A-Mark Precious Metals Beneish M-Score Historical Data
The historical data trend for A-Mark Precious Metals'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.
A-Mark Precious Metals Beneish M-Score Chart
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A-Mark Precious Metals Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.62 |
-2.93 |
-0.64 |
-2.12 |
-2.24 |
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A-Mark Precious Metals 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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-1.73 |
-2.37 |
-2.24 |
-1.21 |
-1.91 |
Competitive Comparison of A-Mark Precious Metals's Beneish M-Score
For the Capital Markets subindustry, A-Mark Precious Metals'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.
A-Mark Precious Metals's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, A-Mark Precious Metals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where A-Mark Precious Metals's Beneish M-Score falls into.
A-Mark Precious Metals 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 A-Mark Precious Metals 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 * 0.5004 | + | 0.528 * 1.3994 | + | 0.404 * 1.0307 | + | 0.892 * 1.2125 | + | 0.115 * 1.3197 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9176 | + | 4.679 * 0.113173 | - | 0.327 * 0.9692 |
| = | -1.94 |
* 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 €156 Mil.
Revenue was 1906.273 + 2328.087 + 2879.165 + 2164.218 = €9,278 Mil.
Gross Profit was 42.22 + 46.292 + 72.557 + 70.515 = €232 Mil.
Total Current Assets was €1,229 Mil.
Total Assets was €1,489 Mil.
Property, Plant and Equipment(Net PPE) was €18 Mil.
Depreciation, Depletion and Amortization(DDA) was €11 Mil.
Selling, General, & Admin. Expense(SGA) was €84 Mil.
Total Current Liabilities was €660 Mil.
Long-Term Debt & Capital Lease Obligation was €277 Mil.
Net Income was 12.623 + 17.641 + 38.613 + 33.549 = €102 Mil.
Non Operating Income was 1.331 + 2.706 + 5.61 + 0.566 = €10 Mil.
Cash Flow from Operations was -52.64 + -41.473 + -67.907 + 85.71 = €-76 Mil.
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Total Receivables was €257 Mil.
Revenue was 1840.522 + 1919.355 + 1976.955 + 1915.076 = €7,652 Mil.
Gross Profit was 60.387 + 77.358 + 64.092 + 65.451 = €267 Mil.
Total Current Assets was €1,242 Mil.
Total Assets was €1,494 Mil.
Property, Plant and Equipment(Net PPE) was €16 Mil.
Depreciation, Depletion and Amortization(DDA) was €16 Mil.
Selling, General, & Admin. Expense(SGA) was €76 Mil.
Total Current Liabilities was €963 Mil.
Long-Term Debt & Capital Lease Obligation was €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) |
| = | (155.731 / 9277.743) | / | (256.645 / 7651.908) |
| = | 0.016785 | / | 0.03354 |
| | = | 0.5004 |
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) |
| = | (267.288 / 7651.908) | / | (231.584 / 9277.743) |
| = | 0.034931 | / | 0.024961 |
| | = | 1.3994 |
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 - (1229.038 + 17.892) / 1489.078) | / | (1 - (1241.766 + 16.326) / 1493.765) |
| = | 0.162616 | / | 0.157771 |
| | = | 1.0307 |
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 |
| = | 9277.743 | / | 7651.908 |
| | = | 1.2125 |
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)) |
| = | (16.196 / (16.196 + 16.326)) | / | (10.844 / (10.844 + 17.892)) |
| = | 0.498001 | / | 0.377366 |
| | = | 1.3197 |
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) |
| = | (84.358 / 9277.743) | / | (75.832 / 7651.908) |
| = | 0.009093 | / | 0.00991 |
| | = | 0.9176 |
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) |
| = | ((277.045 + 659.928) / 1489.078) | / | ((6.518 + 963.25) / 1493.765) |
| = | 0.62923 | / | 0.649211 |
| | = | 0.9692 |
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 |
| = | (102.426 - 10.213 | - | -76.31) | / | 1489.078 |
| | = | 0.113173 |
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.
A-Mark Precious Metals has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.
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