Rio Tinto Beneish M-Score Historical Data
The historical data trend for Rio Tinto'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.
Rio Tinto Beneish M-Score Chart
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Rio Tinto Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-2.64 |
-2.66 |
-2.54 |
-2.64 |
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Rio Tinto Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
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Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
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Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.66 |
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-2.54 |
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-2.64 |
Competitive Comparison of Rio Tinto's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Rio Tinto'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.
Rio Tinto's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Rio Tinto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rio Tinto's Beneish M-Score falls into.
Rio Tinto 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 Rio Tinto 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 * 1.1412 | + | 0.528 * 1.0289 | + | 0.404 * 1.0858 | + | 0.892 * 0.9728 | + | 0.115 * 0.9745 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1362 | + | 4.679 * -0.049271 | - | 0.327 * 1.0693 |
| = | -2.60 |
* 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 $3,356 Mil.
Revenue was $54,041 Mil.
Gross Profit was $32,401 Mil.
Total Current Assets was $21,510 Mil.
Total Assets was $103,549 Mil.
Property, Plant and Equipment(Net PPE) was $68,447 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,334 Mil.
Selling, General, & Admin. Expense(SGA) was $8,076 Mil.
Total Current Liabilities was $12,743 Mil.
Long-Term Debt & Capital Lease Obligation was $13,183 Mil.
Net Income was $10,058 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $15,160 Mil.
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Total Receivables was $3,023 Mil.
Revenue was $55,554 Mil.
Gross Profit was $34,270 Mil.
Total Current Assets was $18,973 Mil.
Total Assets was $96,774 Mil.
Property, Plant and Equipment(Net PPE) was $66,102 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,010 Mil.
Selling, General, & Admin. Expense(SGA) was $7,307 Mil.
Total Current Liabilities was $11,603 Mil.
Long-Term Debt & Capital Lease Obligation was $11,056 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) |
| = | (3356 / 54041) | / | (3023 / 55554) |
| = | 0.062101 | / | 0.054416 |
| | = | 1.1412 |
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) |
| = | (34270 / 55554) | / | (32401 / 54041) |
| = | 0.616877 | / | 0.599563 |
| | = | 1.0289 |
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 - (21510 + 68447) / 103549) | / | (1 - (18973 + 66102) / 96774) |
| = | 0.131262 | / | 0.12089 |
| | = | 1.0858 |
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 |
| = | 54041 | / | 55554 |
| | = | 0.9728 |
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)) |
| = | (5010 / (5010 + 66102)) | / | (5334 / (5334 + 68447)) |
| = | 0.070452 | / | 0.072295 |
| | = | 0.9745 |
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) |
| = | (8076 / 54041) | / | (7307 / 55554) |
| = | 0.149442 | / | 0.13153 |
| | = | 1.1362 |
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) |
| = | ((13183 + 12743) / 103549) | / | ((11056 + 11603) / 96774) |
| = | 0.250374 | / | 0.234143 |
| | = | 1.0693 |
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 |
| = | (10058 - 0 | - | 15160) | / | 103549 |
| | = | -0.049271 |
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.
Rio Tinto has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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