Fortuna Silver Mines Beneish M-Score Historical Data
The historical data trend for Fortuna Silver Mines'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.
Fortuna Silver Mines Beneish M-Score Chart
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Fortuna Silver Mines Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.71 |
-1.95 |
-2.17 |
-3.04 |
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Fortuna Silver Mines Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.52 |
-2.77 |
-3.04 |
-2.99 |
Competitive Comparison of Fortuna Silver Mines's Beneish M-Score
For the Gold subindustry, Fortuna Silver Mines'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.
Fortuna Silver Mines's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Fortuna Silver Mines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fortuna Silver Mines's Beneish M-Score falls into.
Fortuna Silver Mines 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 Fortuna Silver Mines 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 * 0.7617 | + | 0.528 * 0.7444 | + | 0.404 * 1.2798 | + | 0.892 * 1.3312 | + | 0.115 * 0.7723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.856 | + | 4.679 * -0.12208 | - | 0.327 * 0.9688 |
| = | -2.99 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was C$110 Mil.
Revenue was 304.491 + 355.945 + 328.878 + 210.458 = C$1,200 Mil.
Gross Profit was 94.629 + 69.565 + 89.14 + 42.338 = C$296 Mil.
Total Current Assets was C$422 Mil.
Total Assets was C$2,636 Mil.
Property, Plant and Equipment(Net PPE) was C$2,121 Mil.
Depreciation, Depletion and Amortization(DDA) was C$304 Mil.
Selling, General, & Admin. Expense(SGA) was C$91 Mil.
Total Current Liabilities was C$333 Mil.
Long-Term Debt & Capital Lease Obligation was C$220 Mil.
Net Income was 35.532 + -123.851 + 37.164 + 4.168 = C$-47 Mil.
Non Operating Income was -1.986 + -113.98 + -7.621 + -11.647 = C$-135 Mil.
Cash Flow from Operations was 66.256 + 140.973 + 144.056 + 58.763 = C$410 Mil.
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Total Receivables was C$109 Mil.
Revenue was 240.346 + 223.776 + 222.185 + 214.942 = C$901 Mil.
Gross Profit was 55.318 + 35.375 + 32.962 + 41.669 = C$165 Mil.
Total Current Assets was C$362 Mil.
Total Assets was C$2,663 Mil.
Property, Plant and Equipment(Net PPE) was C$2,228 Mil.
Depreciation, Depletion and Amortization(DDA) was C$238 Mil.
Selling, General, & Admin. Expense(SGA) was C$79 Mil.
Total Current Liabilities was C$190 Mil.
Long-Term Debt & Capital Lease Obligation was C$387 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) |
| = | (110.083 / 1199.772) | / | (108.561 / 901.249) |
| = | 0.091753 | / | 0.120456 |
| | = | 0.7617 |
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) |
| = | (165.324 / 901.249) | / | (295.672 / 1199.772) |
| = | 0.183439 | / | 0.24644 |
| | = | 0.7444 |
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 - (422.357 + 2121.181) / 2635.974) | / | (1 - (362.301 + 2227.528) / 2662.793) |
| = | 0.035067 | / | 0.027401 |
| | = | 1.2798 |
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 |
| = | 1199.772 | / | 901.249 |
| | = | 1.3312 |
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)) |
| = | (238.472 / (238.472 + 2227.528)) | / | (303.629 / (303.629 + 2121.181)) |
| = | 0.096704 | / | 0.125218 |
| | = | 0.7723 |
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) |
| = | (90.563 / 1199.772) | / | (79.472 / 901.249) |
| = | 0.075484 | / | 0.08818 |
| | = | 0.856 |
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) |
| = | ((220.305 + 333.331) / 2635.974) | / | ((386.859 + 190.424) / 2662.793) |
| = | 0.210031 | / | 0.216796 |
| | = | 0.9688 |
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 |
| = | (-46.987 - -135.234 | - | 410.048) | / | 2635.974 |
| | = | -0.12208 |
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.
Fortuna Silver Mines has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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