Barrick Gold Beneish M-Score Historical Data
The historical data trend for Barrick 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.
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Barrick Gold Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.08 |
-2.84 |
-2.48 |
-2.60 |
-2.39 |
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Barrick Gold 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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-2.60 |
-2.57 |
-2.42 |
-2.48 |
-2.39 |
Competitive Comparison
For the Gold subindustry, Barrick 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.
Barrick Gold Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Barrick Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Barrick Gold's Beneish M-Score falls into.
Barrick 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 Barrick 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 * 1.2564 | + | 0.528 * 1.0501 | + | 0.404 * 1.0274 | + | 0.892 * 1.0349 | + | 0.115 * 0.9999 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7658 | + | 4.679 * -0.055183 | - | 0.327 * 0.9083 |
| = | -2.36 |
* 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 $1,178 Mil.
Revenue was 3059 + 2862 + 2833 + 2643 = $11,397 Mil.
Gross Profit was 920 + 947 + 896 + 702 = $3,465 Mil.
Total Current Assets was $7,438 Mil.
Total Assets was $45,811 Mil.
Property, Plant and Equipment(Net PPE) was $26,498 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,043 Mil.
Selling, General, & Admin. Expense(SGA) was $126 Mil.
Total Current Liabilities was $2,356 Mil.
Long-Term Debt & Capital Lease Obligation was $5,180 Mil.
Net Income was 479 + 368 + 305 + 120 = $1,272 Mil.
Non Operating Income was 62 + -6 + 37 + -25 = $68 Mil.
Cash Flow from Operations was 997 + 1127 + 832 + 776 = $3,732 Mil.
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Total Receivables was $906 Mil.
Revenue was 2774 + 2527 + 2859 + 2853 = $11,013 Mil.
Gross Profit was 681 + 712 + 1009 + 1114 = $3,516 Mil.
Total Current Assets was $8,465 Mil.
Total Assets was $45,965 Mil.
Property, Plant and Equipment(Net PPE) was $25,903 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,997 Mil.
Selling, General, & Admin. Expense(SGA) was $159 Mil.
Total Current Liabilities was $3,120 Mil.
Long-Term Debt & Capital Lease Obligation was $5,205 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) |
| = | (1178 / 11397) | / | (906 / 11013) |
| = | 0.103361 | / | 0.082266 |
| | = | 1.2564 |
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) |
| = | (3516 / 11013) | / | (3465 / 11397) |
| = | 0.319259 | / | 0.304027 |
| | = | 1.0501 |
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 - (7438 + 26498) / 45811) | / | (1 - (8465 + 25903) / 45965) |
| = | 0.259217 | / | 0.252301 |
| | = | 1.0274 |
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 |
| = | 11397 | / | 11013 |
| | = | 1.0349 |
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)) |
| = | (1997 / (1997 + 25903)) | / | (2043 / (2043 + 26498)) |
| = | 0.071577 | / | 0.071581 |
| | = | 0.9999 |
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) |
| = | (126 / 11397) | / | (159 / 11013) |
| = | 0.011056 | / | 0.014437 |
| | = | 0.7658 |
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) |
| = | ((5180 + 2356) / 45811) | / | ((5205 + 3120) / 45965) |
| = | 0.164502 | / | 0.181116 |
| | = | 0.9083 |
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 |
| = | (1272 - 68 | - | 3732) | / | 45811 |
| | = | -0.055183 |
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.
Barrick Gold has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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