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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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Alphamin Resources's Beneish M-Score or its related term are showing as below:
TSXV:AFM'
s Beneish M-Score Range Over the Past 10 Years
Min: -7.17 Med: -2.61 Max: 25.93
Current: -2.75
During the past 13 years, the highest Beneish M-Score of Alphamin Resources was 25.93. The lowest was -7.17. And the median was -2.61.
Alphamin Resources Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Alphamin 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.
For the Other Industrial Metals & Mining subindustry, Alphamin 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.
Alphamin Resources Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Alphamin Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alphamin Resources'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 Alphamin Resources 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 * 1.3037
+
0.528 * 0.7961
+
0.404 * 1.0831
+
0.892 * 1.4586
+
0.115 * 0.9318
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7245
+
4.679 * -0.168076
-
0.327 * 1.4118
=
-2.75
* 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))
=
(78.451 / (78.451 + 492.055))
/
(80.818 / (80.818 + 466.848))
=
0.137511
/
0.147568
=
0.9318
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
=
(305.025 - -3.682
-
470.525)
/
962.769
=
-0.168076
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.
Alphamin Resources has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
Alphamin Resources (TSXV:AFM) has a Beneish M-Score of -2.75 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alphamin Resources and its competitors. According to the industry distribution chart, Alphamin Resources ranks #185 out of 678 companies in the Metals & Mining industry, placing it in the top 27.3%.
Is Alphamin Resources' Beneish M-Score too high?
Alphamin Resources' current Beneish M-Score is -2.75. Based on the distribution chart, Alphamin Resources ranks #185 out of 678 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Alphamin Resources has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Alphamin Resources' Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Alphamin Resources ranks #185 out of 678 companies for Beneish M-Score. This puts Alphamin Resources in the upper 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 Alphamin Resources and its competitors. Alphamin Resources's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alphamin Resources stock overvalued right now?
Based on GuruFocus' analysis, Alphamin Resources (TSXV:AFM) is currently considered Modestly Undervalued. The stock's GF Value™ is C$2.14, compared to a current price of C$1.56 — trading 27.1% below its estimated fair value. The current Beneish M-Score is -2.75. Alphamin Resources' overall GF Score™ is 91/100 with 4 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 Alphamin Resources (TSXV:AFM), the current Beneish M-Score is -2.75 as of Aug. 09, 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 Alphamin Resources (TSXV:AFM) Overvalued in 2026?
Based on GuruFocus' analysis, Alphamin Resources stock appears to be undervalued.
The current stock price of C$1.56 is trading 27.1% below its estimated GF Value™ of C$2.14.
GuruFocus considers Alphamin Resources to be Modestly Undervalued.
Key valuation signals for TSXV:AFM:
Beneish M-Score: -2.75
GF Value™: C$2.14 vs. price of C$1.56 (27.1% below fair value)
No single metric tells the full story. See the TSXV:AFM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alphamin Resources Corp is engaged in the business of the production and sale of tin concentrate from the Bisie Tin mine in the Democratic Republic of the Congo (DRC). The company considers its business to consist of one reportable operating segment, being the production and sale of tin from its Bisie tin mine.
91GF Score
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