Royal Gold Beneish M-Score Historical Data
The historical data trend for Royal 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.
Royal Gold Beneish M-Score Chart
|
Royal Gold Annual Data
|
|
Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.72 |
-2.38 |
-1.87 |
- |
-2.59 |
|
Royal Gold Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-5.49 |
-4.37 |
-2.54 |
-2.59 |
Competitive Comparison of Royal Gold's Beneish M-Score
For the Gold subindustry, Royal 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.
Royal Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Royal Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Royal Gold's Beneish M-Score falls into.
Royal 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 Royal 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 * 0.9786 | + | 0.528 * 0.9446 | + | 0.404 * 1.1156 | + | 0.892 * 1.0042 | + | 0.115 * 1.029 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.144 | + | 4.679 * -0.052425 | - | 0.327 * 0.5271 |
| = | -2.59 |
* 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 $51.6 Mil.
Revenue was 152.666 + 138.617 + 144.042 + 170.392 = $605.7 Mil.
Gross Profit was 89.431 + 75.489 + 80.989 + 97.055 = $343.0 Mil.
Total Current Assets was $167.4 Mil.
Total Assets was $3,361.1 Mil.
Property, Plant and Equipment(Net PPE) was $3,075.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $164.9 Mil.
Selling, General, & Admin. Expense(SGA) was $39.8 Mil.
Total Current Liabilities was $72.4 Mil.
Long-Term Debt & Capital Lease Obligation was $246.0 Mil.
Net Income was 62.779 + 49.337 + 63.449 + 63.875 = $239.4 Mil.
Non Operating Income was 0.024 + -0.462 + -0.509 + 0.799 = $-0.1 Mil.
Cash Flow from Operations was 101.088 + 98.122 + 107.927 + 108.655 = $415.8 Mil.
|
Total Receivables was $52.5 Mil.
Revenue was 162.98 + 131.429 + 146.441 + 162.355 = $603.2 Mil.
Gross Profit was 86.556 + 69.328 + 77.217 + 89.507 = $322.6 Mil.
Total Current Assets was $185.8 Mil.
Total Assets was $3,534.5 Mil.
Property, Plant and Equipment(Net PPE) was $3,237.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $178.9 Mil.
Selling, General, & Admin. Expense(SGA) was $34.6 Mil.
Total Current Liabilities was $63.6 Mil.
Long-Term Debt & Capital Lease Obligation was $571.6 Mil.
|
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) |
| = | (51.56 / 605.717) | / | (52.471 / 603.205) |
| = | 0.085122 | / | 0.086987 |
| | = | 0.9786 |
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) |
| = | (322.608 / 603.205) | / | (342.964 / 605.717) |
| = | 0.534823 | / | 0.566212 |
| | = | 0.9446 |
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 - (167.426 + 3075.574) / 3361.057) | / | (1 - (185.833 + 3237.402) / 3534.522) |
| = | 0.035125 | / | 0.031486 |
| | = | 1.1156 |
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 |
| = | 605.717 | / | 603.205 |
| | = | 1.0042 |
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)) |
| = | (178.935 / (178.935 + 3237.402)) | / | (164.937 / (164.937 + 3075.574)) |
| = | 0.052376 | / | 0.050898 |
| | = | 1.029 |
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) |
| = | (39.761 / 605.717) | / | (34.612 / 603.205) |
| = | 0.065643 | / | 0.05738 |
| | = | 1.144 |
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) |
| = | ((245.967 + 72.422) / 3361.057) | / | ((571.572 + 63.587) / 3534.522) |
| = | 0.094729 | / | 0.179702 |
| | = | 0.5271 |
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 |
| = | (239.44 - -0.148 | - | 415.792) | / | 3361.057 |
| | = | -0.052425 |
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.
Royal Gold has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
RGLD has been successfully added to your