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Nexa ResourcesNEXA +2.32%60 Beneish M-Score is -2.81 as of Sep. 09, 2026. GuruFocus rates NEXA with a GF Score™ of 60/100 and a GF Value™ of $9.19 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 685 Metals & Mining companies, Nexa Resources ranks better than 76.64% 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nexa Resources's Beneish M-Score or its related term are showing as below:
NEXA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.59 Max: -2.17
Current: -2.81
During the past 12 years, the highest Beneish M-Score of Nexa Resources was -2.17. The lowest was -3.12. And the median was -2.59.
The historical data trend for Nexa 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.
NEXA vs EMAT, TMC, IMC: Beneish M-Score Comparison
For the Other Industrial Metals & Mining subindustry, Nexa 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.
Nexa Resources Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Nexa Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nexa Resources'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 Nexa Resources 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 * 0.8471
+
0.528 * 0.6688
+
0.404 * 1.0466
+
0.892 * 1.243
+
0.115 * 1.1297
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0043
+
4.679 * -0.059279
-
0.327 * 0.9636
=
-2.81
* 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))
=
(321.294 / (321.294 + 2908.233))
/
(310.306 / (310.306 + 3213.226))
=
0.099486
/
0.088067
=
1.1297
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
=
(277.605 - 92.653
-
503.952)
/
5381.321
=
-0.059279
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.
Nexa Resources has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Nexa Resources (NEXA) has a Beneish M-Score of -2.81 as of Sep. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nexa Resources and its competitors. According to the industry distribution chart, Nexa Resources ranks #160 out of 685 companies in the Metals & Mining industry, placing it in the top 23.4%.
Is Nexa Resources' Beneish M-Score too high?
Nexa Resources' current Beneish M-Score is -2.81. Based on the distribution chart, Nexa Resources ranks #160 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Nexa Resources has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nexa Resources' Beneish M-Score compare to EMAT and TMC?
According to the Metals & Mining industry distribution chart, Nexa Resources ranks #160 out of 685 companies for Beneish M-Score. This places Nexa Resources in the top 23% 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 Nexa Resources and its competitors. Nexa Resources's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nexa Resources stock overvalued right now?
Based on GuruFocus' analysis, Nexa Resources (NEXA) is currently considered Significantly Overvalued. The stock's GF Value™ is $9.19, compared to a current price of $14.12 — trading 53.6% above its estimated fair value. The current Beneish M-Score is -2.81. Nexa Resources' overall GF Score™ is 60/100 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 Nexa Resources (NEXA), the current Beneish M-Score is -2.81 as of Sep. 09, 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 Nexa Resources (NEXA) Overvalued in 2026?
Based on GuruFocus' analysis, Nexa Resources stock appears to be overvalued.
The current stock price of $14.12 is trading 53.6% above its estimated GF Value™ of $9.19.
GuruFocus considers Nexa Resources to be Significantly Overvalued.
Key valuation signals for NEXA:
Beneish M-Score: -2.81
GF Value™: $9.19 vs. price of $14.12 (53.6% above fair value)
No single metric tells the full story. See the NEXA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nexa Resources SA operate large-scale, mechanized underground and open pit mines, as well as smelters. The company operates through two segments namely Mining and Smelting. Its Mining segment consists of various operating units includes mineral exploration activities and the production of zinc concentrates, copper concentrates and concentrates. The Smelting segment comprises operating units which include facilities recovering and refining zinc metal out of feed materials such as zinc concentrates or secondary feed materials. It generates maximum revenue from the Smelting segment. Geographically It has a presence in Brazil, Peru, the United States of America, Switzerland, Japan, Argentina, South Korea, Colombia, Vietnam, Malaysia and other countries.
60GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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