Anglogold Ashanti (MEX:AUN) Beneish M-Score: -3.09 (As of Jun. 24, 2026)

What is Anglogold Ashanti Beneish M-Score?

Anglogold Ashanti MEX:AUN +7.49% 61 Beneish M-Score is -3.09 as of Jun. 24, 2026. GuruFocus rates MEX:AUN with a GF Score™ of 61/100 and a GF Value™ of MXN965.22 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 685 Metals & Mining companies, Anglogold Ashanti ranks better than 84.23% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:AUN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.56 Max: 1.26
Current: -3.09

During the past 13 years, the highest Beneish M-Score of Anglogold Ashanti was 1.26. The lowest was -3.20. And the median was -2.56.

Anglogold Ashanti Beneish M-Score Related Terms

Anglogold Ashanti Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Anglogold Ashanti'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.

Anglogold Ashanti Beneish M-Score Chart

Anglogold Ashanti Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.37

-3.20

-1.93

-2.45

-3.06

Anglogold Ashanti Quarterly Data
	Dec20	Mar21	Jun21	Dec21	Mar22	Jun22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.62	-2.53	-3.06	-3.09

MEX:AUN vs CDE, RGLD, AUGO: Beneish M-Score Comparison

For the Gold subindustry, Anglogold Ashanti'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.

Anglogold Ashanti Beneish M-Score vs Metals & Mining Industry

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

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

Save Embed

61GF Score

Anglogold Ashanti PLC MEX:AUN

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

View Full Analysis

Anglogold Ashanti 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 Anglogold Ashanti 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 * 0.4386

0.528 * 0.7491

0.404 * 1.25

0.892 * 1.5533

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.622

4.679 * -0.165346

0.327 * 0.981

-3.24

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN8,962 Mil.
Revenue was 58353.817 + 55241.488 + 44337.931 + 46037.394 = MXN203,971 Mil.
Gross Profit was 35037.536 + 29583.365 + 21866.286 + 22538.552 = MXN109,026 Mil.
Total Current Assets was MXN86,395 Mil.
Total Assets was MXN283,204 Mil.
Property, Plant and Equipment(Net PPE) was MXN159,824 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,065 Mil.
Total Current Liabilities was MXN31,918 Mil.
Long-Term Debt & Capital Lease Obligation was MXN39,203 Mil.
Net Income was 23099.889 + 15394.874 + 12272.27 + 12596.735 = MXN63,364 Mil.
Non Operating Income was 3390.148 + -666.211 + 1265.75 + 979.118 = MXN4,969 Mil.
Cash Flow from Operations was 30817.884 + 29205.245 + 26030.42 + 19168.126 = MXN105,222 Mil.

Total Receivables was MXN13,155 Mil.
Revenue was 40159.447 + 36497.475 + 29358.237 + 25300.062 = MXN131,315 Mil.
Gross Profit was 17164.43 + 16204.879 + 10652.452 + 8555.488 = MXN52,577 Mil.
Total Current Assets was MXN65,855 Mil.
Total Assets was MXN273,956 Mil.
Property, Plant and Equipment(Net PPE) was MXN179,480 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,172 Mil.
Total Current Liabilities was MXN28,089 Mil.
Long-Term Debt & Capital Lease Obligation was MXN42,042 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)
	=	(8962.252 / 203970.63)	/	(13154.623 / 131315.221)
	=	0.043939	/	0.100176
	=	0.4386

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)
	=	(52577.249 / 131315.221)	/	(109025.739 / 203970.63)
	=	0.40039	/	0.534517
	=	0.7491

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 - (86394.666 + 159823.82) / 283203.554)	/	(1 - (65854.946 + 179479.789) / 273955.756)
	=	0.130595	/	0.104473
	=	1.25

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
	=	203970.63	/	131315.221
	=	1.5533

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 + 179479.789))	/	(0 / (0 + 159823.82))
	=	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)
	=	(3064.977 / 203970.63)	/	(3172.414 / 131315.221)
	=	0.015027	/	0.024159
	=	0.622

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)
	=	((39203.09 + 31917.879) / 283203.554)	/	((42041.601 + 28089.109) / 273955.756)
	=	0.25113	/	0.255993
	=	0.981

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
	=	(63363.768 - 4968.805	-	105221.675)	/	283203.554
	=	-0.165346

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.

Anglogold Ashanti has a M-score of -3.24 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 -3.09 mean?

Anglogold Ashanti (MEX:AUN) has a Beneish M-Score of -3.09 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Anglogold Ashanti and its competitors. According to the industry distribution chart, Anglogold Ashanti ranks #108 out of 685 companies in the Metals & Mining industry, placing it in the top 15.8%.

Is Anglogold Ashanti's Beneish M-Score too high?

Anglogold Ashanti's current Beneish M-Score is -3.09. Based on the distribution chart, Anglogold Ashanti ranks #108 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Anglogold Ashanti has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Anglogold Ashanti's Beneish M-Score compare to CDE and RGLD?

According to the Metals & Mining industry distribution chart, Anglogold Ashanti ranks #108 out of 685 companies for Beneish M-Score. This places Anglogold Ashanti in the top 16% 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 Anglogold Ashanti and its competitors. Anglogold Ashanti's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Anglogold Ashanti stock overvalued right now?

Based on GuruFocus' analysis, Anglogold Ashanti (MEX:AUN) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN965.22, compared to a current price of MXN1,478.00 — trading 53.1% above its estimated fair value. The current Beneish M-Score is -3.09. Anglogold Ashanti's overall GF Score™ is 61/100 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 Anglogold Ashanti (MEX:AUN), the current Beneish M-Score is -3.09 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 Anglogold Ashanti (MEX:AUN) Overvalued in 2026?

Based on GuruFocus' analysis, Anglogold Ashanti stock appears to be overvalued. The current stock price of MXN1,478.00 is trading 53.1% above its estimated GF Value™ of MXN965.22. GuruFocus considers Anglogold Ashanti to be Significantly Overvalued.

Key valuation signals for MEX:AUN:

Beneish M-Score: -3.09
GF Value™: MXN965.22 vs. price of MXN1,478.00 (53.1% above fair value)
GF Score™: 61/100 with 2 warning signs

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

Anglogold Ashanti Business Description

Industry Basic Materials Metals & Mining

Comparable Companies CDE RGLD AUGO SA HYMC DC GROY CTGO IDR CMCL SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM TSX:FNV HKSE:02259 TSX:K JSE:GFI TSX:PAAS

Other Exchanges ANG:South Africa AU:USA 1ANGU:Italy HT3:Germany

Address 6363 S Fiddlers Green Circle, Suite 1000, Greenwood Village, Denver, CO, USA, 80111

Website https://www.anglogoldashanti.com

Anglogold Ashanti PLC is an independent gold mining company. It has a diversified asset portfolio, including production from operations in eight countries (Argentina, Australia, Brazil, Egypt, Ghana, Guinea, the DRC, and Tanzania), supported by greenfield projects in the United States and Colombia. The company's main product is gold, which once mined, is processed into dore (unrefined gold bars) on site and then dispatched to precious metals refineries. Geographically, Anglogold generates maximum revenue from its operations in Africa (comprising operations at Kibali, Iduapriem, Obuasi, Siguiri, Geita, and Sukari mines), followed by Australia (including Sunrise Dam and Tropicana), and the Americas (comprising Cerro Vanguardia, AngloGold Ashanti Mineracao, and Serra Grande operations).

61GF Score

Get the complete analysis for MEX:AUN

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

MXN1,478.00

Price

MXN965.22

GF Value

View MEX:AUN Analysis

See Beneish M-Score data for all stocks →