Eldorado Gold Beneish M-Score Historical Data
The historical data trend for Eldorado Gold'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.
Eldorado Gold Beneish M-Score Chart
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Eldorado Gold Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.80 |
-2.80 |
-2.33 |
-2.46 |
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Eldorado Gold 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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-2.33 |
-1.40 |
-2.35 |
-2.40 |
-2.46 |
Competitive Comparison of Eldorado Gold's Beneish M-Score
For the Gold subindustry, Eldorado Gold'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.
Eldorado Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Eldorado Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eldorado Gold's Beneish M-Score falls into.
Eldorado Gold 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 Eldorado Gold 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 * 1.2864 | + | 0.528 * 0.7315 | + | 0.404 * 1.1764 | + | 0.892 * 1.1591 | + | 0.115 * 0.9626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8703 | + | 4.679 * -0.055068 | - | 0.327 * 1.1501 |
| = | -2.43 |
* 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 $100 Mil.
Revenue was 300.998 + 246.008 + 235.743 + 227.35 = $1,010 Mil.
Gross Profit was 94.561 + 67.096 + 54.661 + 55.749 = $272 Mil.
Total Current Assets was $930 Mil.
Total Assets was $4,988 Mil.
Property, Plant and Equipment(Net PPE) was $3,756 Mil.
Depreciation, Depletion and Amortization(DDA) was $264 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $274 Mil.
Long-Term Debt & Capital Lease Obligation was $654 Mil.
Net Income was 92.423 + -7.998 + 0.885 + 21.322 = $107 Mil.
Non Operating Income was -21.239 + 2.602 + 13.014 + 2.507 = $-3 Mil.
Cash Flow from Operations was 160.058 + 107.996 + 75.058 + 41.295 = $384 Mil.
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Total Receivables was $67 Mil.
Revenue was 239.882 + 222.072 + 216.501 + 193.006 = $871 Mil.
Gross Profit was 51.566 + 32.162 + 51.11 + 36.852 = $172 Mil.
Total Current Assets was $632 Mil.
Total Assets was $4,458 Mil.
Property, Plant and Equipment(Net PPE) was $3,596 Mil.
Depreciation, Depletion and Amortization(DDA) was $242 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $211 Mil.
Long-Term Debt & Capital Lease Obligation was $510 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) |
| = | (99.949 / 1010.099) | / | (67.035 / 871.461) |
| = | 0.09895 | / | 0.076923 |
| | = | 1.2864 |
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) |
| = | (171.69 / 871.461) | / | (272.067 / 1010.099) |
| = | 0.197014 | / | 0.269347 |
| | = | 0.7315 |
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 - (930.406 + 3755.559) / 4987.634) | / | (1 - (632.458 + 3596.262) / 4457.916) |
| = | 0.060483 | / | 0.051413 |
| | = | 1.1764 |
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 |
| = | 1010.099 | / | 871.461 |
| | = | 1.1591 |
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)) |
| = | (242.393 / (242.393 + 3596.262)) | / | (263.641 / (263.641 + 3755.559)) |
| = | 0.063145 | / | 0.065595 |
| | = | 0.9626 |
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) |
| = | (54.211 / 1010.099) | / | (53.741 / 871.461) |
| = | 0.053669 | / | 0.061668 |
| | = | 0.8703 |
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) |
| = | ((653.786 + 274.215) / 4987.634) | / | ((510.254 + 210.941) / 4457.916) |
| = | 0.18606 | / | 0.161779 |
| | = | 1.1501 |
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 |
| = | (106.632 - -3.116 | - | 384.407) | / | 4987.634 |
| | = | -0.055068 |
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.
Eldorado Gold has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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