First Class Metals (FRA:WN9) Beneish M-Score: 0.00 (As of Jul. 04, 2026)


What is First Class Metals Beneish M-Score?

First Class Metals FRA:WN9 Beneish M-Score is 0.00 as of Jul. 04, 2026. The stock has 3 warning signs investors should review. Among 683 Metals & Mining companies, First Class Metals ranks worse than 146412.74% 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 First Class Metals's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of First Class Metals was 0.00. The lowest was 0.00. And the median was 0.00.

First Class Metals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for First Class Metals'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 Class Metals Beneish M-Score Chart

First Class Metals Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

First Class Metals Semi-Annual Data
Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

First Class Metals Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, First Class Metals'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 Class Metals Beneish M-Score vs Metals & Mining Industry

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

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


First Class Metals 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 Class Metals 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 €0.02 Mil.
Revenue was €0.00 Mil.
Gross Profit was €0.00 Mil.
Total Current Assets was €0.16 Mil.
Total Assets was €4.78 Mil.
Property, Plant and Equipment(Net PPE) was €4.62 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.01 Mil.
Selling, General, & Admin. Expense(SGA) was €1.40 Mil.
Total Current Liabilities was €0.97 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €-1.46 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-1.31 Mil.
 Total Receivables was €0.09 Mil.
Revenue was €0.00 Mil.
Gross Profit was €0.00 Mil.
Total Current Assets was €0.38 Mil.
Total Assets was €4.80 Mil.
Property, Plant and Equipment(Net PPE) was €4.42 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €1.65 Mil.
Total Current Liabilities was €1.52 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)
=(0.023 / 0) / (0.094 / 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 / 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 - (0.158 + 4.623) / 4.781) / (1 - (0.375 + 4.419) / 4.796)
=-0 / 0.000417
=

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))
=(0.001 / (0.001 + 4.419)) / (0.007 / (0.007 + 4.623))
=0.000226 / 0.001512
=

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)
=(1.395 / 0) / (1.648 / 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 + 0.966) / 4.781) / ((0 + 1.52) / 4.796)
=0.20205 / 0.316931
=

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
=(-1.456 - 0 - -1.309) / 4.781
=-0.030747

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?
First Class Metals (FRA:WN9) has a Beneish M-Score of 0.00 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Class Metals and its competitors. According to the industry distribution chart, First Class Metals ranks #999999 out of 683 companies in the Metals & Mining industry.
Is First Class Metals' Beneish M-Score too high?
First Class Metals' current Beneish M-Score is 0.00. Based on the distribution chart, First Class Metals ranks #999999 out of 683 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers.
How does First Class Metals' Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, First Class Metals ranks #999999 out of 683 companies for Beneish M-Score. This places First Class Metals 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 First Class Metals and its competitors. First Class Metals'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 First Class Metals stock overvalued right now?
First Class Metals (FRA:WN9) 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 First Class Metals (FRA:WN9), the current Beneish M-Score is 0.00 as of Jul. 04, 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 Class Metals Business Description

Other Exchanges FCM:UK
Address Salesbury Hall Road, Suite 24, Manor Court, Manor Court Offices, Ribchester, Lancashire, Preston, GBR, PR3 3XR
First Class Metals PLC is engaged in the acquisition and the exploration and development of its property assets. Its projects include North Hemlo (Au, Ni, Mo, Cu), Sunbeam (Au), Esa (Au), Kerrs Gold, Zigzag (Li, Ta, Rb), and Rare Earth Element Projects. The company is organized into one corporate function in the UK and the operating segment, being mining and exploration operations.