UMICF (Umicore) Beneish M-Score: -2.34 (As of Jun. 24, 2026)


UMICF Umicore SA UMICF
59 GF Score
Price $24.92
GF Value $13.01
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Umicore Beneish M-Score?

Umicore UMICF 59 Beneish M-Score is -2.34 as of Jun. 24, 2026. GuruFocus rates UMICF with a GF Score™ of 59/100 and a GF Value™ of $13.01 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 228 Waste Management companies, Umicore ranks worse than 71.49% 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.

Good Sign:

Beneish M-Score -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

UMICF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68   Med: -2.45   Max: -2.13
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Umicore was -2.13. The lowest was -3.68. And the median was -2.45.

Umicore Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Umicore'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.

Umicore Beneish M-Score Chart

Umicore Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.81 -2.29 -3.05 -3.68 -2.34

Umicore Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.05 0.00 -3.68 0.00 -2.34

UMICF vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Umicore'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.

Umicore Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Umicore's Beneish M-Score distribution charts can be found below:

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


UMICF
59GF Score
Umicore SA UMICF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Umicore 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 Umicore 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 * 1.0756+0.528 * 0.9459+0.404 * 0.9334+0.892 * 1.4586+0.115 * 1.0465
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.034479-0.327 * 0.9698
=-2.20

* 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 $1,803 Mil.
Revenue was $22,686 Mil.
Gross Profit was $2,451 Mil.
Total Current Assets was $6,766 Mil.
Total Assets was $11,077 Mil.
Property, Plant and Equipment(Net PPE) was $2,764 Mil.
Depreciation, Depletion and Amortization(DDA) was $313 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $4,984 Mil.
Long-Term Debt & Capital Lease Obligation was $2,641 Mil.
Net Income was $450 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $832 Mil.
 Total Receivables was $1,149 Mil.
Revenue was $15,554 Mil.
Gross Profit was $1,589 Mil.
Total Current Assets was $5,878 Mil.
Total Assets was $9,855 Mil.
Property, Plant and Equipment(Net PPE) was $2,503 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $4,558 Mil.
Long-Term Debt & Capital Lease Obligation was $2,438 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)
=(1803.261 / 22686.268) / (1149.381 / 15553.593)
=0.079487 / 0.073898
=1.0756

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)
=(1589.265 / 15553.593) / (2450.56 / 22686.268)
=0.10218 / 0.10802
=0.9459

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 - (6766.299 + 2764.199) / 11076.92) / (1 - (5877.896 + 2503.016) / 9854.979)
=0.139608 / 0.149576
=0.9334

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
=22686.268 / 15553.593
=1.4586

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))
=(298.624 / (298.624 + 2503.016)) / (313.477 / (313.477 + 2764.199))
=0.106589 / 0.101855
=1.0465

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)
=(0 / 22686.268) / (0 / 15553.593)
=0 / 0
=1

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)
=((2641.17 + 4983.94) / 11076.92) / ((2437.814 + 4557.576) / 9854.979)
=0.688378 / 0.709833
=0.9698

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
=(450.29 - 0 - 832.215) / 11076.92
=-0.034479

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.

Umicore has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.34 mean?
Umicore (UMICF) has a Beneish M-Score of -2.34 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Umicore and its competitors. According to the industry distribution chart, Umicore ranks #163 out of 228 companies in the Waste Management industry, placing it in the top 71.5%.
Is Umicore's Beneish M-Score too high?
Umicore's current Beneish M-Score is -2.34. Based on the distribution chart, Umicore ranks #163 out of 228 companies in the Waste Management industry, which is below the industry midpoint. Overall, Umicore has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Umicore's Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Umicore ranks #163 out of 228 companies for Beneish M-Score. This places Umicore 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Umicore and its competitors. Umicore's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Umicore stock overvalued right now?
Based on GuruFocus' analysis, Umicore (UMICF) is currently considered Significantly Overvalued. The stock's GF Value™ is $13.01, compared to a current price of $24.92 — trading 91.5% above its estimated fair value. The current Beneish M-Score is -2.34. Umicore's overall GF Score™ is 59/100 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 Umicore (UMICF), the current Beneish M-Score is -2.34 as of Jun. 24, 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 Umicore (UMICF) Overvalued in 2026?

Based on GuruFocus' analysis, Umicore stock appears to be overvalued. The current stock price of $24.92 is trading 91.5% above its estimated GF Value™ of $13.01. GuruFocus considers Umicore to be Significantly Overvalued.

Key valuation signals for UMICF:

  • Beneish M-Score: -2.34
  • GF Value™: $13.01 vs. price of $24.92 (91.5% above fair value)
  • GF Score™: 59/100 with 2 warning signs

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

Umicore Business Description

Address Rue du Marais 31 Broekstraat, Brussels, BEL, 1000
Umicore SA is an advanced materials and recycling group. It operates in the business groups: Catalysis, Battery Materials, Specialty Materials, Recycling, and Corporate and Unallocated. Key revenue is derived from its Recycling segment, which treats complex waste streams containing precious and other specialty metals. The Battery Materials segment is engaged in developing, manufacturing, and marketing cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries. The Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, and the Specialty segment develops, manufactures, and distributes metal-based materials and chemicals for applications vital to everyday lives. Geographically, it derives majority revenue from Europe.
59GF Score

Get the complete analysis for UMICF

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

$24.92
Price
$13.01
GF Value