GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » Core Natural Resources Inc (NYSE:CNR) » Definitions » Beneish M-Score

CNR (Core Natural Resources) Beneish M-Score : -2.86 (As of Mar. 16, 2025)


View and export this data going back to 2017. Start your Free Trial

What is Core Natural Resources 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Core Natural Resources's Beneish M-Score or its related term are showing as below:

CNR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.87   Max: -1.87
Current: -2.86

During the past 11 years, the highest Beneish M-Score of Core Natural Resources was -1.87. The lowest was -3.17. And the median was -2.87.


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.

* Premium members only.

Core Natural Resources Beneish M-Score Chart

Core Natural Resources Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.08 -2.87 -1.87 -2.84 -2.86

Core Natural Resources Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.
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.




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.


Core Natural Resources Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Core Natural Resources's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Core Natural Resources Business Description

Traded in Other Exchanges
Address
275 Technology Drive, Suite 101, Canonsburg, PA, USA, 15317-9565
Core Natural Resources Inc is a producer and exporter of coal. The company owns and operates longwall mining operations in the nation and export terminals on the Eastern seaboard. The principal activity involves mining, preparation, and marketing of thermal coal, sold to power generators.
Executives
James A Brock director, officer: Chief Executive Officer 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317
John Rothka officer: Chief Accounting Officer 2970 HENDERSON AVENUE, WASHINGTON PA 15301
Martha A Wiegand officer: General Counsel & Secretary 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317
Platt Joseph P Jr director HENRY W. OLIVER BLDG., 535 SMITHFIELD ST., PITTSBURGH PA 15222
John T Mills director MARATHON OIL CORP, 5555 SAN FELIPE ROAD, HOUSTON TX 77056
Kurt R. Salvatori officer: Chief Administrative Officer 1000 CONSOL ENERGY DRIVE, CANONSBURG PA 15317
Valli Perera director C/O CONSOL ENERGY INC., 275 TECHNOLOGY DRIVE SUITE 101, CANONSBURG PA 15317
Cassandra Chia-wei Pan director C/O CONSOL ENERGY INC., 275 TECHNOLOGY DRIVE, SUITE 101, CANONSBURG PA 15317
Sophie Bergeron director 1000 CONSOL ENERGY DRIVE, SUITE 100, CANONSBURG PA 15317
Dme Capital Management, Lp other: Former 10% Owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Dme Advisors Gp, L.l.c. other: Former 10% Owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Dme Advisors, Lp other: Former 10% Owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Greenlight Capital Inc other: Former 10% Owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
David Einhorn other: Former 10% Owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Matthew T Wood 10 percent owner 60 CHARLOTTE STREET, LONDON W1T 2NU X0 00000