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 Barrick Mining's Beneish M-Score or its related term are showing as below:
MEX:BN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.65 Max: -1.19
Current: -2.98
During the past 13 years, the highest Beneish M-Score of Barrick Mining was -1.19. The lowest was -3.52. And the median was -2.65.
Barrick Mining Beneish M-Score Related Terms
Barrick Mining Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Barrick Mining'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.
MEX:BN vs NEM, AU, CDE: Beneish M-Score Comparison
For the Gold subindustry, Barrick Mining'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.
Barrick Mining Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Barrick Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Barrick Mining's Beneish M-Score falls into.
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 Barrick Mining 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 * 0.654
+
0.528 * 0.7549
+
0.404 * 0.968
+
0.892 * 1.3147
+
0.115 * 0.928
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1991
+
4.679 * -0.080852
-
0.327 * 0.9937
=
-3.08
* 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.
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.
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))
=
(36688.401 / (36688.401 + 586802.551))
/
(36449.627 / (36449.627 + 538402.324))
=
0.058844
/
0.063407
=
0.928
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
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
=
(111364.728 - 23437.144
-
164592.713)
/
948213.465
=
-0.080852
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.
Barrick Mining has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
Barrick Mining (MEX:BN) has a Beneish M-Score of -2.98 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Barrick Mining and its competitors. According to the industry distribution chart, Barrick Mining ranks #134 out of 685 companies in the Metals & Mining industry, placing it in the top 19.6%.
Is Barrick Mining's Beneish M-Score too high?
Barrick Mining's current Beneish M-Score is -2.98. Based on the distribution chart, Barrick Mining ranks #134 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Barrick Mining has a GF Score™ of 87/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Barrick Mining's Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Barrick Mining ranks #134 out of 685 companies for Beneish M-Score. This places Barrick Mining in the top 20% 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 Barrick Mining and its competitors. Barrick Mining'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 Barrick Mining stock overvalued right now?
Based on GuruFocus' analysis, Barrick Mining (MEX:BN) is currently considered Modestly Overvalued. The stock's GF Value™ is MXN555.35, compared to a current price of MXN634.00 — trading 14.2% above its estimated fair value. The current Beneish M-Score is -2.98. Barrick Mining's overall GF Score™ is 87/100 with 1 warning sign 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 Barrick Mining (MEX:BN), the current Beneish M-Score is -2.98 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 Barrick Mining (MEX:BN) Overvalued in 2026?
Based on GuruFocus' analysis, Barrick Mining stock appears to be overvalued.
The current stock price of MXN634.00 is trading 14.2% above its estimated GF Value™ of MXN555.35.
GuruFocus considers Barrick Mining to be Modestly Overvalued.
Key valuation signals for MEX:BN:
Beneish M-Score: -2.98
GF Value™: MXN555.35 vs. price of MXN634.00 (14.2% above fair value)
No single metric tells the full story. See the MEX:BN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Based in Toronto, Barrick is one of the world's largest gold miners. In 2025, the firm sold about 3.3 million attributable ounces of gold and about 220,000 metric tons of copper. At end-2025, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure, driven by the expansion of its Lumwana mine in Zambia and the development of its Reko Diq copper and gold project in Pakistan. It intends to undertake an IPO of its joint venture stakes in Nevada Gold Mines and Pueblo Viejo along with its Fourmile deposit later in 2026.
87GF Score
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