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.
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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 |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.14
[6] => -2.69
[7] => -2.94
[8] => -1.63
[9] => -1.93
)
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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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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
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|
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|
|
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|
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|
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-1.63 |
-2.77 |
-3.14 |
-3.52 |
-1.93 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.7938 | + | 0.528 * 1.0761 | + | 0.404 * 0.9161 | + | 0.892 * 0.9914 | + | 0.115 * 1.566 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0928 | + | 4.679 * -0.047076 | - | 0.327 * 1.0364 |
| = | -1.93 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,227 Mil.
Revenue was 3957 + 2493 + 2683 + 2679 = $11,812 Mil.
Gross Profit was 973 + 642 + 654 + 736 = $3,005 Mil.
Total Current Assets was $7,512 Mil.
Total Assets was $55,506 Mil.
Property, Plant and Equipment(Net PPE) was $37,563 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,108 Mil.
Selling, General, & Admin. Expense(SGA) was $299 Mil.
Total Current Liabilities was $5,998 Mil.
Long-Term Debt & Capital Lease Obligation was $7,399 Mil.
Net Income was -3158 + 158 + 155 + 351 = $-2,494 Mil.
Non Operating Income was -2574 + -30 + -95 + 55 = $-2,644 Mil.
Cash Flow from Operations was 616 + 1003 + 663 + 481 = $2,763 Mil.
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Total Receivables was $690 Mil.
Revenue was 3200 + 2634 + 3058 + 3023 = $11,915 Mil.
Gross Profit was 849 + 581 + 791 + 1041 = $3,262 Mil.
Total Current Assets was $6,515 Mil.
Total Assets was $38,482 Mil.
Property, Plant and Equipment(Net PPE) was $24,073 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,185 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $2,926 Mil.
Long-Term Debt & Capital Lease Obligation was $6,036 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) |
| = | (1227 / 11812) | / | (690 / 11915) |
| = | 0.103877 | / | 0.05791 |
| | = | 1.7938 |
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) |
| = | (3262 / 11915) | / | (3005 / 11812) |
| = | 0.273773 | / | 0.254402 |
| | = | 1.0761 |
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 - (7512 + 37563) / 55506) | / | (1 - (6515 + 24073) / 38482) |
| = | 0.187926 | / | 0.205135 |
| | = | 0.9161 |
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 |
| = | 11812 | / | 11915 |
| | = | 0.9914 |
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)) |
| = | (2185 / (2185 + 24073)) | / | (2108 / (2108 + 37563)) |
| = | 0.083213 | / | 0.053137 |
| | = | 1.566 |
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) |
| = | (299 / 11812) | / | (276 / 11915) |
| = | 0.025313 | / | 0.023164 |
| | = | 1.0928 |
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) |
| = | ((7399 + 5998) / 55506) | / | ((6036 + 2926) / 38482) |
| = | 0.241361 | / | 0.232888 |
| | = | 1.0364 |
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 |
| = | (-2494 - -2644 | - | 2763) | / | 55506 |
| | = | -0.047076 |
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 -1.93 suggests that the company is unlikely to be a manipulator.
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