Capstone Copper Beneish M-Score Historical Data
The historical data trend for Capstone Copper'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.
Capstone Copper Beneish M-Score Chart
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Capstone Copper Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.00 |
-3.24 |
-3.88 |
1.93 |
-2.09 |
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Capstone Copper 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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1.93 |
-0.82 |
-0.82 |
-2.00 |
-2.09 |
Competitive Comparison of Capstone Copper's Beneish M-Score
For the Copper subindustry, Capstone Copper'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.
Capstone Copper's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Capstone Copper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capstone Copper's Beneish M-Score falls into.
Capstone Copper 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 Capstone Copper 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 * 0.7395 | + | 0.528 * 2.5987 | + | 0.404 * 0.8786 | + | 0.892 * 1.0382 | + | 0.115 * 0.8413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7494 | + | 4.679 * -0.022739 | - | 0.327 * 1.2736 |
| = | -2.06 |
* 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 $147 Mil.
Revenue was 353.735 + 322.242 + 333.938 + 335.596 = $1,346 Mil.
Gross Profit was 21.608 + 12.02 + 5.001 + 44.386 = $83 Mil.
Total Current Assets was $487 Mil.
Total Assets was $5,874 Mil.
Property, Plant and Equipment(Net PPE) was $5,286 Mil.
Depreciation, Depletion and Amortization(DDA) was $237 Mil.
Selling, General, & Admin. Expense(SGA) was $45 Mil.
Total Current Liabilities was $432 Mil.
Long-Term Debt & Capital Lease Obligation was $1,073 Mil.
Net Income was -12.257 + -32.903 + -36.51 + -20.002 = $-102 Mil.
Non Operating Income was -21.55 + 10.389 + -18.939 + -56.813 = $-87 Mil.
Cash Flow from Operations was 60.431 + 56.755 + -2.204 + 3.825 = $119 Mil.
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Total Receivables was $192 Mil.
Revenue was 362.09 + 309.204 + 356.644 + 268.086 = $1,296 Mil.
Gross Profit was 75.175 + -10.716 + 37.312 + 106.025 = $208 Mil.
Total Current Assets was $569 Mil.
Total Assets was $5,381 Mil.
Property, Plant and Equipment(Net PPE) was $4,706 Mil.
Depreciation, Depletion and Amortization(DDA) was $176 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $409 Mil.
Long-Term Debt & Capital Lease Obligation was $674 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) |
| = | (147.318 / 1345.511) | / | (191.887 / 1296.024) |
| = | 0.109489 | / | 0.148058 |
| | = | 0.7395 |
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) |
| = | (207.796 / 1296.024) | / | (83.015 / 1345.511) |
| = | 0.160333 | / | 0.061698 |
| | = | 2.5987 |
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 - (486.857 + 5286.257) / 5873.915) | / | (1 - (569.491 + 4706.311) / 5380.908) |
| = | 0.017161 | / | 0.019533 |
| | = | 0.8786 |
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 |
| = | 1345.511 | / | 1296.024 |
| | = | 1.0382 |
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)) |
| = | (176.174 / (176.174 + 4706.311)) | / | (236.884 / (236.884 + 5286.257)) |
| = | 0.036083 | / | 0.042889 |
| | = | 0.8413 |
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) |
| = | (45.124 / 1345.511) | / | (58 / 1296.024) |
| = | 0.033537 | / | 0.044752 |
| | = | 0.7494 |
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) |
| = | ((1073.241 + 431.82) / 5873.915) | / | ((674.044 + 408.532) / 5380.908) |
| = | 0.256228 | / | 0.201188 |
| | = | 1.2736 |
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 |
| = | (-101.672 - -86.913 | - | 118.807) | / | 5873.915 |
| | = | -0.022739 |
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.
Capstone Copper has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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