Royal Gold Beneish M-Score Historical Data
The historical data trend for Royal 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.
Royal Gold Beneish M-Score Chart
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Royal Gold Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.38 |
-1.87 |
- |
-2.59 |
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Royal Gold Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-4.37 |
-2.54 |
-2.59 |
-2.87 |
-2.71 |
Competitive Comparison of Royal Gold's Beneish M-Score
For the Gold subindustry, Royal 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.
Royal Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Royal Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Royal Gold's Beneish M-Score falls into.
Royal 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 Royal 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 * 0.9893 | + | 0.528 * 0.9244 | + | 0.404 * 0.7216 | + | 0.892 * 1.0089 | + | 0.115 * 1.0703 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1306 | + | 4.679 * -0.064382 | - | 0.327 * 0.2808 |
| = | -2.71 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $46.0 Mil.
Revenue was 174.096 + 148.902 + 152.666 + 138.617 = $614.3 Mil.
Gross Profit was 112.594 + 86.937 + 89.431 + 75.489 = $364.5 Mil.
Total Current Assets was $133.5 Mil.
Total Assets was $3,269.0 Mil.
Property, Plant and Equipment(Net PPE) was $3,054.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $154.7 Mil.
Selling, General, & Admin. Expense(SGA) was $41.6 Mil.
Total Current Liabilities was $122.4 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was 81.208 + 47.166 + 62.779 + 49.337 = $240.5 Mil.
Non Operating Income was -0.063 + 0.447 + 0.024 + -0.462 = $-0.1 Mil.
Cash Flow from Operations was 113.515 + 138.284 + 101.088 + 98.122 = $451.0 Mil.
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Total Receivables was $46.1 Mil.
Revenue was 144.042 + 170.392 + 162.98 + 131.429 = $608.8 Mil.
Gross Profit was 80.989 + 97.055 + 86.556 + 69.328 = $333.9 Mil.
Total Current Assets was $165.2 Mil.
Total Assets was $3,439.7 Mil.
Property, Plant and Equipment(Net PPE) was $3,155.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $171.7 Mil.
Selling, General, & Admin. Expense(SGA) was $36.5 Mil.
Total Current Liabilities was $63.1 Mil.
Long-Term Debt & Capital Lease Obligation was $395.5 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) |
| = | (45.975 / 614.281) | / | (46.06 / 608.843) |
| = | 0.074844 | / | 0.075652 |
| | = | 0.9893 |
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) |
| = | (333.928 / 608.843) | / | (364.451 / 614.281) |
| = | 0.548463 | / | 0.593297 |
| | = | 0.9244 |
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 - (133.498 + 3053.988) / 3269.021) | / | (1 - (165.249 + 3155.561) / 3439.709) |
| = | 0.024942 | / | 0.034567 |
| | = | 0.7216 |
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 |
| = | 614.281 | / | 608.843 |
| | = | 1.0089 |
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)) |
| = | (171.7 / (171.7 + 3155.561)) | / | (154.708 / (154.708 + 3053.988)) |
| = | 0.051604 | / | 0.048215 |
| | = | 1.0703 |
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) |
| = | (41.591 / 614.281) | / | (36.462 / 608.843) |
| = | 0.067707 | / | 0.059887 |
| | = | 1.1306 |
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 + 122.383) / 3269.021) | / | ((395.529 + 63.068) / 3439.709) |
| = | 0.037437 | / | 0.133324 |
| | = | 0.2808 |
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 |
| = | (240.49 - -0.054 | - | 451.009) | / | 3269.021 |
| | = | -0.064382 |
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.
Royal Gold has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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