GNT (GAMCO Natural Resources, Gold &ome Trust) Beneish M-Score: 4.23 (As of Jun. 24, 2026) — 54% Below Median


GNT GAMCO Natural Resources, Gold & Income Trust GNT
64 GF Score
Price $8.08
GF Value $25.87
Valuation Possible Value Trap
! 2 Warning Signs
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What is GAMCO Natural Resources, Gold &ome Trust Beneish M-Score?

GAMCO Natural Resources, Gold &ome Trust GNT -1.94% 64 Beneish M-Score is 4.23 as of Jun. 24, 2026, which is 54% below its 10-year median of 9.14. GuruFocus rates GNT with a GF Score™ of 64/100 and a GF Value™ of $25.87 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 955 Asset Management companies, GAMCO Natural Resources, Gold &ome Trust ranks worse than 92.46% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 4.23 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for GAMCO Natural Resources, Gold &ome Trust's Beneish M-Score or its related term are showing as below:

GNT' s Beneish M-Score Range Over the Past 10 Years
Min: 4.23   Med: 9.14   Max: 14.05
Current: 4.23

During the past 9 years, the highest Beneish M-Score of GAMCO Natural Resources, Gold &ome Trust was 14.05. The lowest was 4.23. And the median was 9.14.

GNT
64GF Score
GAMCO Natural Resources, Gold & Income Trust GNT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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GAMCO Natural Resources, Gold &ome Trust 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 GAMCO Natural Resources, Gold &ome Trust 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 * 0.0125+0.528 * 1+0.404 * 1+0.892 * 8.0918+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1601+4.679 * 0.269956-0.327 * 1.3376
=4.23

* 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 $0.21 Mil.
Revenue was $47.61 Mil.
Gross Profit was $47.61 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $173.55 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.64 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1.58 Mil.
Net Income was $46.85 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $0.00 Mil.
 Total Receivables was $2.09 Mil.
Revenue was $5.88 Mil.
Gross Profit was $5.88 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $137.37 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.49 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.94 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)
=(0.211 / 47.612) / (2.087 / 5.884)
=0.004432 / 0.354691
=0.0125

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)
=(5.884 / 5.884) / (47.612 / 47.612)
=1 / 1
=1

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 + 0) / 173.547) / (1 - (0 + 0) / 137.369)
=1 / 1
=1

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
=47.612 / 5.884
=8.0918

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 + 0)) / (0 / (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

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)
=(0.64 / 47.612) / (0.494 / 5.884)
=0.013442 / 0.083956
=0.1601

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)
=((1.58 + 0) / 173.547) / ((0.935 + 0) / 137.369)
=0.009104 / 0.006806
=1.3376

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
=(46.85 - 0 - 0) / 173.547
=0.269956

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.

GAMCO Natural Resources, Gold &ome Trust has a M-score of 4.23 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 4.23 mean?
GAMCO Natural Resources, Gold &ome Trust (GNT) has a Beneish M-Score of 4.23 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GAMCO Natural Resources, Gold &ome Trust and its competitors. This is 54% below median its historical median of 9.14. Over the past decade, GAMCO Natural Resources, Gold &ome Trust's Beneish M-Score has ranged from 4.23 to 14.05. According to the industry distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #883 out of 955 companies in the Asset Management industry, placing it in the top 92.5%.
Is GAMCO Natural Resources, Gold &ome Trust's Beneish M-Score too high?
GAMCO Natural Resources, Gold &ome Trust's current Beneish M-Score of 4.23 is 54% below median its 10-year median of 9.14. Over the past 10 years, this metric has ranged from a low of 4.23 to a high of 14.05. Based on the distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #883 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, GAMCO Natural Resources, Gold &ome Trust has a GF Score™ of 64/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does GAMCO Natural Resources, Gold &ome Trust's Beneish M-Score compare to GRX and JHS?
According to the Asset Management industry distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #883 out of 955 companies for Beneish M-Score. This places GAMCO Natural Resources, Gold &ome Trust in the lower half of its industry. Historically, GAMCO Natural Resources, Gold &ome Trust's own Beneish M-Score has ranged from 4.23 to 14.05 over the past decade. 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 GAMCO Natural Resources, Gold &ome Trust and its competitors. GAMCO Natural Resources, Gold &ome Trust's current Beneish M-Score is 4.23, which is 54% below median its own 10-year median of 9.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GAMCO Natural Resources, Gold &ome Trust stock overvalued right now?
Based on GuruFocus' analysis, GAMCO Natural Resources, Gold &ome Trust (GNT) is currently considered Possible Value Trap. The stock's GF Value™ is $25.87, compared to a current price of $8.08 — trading 68.8% below its estimated fair value. The current Beneish M-Score is 4.23, which is 54% below median its 10-year median of 9.14. GAMCO Natural Resources, Gold &ome Trust's overall GF Score™ is 64/100 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 GAMCO Natural Resources, Gold &ome Trust (GNT), the current Beneish M-Score is 4.23 as of Jun. 24, 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 GAMCO Natural Resources, Gold &ome Trust (GNT) Overvalued in 2026?

Based on GuruFocus' analysis, GAMCO Natural Resources, Gold &ome Trust stock appears to be undervalued. The current stock price of $8.08 is trading 68.8% below its estimated GF Value™ of $25.87. GuruFocus considers GAMCO Natural Resources, Gold &ome Trust to be Possible Value Trap.

Key valuation signals for GNT:

  • Beneish M-Score: 4.23 (54% below median its 10-year median of 9.14)
  • GF Value™: $25.87 vs. price of $8.08 (68.8% below fair value)
  • GF Score™: 64/100 with 2 warning signs

No single metric tells the full story. See the GNT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

GAMCO Natural Resources, Gold &ome Trust Business Description

Other Exchanges GNTpA.PFD:USA
Address One Corporate Center, Rye, NY, USA, 10580-1422
GAMCO Natural Resources, Gold & Income Trust is a non-diversified closed-end management investment company. The company's primary investment objective is to provide a high level of current income from interest, dividends, and options premiums with its secondary objective being capital appreciation. Under normal market conditions, the company invests majority of its assets in securities of companies principally engaged in the natural resources and gold industries, and also engages in writing covered call options on the underlying equity securities. Its portfolio consists of securities from different sectors such as metals and mining, energy and energy services, specialty chemicals, agriculture, healthcare, machinery, food and beverage, and others.
64GF Score

Get the complete analysis for GNT

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$8.08
Price
$25.87
GF Value