti's Beneish M-Score compare to CDE and RGLD?
According to the Metals & Mining industry distribution chart, Anglogold Ashanti ranks #108 out of 685 companies for Beneish M-Score. This places Anglogold Ashanti in the top 16% 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 Anglogold Ashanti and its competitors. Anglogold Ashanti's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anglogold Ashanti stock overvalued right now?
Based on GuruFocus' analysis, Anglogold Ashanti (FRA:HT3) is currently considered Significantly Overvalued. The stock's GF Value™ is €47.07, compared to a current price of €70.00 — trading 48.7% above its estimated fair value. The current Beneish M-Score is -3.09. Anglogold Ashanti's overall GF Score™ is 84/100 with 2 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 Anglogold Ashanti (FRA:HT3), the current Beneish M-Score is -3.09 as of Jun. 25, 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 Anglogold Ashanti (FRA:HT3) Overvalued in 2026?
Based on GuruFocus' analysis, Anglogold Ashanti stock appears to be overvalued.
The current stock price of €70.00 is trading 48.7% above its estimated GF Value™ of €47.07.
GuruFocus considers Anglogold Ashanti to be Significantly Overvalued.
Key valuation signals for FRA:HT3:
Beneish M-Score: -3.09
GF Value™: €47.07 vs. price of €70.00 (48.7% above fair value)
No single metric tells the full story. See the FRA:HT3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Anglogold Ashanti PLC is an independent gold mining company. It has a diversified asset portfolio, including production from operations in eight countries (Argentina, Australia, Brazil, Egypt, Ghana, Guinea, the DRC, and Tanzania), supported by greenfield projects in the United States and Colombia. The company's main product is gold, which once mined, is processed into dore (unrefined gold bars) on site and then dispatched to precious metals refineries. Geographically, Anglogold generates maximum revenue from its operations in Africa (comprising operations at Kibali, Iduapriem, Obuasi, Siguiri, Geita, and Sukari mines), followed by Australia (including Sunrise Dam and Tropicana), and the Americas (comprising Cerro Vanguardia, AngloGold Ashanti Mineracao, and Serra Grande operations).
84GF Score
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