Newmont Beneish M-Score Historical Data
The historical data trend for Newmont'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.
Newmont Beneish M-Score Chart
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Newmont Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.14 |
-2.69 |
-2.94 |
-1.63 |
-1.93 |
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Newmont Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.52 |
-1.93 |
-1.77 |
0.09 |
4.18 |
Competitive Comparison of Newmont's Beneish M-Score
For the Gold subindustry, Newmont'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.
Newmont's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Newmont's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Newmont's Beneish M-Score falls into.
Newmont 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 Newmont 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 * 8.1261 | + | 0.528 * 0.7985 | + | 0.404 * 0.8769 | + | 0.892 * 1.5366 | + | 0.115 * 1.0659 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9218 | + | 4.679 * -0.039128 | - | 0.327 * 1.1859 |
| = | 4.18 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $974 Mil.
Revenue was 4605 + 4402 + 4023 + 3957 = $16,987 Mil.
Gross Profit was 1664 + 1644 + 1263 + 973 = $5,544 Mil.
Total Current Assets was $12,577 Mil.
Total Assets was $56,175 Mil.
Property, Plant and Equipment(Net PPE) was $33,697 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,568 Mil.
Selling, General, & Admin. Expense(SGA) was $398 Mil.
Total Current Liabilities was $6,408 Mil.
Long-Term Debt & Capital Lease Obligation was $8,987 Mil.
Net Income was 922 + 853 + 170 + -3158 = $-1,213 Mil.
Non Operating Income was -190 + -243 + -476 + -2574 = $-3,483 Mil.
Cash Flow from Operations was 1648 + 1428 + 776 + 616 = $4,468 Mil.
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Total Receivables was $78 Mil.
Revenue was 2493 + 2683 + 2679 + 3200 = $11,055 Mil.
Gross Profit was 642 + 654 + 736 + 849 = $2,881 Mil.
Total Current Assets was $5,955 Mil.
Total Assets was $38,084 Mil.
Property, Plant and Equipment(Net PPE) was $24,474 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,998 Mil.
Selling, General, & Admin. Expense(SGA) was $281 Mil.
Total Current Liabilities was $2,808 Mil.
Long-Term Debt & Capital Lease Obligation was $5,993 Mil.
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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) |
| = | (974 / 16987) | / | (78 / 11055) |
| = | 0.057338 | / | 0.007056 |
| | = | 8.1261 |
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) |
| = | (2881 / 11055) | / | (5544 / 16987) |
| = | 0.260606 | / | 0.326367 |
| | = | 0.7985 |
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 - (12577 + 33697) / 56175) | / | (1 - (5955 + 24474) / 38084) |
| = | 0.176253 | / | 0.201003 |
| | = | 0.8769 |
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 |
| = | 16987 | / | 11055 |
| | = | 1.5366 |
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)) |
| = | (1998 / (1998 + 24474)) | / | (2568 / (2568 + 33697)) |
| = | 0.075476 | / | 0.070812 |
| | = | 1.0659 |
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) |
| = | (398 / 16987) | / | (281 / 11055) |
| = | 0.02343 | / | 0.025418 |
| | = | 0.9218 |
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) |
| = | ((8987 + 6408) / 56175) | / | ((5993 + 2808) / 38084) |
| = | 0.274054 | / | 0.231094 |
| | = | 1.1859 |
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 |
| = | (-1213 - -3483 | - | 4468) | / | 56175 |
| | = | -0.039128 |
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.
Newmont has a M-score of 4.18 signals that the company is likely to be a manipulator.
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