NKRSF (Niko Resources) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Niko Resources Beneish M-Score?

Niko Resources NKRSF -90.00% Beneish M-Score is 0.00 as of Jun. 25, 2026.

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.

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

During the past 13 years, the highest Beneish M-Score of Niko Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Niko Resources Beneish M-Score Related Terms

Niko Resources Beneish M-Score Historical Data

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The historical data trend for Niko 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.

Niko Resources Beneish M-Score Chart

Niko Resources Annual Data

Trend

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Beneish M-Score

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-3.28

-6.42

-5.17

-4.30

-4.55

Niko Resources Quarterly Data
	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18
Beneish M-Score	Get a 7-Day Free Trial															-1.99	-4.55	4.21	-76.80	-84.60

NKRSF vs SNECQ, PTCO, ALTX: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Niko 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.

Niko Resources Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Niko Resources's Beneish M-Score distribution charts can be found below:

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

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Niko Resources 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 Niko Resources 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 * 0.0151

0.528 * 0.2275

0.404 * 0

0.892 * 0.6136

0.115 * 0.0768

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9148

4.679 * -14.444656

0.327 * 45.0314

-86.62

This Year (Dec18) TTM:

Last Year (Dec17) TTM:

Total Receivables was $0.15 Mil.
Revenue was 0 + 5.105 + 4.575 + 6.125 = $15.81 Mil.
Gross Profit was 0 + -20.545 + -19.939 + -24.587 = $-65.07 Mil.
Total Current Assets was $5.26 Mil.
Total Assets was $5.26 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $64.70 Mil.
Selling, General, & Admin. Expense(SGA) was $3.07 Mil.
Total Current Liabilities was $387.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -1.244 + -34.015 + -18.184 + -26.883 = $-80.33 Mil.
Non Operating Income was -0.342 + -12.021 + -1.162 + -0.933 = $-14.46 Mil.
Cash Flow from Operations was 1.485 + -0.744 + 15.558 + -6.217 = $10.08 Mil.

Total Receivables was $15.83 Mil.
Revenue was 6.116 + 4.926 + 5.764 + 8.951 = $25.76 Mil.
Gross Profit was -5.427 + -6.274 + -5.587 + -6.837 = $-24.13 Mil.
Total Current Assets was $31.26 Mil.
Total Assets was $397.51 Mil.
Property, Plant and Equipment(Net PPE) was $332.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.67 Mil.
Selling, General, & Admin. Expense(SGA) was $5.47 Mil.
Total Current Liabilities was $438.65 Mil.
Long-Term Debt & Capital Lease Obligation was $211.33 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)
	=	(0.147 / 15.805)	/	(15.828 / 25.757)
	=	0.009301	/	0.614513
	=	0.0151

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)
	=	(-24.125 / 25.757)	/	(-65.071 / 15.805)
	=	-0.936639	/	-4.117115
	=	0.2275

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 - (5.258 + 0) / 5.258)	/	(1 - (31.262 + 332.646) / 397.506)
	=	0	/	0.084522
	=	0

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
	=	15.805	/	25.757
	=	0.6136

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))
	=	(27.669 / (27.669 + 332.646))	/	(64.699 / (64.699 + 0))
	=	0.076791	/	1
	=	0.0768

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)
	=	(3.07 / 15.805)	/	(5.469 / 25.757)
	=	0.194242	/	0.212331
	=	0.9148

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)
	=	((0 + 387.158) / 5.258)	/	((211.328 + 438.646) / 397.506)
	=	73.63218	/	1.63513
	=	45.0314

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
	=	(-80.326 - -14.458	-	10.082)	/	5.258
	=	-14.444656

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.

Niko Resources has a M-score of -86.62 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 0.00 mean?

Niko Resources (NKRSF) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Niko Resources and its competitors.

Is Niko Resources' Beneish M-Score too high?

Niko Resources' current Beneish M-Score is 0.00.

How does Niko Resources' Beneish M-Score compare to SNECQ and PTCO?

Niko Resources' Beneish M-Score of 0.00 can be compared against companies in the Oil & Gas industry. 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Niko Resources and its competitors. Niko Resources's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Niko Resources stock overvalued right now?

Niko Resources (NKRSF) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Niko Resources (NKRSF), the current Beneish M-Score is 0.00 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.

Niko Resources Business Description

Industry Energy Oil & Gas

Comparable Companies TSXV:WCE SNECQ TSXV:HEI PTCO TSXV:AVN ALTX TSXV:CBV TSXV:KFG ASX:JPR LSE:SRO TSXV:MCM.A ASX:DOR ASX:PGY TSXV:BSH TSXV:SPK EXNT TSXV:SCD TSXV:GNF LSE:CZN TSXV:OEC

Address 205 - 5th Avenue SW, Suite 2700, Calgary, AB, CAN, T2P 3G6

Website https://www.nikoresources.com

Niko Resources Ltd is an oil and natural gas exploration and production company.