Ghana Oil Co (XGHA:GOIL) Beneish M-Score: -2.65 (As of Jun. 25, 2026)

What is Ghana Oil Co Beneish M-Score?

Ghana Oil Co XGHA:GOIL 77 Beneish M-Score is -2.65 as of Jun. 25, 2026. GuruFocus rates XGHA:GOIL with a GF Score™ of 77/100 and a GF Value™ of GHS1.51 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 822 Oil & Gas companies, Ghana Oil Co ranks worse than 51.46% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XGHA:GOIL' s Beneish M-Score Range Over the Past 10 Years
Min: -72.41 Med: -2.53 Max: -1.4
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Ghana Oil Co was -1.40. The lowest was -72.41. And the median was -2.53.

Ghana Oil Co Beneish M-Score Related Terms

Ghana Oil Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ghana Oil Co'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.

Ghana Oil Co Beneish M-Score Chart

Ghana Oil Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.60

-1.40

-2.38

-1.51

-2.65

Ghana Oil Co Semi-Annual Data
	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Beneish M-Score	Get a 7-Day Free Trial												-2.60	-1.40	-2.38	-1.51	-2.65

XGHA:GOIL vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Ghana Oil Co'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.

Ghana Oil Co Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Ghana Oil Co's Beneish M-Score distribution charts can be found below:

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

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77GF Score

Ghana Oil Co Ltd XGHA:GOIL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Ghana Oil Co 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 Ghana Oil Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1688

0.528 * 0.934

0.404 * 2.4114

0.892 * 0.8903

0.115 * 0.9088

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0254

4.679 * -0.162072

0.327 * 0.9815

-2.65

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was GHS2,415 Mil.
Revenue was GHS17,226 Mil.
Gross Profit was GHS790 Mil.
Total Current Assets was GHS3,045 Mil.
Total Assets was GHS4,882 Mil.
Property, Plant and Equipment(Net PPE) was GHS1,790 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS85 Mil.
Selling, General, & Admin. Expense(SGA) was GHS416 Mil.
Total Current Liabilities was GHS3,634 Mil.
Long-Term Debt & Capital Lease Obligation was GHS232 Mil.
Net Income was GHS91 Mil.
Gross Profit was GHS0 Mil.
Cash Flow from Operations was GHS882 Mil.

Total Receivables was GHS2,321 Mil.
Revenue was GHS19,348 Mil.
Gross Profit was GHS828 Mil.
Total Current Assets was GHS3,147 Mil.
Total Assets was GHS4,808 Mil.
Property, Plant and Equipment(Net PPE) was GHS1,642 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS70 Mil.
Selling, General, & Admin. Expense(SGA) was GHS455 Mil.
Total Current Liabilities was GHS3,614 Mil.
Long-Term Debt & Capital Lease Obligation was GHS266 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)
	=	(2415.155 / 17226.259)	/	(2320.9 / 19348.106)
	=	0.140202	/	0.119955
	=	1.1688

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)
	=	(828.293 / 19348.106)	/	(789.525 / 17226.259)
	=	0.04281	/	0.045833
	=	0.934

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 - (3044.54 + 1789.751) / 4881.934)	/	(1 - (3146.895 + 1641.855) / 4808.209)
	=	0.009759	/	0.004047
	=	2.4114

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
	=	17226.259	/	19348.106
	=	0.8903

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))
	=	(70.438 / (70.438 + 1641.855))	/	(84.853 / (84.853 + 1789.751))
	=	0.041137	/	0.045264
	=	0.9088

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)
	=	(415.588 / 17226.259)	/	(455.214 / 19348.106)
	=	0.024125	/	0.023528
	=	1.0254

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)
	=	((231.86 + 3634.449) / 4881.934)	/	((265.801 + 3613.767) / 4808.209)
	=	0.791963	/	0.806863
	=	0.9815

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
	=	(90.672 - 0	-	881.899)	/	4881.934
	=	-0.162072

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.

Ghana Oil Co has a M-score of -2.65 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 -2.65 mean?

Ghana Oil Co (XGHA:GOIL) has a Beneish M-Score of -2.65 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ghana Oil Co and its competitors. According to the industry distribution chart, Ghana Oil Co ranks #423 out of 822 companies in the Oil & Gas industry, placing it in the top 51.5%.

Is Ghana Oil Co's Beneish M-Score too high?

Ghana Oil Co's current Beneish M-Score is -2.65. Based on the distribution chart, Ghana Oil Co ranks #423 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Ghana Oil Co has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Ghana Oil Co's Beneish M-Score compare to VLO and MPC?

According to the Oil & Gas industry distribution chart, Ghana Oil Co ranks #423 out of 822 companies for Beneish M-Score. This places Ghana Oil Co 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Ghana Oil Co and its competitors. Ghana Oil Co's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ghana Oil Co stock overvalued right now?

Based on GuruFocus' analysis, Ghana Oil Co (XGHA:GOIL) is currently considered Significantly Overvalued. The stock's GF Value™ is GHS1.51, compared to a current price of GHS7.50 — trading 396.7% above its estimated fair value. The current Beneish M-Score is -2.65. Ghana Oil Co's overall GF Score™ is 77/100 with 9 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 Ghana Oil Co (XGHA:GOIL), the current Beneish M-Score is -2.65 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 Ghana Oil Co (XGHA:GOIL) Overvalued in 2026?

Based on GuruFocus' analysis, Ghana Oil Co stock appears to be overvalued. The current stock price of GHS7.50 is trading 396.7% above its estimated GF Value™ of GHS1.51. GuruFocus considers Ghana Oil Co to be Significantly Overvalued.

Key valuation signals for XGHA:GOIL:

Beneish M-Score: -2.65
GF Value™: GHS1.51 vs. price of GHS7.50 (396.7% above fair value)
GF Score™: 77/100 with 9 warning signs

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

Ghana Oil Co Business Description

Industry Energy Oil & Gas

Comparable Companies XGHA:TOTAL NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE TSE:5020 NSE:IOC TPE:6505 XKRX:096770 BOM:500547 XKRX:267250 DINO SUN TSE:5019 IST:TUPRS BUD:MOL SAU:2380 NSE:HINDPETRO

Address Junction of Kojo Thompson and Adjabeng Roads, House Number D659/4, P. O. Box GP 3183, Adabraka, Accra, GHA

Website https://www.goilagm.com

Ghana Oil Co Ltd (GOIL) is engaged in the marketing and distribution of petroleum products. Its objective is to market petroleum and related products, particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and specialty products in Ghana. The company is engaged in the business of marketing quality petroleum and other energy products and services in all its branches in a healthy, safe, environmentally friendly, and socially responsible manner.

77GF Score

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

GHS7.50

Price

GHS1.51

GF Value

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