TOLUF (Tolu Minerals) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


TOLUF Tolu Minerals Ltd TOLUF
18 GF Score
Price $0.95
! 3 Warning Signs
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What is Tolu Minerals Beneish M-Score?

Tolu Minerals TOLUF 18 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates TOLUF with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 685 Metals & Mining companies, Tolu Minerals 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 Tolu Minerals's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Tolu Minerals was 0.00. The lowest was 0.00. And the median was 0.00.

Tolu Minerals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tolu Minerals'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.

Tolu Minerals Beneish M-Score Chart

Tolu Minerals Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

Tolu Minerals Semi-Annual Data
Dec20 Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

TOLUF vs HL: Beneish M-Score Comparison

For the Other Precious Metals & Mining subindustry, Tolu Minerals'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.

Tolu Minerals Beneish M-Score vs Metals & Mining Industry

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

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


TOLUF
18GF Score
Tolu Minerals Ltd TOLUF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tolu Minerals 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 Tolu Minerals 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 $2.85 Mil.
Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Total Current Assets was $37.14 Mil.
Total Assets was $85.03 Mil.
Property, Plant and Equipment(Net PPE) was $47.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.32 Mil.
Selling, General, & Admin. Expense(SGA) was $7.40 Mil.
Total Current Liabilities was $4.08 Mil.
Long-Term Debt & Capital Lease Obligation was $3.92 Mil.
Net Income was $-9.92 Mil.
Gross Profit was $-0.13 Mil.
Cash Flow from Operations was $-6.14 Mil.
 Total Receivables was $1.41 Mil.
Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Total Current Assets was $12.32 Mil.
Total Assets was $34.54 Mil.
Property, Plant and Equipment(Net PPE) was $22.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.15 Mil.
Selling, General, & Admin. Expense(SGA) was $3.00 Mil.
Total Current Liabilities was $2.67 Mil.
Long-Term Debt & Capital Lease Obligation was $3.13 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)
=(2.852 / 0) / (1.406 / 0)
= /
=

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 / 0) / (0 / 0)
= /
=

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 - (37.139 + 47.788) / 85.034) / (1 - (12.32 + 22.163) / 34.536)
=0.001258 / 0.001535
=

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 / 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))
=(0.148 / (0.148 + 22.163)) / (0.32 / (0.32 + 47.788))
=0.006633 / 0.006652
=

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)
=(7.399 / 0) / (3.003 / 0)
= /
=

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)
=((3.917 + 4.082) / 85.034) / ((3.128 + 2.665) / 34.536)
=0.094068 / 0.167738
=

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
=(-9.922 - -0.126 - -6.138) / 85.034
=-0.043018

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?
Tolu Minerals (TOLUF) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tolu Minerals and its competitors. According to the industry distribution chart, Tolu Minerals ranks #999999 out of 685 companies in the Metals & Mining industry.
Is Tolu Minerals' Beneish M-Score too high?
Tolu Minerals' current Beneish M-Score is 0.00. Based on the distribution chart, Tolu Minerals ranks #999999 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Tolu Minerals has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Tolu Minerals' Beneish M-Score compare to HL?
According to the Metals & Mining industry distribution chart, Tolu Minerals ranks #999999 out of 685 companies for Beneish M-Score. This places Tolu Minerals 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 Tolu Minerals and its competitors. Tolu Minerals'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 Tolu Minerals stock overvalued right now?
Tolu Minerals (TOLUF) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Tolu Minerals' overall GF Score™ is 18/100 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 Tolu Minerals (TOLUF), the current Beneish M-Score is 0.00 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.

Tolu Minerals Business Description

Other Exchanges TOK:Australia
Address Turumu Haus Spring Garden Road, Unit 5, Ground Floor, Gordons, Moresby North East, Port Moresby, PNG, 121
Tolu Minerals Ltd is engaged in mine acquisition and evaluation activities. Its project portfolio comprises the Tolukuma Gold Mine project, Tolukuma Regional Exploration, and the Mt. Penck gold/copper exploration license, and other mineral deposits in Papua New Guinea (PNG).
18GF Score

Get the complete analysis for TOLUF

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

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