Pilbara Minerals Beneish M-Score Historical Data
The historical data trend for Pilbara Minerals'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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Pilbara Minerals Annual Data
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Jun23 |
| Beneish M-Score |
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- |
-4.71 |
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-1.61 |
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Pilbara Minerals Semi-Annual Data
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| Beneish M-Score |
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-1.61 |
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Competitive Comparison
For the Other Industrial Metals & Mining subindustry, Pilbara Minerals'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.
Pilbara Minerals Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Pilbara Minerals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pilbara Minerals's Beneish M-Score falls into.
Pilbara Minerals 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 Pilbara Minerals 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 * 0.1203 | + | 0.528 * 0.8413 | + | 0.404 * 1.1786 | + | 0.892 * 3.7131 | + | 0.115 * 0.6426 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5622 | + | 4.679 * -0.156449 | - | 0.327 * 1.0893 |
| = | -1.61 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was A$132 Mil.
Revenue was A$4,316 Mil.
Gross Profit was A$3,644 Mil.
Total Current Assets was A$3,568 Mil.
Total Assets was A$5,199 Mil.
Property, Plant and Equipment(Net PPE) was A$1,385 Mil.
Depreciation, Depletion and Amortization(DDA) was A$106 Mil.
Selling, General, & Admin. Expense(SGA) was A$54 Mil.
Total Current Liabilities was A$1,294 Mil.
Long-Term Debt & Capital Lease Obligation was A$348 Mil.
Net Income was A$2,391 Mil.
Gross Profit was A$-252 Mil.
Cash Flow from Operations was A$3,457 Mil.
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Total Receivables was A$295 Mil.
Revenue was A$1,162 Mil.
Gross Profit was A$826 Mil.
Total Current Assets was A$960 Mil.
Total Assets was A$1,978 Mil.
Property, Plant and Equipment(Net PPE) was A$939 Mil.
Depreciation, Depletion and Amortization(DDA) was A$45 Mil.
Selling, General, & Admin. Expense(SGA) was A$26 Mil.
Total Current Liabilities was A$337 Mil.
Long-Term Debt & Capital Lease Obligation was A$236 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) |
| = | (132.039 / 4315.533) | / | (295.493 / 1162.235) |
| = | 0.030596 | / | 0.254245 |
| | = | 0.1203 |
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) |
| = | (825.517 / 1162.235) | / | (3643.595 / 4315.533) |
| = | 0.710284 | / | 0.844298 |
| | = | 0.8413 |
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 - (3567.931 + 1384.534) / 5198.835) | / | (1 - (960.191 + 938.65) / 1978.388) |
| = | 0.047389 | / | 0.040208 |
| | = | 1.1786 |
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 |
| = | 4315.533 | / | 1162.235 |
| | = | 3.7131 |
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)) |
| = | (44.883 / (44.883 + 938.65)) | / | (105.839 / (105.839 + 1384.534)) |
| = | 0.045634 | / | 0.071015 |
| | = | 0.6426 |
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) |
| = | (54.496 / 4315.533) | / | (26.107 / 1162.235) |
| = | 0.012628 | / | 0.022463 |
| | = | 0.5622 |
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) |
| = | ((347.618 + 1294.077) / 5198.835) | / | ((236.196 + 337.347) / 1978.388) |
| = | 0.315781 | / | 0.289904 |
| | = | 1.0893 |
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 |
| = | (2391.135 - -252.203 | - | 3456.693) | / | 5198.835 |
| | = | -0.156449 |
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.
Pilbara Minerals has a M-score of -1.61 signals that the company is likely to be a manipulator.
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