Canadian Gold Resources (FRA:VQ6) Beneish M-Score: 0.00 (As of Jul. 31, 2026)

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What is Canadian Gold Resources Beneish M-Score?

Canadian Gold Resources FRA:VQ6 -1.96% Beneish M-Score is 0.00 as of Jul. 31, 2026. The stock has 2 warning signs investors should review. Among 677 Metals & Mining companies, Canadian Gold Resources ranks worse than 147710.34% 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.

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

During the past 3 years, the highest Beneish M-Score of Canadian Gold Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Canadian Gold Resources Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Canadian Gold 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.

Canadian Gold Resources Beneish M-Score Chart

Canadian Gold Resources Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00

Canadian Gold Resources Quarterly Data
Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

FRA:VQ6 vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Canadian Gold 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.

Canadian Gold Resources Beneish M-Score vs Metals & Mining Industry

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

* The bar in red indicates where Canadian Gold Resources's Beneish M-Score falls into.


Canadian Gold Resources 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 Canadian Gold 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €1.00 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was -0.011 + -0.001 + 0 + 0 = €-0.01 Mil.
Total Current Assets was €1.71 Mil.
Total Assets was €4.91 Mil.
Property, Plant and Equipment(Net PPE) was €3.20 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.98 Mil.
Total Current Liabilities was €1.77 Mil.
Long-Term Debt & Capital Lease Obligation was €0.03 Mil.
Net Income was 0.11 + -0.136 + -0.116 + -0.406 = €-0.55 Mil.
Non Operating Income was 0.383 + 0.036 + 0.025 + 0.017 = €0.46 Mil.
Cash Flow from Operations was -0.059 + -0.243 + -0.138 + -0.407 = €-0.85 Mil.
 Total Receivables was €0.11 Mil.
Revenue was 0 + 0 + 0 + 0 = €0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = €0.00 Mil.
Total Current Assets was €2.20 Mil.
Total Assets was €3.61 Mil.
Property, Plant and Equipment(Net PPE) was €1.41 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.39 Mil.
Total Current Liabilities was €0.85 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(0.995 / 0) / (0.109 / 0)
= /
=

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)
=(0 / 0) / (-0.012 / 0)
= /
=

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 - (1.714 + 3.197) / 4.91) / (1 - (2.198 + 1.409) / 3.608)
=-0.000204 / 0.000277
=

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
=0 / 0
=

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))
=(0 / (0 + 1.409)) / (0 / (0 + 3.197))
=0 / 0
=

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)
=(0.98 / 0) / (0.393 / 0)
= /
=

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)
=((0.027 + 1.772) / 4.91) / ((0 + 0.854) / 3.608)
=0.366395 / 0.236696
=

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
=(-0.548 - 0.461 - -0.847) / 4.91
=-0.032994

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Canadian Gold Resources (FRA:VQ6) has a Beneish M-Score of 0.00 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Canadian Gold Resources and its competitors. According to the industry distribution chart, Canadian Gold Resources ranks #999999 out of 677 companies in the Metals & Mining industry.
Is Canadian Gold Resources' Beneish M-Score too high?
Canadian Gold Resources' current Beneish M-Score is 0.00. Based on the distribution chart, Canadian Gold Resources ranks #999999 out of 677 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers.
How does Canadian Gold Resources' Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Canadian Gold Resources ranks #999999 out of 677 companies for Beneish M-Score. This places Canadian Gold Resources in the lower 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 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 Canadian Gold Resources and its competitors. Canadian Gold Resources's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canadian Gold Resources stock overvalued right now?
Canadian Gold Resources (FRA:VQ6) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Canadian Gold Resources (FRA:VQ6), the current Beneish M-Score is 0.00 as of Jul. 31, 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.

Canadian Gold Resources Business Description

Other Exchanges CAN:Canada
Address 239 Du Trecarre, Varennes, QC, CAN, J3X 1Y8
Canadian Gold Resources Ltd is a Canadian exploration company focused on developing high-grade gold projects in the Gaspe Gold Belt of Quebec. The company targets under-explored, past-producing properties with growth potential, leveraging modern exploration techniques to unlock value. Its projects include Lac Arsenault is its Flagship Project, with a Bulk Sample Projected to Yield 4,000 oz of Gold; Robidoux with high-grade Gold potential with Confirmed Bulk Samples; and VG Boulder with high-grade surface samples and visible gold occurrences.