Aluworks (XGHA:ALW) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


What is Aluworks Beneish M-Score?

Aluworks XGHA:ALW Beneish M-Score is 0.00 as of Jun. 24, 2026.

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

During the past 8 years, the highest Beneish M-Score of Aluworks was 0.00. The lowest was 0.00. And the median was 0.00.

Aluworks Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aluworks'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.

Aluworks Beneish M-Score Chart

Aluworks Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Get a 7-Day Free Trial -3.50 -0.07 -4.17 25.09 -4.11

Aluworks Semi-Annual Data
Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score Get a 7-Day Free Trial -3.50 -0.07 -4.17 25.09 -4.11

XGHA:ALW vs AA: Beneish M-Score Comparison

For the Aluminum subindustry, Aluworks'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.

Aluworks Beneish M-Score vs Metals & Mining Industry

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

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


Aluworks 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 Aluworks 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 * 0.6962+0.528 * 0.0235+0.404 * 1.049+0.892 * 0.8959+0.115 * 1.0102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8342+4.679 * -0.134449-0.327 * 1.2263
=-4.02

* 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 (Dec20) TTM:Last Year (Dec19) TTM:
Total Receivables was GHS0.94 Mil.
Revenue was GHS68.98 Mil.
Gross Profit was GHS-5.03 Mil.
Total Current Assets was GHS15.18 Mil.
Total Assets was GHS215.40 Mil.
Property, Plant and Equipment(Net PPE) was GHS200.10 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS6.99 Mil.
Selling, General, & Admin. Expense(SGA) was GHS1.39 Mil.
Total Current Liabilities was GHS181.04 Mil.
Long-Term Debt & Capital Lease Obligation was GHS0.00 Mil.
Net Income was GHS-33.79 Mil.
Gross Profit was GHS0.00 Mil.
Cash Flow from Operations was GHS-4.83 Mil.
 Total Receivables was GHS1.50 Mil.
Revenue was GHS76.99 Mil.
Gross Profit was GHS-0.13 Mil.
Total Current Assets was GHS19.47 Mil.
Total Assets was GHS226.05 Mil.
Property, Plant and Equipment(Net PPE) was GHS206.46 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS7.28 Mil.
Selling, General, & Admin. Expense(SGA) was GHS1.86 Mil.
Total Current Liabilities was GHS154.93 Mil.
Long-Term Debt & Capital Lease Obligation was GHS0.00 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)
=(0.938 / 68.975) / (1.504 / 76.993)
=0.013599 / 0.019534
=0.6962

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)
=(-0.132 / 76.993) / (-5.03 / 68.975)
=-0.001714 / -0.072925
=0.0235

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 - (15.182 + 200.096) / 215.398) / (1 - (19.473 + 206.458) / 226.051)
=0.000557 / 0.000531
=1.049

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
=68.975 / 76.993
=0.8959

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))
=(7.283 / (7.283 + 206.458)) / (6.985 / (6.985 + 200.096))
=0.034074 / 0.033731
=1.0102

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)
=(1.387 / 68.975) / (1.856 / 76.993)
=0.020109 / 0.024106
=0.8342

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)
=((0 + 181.036) / 215.398) / ((0 + 154.933) / 226.051)
=0.840472 / 0.68539
=1.2263

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
=(-33.794 - 0 - -4.834) / 215.398
=-0.134449

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.

Aluworks has a M-score of -4.02 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 0.00 mean?
Aluworks (XGHA:ALW) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aluworks and its competitors.
Is Aluworks' Beneish M-Score too high?
Aluworks' current Beneish M-Score is 0.00.
How does Aluworks' Beneish M-Score compare to AA?
Aluworks' 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 Aluworks and its competitors. Aluworks'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 Aluworks stock overvalued right now?
Aluworks (XGHA:ALW) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Aluworks (XGHA:ALW), the current Beneish M-Score is 0.00 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.

Aluworks Business Description

Address Plot No. 63/1, Heavy Industrial Area, P. O. Box CO 914, Greater Accra, Tema, GHA
Aluworks Ltd is engaged in continuous casting and cold rolling of aluminum products. The company manufactures aluminum coils, circles, corrugated sheets, and flat sheets. It acts as a supplier of aluminum coils, discs, flat sheets and sheet-in-coil as raw materials for many small and medium-scale factories manufacturing aluminum household cooking utensils, corrugated roofing sheets, and general fabrication. The company generates the majority of its revenue from Ghana.