Sigma LithiumMEX:SGML N 48 Beneish M-Score is -3.49 as of Jun. 25, 2026. GuruFocus rates MEX:SGML N with a GF Score™ of 48/100. The stock has 4 warning signs investors should review. Among 685 Metals & Mining companies, Sigma Lithium ranks better than 90.8% 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 -3.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sigma Lithium's Beneish M-Score or its related term are showing as below:
MEX:SGML N'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.9 Med: -2.3 Max: -1.51
Current: -3.49
During the past 13 years, the highest Beneish M-Score of Sigma Lithium was -1.51. The lowest was -3.90. And the median was -2.30.
Sigma Lithium Beneish M-Score Related Terms
Sigma Lithium Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Sigma Lithium'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.
For the Other Industrial Metals & Mining subindustry, Sigma Lithium'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.
Sigma Lithium Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Sigma Lithium's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sigma Lithium'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 Sigma Lithium 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 * 1.0964
+
0.528 * 0.7911
+
0.404 * 0.9438
+
0.892 * 0.5939
+
0.115 * 1.1744
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0127
+
4.679 * -0.138476
-
0.327 * 1.0712
=
-3.54
* 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))
=
(216.507 / (216.507 + 3120.551))
/
(179.104 / (179.104 + 3062.782))
=
0.06488
/
0.055247
=
1.1744
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
=
(-807.456 - -23.56
-
28.534)
/
5866.939
=
-0.138476
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.
Sigma Lithium has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.
Sigma Lithium (MEX:SGML N) has a Beneish M-Score of -3.49 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sigma Lithium and its competitors. According to the industry distribution chart, Sigma Lithium ranks #63 out of 685 companies in the Metals & Mining industry, placing it in the top 9.2%.
Is Sigma Lithium's Beneish M-Score too high?
Sigma Lithium's current Beneish M-Score is -3.49. Based on the distribution chart, Sigma Lithium ranks #63 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Sigma Lithium has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.
How does Sigma Lithium's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Sigma Lithium ranks #63 out of 685 companies for Beneish M-Score. This places Sigma Lithium in the top 9% 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 Sigma Lithium and its competitors. Sigma Lithium's current Beneish M-Score is -3.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sigma Lithium stock overvalued right now?
Sigma Lithium (MEX:SGML N) has a current Beneish M-Score of -3.49. The current Beneish M-Score is -3.49. Sigma Lithium's overall GF Score™ is 48/100 with 4 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 Sigma Lithium (MEX:SGML N), the current Beneish M-Score is -3.49 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.
Sigma Lithium Corp together with its direct and indirect subsidiaries, is a commercial producer of lithium concentrate. It holds full interest in four mineral properties: Grota do Cirilo, Sao Jose, Santa Clara, and Genipapo, located in the municipalities of Aracuai and Itinga, in the Vale do Jequitinhonha region in the State of Minas Gerais, Brazil. Geographically, the company operates in Switzerland; United Arab Emirates; Singapore; and Republic of Korea, of which it derives maximum revenue from Switzerland.
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