TORXF (Torex Gold Resources) Beneish M-Score: -1.73 (As of Jun. 29, 2026)

What is Torex Gold Resources Beneish M-Score?

Torex Gold Resources TORXF -1.50% 91 Beneish M-Score is -1.73 as of Jun. 29, 2026. GuruFocus rates TORXF with a GF Score™ of 91/100 and a GF Value™ of $33.25 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 684 Metals & Mining companies, Torex Gold Resources ranks worse than 72.08% 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.

Warning Sign:

Beneish M-Score -1.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TORXF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.62 Med: -2.74 Max: -0.16
Current: -1.73

During the past 13 years, the highest Beneish M-Score of Torex Gold Resources was -0.16. The lowest was -3.62. And the median was -2.74.

Torex Gold Resources Beneish M-Score Related Terms

Torex Gold Resources Beneish M-Score Historical Data

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The historical data trend for Torex Gold 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.

Torex Gold Resources Beneish M-Score Chart

Torex Gold Resources Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-3.20

-1.58

-3.44

-1.91

Torex Gold Resources 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															-3.62	-3.24	-2.29	-1.91	-1.73

TORXF vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Torex Gold 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.

Torex Gold Resources Beneish M-Score vs Metals & Mining Industry

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

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

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91GF Score

Torex Gold Resources Inc TORXF

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

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Torex Gold 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 Torex Gold 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 * 1.1045

0.528 * 0.8499

0.404 * 1.7257

0.892 * 1.5967

0.115 * 1.1655

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7856

4.679 * -0.046876

0.327 * 0.6187

-1.68

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $107 Mil.
Revenue was 539.3 + 465.3 + 416.4 + 253.9 = $1,675 Mil.
Gross Profit was 312.6 + 250.6 + 209.1 + 101.3 = $874 Mil.
Total Current Assets was $457 Mil.
Total Assets was $3,006 Mil.
Property, Plant and Equipment(Net PPE) was $2,331 Mil.
Depreciation, Depletion and Amortization(DDA) was $193 Mil.
Selling, General, & Admin. Expense(SGA) was $65 Mil.
Total Current Liabilities was $333 Mil.
Long-Term Debt & Capital Lease Obligation was $77 Mil.
Net Income was 207.5 + 166.8 + 114.4 + 83.2 = $572 Mil.
Non Operating Income was 9.1 + -9.7 + -0.1 + 4.8 = $4 Mil.
Cash Flow from Operations was 209.8 + 244.3 + 186.8 + 67.8 = $709 Mil.

Total Receivables was $61 Mil.
Revenue was 170 + 295 + 313.7 + 270.3 = $1,049 Mil.
Gross Profit was 75.9 + 141.5 + 143.6 + 104 = $465 Mil.
Total Current Assets was $344 Mil.
Total Assets was $2,215 Mil.
Property, Plant and Equipment(Net PPE) was $1,778 Mil.
Depreciation, Depletion and Amortization(DDA) was $174 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $239 Mil.
Long-Term Debt & Capital Lease Obligation was $250 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)
	=	(107.4 / 1674.9)	/	(60.9 / 1049)
	=	0.064123	/	0.058055
	=	1.1045

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)
	=	(465 / 1049)	/	(873.6 / 1674.9)
	=	0.443279	/	0.521583
	=	0.8499

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 - (457 + 2330.8) / 3005.8)	/	(1 - (343.7 + 1778.4) / 2215.2)
	=	0.072526	/	0.042028
	=	1.7257

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
	=	1674.9	/	1049
	=	1.5967

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))
	=	(174.2 / (174.2 + 1778.4))	/	(193.2 / (193.2 + 2330.8))
	=	0.089214	/	0.076545
	=	1.1655

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)
	=	(64.6 / 1674.9)	/	(51.5 / 1049)
	=	0.038569	/	0.049094
	=	0.7856

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)
	=	((77.1 + 333) / 3005.8)	/	((249.5 + 239) / 2215.2)
	=	0.136436	/	0.220522
	=	0.6187

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
	=	(571.9 - 4.1	-	708.7)	/	3005.8
	=	-0.046876

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.

Torex Gold Resources has a M-score of -1.68 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 -1.73 mean?

Torex Gold Resources (TORXF) has a Beneish M-Score of -1.73 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Torex Gold Resources and its competitors. According to the industry distribution chart, Torex Gold Resources ranks #493 out of 684 companies in the Metals & Mining industry, placing it in the top 72.1%.

Is Torex Gold Resources' Beneish M-Score too high?

Torex Gold Resources' current Beneish M-Score is -1.73. Based on the distribution chart, Torex Gold Resources ranks #493 out of 684 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Torex Gold Resources has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Torex Gold Resources' Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Torex Gold Resources ranks #493 out of 684 companies for Beneish M-Score. This places Torex Gold Resources 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 Torex Gold Resources and its competitors. Torex Gold Resources's current Beneish M-Score is -1.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Torex Gold Resources stock overvalued right now?

Based on GuruFocus' analysis, Torex Gold Resources (TORXF) is currently considered Modestly Overvalued. The stock's GF Value™ is $33.25, compared to a current price of $39.61 — trading 19.1% above its estimated fair value. The current Beneish M-Score is -1.73. Torex Gold Resources' overall GF Score™ is 91/100 with 2 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 Torex Gold Resources (TORXF), the current Beneish M-Score is -1.73 as of Jun. 29, 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 Torex Gold Resources (TORXF) Overvalued in 2026?

Based on GuruFocus' analysis, Torex Gold Resources stock appears to be overvalued. The current stock price of $39.61 is trading 19.1% above its estimated GF Value™ of $33.25. GuruFocus considers Torex Gold Resources to be Modestly Overvalued.

Key valuation signals for TORXF:

Beneish M-Score: -1.73
GF Value™: $33.25 vs. price of $39.61 (19.1% above fair value)
GF Score™: 91/100 with 2 warning signs

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

Torex Gold Resources Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSX:KNT TSX:OLA TSX:CG TSX:ARIS TSX:MAU TSX:AAUC TSX:SEA TSX:NG TSX:FVI TSX:WDO NEM SHSE:601899 TSX:AEM TSX:ABX TSX:WPM TSX:FNV AU HKSE:02259 JSE:GFI TSX:K

Other Exchanges TXG1N:Mexico 0VL5:UK 73GN:Germany TXG:Canada

Address 130 King Street West, Suite 740, Exchange Tower, Toronto, ON, CAN, M5X 2A2

Website https://www.torexgold.com

Torex Gold Resources Inc is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. It also owns the Los Reyes gold-silver project in Sinaloa, Mexico, and has acquired a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA. The majority of the company's revenue is generated from the sale of gold, followed by silver and copper.

91GF Score

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

$39.61

Price

$33.25

GF Value

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