Coeur Mining Beneish M-Score Historical Data
The historical data trend for Coeur 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.
Coeur Mining Beneish M-Score Chart
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Coeur 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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-5.50 |
-3.32 |
-2.31 |
-1.97 |
-3.09 |
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Coeur 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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-1.97 |
-1.70 |
-1.89 |
-2.72 |
-3.09 |
Competitive Comparison of Coeur Mining's Beneish M-Score
For the Gold subindustry, Coeur 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.
Coeur Mining's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Coeur Mining's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coeur Mining's Beneish M-Score falls into.
Coeur 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 Coeur 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 * 0.9017 | + | 0.528 * 0.7971 | + | 0.404 * 0.7128 | + | 0.892 * 1.0453 | + | 0.115 * 1.3318 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0087 | + | 4.679 * -0.078507 | - | 0.327 * 1.014 |
| = | -3.09 |
* 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 $30.4 Mil.
Revenue was 262.09 + 194.583 + 177.235 + 187.298 = $821.2 Mil.
Gross Profit was 35.155 + 23.796 + 18.003 + 11.534 = $88.5 Mil.
Total Current Assets was $267.3 Mil.
Total Assets was $2,080.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,688.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $99.8 Mil.
Selling, General, & Admin. Expense(SGA) was $41.6 Mil.
Total Current Liabilities was $289.6 Mil.
Long-Term Debt & Capital Lease Obligation was $522.7 Mil.
Net Income was -25.505 + -21.109 + -32.412 + -24.586 = $-103.6 Mil.
Non Operating Income was 1.415 + -0.777 + -10.88 + 2.703 = $-7.5 Mil.
Cash Flow from Operations was 65.277 + -2.383 + 39.397 + -35.003 = $67.3 Mil.
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Total Receivables was $32.3 Mil.
Revenue was 210.116 + 182.993 + 204.123 + 188.404 = $785.6 Mil.
Gross Profit was 22.635 + -9.338 + 25.479 + 28.704 = $67.5 Mil.
Total Current Assets was $300.4 Mil.
Total Assets was $1,846.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,389.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $111.6 Mil.
Selling, General, & Admin. Expense(SGA) was $39.5 Mil.
Total Current Liabilities was $219.4 Mil.
Long-Term Debt & Capital Lease Obligation was $491.4 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) |
| = | (30.42 / 821.206) | / | (32.274 / 785.636) |
| = | 0.037043 | / | 0.04108 |
| | = | 0.9017 |
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) |
| = | (67.48 / 785.636) | / | (88.488 / 821.206) |
| = | 0.085892 | / | 0.107754 |
| | = | 0.7971 |
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 - (267.255 + 1688.288) / 2080.848) | / | (1 - (300.432 + 1389.755) / 1846.143) |
| = | 0.060218 | / | 0.084477 |
| | = | 0.7128 |
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 |
| = | 821.206 | / | 785.636 |
| | = | 1.0453 |
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)) |
| = | (111.626 / (111.626 + 1389.755)) | / | (99.822 / (99.822 + 1688.288)) |
| = | 0.074349 | / | 0.055825 |
| | = | 1.3318 |
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) |
| = | (41.605 / 821.206) | / | (39.46 / 785.636) |
| = | 0.050663 | / | 0.050227 |
| | = | 1.0087 |
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) |
| = | ((522.674 + 289.613) / 2080.848) | / | ((491.355 + 219.36) / 1846.143) |
| = | 0.390363 | / | 0.384973 |
| | = | 1.014 |
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 |
| = | (-103.612 - -7.539 | - | 67.288) | / | 2080.848 |
| | = | -0.078507 |
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.
Coeur Mining has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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