BHP Group Beneish M-Score Historical Data
The historical data trend for BHP Group'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.
BHP Group Beneish M-Score Chart
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BHP Group Annual Data
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Trend |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
| Beneish M-Score |
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-2.90 |
-3.19 |
-2.78 |
-2.70 |
-2.75 |
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BHP Group Semi-Annual Data
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Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
| Beneish M-Score |
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-2.70 |
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-2.75 |
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Competitive Comparison of BHP Group's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, BHP Group'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.
BHP Group's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, BHP Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BHP Group's Beneish M-Score falls into.
BHP Group 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 BHP Group 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 * 1.2816 | + | 0.528 * 0.8407 | + | 0.404 * 0.6869 | + | 0.892 * 1.3259 | + | 0.115 * 1.2087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8447 | + | 4.679 * -0.146667 | - | 0.327 * 0.9153 |
| = | -2.75 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $6,338 Mil.
Revenue was $56,921 Mil.
Gross Profit was $46,170 Mil.
Total Current Assets was $26,693 Mil.
Total Assets was $108,927 Mil.
Property, Plant and Equipment(Net PPE) was $73,813 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,084 Mil.
Selling, General, & Admin. Expense(SGA) was $6,760 Mil.
Total Current Liabilities was $16,403 Mil.
Long-Term Debt & Capital Lease Obligation was $18,355 Mil.
Net Income was $11,304 Mil.
Gross Profit was $46 Mil.
Cash Flow from Operations was $27,234 Mil.
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Total Receivables was $3,730 Mil.
Revenue was $42,931 Mil.
Gross Profit was $29,274 Mil.
Total Current Assets was $21,471 Mil.
Total Assets was $105,733 Mil.
Property, Plant and Equipment(Net PPE) was $72,362 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,112 Mil.
Selling, General, & Admin. Expense(SGA) was $6,036 Mil.
Total Current Liabilities was $14,824 Mil.
Long-Term Debt & Capital Lease Obligation was $22,036 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) |
| = | (6338 / 56921) | / | (3730 / 42931) |
| = | 0.111347 | / | 0.086884 |
| | = | 1.2816 |
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) |
| = | (29274 / 42931) | / | (46170 / 56921) |
| = | 0.681885 | / | 0.811124 |
| | = | 0.8407 |
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 - (26693 + 73813) / 108927) | / | (1 - (21471 + 72362) / 105733) |
| = | 0.077309 | / | 0.112548 |
| | = | 0.6869 |
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 |
| = | 56921 | / | 42931 |
| | = | 1.3259 |
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)) |
| = | (6112 / (6112 + 72362)) | / | (5084 / (5084 + 73813)) |
| = | 0.077886 | / | 0.064438 |
| | = | 1.2087 |
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) |
| = | (6760 / 56921) | / | (6036 / 42931) |
| = | 0.118761 | / | 0.140598 |
| | = | 0.8447 |
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) |
| = | ((18355 + 16403) / 108927) | / | ((22036 + 14824) / 105733) |
| = | 0.319094 | / | 0.348614 |
| | = | 0.9153 |
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 |
| = | (11304 - 46 | - | 27234) | / | 108927 |
| | = | -0.146667 |
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.
BHP Group has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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