Nordic Mining ASA (OSL:NOM) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is Nordic Mining ASA Beneish M-Score?

Nordic Mining ASA OSL:NOM -1.65% 18 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates OSL:NOM with a GF Score™ of 18/100. The stock has 7 warning signs investors should review. Among 685 Metals & Mining companies, Nordic Mining ASA ranks worse than 145985.26% 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.

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

During the past 13 years, the highest Beneish M-Score of Nordic Mining ASA was 0.00. The lowest was 0.00. And the median was 0.00.

Nordic Mining ASA Beneish M-Score Related Terms

Nordic Mining ASA Beneish M-Score Historical Data

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The historical data trend for Nordic Mining ASA'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.

Nordic Mining ASA Beneish M-Score Chart

Nordic Mining ASA Annual Data

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Dec25

Beneish M-Score

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Nordic Mining ASA 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															0.00	0.00	0.00	0.00	0.00

Nordic Mining ASA Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Nordic Mining ASA'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.

Nordic Mining ASA Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Nordic Mining ASA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nordic Mining ASA's Beneish M-Score falls into.

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Nordic Mining ASA OSL:NOM

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Nordic Mining ASA 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 Nordic Mining ASA 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was kr3.58 Mil.
Revenue was kr4.77 Mil.
Gross Profit was kr-420.96 Mil.
Total Current Assets was kr442.93 Mil.
Total Assets was kr3,305.52 Mil.
Property, Plant and Equipment(Net PPE) was kr2,840.98 Mil.
Depreciation, Depletion and Amortization(DDA) was kr107.76 Mil.
Selling, General, & Admin. Expense(SGA) was kr37.37 Mil.
Total Current Liabilities was kr188.13 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,495.95 Mil.
Net Income was kr-437.85 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-317.25 Mil.

Total Receivables was kr0.96 Mil.
Revenue was kr0.00 Mil.
Gross Profit was kr-2.73 Mil.
Total Current Assets was kr505.13 Mil.
Total Assets was kr3,257.50 Mil.
Property, Plant and Equipment(Net PPE) was kr2,752.25 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2.73 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.68 Mil.
Total Current Liabilities was kr201.15 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,043.80 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)
	=	(3.58 / 4.774)	/	(0.959 / 0)
	=	0.749895	/
	=

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)
	=	(-2.726 / 0)	/	(-420.963 / 4.774)
	=		/	-88.178257
	=

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 - (442.93 + 2840.976) / 3305.52)	/	(1 - (505.134 + 2752.251) / 3257.497)
	=	0.006539	/	3.4E-5
	=

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
	=	4.774	/	0
	=

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))
	=	(2.726 / (2.726 + 2752.251))	/	(107.758 / (107.758 + 2840.976))
	=	0.000989	/	0.036544
	=

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)
	=	(37.374 / 4.774)	/	(10.684 / 0)
	=	7.828655	/
	=

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)
	=	((1495.947 + 188.129) / 3305.52)	/	((1043.803 + 201.151) / 3257.497)
	=	0.509474	/	0.382181
	=

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
	=	(-437.854 - 0	-	-317.253)	/	3305.52
	=	-0.036485

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Nordic Mining ASA (OSL:NOM) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nordic Mining ASA and its competitors. According to the industry distribution chart, Nordic Mining ASA ranks #999999 out of 685 companies in the Metals & Mining industry.

Is Nordic Mining ASA's Beneish M-Score too high?

Nordic Mining ASA's current Beneish M-Score is 0.00. Based on the distribution chart, Nordic Mining ASA ranks #999999 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Nordic Mining ASA has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.

How does Nordic Mining ASA's Beneish M-Score compare to competitors?

According to the Metals & Mining industry distribution chart, Nordic Mining ASA ranks #999999 out of 685 companies for Beneish M-Score. This places Nordic Mining ASA in the lower half of its 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 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 Nordic Mining ASA and its competitors. Nordic Mining ASA'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 Nordic Mining ASA stock overvalued right now?

Nordic Mining ASA (OSL:NOM) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Nordic Mining ASA's overall GF Score™ is 18/100 with 7 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 Nordic Mining ASA (OSL:NOM), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

Nordic Mining ASA Business Description

Industry Basic Materials Metals & Mining

Comparable Companies OSL:GEM ASX:BHP ASX:RIO LSE:RIO MEX:GMEXICOB LSE:GLEN BSP:VALE3 SAU:1211 LSE:AAL HKSE:03993 ASX:FMG TSX:TECK.B BOM:500188 SHSE:600111 MEX:PE&OLES SZSE:000657 CAS:MNG OSTO:BOL XKRX:010130 ASX:S32

Other Exchanges NOMO:Sweden 0GYZ:UK 7NM0:Germany

Address Vika Atrium, Munkedamsveien 45, Entrance A - 5th Floor, Oslo, NOR, N-0250

Website https://www.nordicmining.com

Nordic Mining ASA is a resource company with its subsidiaries, which is engaged in the integrated operations of exploration, extraction, and production of high-end minerals and metals. The company's reportable segment is the Rutile and Garnet segment. The company's operations include the Engebo rutile and garnet project.

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