Kinross Gold Beneish M-Score Historical Data
The historical data trend for Kinross 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.
Kinross Gold Beneish M-Score Chart
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Kinross Gold Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.16 |
-0.48 |
-3.13 |
-3.38 |
-3.17 |
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Kinross Gold Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.38 |
-3.65 |
-3.08 |
-2.98 |
-3.17 |
Competitive Comparison of Kinross Gold's Beneish M-Score
For the Gold subindustry, Kinross 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.
Kinross Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Kinross Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinross Gold's Beneish M-Score falls into.
Kinross 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 Kinross 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 * 0.787 | + | 0.528 * 0.7488 | + | 0.404 * 0.9512 | + | 0.892 * 1.2418 | + | 0.115 * 0.9071 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9555 | + | 4.679 * -0.134835 | - | 0.327 * 0.7588 |
| = | -3.17 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was C$140 Mil.
Revenue was 2017.09 + 1939.787 + 1671.325 + 1463.918 = C$7,092 Mil.
Gross Profit was 779.596 + 874.53 + 531.206 + 403.237 = C$2,589 Mil.
Total Current Assets was C$3,030 Mil.
Total Assets was C$15,480 Mil.
Property, Plant and Equipment(Net PPE) was C$11,419 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,579 Mil.
Selling, General, & Admin. Expense(SGA) was C$174 Mil.
Total Current Liabilities was C$1,510 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,760 Mil.
Net Income was 392.647 + 481.289 + 289.038 + 144.835 = C$1,308 Mil.
Non Operating Income was 20.658 + -8.128 + 7.812 + 0.135 = C$20 Mil.
Cash Flow from Operations was 1046.442 + 993.599 + 827.782 + 506.788 = C$3,375 Mil.
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Total Receivables was C$143 Mil.
Revenue was 1496.823 + 1491.657 + 1451.23 + 1271.561 = C$5,711 Mil.
Gross Profit was 339.559 + 430.15 + 471.786 + 319.498 = C$1,561 Mil.
Total Current Assets was C$2,418 Mil.
Total Assets was C$14,145 Mil.
Property, Plant and Equipment(Net PPE) was C$10,736 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,329 Mil.
Selling, General, & Admin. Expense(SGA) was C$146 Mil.
Total Current Liabilities was C$920 Mil.
Long-Term Debt & Capital Lease Obligation was C$3,019 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) |
| = | (139.763 / 7092.12) | / | (143.015 / 5711.271) |
| = | 0.019707 | / | 0.025041 |
| | = | 0.787 |
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) |
| = | (1560.993 / 5711.271) | / | (2588.569 / 7092.12) |
| = | 0.273318 | / | 0.364992 |
| | = | 0.7488 |
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 - (3029.909 + 11419.255) / 15480.22) | / | (1 - (2417.966 + 10736.422) / 14144.891) |
| = | 0.066605 | / | 0.070025 |
| | = | 0.9512 |
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 |
| = | 7092.12 | / | 5711.271 |
| | = | 1.2418 |
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)) |
| = | (1329.473 / (1329.473 + 10736.422)) | / | (1578.802 / (1578.802 + 11419.255)) |
| = | 0.110184 | / | 0.121464 |
| | = | 0.9071 |
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) |
| = | (173.655 / 7092.12) | / | (146.364 / 5711.271) |
| = | 0.024486 | / | 0.025627 |
| | = | 0.9555 |
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) |
| = | ((1760.217 + 1510.324) / 15480.22) | / | ((3018.734 + 919.667) / 14144.891) |
| = | 0.211272 | / | 0.278433 |
| | = | 0.7588 |
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 |
| = | (1307.809 - 20.477 | - | 3374.611) | / | 15480.22 |
| | = | -0.134835 |
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.
Kinross Gold has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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