Goldcorp Beneish M-Score Historical Data
The historical data trend for Goldcorp'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.
Goldcorp Beneish M-Score Chart
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Goldcorp Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.72 |
-2.25 |
-1.98 |
-2.08 |
-2.58 |
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Goldcorp Quarterly Data
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
| Beneish M-Score |
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-2.08 |
-2.58 |
-2.93 |
-2.78 |
-2.58 |
Competitive Comparison of Goldcorp's Beneish M-Score
For the Gold subindustry, Goldcorp'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.
Goldcorp's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Goldcorp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Goldcorp's Beneish M-Score falls into.
Goldcorp 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 Goldcorp 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 * 0.9404 | + | 0.528 * 1.8896 | + | 0.404 * 0.9501 | + | 0.892 * 0.8858 | + | 0.115 * 0.7911 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.936 | + | 4.679 * -0.014558 | - | 0.327 * 1.4341 |
| = | -2.41 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $364 Mil.
Revenue was 772 + 621 + 793 + 846 = $3,032 Mil.
Gross Profit was 59 + -30 + 95 + 131 = $255 Mil.
Total Current Assets was $1,057 Mil.
Total Assets was $16,967 Mil.
Property, Plant and Equipment(Net PPE) was $15,542 Mil.
Depreciation, Depletion and Amortization(DDA) was $983 Mil.
Selling, General, & Admin. Expense(SGA) was $131 Mil.
Total Current Liabilities was $1,209 Mil.
Long-Term Debt & Capital Lease Obligation was $2,697 Mil.
Net Income was -3984 + -101 + -131 + 67 = $-4,149 Mil.
Non Operating Income was -4729 + 10 + 8 + 18 = $-4,693 Mil.
Cash Flow from Operations was 169 + 193 + 158 + 271 = $791 Mil.
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Total Receivables was $437 Mil.
Revenue was 853 + 866 + 822 + 882 = $3,423 Mil.
Gross Profit was 144 + 157 + 127 + 116 = $544 Mil.
Total Current Assets was $1,143 Mil.
Total Assets was $21,685 Mil.
Property, Plant and Equipment(Net PPE) was $20,047 Mil.
Depreciation, Depletion and Amortization(DDA) was $990 Mil.
Selling, General, & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $1,255 Mil.
Long-Term Debt & Capital Lease Obligation was $2,226 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) |
| = | (364 / 3032) | / | (437 / 3423) |
| = | 0.120053 | / | 0.127666 |
| | = | 0.9404 |
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) |
| = | (544 / 3423) | / | (255 / 3032) |
| = | 0.158925 | / | 0.084103 |
| | = | 1.8896 |
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 - (1057 + 15542) / 16967) | / | (1 - (1143 + 20047) / 21685) |
| = | 0.021689 | / | 0.022827 |
| | = | 0.9501 |
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 |
| = | 3032 | / | 3423 |
| | = | 0.8858 |
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)) |
| = | (990 / (990 + 20047)) | / | (983 / (983 + 15542)) |
| = | 0.04706 | / | 0.059486 |
| | = | 0.7911 |
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) |
| = | (131 / 3032) | / | (158 / 3423) |
| = | 0.043206 | / | 0.046158 |
| | = | 0.936 |
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) |
| = | ((2697 + 1209) / 16967) | / | ((2226 + 1255) / 21685) |
| = | 0.230212 | / | 0.160526 |
| | = | 1.4341 |
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 |
| = | (-4149 - -4693 | - | 791) | / | 16967 |
| | = | -0.014558 |
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.
Goldcorp has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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