Kinross Gold Beneish M-Score Historical Data
The historical data trend for Kinross 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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Kinross 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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-3.16 |
-3.16 |
-0.48 |
-3.13 |
-3.38 |
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Kinross 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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-3.13 |
-1.13 |
-2.91 |
-3.18 |
-3.38 |
Competitive Comparison
For the Gold subindustry, Kinross 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.
Kinross Gold Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Kinross Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinross Gold's Beneish M-Score falls into.
Kinross 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 Kinross 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 * 0.5457 | + | 0.528 * 0.5454 | + | 0.404 * 0.9808 | + | 0.892 * 1.2271 | + | 0.115 * 0.8319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6825 | + | 4.679 * -0.110184 | - | 0.327 * 0.8689 |
| = | -3.38 |
* 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 $107 Mil.
Revenue was 1115.7 + 1102.4 + 1092.3 + 929.3 = $4,240 Mil.
Gross Profit was 253.1 + 317.9 + 355.1 + 233.5 = $1,160 Mil.
Total Current Assets was $1,802 Mil.
Total Assets was $10,543 Mil.
Property, Plant and Equipment(Net PPE) was $8,003 Mil.
Depreciation, Depletion and Amortization(DDA) was $987 Mil.
Selling, General, & Admin. Expense(SGA) was $109 Mil.
Total Current Liabilities was $686 Mil.
Long-Term Debt & Capital Lease Obligation was $2,250 Mil.
Net Income was 65.4 + 109.7 + 151 + 90.2 = $416 Mil.
Non Operating Income was -21 + -0.3 + -10.4 + 4.4 = $-27 Mil.
Cash Flow from Operations was 410.9 + 406.8 + 528.6 + 259 = $1,605 Mil.
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Total Receivables was $159 Mil.
Revenue was 1076.2 + 856.5 + 821.5 + 700.9 = $3,455 Mil.
Gross Profit was -52.2 + 206.1 + 190.2 + 171.3 = $515 Mil.
Total Current Assets was $1,853 Mil.
Total Assets was $10,396 Mil.
Property, Plant and Equipment(Net PPE) was $7,802 Mil.
Depreciation, Depletion and Amortization(DDA) was $784 Mil.
Selling, General, & Admin. Expense(SGA) was $130 Mil.
Total Current Liabilities was $752 Mil.
Long-Term Debt & Capital Lease Obligation was $2,580 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) |
| = | (106.6 / 4239.7) | / | (159.2 / 3455.1) |
| = | 0.025143 | / | 0.046077 |
| | = | 0.5457 |
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) |
| = | (515.4 / 3455.1) | / | (1159.6 / 4239.7) |
| = | 0.149171 | / | 0.27351 |
| | = | 0.5454 |
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 - (1802.3 + 8002.7) / 10543.3) | / | (1 - (1852.6 + 7801.5) / 10396.4) |
| = | 0.070026 | / | 0.0714 |
| | = | 0.9808 |
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 |
| = | 4239.7 | / | 3455.1 |
| | = | 1.2271 |
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)) |
| = | (784 / (784 + 7801.5)) | / | (986.8 / (986.8 + 8002.7)) |
| = | 0.091317 | / | 0.109773 |
| | = | 0.8319 |
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) |
| = | (108.7 / 4239.7) | / | (129.8 / 3455.1) |
| = | 0.025639 | / | 0.037568 |
| | = | 0.6825 |
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) |
| = | ((2250.1 + 685.5) / 10543.3) | / | ((2580 + 751.5) / 10396.4) |
| = | 0.278433 | / | 0.320447 |
| | = | 0.8689 |
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 |
| = | (416.3 - -27.3 | - | 1605.3) | / | 10543.3 |
| | = | -0.110184 |
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.
Kinross Gold has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.
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