Harmony Gold Mining Co (BUE:HMY) Beneish M-Score : -3.00 (As of Mar. 27, 2025)

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What is Harmony Gold Mining Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Harmony Gold Mining Co's Beneish M-Score or its related term are showing as below:

BUE:HMY' s Beneish M-Score Range Over the Past 10 Years
Min: -6.99 Med: -3.29 Max: 0.92
Current: -3

During the past 13 years, the highest Beneish M-Score of Harmony Gold Mining Co was 0.92. The lowest was -6.99. And the median was -3.29.

Harmony Gold Mining Co Beneish M-Score Historical Data

The historical data trend for Harmony Gold Mining Co'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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Harmony Gold Mining Co Beneish M-Score Chart

Harmony Gold Mining Co Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-3.55

-2.74

0.92

-3.02

-3.00

Harmony Gold Mining Co Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-	-3.02	-	-3.00	-

Competitive Comparison of Harmony Gold Mining Co's Beneish M-Score

For the Gold subindustry, Harmony Gold Mining Co'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.

Harmony Gold Mining Co's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Harmony Gold Mining Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Harmony Gold Mining Co's Beneish M-Score falls into.

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Harmony Gold Mining Co 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 Harmony Gold Mining Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8184

0.528 * 0.8577

0.404 * 1.0219

0.892 * 4.7274

0.115 * 0.7611

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.995

4.679 * -0.122709

0.327 * 0.6962

0.11

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was ARS109,283 Mil.
Revenue was ARS2,982,506 Mil.
Gross Profit was ARS687,377 Mil.
Total Current Assets was ARS558,658 Mil.
Total Assets was ARS2,937,850 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,009,167 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS225,562 Mil.
Selling, General, & Admin. Expense(SGA) was ARS62,878 Mil.
Total Current Liabilities was ARS357,586 Mil.
Long-Term Debt & Capital Lease Obligation was ARS98,690 Mil.
Net Income was ARS417,256 Mil.
Gross Profit was ARS17,299 Mil.
Cash Flow from Operations was ARS760,459 Mil.

Total Receivables was ARS28,245 Mil.
Revenue was ARS630,895 Mil.
Gross Profit was ARS124,707 Mil.
Total Current Assets was ARS111,109 Mil.
Total Assets was ARS732,875 Mil.
Property, Plant and Equipment(Net PPE) was ARS531,437 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS44,223 Mil.
Selling, General, & Admin. Expense(SGA) was ARS13,367 Mil.
Total Current Liabilities was ARS87,922 Mil.
Long-Term Debt & Capital Lease Obligation was ARS75,567 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)
	=	(109282.575 / 2982505.63)	/	(28244.633 / 630894.968)
	=	0.036641	/	0.044769
	=	0.8184

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)
	=	(124706.585 / 630894.968)	/	(687377.192 / 2982505.63)
	=	0.197666	/	0.23047
	=	0.8577

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 - (558657.965 + 2009166.698) / 2937849.922)	/	(1 - (111109.214 + 531436.985) / 732875.251)
	=	0.125951	/	0.123253
	=	1.0219

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
	=	2982505.63	/	630894.968
	=	4.7274

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))
	=	(44223.465 / (44223.465 + 531436.985))	/	(225562.344 / (225562.344 + 2009166.698))
	=	0.076822	/	0.100935
	=	0.7611

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)
	=	(62877.569 / 2982505.63)	/	(13366.907 / 630894.968)
	=	0.021082	/	0.021187
	=	0.995

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)
	=	((98689.6 + 357585.802) / 2937849.922)	/	((75566.557 + 87921.984) / 732875.251)
	=	0.155309	/	0.223078
	=	0.6962

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
	=	(417256.323 - 17298.62	-	760459.002)	/	2937849.922
	=	-0.122709

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.

Harmony Gold Mining Co has a M-score of 0.11 signals that the company is likely to be a manipulator.

Harmony Gold Mining Co Beneish M-Score Related Terms

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Harmony Gold Mining Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Harmony Gold Mining Co Ltd (BUE:HMY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

HAR:South Africa HMY:USA HAM1:Germany HAM:Germany HAM:Germany HAM1:Germany HAM:Germany

Address

Corner Main Reef Road and Ward Avenue, Randfontein Office Park, Randfontein, ZAF, 1759

Website

https://www.harmony.co.za

Harmony Gold Mining Co Ltd is a gold mining and exploration company having operations in South Africa and Papua New Guinea (PNG). Its projects include Bambanani, Joel, Masimong, Phakisa, Target 1, Tshepong, Unisel, Doornkop, and Kusasalethu. The group's segments are Tshepong Operations, Bambanani, Joel, Doornkop, Moab Khotsong, Hidden Valley, Target 1, Kusasalethu, Masimong, Unisel, and all other surface operations.