FSHRF (Feishang Anthracite Resources) Beneish M-Score: 14.17 (As of Jun. 25, 2026)


What is Feishang Anthracite Resources Beneish M-Score?

Feishang Anthracite Resources FSHRF -4.13% Beneish M-Score is 14.17 as of Jun. 25, 2026. The stock has 3 warning signs investors should review. Among 119 Other Energy Sources companies, Feishang Anthracite Resources ranks worse than 98.32% 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.

Warning Sign:

Beneish M-Score 14.17 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FSHRF' s Beneish M-Score Range Over the Past 10 Years
Min: -5.01   Med: -2.94   Max: 113.92
Current: 14.17

During the past 13 years, the highest Beneish M-Score of Feishang Anthracite Resources was 113.92. The lowest was -5.01. And the median was -2.94.

Feishang Anthracite Resources Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Feishang Anthracite 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.

Feishang Anthracite Resources Beneish M-Score Chart

Feishang Anthracite Resources Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.34 -2.77 -5.01 113.92 14.17

Feishang Anthracite Resources 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 -5.01 0.00 113.92 0.00 14.17

Feishang Anthracite Resources Beneish M-Score Competitor Comparison

For the Thermal Coal subindustry, Feishang Anthracite 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.

Feishang Anthracite Resources Beneish M-Score vs Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, Feishang Anthracite Resources's Beneish M-Score distribution charts can be found below:

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


Feishang Anthracite 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 Feishang Anthracite 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 * 21.1183+0.528 * -0.0051+0.404 * 0.7893+0.892 * 1.1962+0.115 * 0.6166
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7379+4.679 * -0.280748-0.327 * 1.1693
=14.22

* 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 $-0.86 Mil.
Revenue was $50.66 Mil.
Gross Profit was $-10.26 Mil.
Total Current Assets was $17.07 Mil.
Total Assets was $372.32 Mil.
Property, Plant and Equipment(Net PPE) was $351.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.74 Mil.
Selling, General, & Admin. Expense(SGA) was $19.41 Mil.
Total Current Liabilities was $615.58 Mil.
Long-Term Debt & Capital Lease Obligation was $13.05 Mil.
Net Income was $-88.88 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $15.64 Mil.
 Total Receivables was $-0.03 Mil.
Revenue was $42.35 Mil.
Gross Profit was $0.04 Mil.
Total Current Assets was $18.33 Mil.
Total Assets was $393.45 Mil.
Property, Plant and Equipment(Net PPE) was $369.82 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.78 Mil.
Selling, General, & Admin. Expense(SGA) was $21.99 Mil.
Total Current Liabilities was $552.47 Mil.
Long-Term Debt & Capital Lease Obligation was $15.67 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)
=(-0.859 / 50.655) / (-0.034 / 42.346)
=-0.016958 / -0.000803
=21.1183

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)
=(0.044 / 42.346) / (-10.26 / 50.655)
=0.001039 / -0.202547
=-0.0051

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 - (17.072 + 351.283) / 372.32) / (1 - (18.327 + 369.815) / 393.45)
=0.010649 / 0.013491
=0.7893

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
=50.655 / 42.346
=1.1962

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))
=(13.784 / (13.784 + 369.815)) / (21.739 / (21.739 + 351.283))
=0.035933 / 0.058278
=0.6166

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)
=(19.412 / 50.655) / (21.992 / 42.346)
=0.38322 / 0.519341
=0.7379

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)
=((13.052 + 615.578) / 372.32) / ((15.673 + 552.471) / 393.45)
=1.688413 / 1.444006
=1.1693

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
=(-88.884 - 0 - 15.644) / 372.32
=-0.280748

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.

Feishang Anthracite Resources has a M-score of 14.22 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 14.17 mean?
Feishang Anthracite Resources (FSHRF) has a Beneish M-Score of 14.17 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Feishang Anthracite Resources and its competitors. According to the industry distribution chart, Feishang Anthracite Resources ranks #117 out of 119 companies in the Other Energy Sources industry, placing it in the top 98.3%.
Is Feishang Anthracite Resources' Beneish M-Score too high?
Feishang Anthracite Resources' current Beneish M-Score is 14.17. Based on the distribution chart, Feishang Anthracite Resources ranks #117 out of 119 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers.
How does Feishang Anthracite Resources' Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, Feishang Anthracite Resources ranks #117 out of 119 companies for Beneish M-Score. This places Feishang Anthracite 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 an Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 Feishang Anthracite Resources and its competitors. Feishang Anthracite Resources's current Beneish M-Score is 14.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Feishang Anthracite Resources stock overvalued right now?
Based on GuruFocus' analysis, Feishang Anthracite Resources (FSHRF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.01, compared to a current price of $0.05 — trading 364% above its estimated fair value. The current Beneish M-Score is 14.17. 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 Feishang Anthracite Resources (FSHRF), the current Beneish M-Score is 14.17 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.

Feishang Anthracite Resources Business Description

Other Exchanges 01738:Hong Kong
Address 2-12 Au Pui Wan Street, Room M07, 7th Floor, Valiant Industrial Building, Fo Tan, Hong Kong, HKG
Feishang Anthracite Resources Ltd is principally engaged in the trading of anthracite coal mines and the extraction and sale of anthracite coal in the People's Republic of China. The Group had only one operating segment: extraction and sale of anthracite coal and trading of anthracite coal. The company conducts its principal operation and derives revenues solely from Mainland China.