A-Mark Precious Metals Beneish M-Score Historical Data
The historical data trend for A-Mark Precious Metals'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.
A-Mark Precious Metals Beneish M-Score Chart
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A-Mark Precious Metals Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.62 |
-2.93 |
-0.64 |
-2.12 |
-2.24 |
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A-Mark Precious Metals 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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-1.73 |
-2.37 |
-2.24 |
-1.21 |
-1.91 |
Competitive Comparison of A-Mark Precious Metals's Beneish M-Score
For the Capital Markets subindustry, A-Mark Precious Metals'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.
A-Mark Precious Metals's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, A-Mark Precious Metals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where A-Mark Precious Metals's Beneish M-Score falls into.
A-Mark Precious Metals 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 A-Mark Precious Metals 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 * 0.5028 | + | 0.528 * 1.3959 | + | 0.404 * 1.0307 | + | 0.892 * 1.2424 | + | 0.115 * 1.3319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9169 | + | 4.679 * 0.112569 | - | 0.327 * 0.9692 |
| = | -1.91 |
* 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 $170 Mil.
Revenue was 2078.815 + 2484.618 + 3119.355 + 2317.15 = $10,000 Mil.
Gross Profit was 46.041 + 49.405 + 78.61 + 75.498 = $250 Mil.
Total Current Assets was $1,340 Mil.
Total Assets was $1,624 Mil.
Property, Plant and Equipment(Net PPE) was $20 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $720 Mil.
Long-Term Debt & Capital Lease Obligation was $302 Mil.
Net Income was 13.766 + 18.827 + 41.834 + 35.92 = $110 Mil.
Non Operating Income was 1.451 + 2.888 + 6.078 + 0.606 = $11 Mil.
Cash Flow from Operations was -57.405 + -44.262 + -73.572 + 91.767 = $-83 Mil.
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Total Receivables was $272 Mil.
Revenue was 1949.705 + 1900.351 + 2089.804 + 2109.115 = $8,049 Mil.
Gross Profit was 63.969 + 76.592 + 67.75 + 72.083 = $280 Mil.
Total Current Assets was $1,315 Mil.
Total Assets was $1,582 Mil.
Property, Plant and Equipment(Net PPE) was $17 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $80 Mil.
Total Current Liabilities was $1,020 Mil.
Long-Term Debt & Capital Lease Obligation was $7 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) |
| = | (169.827 / 9999.938) | / | (271.87 / 8048.975) |
| = | 0.016983 | / | 0.033777 |
| | = | 0.5028 |
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) |
| = | (280.394 / 8048.975) | / | (249.554 / 9999.938) |
| = | 0.034836 | / | 0.024956 |
| | = | 1.3959 |
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 - (1340.281 + 19.511) / 1623.858) | / | (1 - (1315.43 + 17.295) / 1582.378) |
| = | 0.162616 | / | 0.157771 |
| | = | 1.0307 |
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 |
| = | 9999.938 | / | 8048.975 |
| | = | 1.2424 |
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)) |
| = | (17.215 / (17.215 + 17.295)) | / | (11.684 / (11.684 + 19.511)) |
| = | 0.498841 | / | 0.374547 |
| | = | 1.3319 |
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) |
| = | (90.926 / 9999.938) | / | (79.825 / 8048.975) |
| = | 0.009093 | / | 0.009917 |
| | = | 0.9169 |
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) |
| = | ((302.121 + 719.66) / 1623.858) | / | ((6.905 + 1020.392) / 1582.378) |
| = | 0.629231 | / | 0.649211 |
| | = | 0.9692 |
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 |
| = | (110.347 - 11.023 | - | -83.472) | / | 1623.858 |
| | = | 0.112569 |
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.
A-Mark Precious Metals has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
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