Yamana Gold Beneish M-Score Historical Data
The historical data trend for Yamana 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.
Yamana Gold Beneish M-Score Chart
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Yamana Gold Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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0.58 |
- |
-2.76 |
-2.93 |
-1.98 |
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Yamana Gold Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-2.93 |
-2.64 |
-2.65 |
-2.36 |
-1.98 |
Competitive Comparison of Yamana Gold's Beneish M-Score
For the Gold subindustry, Yamana 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.
Yamana Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Yamana Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yamana Gold's Beneish M-Score falls into.
Yamana 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 Yamana 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 * 1.2722 | + | 0.528 * 1.1309 | + | 0.404 * 1.2771 | + | 0.892 * 0.9955 | + | 0.115 * 0.7256 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6285 | + | 4.679 * 0.085437 | - | 0.327 * 1.3433 |
| = | -1.90 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $4 Mil.
Revenue was 457.3 + 422.4 + 485.6 + 441.9 = $1,807 Mil.
Gross Profit was 121.1 + 105.1 + 182.1 + 154 = $562 Mil.
Total Current Assets was $697 Mil.
Total Assets was $6,452 Mil.
Property, Plant and Equipment(Net PPE) was $4,996 Mil.
Depreciation, Depletion and Amortization(DDA) was $467 Mil.
Selling, General, & Admin. Expense(SGA) was $121 Mil.
Total Current Liabilities was $486 Mil.
Long-Term Debt & Capital Lease Obligation was $774 Mil.
Net Income was -1132 + 19.8 + 72.1 + 57.8 = $-982 Mil.
Non Operating Income was -2057.7 + 5.4 + 11.6 + -21 = $-2,062 Mil.
Cash Flow from Operations was 24 + 164.7 + 187.8 + 151.7 = $528 Mil.
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Total Receivables was $3 Mil.
Revenue was 503.8 + 452.2 + 437.4 + 422 = $1,815 Mil.
Gross Profit was 193 + 154 + 142.3 + 149.5 = $639 Mil.
Total Current Assets was $836 Mil.
Total Assets was $8,383 Mil.
Property, Plant and Equipment(Net PPE) was $6,775 Mil.
Depreciation, Depletion and Amortization(DDA) was $448 Mil.
Selling, General, & Admin. Expense(SGA) was $75 Mil.
Total Current Liabilities was $446 Mil.
Long-Term Debt & Capital Lease Obligation was $773 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) |
| = | (3.8 / 1807.2) | / | (3 / 1815.4) |
| = | 0.002103 | / | 0.001653 |
| | = | 1.2722 |
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) |
| = | (638.8 / 1815.4) | / | (562.3 / 1807.2) |
| = | 0.351878 | / | 0.311144 |
| | = | 1.1309 |
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 - (697 + 4995.9) / 6451.5) | / | (1 - (835.5 + 6775.4) / 8382.7) |
| = | 0.117585 | / | 0.092071 |
| | = | 1.2771 |
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 |
| = | 1807.2 | / | 1815.4 |
| | = | 0.9955 |
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)) |
| = | (447.8 / (447.8 + 6775.4)) | / | (466.7 / (466.7 + 4995.9)) |
| = | 0.061995 | / | 0.085436 |
| | = | 0.7256 |
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) |
| = | (121.1 / 1807.2) | / | (74.7 / 1815.4) |
| = | 0.06701 | / | 0.041148 |
| | = | 1.6285 |
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) |
| = | ((774.3 + 485.5) / 6451.5) | / | ((772.8 + 445.8) / 8382.7) |
| = | 0.195272 | / | 0.145371 |
| | = | 1.3433 |
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 |
| = | (-982.3 - -2061.7 | - | 528.2) | / | 6451.5 |
| | = | 0.085437 |
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.
Yamana Gold has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.
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