Equinox Gold Beneish M-Score Historical Data
The historical data trend for Equinox Gold'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.
Equinox Gold Beneish M-Score Chart
|
Equinox Gold Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
3.92 |
-1.34 |
-2.42 |
-1.13 |
-2.99 |
|
Equinox Gold Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.13 |
-1.07 |
-2.66 |
-2.74 |
-2.99 |
Competitive Comparison of Equinox Gold's Beneish M-Score
For the Gold subindustry, Equinox Gold'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.
Equinox Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Equinox Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equinox Gold's Beneish M-Score falls into.
Equinox Gold 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 Equinox Gold 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 * 0.9103 | + | 0.528 * 0.8028 | + | 0.404 * 0.7155 | + | 0.892 * 1.1733 | + | 0.115 * 0.9592 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8668 | + | 4.679 * -0.079639 | - | 0.327 * 1.0238 |
| = | -2.99 |
* 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 C$110 Mil.
Revenue was 399.516 + 385.291 + 360.799 + 320.305 = C$1,466 Mil.
Gross Profit was 51.795 + 34.101 + 40.376 + 18.272 = C$145 Mil.
Total Current Assets was C$1,119 Mil.
Total Assets was C$5,836 Mil.
Property, Plant and Equipment(Net PPE) was C$4,327 Mil.
Depreciation, Depletion and Amortization(DDA) was C$291 Mil.
Selling, General, & Admin. Expense(SGA) was C$61 Mil.
Total Current Liabilities was C$643 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,082 Mil.
Net Income was 5.226 + 3.011 + 7.123 + 23.813 = C$39 Mil.
Non Operating Income was -1.892 + -3.104 + 1.973 + 21.727 = C$19 Mil.
Cash Flow from Operations was 168.924 + 93.737 + 26.411 + 196.209 = C$485 Mil.
|
Total Receivables was C$103 Mil.
Revenue was 352.235 + 326.982 + 287.605 + 282.522 = C$1,249 Mil.
Gross Profit was 41.633 + 6.004 + 15.7 + 35.559 = C$99 Mil.
Total Current Assets was C$890 Mil.
Total Assets was C$5,239 Mil.
Property, Plant and Equipment(Net PPE) was C$3,859 Mil.
Depreciation, Depletion and Amortization(DDA) was C$248 Mil.
Selling, General, & Admin. Expense(SGA) was C$60 Mil.
Total Current Liabilities was C$369 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,144 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) |
| = | (110.423 / 1465.911) | / | (103.386 / 1249.344) |
| = | 0.075327 | / | 0.082752 |
| | = | 0.9103 |
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) |
| = | (98.896 / 1249.344) | / | (144.544 / 1465.911) |
| = | 0.079158 | / | 0.098604 |
| | = | 0.8028 |
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 - (1118.838 + 4326.946) / 5836.466) | / | (1 - (889.947 + 3858.818) / 5238.915) |
| = | 0.066938 | / | 0.093559 |
| | = | 0.7155 |
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 |
| = | 1465.911 | / | 1249.344 |
| | = | 1.1733 |
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)) |
| = | (248.475 / (248.475 + 3858.818)) | / | (291.266 / (291.266 + 4326.946)) |
| = | 0.060496 | / | 0.063069 |
| | = | 0.9592 |
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) |
| = | (60.864 / 1465.911) | / | (59.844 / 1249.344) |
| = | 0.04152 | / | 0.0479 |
| | = | 0.8668 |
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) |
| = | ((1082.351 + 643.433) / 5836.466) | / | ((1143.997 + 369.137) / 5238.915) |
| = | 0.29569 | / | 0.288826 |
| | = | 1.0238 |
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 |
| = | (39.173 - 18.704 | - | 485.281) | / | 5836.466 |
| | = | -0.079639 |
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.
Equinox Gold has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSX:EQX has been successfully added to your