Core Natural Resources Beneish M-Score Historical Data
The historical data trend for Core Natural Resources'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.
Core Natural Resources Beneish M-Score Chart
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Core Natural Resources Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.08 |
-2.87 |
-1.87 |
-2.84 |
-2.86 |
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Core Natural Resources Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.84 |
-2.73 |
-2.51 |
-2.88 |
-2.86 |
Competitive Comparison of Core Natural Resources's Beneish M-Score
For the Thermal Coal subindustry, Core Natural Resources'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.
Core Natural Resources's Beneish M-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Core Natural Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Core Natural Resources's Beneish M-Score falls into.
Core Natural Resources 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 Core Natural Resources 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 * 1.1831 | + | 0.528 * 1.0234 | + | 0.404 * 0.9894 | + | 0.892 * 0.8572 | + | 0.115 * 1.0754 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2991 | + | 4.679 * -0.089728 | - | 0.327 * 0.8982 |
| = | -2.86 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $163 Mil.
Revenue was 569.784 + 549.635 + 486.982 + 542.297 = $2,149 Mil.
Gross Profit was 436.293 + 432.9 + 366.495 + 415.458 = $1,651 Mil.
Total Current Assets was $786 Mil.
Total Assets was $2,880 Mil.
Property, Plant and Equipment(Net PPE) was $1,927 Mil.
Depreciation, Depletion and Amortization(DDA) was $224 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $519 Mil.
Long-Term Debt & Capital Lease Obligation was $100 Mil.
Net Income was 30.821 + 95.632 + 58.061 + 101.891 = $286 Mil.
Non Operating Income was 6.284 + 25.22 + 14.141 + 22.745 = $68 Mil.
Cash Flow from Operations was 121.31 + 161.332 + 116.264 + 77.484 = $476 Mil.
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Total Receivables was $160 Mil.
Revenue was 634.349 + 540.666 + 654.023 + 677.597 = $2,507 Mil.
Gross Profit was 499.235 + 413.502 + 507.939 + 550.539 = $1,971 Mil.
Total Current Assets was $601 Mil.
Total Assets was $2,675 Mil.
Property, Plant and Equipment(Net PPE) was $1,918 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $444 Mil.
Long-Term Debt & Capital Lease Obligation was $196 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) |
| = | (162.65 / 2148.698) | / | (160.377 / 2506.635) |
| = | 0.075697 | / | 0.063981 |
| | = | 1.1831 |
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) |
| = | (1971.215 / 2506.635) | / | (1651.146 / 2148.698) |
| = | 0.786399 | / | 0.76844 |
| | = | 1.0234 |
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 - (785.958 + 1927.212) / 2879.543) | / | (1 - (601.006 + 1917.781) / 2675.003) |
| = | 0.057778 | / | 0.058398 |
| | = | 0.9894 |
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 |
| = | 2148.698 | / | 2506.635 |
| | = | 0.8572 |
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)) |
| = | (241.317 / (241.317 + 1917.781)) | / | (223.526 / (223.526 + 1927.212)) |
| = | 0.111768 | / | 0.10393 |
| | = | 1.0754 |
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) |
| = | (115.224 / 2148.698) | / | (103.47 / 2506.635) |
| = | 0.053625 | / | 0.041278 |
| | = | 1.2991 |
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) |
| = | ((100.26 + 518.684) / 2879.543) | / | ((196.452 + 443.724) / 2675.003) |
| = | 0.214945 | / | 0.239318 |
| | = | 0.8982 |
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 |
| = | (286.405 - 68.39 | - | 476.39) | / | 2879.543 |
| | = | -0.089728 |
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.
Core Natural Resources has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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