SSR Mining (TSX:SSRM) Beneish M-Score: -2.87 (As of Jun. 25, 2026)

What is SSR Mining Beneish M-Score?

SSR Mining TSX:SSRM -3.15% 88 Beneish M-Score is -2.87 as of Jun. 25, 2026. GuruFocus rates TSX:SSRM with a GF Score™ of 88/100 and a GF Value™ of C$29.10 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 685 Metals & Mining companies, SSR Mining ranks better than 76.93% on this metric.

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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:SSRM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.4 Max: -1.23
Current: -2.87

During the past 13 years, the highest Beneish M-Score of SSR Mining was -1.23. The lowest was -3.30. And the median was -2.40.

SSR Mining Beneish M-Score Related Terms

SSR Mining Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SSR Mining'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.

SSR Mining Beneish M-Score Chart

SSR Mining Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.20

-2.36

-2.20

-2.63

-2.26

SSR Mining Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.12	-2.52	-2.46	-2.26	-2.87

TSX:SSRM vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, SSR Mining'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.

SSR Mining Beneish M-Score vs Metals & Mining Industry

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

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

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88GF Score

SSR Mining Inc TSX:SSRM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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SSR Mining 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 SSR Mining 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 * 0.6564

0.528 * 0.7156

0.404 * 0.7066

0.892 * 1.7179

0.115 * 0.4887

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.947

4.679 * -0.069823

0.327 * 1.2144

-2.87

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$190 Mil.
Revenue was 798.199 + 719.72 + 533.77 + 554.176 = C$2,606 Mil.
Gross Profit was 489.089 + 417.413 + 265.528 + 295.598 = C$1,468 Mil.
Total Current Assets was C$5,034 Mil.
Total Assets was C$8,159 Mil.
Property, Plant and Equipment(Net PPE) was C$2,587 Mil.
Depreciation, Depletion and Amortization(DDA) was C$159 Mil.
Selling, General, & Admin. Expense(SGA) was C$168 Mil.
Total Current Liabilities was C$945 Mil.
Long-Term Debt & Capital Lease Obligation was C$91 Mil.
Net Income was -146.049 + 250.32 + 90.531 + 123.115 = C$318 Mil.
Non Operating Income was 3.762 + -21.304 + -31.153 + 37.888 = C$-11 Mil.
Cash Flow from Operations was 362.879 + 237.344 + 79.07 + 219.112 = C$898 Mil.

Total Receivables was C$169 Mil.
Revenue was 454.537 + 460.445 + 348.614 + 253.325 = C$1,517 Mil.
Gross Profit was 214.427 + 187.461 + 120.061 + 89.422 = C$611 Mil.
Total Current Assets was C$1,471 Mil.
Total Assets was C$8,103 Mil.
Property, Plant and Equipment(Net PPE) was C$5,875 Mil.
Depreciation, Depletion and Amortization(DDA) was C$171 Mil.
Selling, General, & Admin. Expense(SGA) was C$104 Mil.
Total Current Liabilities was C$373 Mil.
Long-Term Debt & Capital Lease Obligation was C$474 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)
	=	(190.204 / 2605.865)	/	(168.677 / 1516.921)
	=	0.072991	/	0.111197
	=	0.6564

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)
	=	(611.371 / 1516.921)	/	(1467.628 / 2605.865)
	=	0.403034	/	0.563202
	=	0.7156

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 - (5033.709 + 2586.695) / 8158.919)	/	(1 - (1471.194 + 5875.182) / 8103.256)
	=	0.066003	/	0.093404
	=	0.7066

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
	=	2605.865	/	1516.921
	=	1.7179

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))
	=	(171.346 / (171.346 + 5875.182))	/	(159.221 / (159.221 + 2586.695))
	=	0.028338	/	0.057985
	=	0.4887

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)
	=	(168.392 / 2605.865)	/	(103.509 / 1516.921)
	=	0.06462	/	0.068236
	=	0.947

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)
	=	((90.715 + 944.859) / 8158.919)	/	((474.248 + 372.683) / 8103.256)
	=	0.126925	/	0.104517
	=	1.2144

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
	=	(317.917 - -10.807	-	898.405)	/	8158.919
	=	-0.069823

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.

SSR Mining has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.87 mean?

SSR Mining (TSX:SSRM) has a Beneish M-Score of -2.87 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SSR Mining and its competitors. According to the industry distribution chart, SSR Mining ranks #158 out of 685 companies in the Metals & Mining industry, placing it in the top 23.1%.

Is SSR Mining's Beneish M-Score too high?

SSR Mining's current Beneish M-Score is -2.87. Based on the distribution chart, SSR Mining ranks #158 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, SSR Mining has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does SSR Mining's Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, SSR Mining ranks #158 out of 685 companies for Beneish M-Score. This places SSR Mining in the top 23% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SSR Mining and its competitors. SSR Mining's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SSR Mining stock overvalued right now?

Based on GuruFocus' analysis, SSR Mining (TSX:SSRM) is currently considered Significantly Overvalued. The stock's GF Value™ is C$29.10, compared to a current price of C$40.28 — trading 38.4% above its estimated fair value. The current Beneish M-Score is -2.87. SSR Mining's overall GF Score™ is 88/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For SSR Mining (TSX:SSRM), the current Beneish M-Score is -2.87 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is SSR Mining (TSX:SSRM) Overvalued in 2026?

Based on GuruFocus' analysis, SSR Mining stock appears to be overvalued. The current stock price of C$40.28 is trading 38.4% above its estimated GF Value™ of C$29.10. GuruFocus considers SSR Mining to be Significantly Overvalued.

Key valuation signals for TSX:SSRM:

Beneish M-Score: -2.87
GF Value™: C$29.10 vs. price of C$40.28 (38.4% above fair value)
GF Score™: 88/100 with 3 warning signs

No single metric tells the full story. See the TSX:SSRM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SSR Mining Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSX:BTO TSX:OGC TSX:OR TSX:DPM TSX:GMIN TSX:MAU TSX:OLA TSX:KNT TSX:TXG TSX:ELD SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM AU TSX:FNV HKSE:02259 TSX:K JSE:GFI

Other Exchanges SSRM:USA 0VGE:UK ZSV:Germany

Address 6900 E. Layton Avenue, Suite 1300, Denver, CO, USA, 80237

Website https://www.ssrmining.com

SSR Mining Inc is a minerals company focused on mining precious metals in the Americas. More than half of Silver Standard's revenue is attributable to the production of gold, with a key portion derived from silver production. The company owns and operates the Marigold mine in Nevada, United States; the Seabee Gold Operation in Saskatchewan, Canada; and the Puna mine in Argentina. The majority of gold production is derived from the Marigold mine, and Silver Standard's silver production is principally derived from the Puna mine.

88GF Score

Get the complete analysis for TSX:SSRM

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$40.28

Price

C$29.10

GF Value

View TSX:SSRM Analysis

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