Hecla Mining Co Beneish M-Score Historical Data
The historical data trend for Hecla Mining Co'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.
Hecla Mining Co Beneish M-Score Chart
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Hecla Mining Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.47 |
-2.91 |
-2.08 |
-1.98 |
-3.04 |
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Hecla Mining Co 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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-1.98 |
-2.31 |
-2.34 |
-2.51 |
-3.04 |
Competitive Comparison of Hecla Mining Co's Beneish M-Score
For the Other Precious Metals & Mining subindustry, Hecla Mining Co'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.
Hecla Mining Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Hecla Mining Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hecla Mining Co's Beneish M-Score falls into.
Hecla Mining Co 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 Hecla Mining Co 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 * 0.592 | + | 0.528 * 1.0303 | + | 0.404 * 0.9431 | + | 0.892 * 1.0018 | + | 0.115 * 0.9233 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9829 | + | 4.679 * -0.026863 | - | 0.327 * 1.1317 |
| = | -3.04 |
* 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 $33.1 Mil.
Revenue was 160.69 + 181.906 + 178.131 + 199.5 = $720.2 Mil.
Gross Profit was 6.865 + 33.477 + 37.659 + 34.948 = $112.9 Mil.
Total Current Assets was $260.3 Mil.
Total Assets was $3,011.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,674.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $163.7 Mil.
Selling, General, & Admin. Expense(SGA) was $42.7 Mil.
Total Current Liabilities was $157.5 Mil.
Long-Term Debt & Capital Lease Obligation was $653.1 Mil.
Net Income was -42.935 + -22.415 + -15.694 + -3.173 = $-84.2 Mil.
Non Operating Income was -22.819 + -23.845 + -24.465 + -7.699 = $-78.8 Mil.
Cash Flow from Operations was 0.884 + 10.235 + 23.777 + 40.603 = $75.5 Mil.
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Total Receivables was $55.8 Mil.
Revenue was 194.825 + 146.339 + 191.242 + 186.499 = $718.9 Mil.
Gross Profit was 25.017 + 8.447 + 37.263 + 45.429 = $116.2 Mil.
Total Current Assets was $267.7 Mil.
Total Assets was $2,927.2 Mil.
Property, Plant and Equipment(Net PPE) was $2,580.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $145.1 Mil.
Selling, General, & Admin. Expense(SGA) was $43.4 Mil.
Total Current Liabilities was $178.5 Mil.
Long-Term Debt & Capital Lease Obligation was $517.7 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) |
| = | (33.116 / 720.227) | / | (55.841 / 718.905) |
| = | 0.04598 | / | 0.077675 |
| | = | 0.592 |
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) |
| = | (116.156 / 718.905) | / | (112.949 / 720.227) |
| = | 0.161574 | / | 0.156824 |
| | = | 1.0303 |
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 - (260.262 + 2674.599) / 3011.104) | / | (1 - (267.727 + 2580.854) / 2927.172) |
| = | 0.025321 | / | 0.026849 |
| | = | 0.9431 |
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 |
| = | 720.227 | / | 718.905 |
| | = | 1.0018 |
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)) |
| = | (145.147 / (145.147 + 2580.854)) | / | (163.672 / (163.672 + 2674.599)) |
| = | 0.053245 | / | 0.057666 |
| | = | 0.9233 |
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) |
| = | (42.722 / 720.227) | / | (43.384 / 718.905) |
| = | 0.059317 | / | 0.060347 |
| | = | 0.9829 |
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) |
| = | ((653.063 + 157.46) / 3011.104) | / | ((517.742 + 178.466) / 2927.172) |
| = | 0.269178 | / | 0.237843 |
| | = | 1.1317 |
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 |
| = | (-84.217 - -78.828 | - | 75.499) | / | 3011.104 |
| | = | -0.026863 |
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.
Hecla Mining Co has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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