Firering Strategic Minerals (LSE:FRG) Beneish M-Score: 0.00 (As of Jul. 15, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Firering Strategic Minerals Beneish M-Score?

Firering Strategic Minerals LSE:FRG Beneish M-Score is 0.00 as of Jul. 15, 2026. The stock has 3 warning signs investors should review. Among 681 Metals & Mining companies, Firering Strategic Minerals ranks worse than 146842.73% 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 Firering Strategic Minerals's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Firering Strategic Minerals was 0.00. The lowest was 0.00. And the median was 0.00.

Firering Strategic Minerals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Firering Strategic Minerals'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.

Firering Strategic Minerals Beneish M-Score Chart

Firering Strategic Minerals Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

Firering Strategic Minerals Semi-Annual Data
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 0.00 0.00 0.00 0.00 0.00

Firering Strategic Minerals Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Firering Strategic Minerals'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.

Firering Strategic Minerals Beneish M-Score vs Metals & Mining Industry

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

* The bar in red indicates where Firering Strategic Minerals's Beneish M-Score falls into.


Firering Strategic Minerals 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 Firering Strategic Minerals 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 £0.10 Mil.
Revenue was £0.00 Mil.
Gross Profit was £-0.02 Mil.
Total Current Assets was £0.73 Mil.
Total Assets was £6.80 Mil.
Property, Plant and Equipment(Net PPE) was £0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.02 Mil.
Selling, General, & Admin. Expense(SGA) was £0.51 Mil.
Total Current Liabilities was £1.56 Mil.
Long-Term Debt & Capital Lease Obligation was £0.34 Mil.
Net Income was £-2.18 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-1.02 Mil.
 Total Receivables was £0.04 Mil.
Revenue was £0.00 Mil.
Gross Profit was £-0.02 Mil.
Total Current Assets was £0.28 Mil.
Total Assets was £5.09 Mil.
Property, Plant and Equipment(Net PPE) was £0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.02 Mil.
Selling, General, & Admin. Expense(SGA) was £0.63 Mil.
Total Current Liabilities was £0.69 Mil.
Long-Term Debt & Capital Lease Obligation was £1.13 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)
=(0.099 / 0) / (0.035 / 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)
=(-0.024 / 0) / (-0.023 / 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 - (0.725 + 0.073) / 6.797) / (1 - (0.281 + 0.074) / 5.091)
=0.882595 / 0.930269
=

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))
=(0.024 / (0.024 + 0.074)) / (0.023 / (0.023 + 0.073))
=0.244898 / 0.239583
=

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)
=(0.513 / 0) / (0.634 / 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)
=((0.338 + 1.56) / 6.797) / ((1.126 + 0.687) / 5.091)
=0.279241 / 0.356119
=

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
=(-2.175 - 0 - -1.021) / 6.797
=-0.169781

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?
Firering Strategic Minerals (LSE:FRG) has a Beneish M-Score of 0.00 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Firering Strategic Minerals and its competitors. According to the industry distribution chart, Firering Strategic Minerals ranks #999999 out of 681 companies in the Metals & Mining industry.
Is Firering Strategic Minerals' Beneish M-Score too high?
Firering Strategic Minerals' current Beneish M-Score is 0.00. Based on the distribution chart, Firering Strategic Minerals ranks #999999 out of 681 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers.
How does Firering Strategic Minerals' Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Firering Strategic Minerals ranks #999999 out of 681 companies for Beneish M-Score. This places Firering Strategic Minerals 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 Firering Strategic Minerals and its competitors. Firering Strategic Minerals'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 Firering Strategic Minerals stock overvalued right now?
Firering Strategic Minerals (LSE:FRG) 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 Firering Strategic Minerals (LSE:FRG), the current Beneish M-Score is 0.00 as of Jul. 15, 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.

Firering Strategic Minerals Business Description

Address Ioanni Stylianou 6, 2nd Floor, Office 202, Nicosia, CYP, 2003
Firering Strategic Minerals PLC focuses on developing assets for the ethical production of critical metals. The company's portfolio of assets is in Cote d'Ivoire. Lithium-Coltan Project covers an area of 135 km2 and is in Northern Cote d'Ivoire. It holds an exploration license for lithium which has been amended to include, inter alia, niobium-tantalum following the results of the exploration study and as part of the application for exploitation permits.