SSR Mining Beneish M-Score Historical Data
The historical data trend for SSR 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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SSR Mining Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.88 |
-2.05 |
-2.20 |
-2.36 |
-2.20 |
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SSR Mining 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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-2.36 |
-1.80 |
-2.11 |
-2.40 |
-2.20 |
Competitive Comparison
For the Gold subindustry, SSR 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.
SSR Mining Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, SSR Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SSR Mining's Beneish M-Score falls into.
SSR 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 SSR Mining 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 * 0.9721 | + | 0.528 * 1.0905 | + | 0.404 * 0.9271 | + | 0.892 * 1.2429 | + | 0.115 * 0.9291 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7574 | + | 4.679 * -0.005792 | - | 0.327 * 0.7768 |
| = | -2.19 |
* 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 $142 Mil.
Revenue was 425.897 + 385.39 + 301.026 + 314.614 = $1,427 Mil.
Gross Profit was 140.072 + 114.73 + 85.745 + 68.222 = $409 Mil.
Total Current Assets was $1,196 Mil.
Total Assets was $5,386 Mil.
Property, Plant and Equipment(Net PPE) was $3,894 Mil.
Depreciation, Depletion and Amortization(DDA) was $214 Mil.
Selling, General, & Admin. Expense(SGA) was $67 Mil.
Total Current Liabilities was $171 Mil.
Long-Term Debt & Capital Lease Obligation was $314 Mil.
Net Income was -217.845 + 15.159 + 74.866 + 29.813 = $-98 Mil.
Non Operating Income was -444.3 + -20.384 + -16.078 + -7.777 = $-489 Mil.
Cash Flow from Operations was 203.159 + 135.256 + 80.343 + 2.967 = $422 Mil.
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Total Receivables was $118 Mil.
Revenue was 306.377 + 166.627 + 319.583 + 355.446 = $1,148 Mil.
Gross Profit was 76.033 + 38.62 + 100.807 + 143.184 = $359 Mil.
Total Current Assets was $1,376 Mil.
Total Assets was $5,255 Mil.
Property, Plant and Equipment(Net PPE) was $3,567 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $72 Mil.
Total Current Liabilities was $279 Mil.
Long-Term Debt & Capital Lease Obligation was $329 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) |
| = | (142.18 / 1426.927) | / | (117.675 / 1148.033) |
| = | 0.099641 | / | 0.102501 |
| | = | 0.9721 |
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) |
| = | (358.644 / 1148.033) | / | (408.769 / 1426.927) |
| = | 0.312399 | / | 0.286468 |
| | = | 1.0905 |
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 - (1196.476 + 3893.924) / 5385.773) | / | (1 - (1376.435 + 3567.392) / 5254.657) |
| = | 0.054843 | / | 0.059153 |
| | = | 0.9271 |
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 |
| = | 1426.927 | / | 1148.033 |
| | = | 1.2429 |
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)) |
| = | (181.447 / (181.447 + 3567.392)) | / | (214.012 / (214.012 + 3893.924)) |
| = | 0.048401 | / | 0.052097 |
| | = | 0.9291 |
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) |
| = | (67.459 / 1426.927) | / | (71.66 / 1148.033) |
| = | 0.047276 | / | 0.06242 |
| | = | 0.7574 |
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) |
| = | ((313.657 + 170.573) / 5385.773) | / | ((328.944 + 279.252) / 5254.657) |
| = | 0.089909 | / | 0.115744 |
| | = | 0.7768 |
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 |
| = | (-98.007 - -488.539 | - | 421.725) | / | 5385.773 |
| | = | -0.005792 |
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.
SSR Mining has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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