NWLXF (Newlox Gold Ventures) Beneish M-Score: -3.58 (As of Jul. 08, 2026)


What is Newlox Gold Ventures Beneish M-Score?

Newlox Gold Ventures NWLXF Beneish M-Score is -3.58 as of Jul. 08, 2026. The stock has 4 warning signs investors should review. Among 227 Waste Management companies, Newlox Gold Ventures ranks better than 88.55% 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 -3.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NWLXF' s Beneish M-Score Range Over the Past 10 Years
Min: -60.2   Med: -3.59   Max: 14.07
Current: -3.58

During the past 13 years, the highest Beneish M-Score of Newlox Gold Ventures was 14.07. The lowest was -60.20. And the median was -3.59.

Newlox Gold Ventures Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Newlox Gold Ventures'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.

Newlox Gold Ventures Beneish M-Score Chart

Newlox Gold Ventures Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 2.07 -2.96 -5.06 -3.06

Newlox Gold Ventures Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -3.06 -5.03 -3.74 -3.58

NWLXF vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Newlox Gold Ventures'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.

Newlox Gold Ventures Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Newlox Gold Ventures's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Newlox Gold Ventures's Beneish M-Score falls into.


Newlox Gold Ventures 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 Newlox Gold Ventures 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 * 0.5445+0.528 * 1.5165+0.404 * 0.8831+0.892 * 0.5356+0.115 * 1.7414
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7918+4.679 * -0.11529-0.327 * 0.7151
=-3.59

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0.01 Mil.
Revenue was 0.004 + 0.204 + 0.199 + 0.164 = $0.57 Mil.
Gross Profit was -0.049 + 0.098 + 0.052 + -0.024 = $0.08 Mil.
Total Current Assets was $1.44 Mil.
Total Assets was $6.09 Mil.
Property, Plant and Equipment(Net PPE) was $4.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.61 Mil.
Selling, General, & Admin. Expense(SGA) was $0.53 Mil.
Total Current Liabilities was $4.55 Mil.
Long-Term Debt & Capital Lease Obligation was $0.02 Mil.
Net Income was -0.475 + -0.217 + -0.36 + -0.865 = $-1.92 Mil.
Non Operating Income was -0.001 + -0.083 + -0.073 + -0.414 = $-0.57 Mil.
Cash Flow from Operations was -0.018 + -0.57 + -0.195 + 0.139 = $-0.64 Mil.
 Total Receivables was $0.02 Mil.
Revenue was 0.132 + 0.292 + 0.35 + 0.292 = $1.07 Mil.
Gross Profit was -0.005 + 0.103 + 0.093 + 0.027 = $0.22 Mil.
Total Current Assets was $0.20 Mil.
Total Assets was $5.35 Mil.
Property, Plant and Equipment(Net PPE) was $4.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.32 Mil.
Selling, General, & Admin. Expense(SGA) was $0.55 Mil.
Total Current Liabilities was $4.75 Mil.
Long-Term Debt & Capital Lease Obligation was $0.86 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)
=(0.007 / 0.571) / (0.024 / 1.066)
=0.012259 / 0.022514
=0.5445

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)
=(0.218 / 1.066) / (0.077 / 0.571)
=0.204503 / 0.134851
=1.5165

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 - (1.437 + 4.447) / 6.089) / (1 - (0.201 + 4.946) / 5.351)
=0.033667 / 0.038124
=0.8831

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
=0.571 / 1.066
=0.5356

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))
=(1.32 / (1.32 + 4.946)) / (0.612 / (0.612 + 4.447))
=0.210661 / 0.120973
=1.7414

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)
=(0.525 / 0.571) / (0.547 / 1.066)
=0.91944 / 0.513133
=1.7918

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)
=((0.016 + 4.552) / 6.089) / ((0.861 + 4.753) / 5.351)
=0.750205 / 1.04915
=0.7151

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
=(-1.917 - -0.571 - -0.644) / 6.089
=-0.11529

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.

Newlox Gold Ventures has a M-score of -3.59 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 -3.58 mean?
Newlox Gold Ventures (NWLXF) has a Beneish M-Score of -3.58 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Newlox Gold Ventures and its competitors. According to the industry distribution chart, Newlox Gold Ventures ranks #26 out of 227 companies in the Waste Management industry, placing it in the top 11.5%.
Is Newlox Gold Ventures' Beneish M-Score too high?
Newlox Gold Ventures' current Beneish M-Score is -3.58. Based on the distribution chart, Newlox Gold Ventures ranks #26 out of 227 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers.
How does Newlox Gold Ventures' Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Newlox Gold Ventures ranks #26 out of 227 companies for Beneish M-Score. This places Newlox Gold Ventures in the top 12% 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Newlox Gold Ventures and its competitors. Newlox Gold Ventures's current Beneish M-Score is -3.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Newlox Gold Ventures stock overvalued right now?
Based on GuruFocus' analysis, Newlox Gold Ventures (NWLXF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.02, compared to a current price of $0.03 — trading 50% above its estimated fair value. The current Beneish M-Score is -3.58. 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 Newlox Gold Ventures (NWLXF), the current Beneish M-Score is -3.58 as of Jul. 08, 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.

Newlox Gold Ventures Business Description

Other Exchanges NGO:GermanyLUX:Canada
Address 355 Burrard Street, 10th Floor, Vancouver, BC, CAN, V6C 2G8
Newlox Gold Ventures Corp is a Canada based environmental reclamation and mineral recovery company and is in the business of undertaking projects for the purpose of operating tailings remediation and fold recovery in Costa Rica.