MTN Nigeria Communications (NSA:MTNN) Beneish M-Score: -3.46 (As of Jun. 25, 2026)

What is MTN Nigeria Communications Beneish M-Score?

MTN Nigeria Communications NSA:MTNN 85 Beneish M-Score is -3.46 as of Jun. 25, 2026. GuruFocus rates NSA:MTNN with a GF Score™ of 85/100 and a GF Value™ of ₦611.89 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 355 Telecommunication Services companies, MTN Nigeria Communications ranks better than 89.3% 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 -3.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:MTNN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.3 Med: -3.2 Max: -2.17
Current: -3.46

During the past 8 years, the highest Beneish M-Score of MTN Nigeria Communications was -2.17. The lowest was -4.30. And the median was -3.20.

MTN Nigeria Communications Beneish M-Score Related Terms

MTN Nigeria Communications Beneish M-Score Historical Data

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The historical data trend for MTN Nigeria Communications'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.

MTN Nigeria Communications Beneish M-Score Chart

MTN Nigeria Communications Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.17

-2.58

-3.88

-3.38

-3.50

MTN Nigeria Communications Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.25	-3.37	-3.20	-3.50	-3.46

NSA:MTNN vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, MTN Nigeria Communications'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.

MTN Nigeria Communications Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, MTN Nigeria Communications's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MTN Nigeria Communications's Beneish M-Score falls into.

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85GF Score

MTN Nigeria Communications PLC NSA:MTNN

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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MTN Nigeria Communications 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 MTN Nigeria Communications 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 * 0.6416

0.528 * 0.7938

0.404 * 0.6562

0.892 * 1.5404

0.115 * 1.0412

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0082

4.679 * -0.205212

0.327 * 0.7771

-3.46

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₦280,990 Mil.
Revenue was 1498321 + 1471951 + 1353250 + 1321131 = ₦5,644,653 Mil.
Gross Profit was 1087370 + 1037753 + 910897 + 887033 = ₦3,923,053 Mil.
Total Current Assets was ₦1,355,219 Mil.
Total Assets was ₦5,849,193 Mil.
Property, Plant and Equipment(Net PPE) was ₦3,853,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦710,218 Mil.
Selling, General, & Admin. Expense(SGA) was ₦165,634 Mil.
Total Current Liabilities was ₦2,434,027 Mil.
Long-Term Debt & Capital Lease Obligation was ₦2,407,123 Mil.
Net Income was 355501 + 362661 + 335329 + 281173 = ₦1,334,664 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 764101 + 653205 + 603035 + 514646 = ₦2,534,987 Mil.

Total Receivables was ₦284,309 Mil.
Revenue was 1056572 + 993870 + 831090 + 782913 = ₦3,664,445 Mil.
Gross Profit was 630761 + 577706 + 437054 + 376204 = ₦2,021,725 Mil.
Total Current Assets was ₦817,561 Mil.
Total Assets was ₦4,471,929 Mil.
Property, Plant and Equipment(Net PPE) was ₦2,907,824 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦562,303 Mil.
Selling, General, & Admin. Expense(SGA) was ₦106,655 Mil.
Total Current Liabilities was ₦2,018,874 Mil.
Long-Term Debt & Capital Lease Obligation was ₦2,744,205 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)
	=	(280990 / 5644653)	/	(284309 / 3664445)
	=	0.04978	/	0.077586
	=	0.6416

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)
	=	(2021725 / 3664445)	/	(3923053 / 5644653)
	=	0.551714	/	0.695003
	=	0.7938

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 - (1355219 + 3853263) / 5849193)	/	(1 - (817561 + 2907824) / 4471929)
	=	0.109538	/	0.16694
	=	0.6562

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
	=	5644653	/	3664445
	=	1.5404

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))
	=	(562303 / (562303 + 2907824))	/	(710218 / (710218 + 3853263))
	=	0.162041	/	0.155631
	=	1.0412

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)
	=	(165634 / 5644653)	/	(106655 / 3664445)
	=	0.029344	/	0.029105
	=	1.0082

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)
	=	((2407123 + 2434027) / 5849193)	/	((2744205 + 2018874) / 4471929)
	=	0.827661	/	1.065106
	=	0.7771

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
	=	(1334664 - 0	-	2534987)	/	5849193
	=	-0.205212

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.

MTN Nigeria Communications has a M-score of -3.46 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 -3.46 mean?

MTN Nigeria Communications (NSA:MTNN) has a Beneish M-Score of -3.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MTN Nigeria Communications and its competitors. According to the industry distribution chart, MTN Nigeria Communications ranks #38 out of 355 companies in the Telecommunication Services industry, placing it in the top 10.7%.

Is MTN Nigeria Communications' Beneish M-Score too high?

MTN Nigeria Communications' current Beneish M-Score is -3.46. Based on the distribution chart, MTN Nigeria Communications ranks #38 out of 355 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, MTN Nigeria Communications has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does MTN Nigeria Communications' Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, MTN Nigeria Communications ranks #38 out of 355 companies for Beneish M-Score. This places MTN Nigeria Communications in the top 11% 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 Telecommunication Services company?

A good Beneish M-Score depends on the Telecommunication Services 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 MTN Nigeria Communications and its competitors. MTN Nigeria Communications's current Beneish M-Score is -3.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is MTN Nigeria Communications stock overvalued right now?

Based on GuruFocus' analysis, MTN Nigeria Communications (NSA:MTNN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦611.89, compared to a current price of ₦830.00 — trading 35.6% above its estimated fair value. The current Beneish M-Score is -3.46. MTN Nigeria Communications' overall GF Score™ is 85/100 with 3 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 MTN Nigeria Communications (NSA:MTNN), the current Beneish M-Score is -3.46 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 MTN Nigeria Communications (NSA:MTNN) Overvalued in 2026?

Based on GuruFocus' analysis, MTN Nigeria Communications stock appears to be overvalued. The current stock price of ₦830.00 is trading 35.6% above its estimated GF Value™ of ₦611.89. GuruFocus considers MTN Nigeria Communications to be Significantly Overvalued.

Key valuation signals for NSA:MTNN:

Beneish M-Score: -3.46
GF Value™: ₦611.89 vs. price of ₦830.00 (35.6% above fair value)
GF Score™: 85/100 with 3 warning signs

No single metric tells the full story. See the NSA:MTNN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MTN Nigeria Communications Business Description

Industry Communication Services Telecommunication Services

Comparable Companies NSA:LEGENDINT TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA XZIM:ECO.ZW HKSE:00728 MEX:AMXB TSE:9432 TSE:9433 TSE:9434 SAU:7010 SGX:Z74 XPAR:ORA XSWX:SCMN ADX:EAND

Address 4 Aromire Road, Off Alfred Rewane, Ikoyi, Lagos, NGA

Website https://www.mtn.ng

MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU), which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value, and Mass segments, Enterprise Business Unit (EBU), which consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU), which serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment.

85GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦830.00

Price

₦611.89

GF Value

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