First Nickel (FRA:MYQ) Beneish M-Score: -19.23 (As of Jun. 27, 2026)


What is First Nickel Beneish M-Score?

First Nickel FRA:MYQ Beneish M-Score is -19.23 as of Jun. 27, 2026. The stock has 4 warning signs investors should review.

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 First Nickel's Beneish M-Score or its related term are showing as below:

FRA:MYQ' s Beneish M-Score Range Over the Past 10 Years
Min: -19.23   Med: -0.14   Max: 5039.6
Current: -19.23

During the past 11 years, the highest Beneish M-Score of First Nickel was 5039.60. The lowest was -19.23. And the median was -0.14.

First Nickel Beneish M-Score Historical Data

* Premium members only.

The historical data trend for First Nickel'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.

First Nickel Beneish M-Score Chart

First Nickel Annual Data
Trend Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.68 7.67 2.35 -5.22 -2.39

First Nickel Quarterly Data
Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15
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 -4.08 1.97 -2.39 -3.69 -19.23

First Nickel Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, First Nickel'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.

First Nickel Beneish M-Score vs Metals & Mining Industry

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

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


First Nickel 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 First Nickel 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 * 0.6811+0.528 * 0.7879+0.404 * 4.921+0.892 * 0.9592+0.115 * 0.311
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.967+4.679 * -3.591019-0.327 * 3.4411
=-19.01

* 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 (Jun15) TTM:Last Year (Jun14) TTM:
Total Receivables was €4.18 Mil.
Revenue was 9.298 + 7.11 + 13.925 + 14.28 = €44.61 Mil.
Gross Profit was -20.666 + -4.884 + -3.039 + -0.38 = €-28.97 Mil.
Total Current Assets was €6.92 Mil.
Total Assets was €11.58 Mil.
Property, Plant and Equipment(Net PPE) was €2.54 Mil.
Depreciation, Depletion and Amortization(DDA) was €16.94 Mil.
Selling, General, & Admin. Expense(SGA) was €2.78 Mil.
Total Current Liabilities was €6.77 Mil.
Long-Term Debt & Capital Lease Obligation was €25.31 Mil.
Net Income was -22.388 + -12.457 + -5.343 + -2.099 = €-42.29 Mil.
Non Operating Income was -0.52 + -2.928 + -1.379 + -1.008 = €-5.84 Mil.
Cash Flow from Operations was 1.02 + -0.951 + 3.916 + 1.147 = €5.13 Mil.
 Total Receivables was €6.39 Mil.
Revenue was 14.621 + 10.927 + 12.063 + 8.898 = €46.51 Mil.
Gross Profit was 0.068 + -2.804 + -1.198 + -19.862 = €-23.80 Mil.
Total Current Assets was €8.73 Mil.
Total Assets was €43.01 Mil.
Property, Plant and Equipment(Net PPE) was €32.68 Mil.
Depreciation, Depletion and Amortization(DDA) was €12.11 Mil.
Selling, General, & Admin. Expense(SGA) was €3.00 Mil.
Total Current Liabilities was €34.46 Mil.
Long-Term Debt & Capital Lease Obligation was €0.16 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)
=(4.175 / 44.613) / (6.39 / 46.509)
=0.093583 / 0.137393
=0.6811

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)
=(-23.796 / 46.509) / (-28.969 / 44.613)
=-0.511643 / -0.64934
=0.7879

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 - (6.918 + 2.538) / 11.58) / (1 - (8.727 + 32.677) / 43.007)
=0.18342 / 0.037273
=4.921

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
=44.613 / 46.509
=0.9592

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))
=(12.113 / (12.113 + 32.677)) / (16.939 / (16.939 + 2.538))
=0.27044 / 0.869692
=0.311

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)
=(2.781 / 44.613) / (2.998 / 46.509)
=0.062336 / 0.064461
=0.967

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)
=((25.307 + 6.767) / 11.58) / ((0.158 + 34.459) / 43.007)
=2.769775 / 0.804915
=3.4411

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
=(-42.287 - -5.835 - 5.132) / 11.58
=-3.591019

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.

First Nickel has a M-score of -19.01 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 -19.23 mean?
First Nickel (FRA:MYQ) has a Beneish M-Score of -19.23 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Nickel and its competitors.
Is First Nickel's Beneish M-Score too high?
First Nickel's current Beneish M-Score is -19.23.
How does First Nickel's Beneish M-Score compare to competitors?
First Nickel's Beneish M-Score of -19.23 can be compared against companies in the Metals & Mining 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 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 First Nickel and its competitors. First Nickel's current Beneish M-Score is -19.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Nickel stock overvalued right now?
First Nickel (FRA:MYQ) has a current Beneish M-Score of -19.23. The current Beneish M-Score is -19.23. 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 First Nickel (FRA:MYQ), the current Beneish M-Score is -19.23 as of Jun. 27, 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.

First Nickel Business Description

Address 120 Front Street East, Suite 206, Toronto, ON, CAN, M5A 4L9
First Nickel Inc was incorporated as 2035666 Ontario Inc., under the laws of the Province of Ontario on November 12, 2003. The Company is a Canadian mining company focused on becoming a mid-tier base metal producer through the successful mining, exploration, development and acquisition of opportunities throughout North America.