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 -0.9 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Aya Gold & Silver's Beneish M-Score or its related term are showing as below:
TSX:AYA'
s Beneish M-Score Range Over the Past 10 Years
Min: -11.26 Med: -1.19 Max: 8.07
Current: -0.9
During the past 13 years, the highest Beneish M-Score of Aya Gold & Silver was 8.07. The lowest was -11.26. And the median was -1.19.
Aya Gold & Silver Beneish M-Score Related Terms
Aya Gold & Silver Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Aya Gold & Silver'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.
For the Silver subindustry, Aya Gold & Silver'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.
Aya Gold & Silver Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Aya Gold & Silver's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aya Gold & Silver's Beneish M-Score falls into.
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 Aya Gold & Silver 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 * 0.4168
+
0.528 * 0.4101
+
0.404 * 0.8904
+
0.892 * 4.1105
+
0.115 * 0.3342
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.3028
+
4.679 * -0.089674
-
0.327 * 0.7697
=
-0.90
* 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.
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.
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))
=
(9.608 / (9.608 + 463.97))
/
(32.801 / (32.801 + 507.589))
=
0.020288
/
0.060699
=
0.3342
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
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
=
(119.529 - 15.94
-
184.592)
/
903.307
=
-0.089674
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.
Aya Gold & Silver has a M-score of -0.90 signals that the company is likely to be a manipulator.
Aya Gold & Silver (TSX:AYA) has a Beneish M-Score of -0.90 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aya Gold & Silver and its competitors. According to the industry distribution chart, Aya Gold & Silver ranks #564 out of 685 companies in the Metals & Mining industry, placing it in the top 82.3%.
Is Aya Gold & Silver's Beneish M-Score too high?
Aya Gold & Silver's current Beneish M-Score is -0.90. Based on the distribution chart, Aya Gold & Silver ranks #564 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Aya Gold & Silver has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Aya Gold & Silver's Beneish M-Score compare to EXK?
According to the Metals & Mining industry distribution chart, Aya Gold & Silver ranks #564 out of 685 companies for Beneish M-Score. This places Aya Gold & Silver 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 Aya Gold & Silver and its competitors. Aya Gold & Silver's current Beneish M-Score is -0.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aya Gold & Silver stock overvalued right now?
Based on GuruFocus' analysis, Aya Gold & Silver (TSX:AYA) is currently considered Possible Value Trap. The stock's GF Value™ is C$65.83, compared to a current price of C$24.32 — trading 63.1% below its estimated fair value. The current Beneish M-Score is -0.90. Aya Gold & Silver's overall GF Score™ is 80/100 with 5 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 Aya Gold & Silver (TSX:AYA), the current Beneish M-Score is -0.90 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 Aya Gold & Silver (TSX:AYA) Overvalued in 2026?
Based on GuruFocus' analysis, Aya Gold & Silver stock appears to be undervalued.
The current stock price of C$24.32 is trading 63.1% below its estimated GF Value™ of C$65.83.
GuruFocus considers Aya Gold & Silver to be Possible Value Trap.
Key valuation signals for TSX:AYA:
Beneish M-Score: -0.90
GF Value™: C$65.83 vs. price of C$24.32 (63.1% below fair value)
No single metric tells the full story. See the TSX:AYA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aya Gold & Silver Inc is a Canadian-based precious metals mining corporation active across the full mining life-cycle, from discovery and development through to production. It operates in Morocco. The company's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located along the Anti-Atlas fault, one of North Africa's geologically rich and underexplored regions, known for hosting silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is currently at the exploration and evaluation stage. It operates in single segment of mining industry and its products are precious metals ingots and concentrate which are refined or smelted into pure silver and sold to metal brokers.
80GF Score
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