VITFF (Victoria Gold) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


VITFF Victoria Gold Corp VITFF
12 GF Score
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What is Victoria Gold Beneish M-Score?

Victoria Gold VITFF +33.33% 12 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates VITFF with a GF Score™ of 12/100.

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 Victoria Gold's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Victoria Gold was 0.00. The lowest was 0.00. And the median was 0.00.

Victoria Gold Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Victoria Gold'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.

Victoria Gold Beneish M-Score Chart

Victoria Gold Annual Data
Trend Feb14 Feb15 Feb16 Feb17 Feb18 Feb19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.32 7.96 -2.74

Victoria Gold Quarterly Data
May19 Aug19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 -2.66 -2.64 -1.21 -2.74 -0.75

VITFF vs NEM: Beneish M-Score Comparison

For the Gold subindustry, Victoria Gold'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.

Victoria Gold Beneish M-Score vs Metals & Mining Industry

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

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


VITFF
12GF Score
Victoria Gold Corp VITFF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Victoria Gold 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 Victoria Gold 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 * 1.3618+0.528 * 1.3604+0.404 * 4.8556+0.892 * 1.1197+0.115 * 1.0301
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9397+4.679 * -0.107643-0.327 * 0.8707
=-0.74

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was $5.8 Mil.
Revenue was 61.305 + 71.872 + 77.693 + 89.42 = $300.3 Mil.
Gross Profit was 6.632 + 10.987 + 14.706 + 18.541 = $50.9 Mil.
Total Current Assets was $204.9 Mil.
Total Assets was $764.7 Mil.
Property, Plant and Equipment(Net PPE) was $549.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.1 Mil.
Selling, General, & Admin. Expense(SGA) was $7.1 Mil.
Total Current Liabilities was $95.4 Mil.
Long-Term Debt & Capital Lease Obligation was $143.5 Mil.
Net Income was -6.628 + 1.91 + 4.162 + 12.014 = $11.5 Mil.
Non Operating Income was -9.31 + -1.555 + -1.624 + 7.973 = $-4.5 Mil.
Cash Flow from Operations was 22.177 + 23.908 + 32.274 + 19.934 = $98.3 Mil.
 Total Receivables was $3.8 Mil.
Revenue was 70.561 + 67.95 + 75.491 + 54.187 = $268.2 Mil.
Gross Profit was 15.336 + 16.837 + 11.768 + 17.858 = $61.8 Mil.
Total Current Assets was $196.0 Mil.
Total Assets was $729.9 Mil.
Property, Plant and Equipment(Net PPE) was $531.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.1 Mil.
Selling, General, & Admin. Expense(SGA) was $6.8 Mil.
Total Current Liabilities was $107.3 Mil.
Long-Term Debt & Capital Lease Obligation was $154.6 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)
=(5.796 / 300.29) / (3.801 / 268.189)
=0.019301 / 0.014173
=1.3618

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)
=(61.799 / 268.189) / (50.866 / 300.29)
=0.230431 / 0.16939
=1.3604

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 - (204.86 + 549.286) / 764.744) / (1 - (195.991 + 531.873) / 729.947)
=0.013858 / 0.002854
=4.8556

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
=300.29 / 268.189
=1.1197

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))
=(54.146 / (54.146 + 531.873)) / (54.123 / (54.123 + 549.286))
=0.092396 / 0.089695
=1.0301

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)
=(7.117 / 300.29) / (6.764 / 268.189)
=0.0237 / 0.025221
=0.9397

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)
=((143.483 + 95.444) / 764.744) / ((154.648 + 107.267) / 729.947)
=0.312427 / 0.358814
=0.8707

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
=(11.458 - -4.516 - 98.293) / 764.744
=-0.107643

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.

Victoria Gold has a M-score of -0.74 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?
Victoria Gold (VITFF) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Victoria Gold and its competitors.
Is Victoria Gold's Beneish M-Score too high?
Victoria Gold's current Beneish M-Score is 0.00. Overall, Victoria Gold has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Victoria Gold's Beneish M-Score compare to NEM?
Victoria Gold's Beneish M-Score of 0.00 can be compared against companies in the Metals & Mining 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 Victoria Gold and its competitors. Victoria Gold'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 Victoria Gold stock overvalued right now?
Victoria Gold (VITFF) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Victoria Gold's overall GF Score™ is 12/100. 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 Victoria Gold (VITFF), the current Beneish M-Score is 0.00 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.

Victoria Gold Business Description

Address 80 Richmond Street West, Suite 204, Toronto, ON, CAN, M5H 2A4
Victoria Gold Corp is engaged in the acquisition, evaluation, and exploration of mineral properties. Its mining project includes The Eagle Gold Mine Project in Yukon Canada. Eagle is an open pit, heap leach operation located approximately 375 kilometers north of the capital city of Whitehorse.
12GF Score

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

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