MALRF (Mineral Resources) Beneish M-Score: -2.56 (As of Jun. 25, 2026)

What is Mineral Resources Beneish M-Score?

Mineral Resources MALRF 85 Beneish M-Score is -2.56 as of Jun. 25, 2026. GuruFocus rates MALRF with a GF Score™ of 85/100 and a GF Value™ of $50.67 (Fairly Valued). The stock has 12 warning signs investors should review. Among 685 Metals & Mining companies, Mineral Resources ranks better than 63.65% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MALRF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18 Med: -2.42 Max: -1.8
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Mineral Resources was -1.80. The lowest was -4.18. And the median was -2.42.

Mineral Resources Beneish M-Score Related Terms

Mineral Resources Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mineral 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.

Mineral Resources Beneish M-Score Chart

Mineral Resources Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-1.80

-1.90

-2.89

-2.19

-2.56

Mineral 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															0.00	-2.19	0.00	-2.56	0.00

Mineral Resources Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Mineral 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.

Mineral Resources Beneish M-Score vs Metals & Mining Industry

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

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

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85GF Score

Mineral Resources Ltd MALRF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Mineral 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 Mineral Resources for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9619

0.528 * 0.9436

0.404 * 1.3512

0.892 * 0.8337

0.115 * 0.8524

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1356

4.679 * 0.002012

0.327 * 0.9902

-2.58

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $547 Mil.
Revenue was $2,911 Mil.
Gross Profit was $2,263 Mil.
Total Current Assets was $1,267 Mil.
Total Assets was $7,765 Mil.
Property, Plant and Equipment(Net PPE) was $5,831 Mil.
Depreciation, Depletion and Amortization(DDA) was $493 Mil.
Selling, General, & Admin. Expense(SGA) was $1,428 Mil.
Total Current Liabilities was $1,197 Mil.
Long-Term Debt & Capital Lease Obligation was $3,545 Mil.
Net Income was $-589 Mil.
Gross Profit was $-295 Mil.
Cash Flow from Operations was $-309 Mil.

Total Receivables was $682 Mil.
Revenue was $3,492 Mil.
Gross Profit was $2,561 Mil.
Total Current Assets was $1,753 Mil.
Total Assets was $8,122 Mil.
Property, Plant and Equipment(Net PPE) was $5,853 Mil.
Depreciation, Depletion and Amortization(DDA) was $417 Mil.
Selling, General, & Admin. Expense(SGA) was $1,509 Mil.
Total Current Liabilities was $1,635 Mil.
Long-Term Debt & Capital Lease Obligation was $3,374 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)
	=	(546.875 / 2911.458)	/	(681.939 / 3492.032)
	=	0.187835	/	0.195284
	=	0.9619

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)
	=	(2561.089 / 3492.032)	/	(2263.021 / 2911.458)
	=	0.733409	/	0.777281
	=	0.9436

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 - (1266.927 + 5830.729) / 7764.974)	/	(1 - (1752.988 + 5852.59) / 8122.178)
	=	0.08594	/	0.063604
	=	1.3512

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
	=	2911.458	/	3492.032
	=	0.8337

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))
	=	(416.999 / (416.999 + 5852.59))	/	(493.49 / (493.49 + 5830.729))
	=	0.066511	/	0.078032
	=	0.8524

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)
	=	(1428.385 / 2911.458)	/	(1508.632 / 3492.032)
	=	0.490608	/	0.432021
	=	1.1356

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)
	=	((3544.922 + 1196.615) / 7764.974)	/	((3373.838 + 1634.794) / 8122.178)
	=	0.610631	/	0.616661
	=	0.9902

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
	=	(-588.542 - -294.922	-	-309.245)	/	7764.974
	=	0.002012

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.

Mineral Resources has a M-score of -2.58 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 -2.56 mean?

Mineral Resources (MALRF) has a Beneish M-Score of -2.56 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mineral Resources and its competitors. According to the industry distribution chart, Mineral Resources ranks #249 out of 685 companies in the Metals & Mining industry, placing it in the top 36.4%.

Is Mineral Resources' Beneish M-Score too high?

Mineral Resources' current Beneish M-Score is -2.56. Based on the distribution chart, Mineral Resources ranks #249 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Mineral Resources has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Mineral Resources' Beneish M-Score compare to competitors?

According to the Metals & Mining industry distribution chart, Mineral Resources ranks #249 out of 685 companies for Beneish M-Score. This puts Mineral Resources in the upper 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 Mineral Resources and its competitors. Mineral Resources's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Mineral Resources stock overvalued right now?

Based on GuruFocus' analysis, Mineral Resources (MALRF) is currently considered Fairly Valued. The stock's GF Value™ is $50.67, compared to a current price of $50.25 — trading 0.8% below its estimated fair value. The current Beneish M-Score is -2.56. Mineral Resources' overall GF Score™ is 85/100 with 12 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 Mineral Resources (MALRF), the current Beneish M-Score is -2.56 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.

Is Mineral Resources (MALRF) Overvalued in 2026?

Based on GuruFocus' analysis, Mineral Resources stock appears to be undervalued. The current stock price of $50.25 is trading 0.8% below its estimated GF Value™ of $50.67. GuruFocus considers Mineral Resources to be Fairly Valued.

Key valuation signals for MALRF:

Beneish M-Score: -2.56
GF Value™: $50.67 vs. price of $50.25 (0.8% below fair value)
GF Score™: 85/100 with 12 warning signs

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

Mineral Resources Business Description

Industry Basic Materials Metals & Mining

Comparable Companies ASX:LYC ASX:PLS ASX:LTR ASX:S32 ASX:IGO ASX:NIC ASX:ILU ASX:DRR ASX:ELV ASX:MAH ASX:BHP ASX:RIO LSE:RIO MEX:GMEXICOB LSE:GLEN BSP:VALE3 SAU:1211 LSE:AAL HKSE:03993 ASX:FMG

Other Exchanges MALRY:USA F5J:Germany MIN:Australia

Address 20 Walters Drive, Osborne Park, Perth, WA, AUS, 6017

Website https://www.mineralresources.com.au

Mineral Resources listed on the ASX in 2006 following the merger of three mining services businesses. The subsidiary companies were previously owned by managing director Chris Ellison, who remains a large shareholder despite selling down. Operations include iron ore and lithium mining, iron ore crushing and screening services for third parties, and engineering and construction for mining companies. Mining and contracting activity is focused in Western Australia.

85GF Score

Get the complete analysis for MALRF

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

$50.25

Price

$50.67

GF Value

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