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 -4.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Northern Graphite's Beneish M-Score or its related term are showing as below:
NGPHF'
s Beneish M-Score Range Over the Past 10 Years
Min: -6.36 Med: -4.04 Max: -0.77
Current: -4.6
During the past 13 years, the highest Beneish M-Score of Northern Graphite was -0.77. The lowest was -6.36. And the median was -4.04.
Northern Graphite Beneish M-Score Related Terms
Northern Graphite Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Northern Graphite'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, Northern Graphite'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.
Northern Graphite Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Northern Graphite's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northern Graphite'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 Northern Graphite 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 * 0.8052
+
0.528 * 0.8478
+
0.404 * 1.2973
+
0.892 * 0.9319
+
0.115 * 0.8172
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.3011
+
4.679 * -0.368643
-
0.327 * 1.3042
=
-4.58
* 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))
=
(3.52 / (3.52 + 41.375))
/
(4.399 / (4.399 + 41.452))
=
0.078405
/
0.095941
=
0.8172
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
=
(-18.808 - 2.058
-
-2.237)
/
50.534
=
-0.368643
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.
Northern Graphite has a M-score of -4.58 suggests that the company is unlikely to be a manipulator.
Northern Graphite (NGPHF) has a Beneish M-Score of -4.60 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Northern Graphite and its competitors. According to the industry distribution chart, Northern Graphite ranks #28 out of 685 companies in the Metals & Mining industry, placing it in the top 4.1%.
Is Northern Graphite's Beneish M-Score too high?
Northern Graphite's current Beneish M-Score is -4.60. Based on the distribution chart, Northern Graphite ranks #28 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Northern Graphite has a GF Score™ of 16/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Northern Graphite's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Northern Graphite ranks #28 out of 685 companies for Beneish M-Score. This places Northern Graphite in the top 4% 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 Northern Graphite and its competitors. Northern Graphite's current Beneish M-Score is -4.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Graphite stock overvalued right now?
Based on GuruFocus' analysis, Northern Graphite (NGPHF) is currently considered Fairly Valued. The stock's GF Value™ is $0.11, compared to a current price of $0.10 — trading 7% below its estimated fair value. The current Beneish M-Score is -4.60. Northern Graphite's overall GF Score™ is 16/100 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 Northern Graphite (NGPHF), the current Beneish M-Score is -4.60 as of Jun. 27, 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 Northern Graphite (NGPHF) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Graphite stock appears to be undervalued.
The current stock price of $0.10 is trading 7% below its estimated GF Value™ of $0.11.
GuruFocus considers Northern Graphite to be Fairly Valued.
Key valuation signals for NGPHF:
Beneish M-Score: -4.60
GF Value™: $0.11 vs. price of $0.10 (7% below fair value)
No single metric tells the full story. See the NGPHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Graphite Corp is the flake graphite-producing company in North America. It is focused on producing natural graphite and upgrading it into high-value products critical to the green economy, including anode material for lithium-ion batteries/EVs, fuel cells, and graphene, as well as industrial technologies. Its graphite assets include the producing Lac des Iles mine in Quebec, where the company is boosting output to meet growing demand from industrial customers and future demand from North American battery makers. It also owns the Bissett Creek graphite project in Ontario and the fully permitted Okanjande graphite mine in Namibia. It has three operating segments: Mining-LDI, Mining-Okanjande, Battery Materials, and corporate.
16GF Score
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