Barrick Mining (MEX:BN) Beneish M-Score : -2.74 (As of Jun. 25, 2025)

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What is Barrick Mining 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:BN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.65 Max: -1.19
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Barrick Mining was -1.19. The lowest was -3.52. And the median was -2.65.

Barrick Mining Beneish M-Score Historical Data

The historical data trend for Barrick Mining'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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Barrick Mining Beneish M-Score Chart

Barrick Mining Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.84

-2.48

-2.60

-2.39

-2.65

Barrick Mining Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.79	-2.60	-2.65	-2.74

Competitive Comparison of Barrick Mining's Beneish M-Score

For the Gold subindustry, Barrick Mining'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.

Barrick Mining's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

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Barrick Mining 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 Barrick Mining 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 * 1.0285

0.528 * 0.7504

0.404 * 0.9157

0.892 * 1.3489

0.115 * 1.228

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9605

4.679 * -0.061386

0.327 * 1.0325

-2.57

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was MXN15,057 Mil.
Revenue was 64034.166 + 76019.026 + 66316.93 + 57928.166 = MXN264,298 Mil.
Gross Profit was 27516.279 + 34411.905 + 25932.125 + 21672.682 = MXN109,533 Mil.
Total Current Assets was MXN163,707 Mil.
Total Assets was MXN984,899 Mil.
Property, Plant and Equipment(Net PPE) was MXN586,803 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN36,688 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,539 Mil.
Total Current Liabilities was MXN57,017 Mil.
Long-Term Debt & Capital Lease Obligation was MXN96,215 Mil.
Net Income was 9697.187 + 20772.277 + 9510.415 + 6778.438 = MXN46,758 Mil.
Non Operating Income was -2434.526 + 9843.89 + -98.452 + 1612.169 = MXN8,923 Mil.
Cash Flow from Operations was 24795.338 + 29031.134 + 23234.554 + 21232.999 = MXN98,294 Mil.

Total Receivables was MXN10,854 Mil.
Revenue was 45589.913 + 51924.225 + 49852.883 + 48568.669 = MXN195,936 Mil.
Gross Profit was 13459.563 + 15616.308 + 16495.695 + 15360.934 = MXN60,933 Mil.
Total Current Assets was MXN120,837 Mil.
Total Assets was MXN760,822 Mil.
Property, Plant and Equipment(Net PPE) was MXN442,257 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN34,448 Mil.
Selling, General, & Admin. Expense(SGA) was MXN1,960 Mil.
Total Current Liabilities was MXN36,429 Mil.
Long-Term Debt & Capital Lease Obligation was MXN78,218 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)
	=	(15057.235 / 264298.288)	/	(10853.951 / 195935.69)
	=	0.056971	/	0.055395
	=	1.0285

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)
	=	(60932.5 / 195935.69)	/	(109532.991 / 264298.288)
	=	0.310982	/	0.414429
	=	0.7504

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 - (163706.517 + 586802.551) / 984898.665)	/	(1 - (120837.333 + 442257.003) / 760822.118)
	=	0.237983	/	0.259887
	=	0.9157

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
	=	264298.288	/	195935.69
	=	1.3489

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))
	=	(34448.297 / (34448.297 + 442257.003))	/	(36688.401 / (36688.401 + 586802.551))
	=	0.072263	/	0.058844
	=	1.228

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)
	=	(2538.942 / 264298.288)	/	(1959.544 / 195935.69)
	=	0.009606	/	0.010001
	=	0.9605

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)
	=	((96214.915 + 57017.003) / 984898.665)	/	((78218.15 + 36428.78) / 760822.118)
	=	0.155581	/	0.150688
	=	1.0325

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
	=	(46758.317 - 8923.081	-	98294.025)	/	984898.665
	=	-0.061386

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.

Barrick Mining has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Barrick Mining Beneish M-Score Related Terms

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Barrick Mining Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

B:USA ABX:Peru 0R22:UK ABR0:Germany ABR0:Germany ABR0:Germany ABR0:Germany ABX:Canada ABR0:Bulgaria GOLD:Argentina

Address

161 Bay Street, Brookfield Place, TD Canada Trust Tower, Suite 3700, P.O. Box 212, Toronto, ON, CAN, M5J 2S1

Website

https://www.barrick.com

Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2024, the firm produced nearly 3.9 million attributable ounces of gold and about 430 million pounds of copper. At year-end 2024, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.