United Co RUSAL International PJSC (HKSE:00486) Beneish M-Score: -2.98 (As of Aug. 08, 2026)

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HKSE:00486 United Co RUSAL International PJSC HKSE:00486
72 GF Score
Price HK$3.06
GF Value HK$5.76
Valuation Possible Value Trap
! 5 Warning Signs
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What is United Co RUSAL International PJSC Beneish M-Score?

United Co RUSAL International PJSC HKSE:00486 -1.92% 72 Beneish M-Score is -2.98 as of Aug. 08, 2026. GuruFocus rates HKSE:00486 with a GF Score™ of 72/100 and a GF Value™ of HK$5.76 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 678 Metals & Mining companies, United Co RUSAL International PJSC ranks better than 81.56% 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.

Good Sign:

Beneish M-Score -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Co RUSAL International PJSC's Beneish M-Score or its related term are showing as below:

HKSE:00486' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98   Med: -2.19   Max: -1.06
Current: -2.98

During the past 13 years, the highest Beneish M-Score of United Co RUSAL International PJSC was -1.06. The lowest was -2.98. And the median was -2.19.

United Co RUSAL International PJSC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for United Co RUSAL International PJSC'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.

United Co RUSAL International PJSC Beneish M-Score Chart

United Co RUSAL International PJSC 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 -1.06 -2.25 -1.87 -2.52 -2.98

United Co RUSAL International PJSC 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 -1.87 0.00 -2.52 0.00 -2.98

HKSE:00486 vs AA, CENX, CSTM: Beneish M-Score Comparison

For the Aluminum subindustry, United Co RUSAL International PJSC'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.

United Co RUSAL International PJSC Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, United Co RUSAL International PJSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Co RUSAL International PJSC's Beneish M-Score falls into.


HKSE:00486
72GF Score
United Co RUSAL International PJSC HKSE:00486
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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United Co RUSAL International PJSC 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 United Co RUSAL International PJSC 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 * 0.7749+0.528 * 1.352+0.404 * 1.1051+0.892 * 1.2271+0.115 * 0.9262
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0367+4.679 * -0.085049-0.327 * 1.0847
=-2.70

* 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 HK$11,080 Mil.
Revenue was HK$115,249 Mil.
Gross Profit was HK$19,903 Mil.
Total Current Assets was HK$64,215 Mil.
Total Assets was HK$194,956 Mil.
Property, Plant and Equipment(Net PPE) was HK$54,707 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5,330 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15,258 Mil.
Total Current Liabilities was HK$72,642 Mil.
Long-Term Debt & Capital Lease Obligation was HK$24,105 Mil.
Net Income was HK$-3,540 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$13,041 Mil.
 Total Receivables was HK$11,652 Mil.
Revenue was HK$93,918 Mil.
Gross Profit was HK$21,929 Mil.
Total Current Assets was HK$64,993 Mil.
Total Assets was HK$172,577 Mil.
Property, Plant and Equipment(Net PPE) was HK$46,679 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4,182 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11,994 Mil.
Total Current Liabilities was HK$52,540 Mil.
Long-Term Debt & Capital Lease Obligation was HK$26,414 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)
=(11079.859 / 115249.21) / (11652.327 / 93918.219)
=0.096138 / 0.124069
=0.7749

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)
=(21928.761 / 93918.219) / (19903.286 / 115249.21)
=0.233488 / 0.172698
=1.352

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 - (64214.942 + 54706.805) / 194955.725) / (1 - (64993.397 + 46679.267) / 172577.253)
=0.390006 / 0.352912
=1.1051

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
=115249.21 / 93918.219
=1.2271

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))
=(4182.089 / (4182.089 + 46679.267)) / (5329.848 / (5329.848 + 54706.805))
=0.082225 / 0.088777
=0.9262

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)
=(15258.149 / 115249.21) / (11994.356 / 93918.219)
=0.132393 / 0.127711
=1.0367

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)
=((24104.918 + 72641.549) / 194955.725) / ((26414.013 + 52540.411) / 172577.253)
=0.496248 / 0.457502
=1.0847

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
=(-3540.264 - 0 - 13040.621) / 194955.725
=-0.085049

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.

United Co RUSAL International PJSC has a M-score of -2.70 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 -2.98 mean?
United Co RUSAL International PJSC (HKSE:00486) has a Beneish M-Score of -2.98 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Co RUSAL International PJSC and its competitors. According to the industry distribution chart, United Co RUSAL International PJSC ranks #125 out of 678 companies in the Metals & Mining industry, placing it in the top 18.4%.
Is United Co RUSAL International PJSC's Beneish M-Score too high?
United Co RUSAL International PJSC's current Beneish M-Score is -2.98. Based on the distribution chart, United Co RUSAL International PJSC ranks #125 out of 678 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, United Co RUSAL International PJSC has a GF Score™ of 72/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does United Co RUSAL International PJSC's Beneish M-Score compare to AA and CENX?
According to the Metals & Mining industry distribution chart, United Co RUSAL International PJSC ranks #125 out of 678 companies for Beneish M-Score. This places United Co RUSAL International PJSC in the top 18% of its industry — outperforming the majority of peers. 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 United Co RUSAL International PJSC and its competitors. United Co RUSAL International PJSC's current Beneish M-Score is -2.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Co RUSAL International PJSC stock overvalued right now?
Based on GuruFocus' analysis, United Co RUSAL International PJSC (HKSE:00486) is currently considered Possible Value Trap. The stock's GF Value™ is HK$5.76, compared to a current price of HK$3.06 — trading 46.9% below its estimated fair value. The current Beneish M-Score is -2.98. United Co RUSAL International PJSC's overall GF Score™ is 72/100 with 5 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 United Co RUSAL International PJSC (HKSE:00486), the current Beneish M-Score is -2.98 as of Aug. 08, 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 United Co RUSAL International PJSC (HKSE:00486) Overvalued in 2026?

Based on GuruFocus' analysis, United Co RUSAL International PJSC stock appears to be undervalued. The current stock price of HK$3.06 is trading 46.9% below its estimated GF Value™ of HK$5.76. GuruFocus considers United Co RUSAL International PJSC to be Possible Value Trap.

Key valuation signals for HKSE:00486:

  • Beneish M-Score: -2.98
  • GF Value™: HK$5.76 vs. price of HK$3.06 (46.9% below fair value)
  • GF Score™: 72/100 with 5 warning signs

No single metric tells the full story. See the HKSE:00486 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

United Co RUSAL International PJSC Business Description

Other Exchanges RUAL:Russia
Address Oktyabrskaya Street 8, Office 410, Kaliningrad, RUS, 236006
United Co RUSAL International PJSC produces aluminium and aluminium products. Its products are primary aluminium, aluminium alloys, high-purity aluminium, wire rod, foil and packaging, aluminium powder, bauxite and alumina, silicon, gallium, corundum, and aluminium protectors. The Aluminium segment is a key revenue driver and covers the production and sale of primary aluminium and related products. Alumina segment encompasses the mining and refining of bauxite into alumina and the sale of alumina. The Energy segment comprises mining and sale of coal and generation and transmission of electricity produced from various sources. The mining and metals segment consists of equity investments in Norilsk Nickel. It has four segments Aluminium, Alumina, Energy and Mining, and Metals.
72GF Score

Get the complete analysis for HKSE:00486

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

HK$3.06
Price
HK$5.76
GF Value