TECK (Teck Resources) Beneish M-Score : -2.22 (As of Dec. 15, 2024)

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What is Teck Resources Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Teck Resources's Beneish M-Score or its related term are showing as below:

TECK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.52 Max: -2.02
Current: -2.22

During the past 13 years, the highest Beneish M-Score of Teck Resources was -2.02. The lowest was -3.08. And the median was -2.52.

Teck Resources Beneish M-Score Historical Data

The historical data trend for Teck Resources'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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Teck Resources Beneish M-Score Chart

Teck Resources Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.51

-2.02

-2.68

-3.08

-2.21

Teck Resources Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.34	-2.21	-2.20	-2.06	-2.22

Competitive Comparison of Teck Resources's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Teck Resources'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.

Teck Resources's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Teck Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Teck Resources's Beneish M-Score falls into.

Teck Resources 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 Teck Resources for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7248

0.528 * 1.0701

0.404 * 1.0101

0.892 * 1.6983

0.115 * 0.3456

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5295

4.679 * -0.031521

0.327 * 1.0301

-2.22

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $1,677 Mil.
Revenue was 2109.848 + 2825.976 + 2946.217 + 7735.54 = $15,618 Mil.
Gross Profit was 352.872 + 847.866 + 952.275 + 3117.919 = $5,271 Mil.
Total Current Assets was $9,157 Mil.
Total Assets was $32,838 Mil.
Property, Plant and Equipment(Net PPE) was $21,228 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,287 Mil.
Selling, General, & Admin. Expense(SGA) was $326 Mil.
Total Current Liabilities was $3,137 Mil.
Long-Term Debt & Capital Lease Obligation was $6,538 Mil.
Net Income was -516.019 + 264.867 + 253.398 + 360.018 = $362 Mil.
Non Operating Income was -751.513 + 10.945 + -72.4 + 273.554 = $-539 Mil.
Cash Flow from Operations was 98.922 + 967.53 + 31.028 + 839.296 = $1,937 Mil.

Total Receivables was $1,362 Mil.
Revenue was 1469.958 + 2648.653 + 2766.206 + 2311.373 = $9,196 Mil.
Gross Profit was 192.89 + 1061.267 + 1217.569 + 849.466 = $3,321 Mil.
Total Current Assets was $4,988 Mil.
Total Assets was $40,490 Mil.
Property, Plant and Equipment(Net PPE) was $32,508 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,131 Mil.
Selling, General, & Admin. Expense(SGA) was $363 Mil.
Total Current Liabilities was $4,147 Mil.
Long-Term Debt & Capital Lease Obligation was $7,434 Mil.

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)
	=	(1676.51 / 15617.581)	/	(1362.057 / 9196.19)
	=	0.107348	/	0.148111
	=	0.7248

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)
	=	(3321.192 / 9196.19)	/	(5270.932 / 15617.581)
	=	0.361149	/	0.3375
	=	1.0701

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 - (9156.947 + 21228.407) / 32838.476)	/	(1 - (4987.806 + 32507.575) / 40489.986)
	=	0.074703	/	0.073959
	=	1.0101

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
	=	15617.581	/	9196.19
	=	1.6983

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))
	=	(1130.533 / (1130.533 + 32507.575))	/	(2286.517 / (2286.517 + 21228.407))
	=	0.033609	/	0.097237
	=	0.3456

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)
	=	(326.224 / 15617.581)	/	(362.779 / 9196.19)
	=	0.020888	/	0.039449
	=	0.5295

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)
	=	((6537.723 + 3137.458) / 32838.476)	/	((7434.04 + 4146.774) / 40489.986)
	=	0.294629	/	0.286017
	=	1.0301

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
	=	(362.264 - -539.414	-	1936.776)	/	32838.476
	=	-0.031521

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.

Teck Resources has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

Teck Resources Beneish M-Score Related Terms

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Teck Resources Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Teck Resources Ltd (NYSE:TECK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TCKRF:USA TECK:Mexico TPT:Germany TEKB:Germany TPT:Germany TEKB:Germany TECK.B:Canada TECK.A:Canada

Address

550 Burrard Street, Suite 3300, Vancouver, BC, CAN, V6C 0B3

Website

https://www.teck.com

Teck is a base metals miner with copper and zinc operations in Canada, the United States, Chile, and Peru. After selling its metallurgical coal business, copper is now its major commodity by EBITDA contribution, followed by zinc. Teck is a top-three zinc miner. Its major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, will drive an increase in Teck's attributable copper production by roughly 75%. Along with a number of additional copper growth options, Teck's strategy is to rebalance its portfolio to low-carbon metals such as copper. It sold its oil sands business in early 2023 and its coal business in mid-2024.