Headwater Gold (XCNQ:HWG) Beneish M-Score : 0.00 (As of Mar. 28, 2025)

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What is Headwater Gold 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.

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

During the past 5 years, the highest Beneish M-Score of Headwater Gold was 0.00. The lowest was 0.00. And the median was 0.00.

Headwater Gold Beneish M-Score Historical Data

The historical data trend for Headwater 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.

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Headwater Gold Beneish M-Score Chart

Headwater Gold Annual Data

Trend

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

Headwater Gold Quarterly Data
	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Headwater Gold's Beneish M-Score

For the Gold subindustry, Headwater 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.

Headwater Gold's Beneish M-Score Distribution in the Metals & Mining Industry

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

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

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Headwater 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 Headwater Gold 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was C$0.09 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was -0.057 + -0.056 + -0.048 + -0.063 = C$-0.22 Mil.
Total Current Assets was C$8.57 Mil.
Total Assets was C$12.55 Mil.
Property, Plant and Equipment(Net PPE) was C$3.84 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.22 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.81 Mil.
Total Current Liabilities was C$5.53 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.11 Mil.
Net Income was 0.287 + -3.537 + -0.139 + -0.228 = C$-3.62 Mil.
Non Operating Income was 0.649 + -2.932 + 0.204 + 0.188 = C$-1.89 Mil.
Cash Flow from Operations was 0.301 + 0.338 + -0.105 + 0.385 = C$0.92 Mil.

Total Receivables was C$0.06 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was -0.064 + -0.057 + -0.052 + -0.052 = C$-0.23 Mil.
Total Current Assets was C$8.01 Mil.
Total Assets was C$13.80 Mil.
Property, Plant and Equipment(Net PPE) was C$5.62 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.23 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.70 Mil.
Total Current Liabilities was C$4.60 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.27 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)
	=	(0.094 / 0)	/	(0.06 / 0)
	=		/
	=

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)
	=	(-0.225 / 0)	/	(-0.224 / 0)
	=		/
	=

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 - (8.568 + 3.839) / 12.554)	/	(1 - (8.011 + 5.618) / 13.795)
	=	0.011709	/	0.012033
	=

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
	=	0	/	0
	=

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))
	=	(0.225 / (0.225 + 5.618))	/	(0.224 / (0.224 + 3.839))
	=	0.038508	/	0.055132
	=

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)
	=	(0.806 / 0)	/	(0.697 / 0)
	=		/
	=

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)
	=	((0.109 + 5.53) / 12.554)	/	((0.265 + 4.596) / 13.795)
	=	0.44918	/	0.352374
	=

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
	=	(-3.617 - -1.891	-	0.919)	/	12.554
	=	-0.21069

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.

Headwater Gold Beneish M-Score Related Terms

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Headwater Gold Business Description

Industry

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HWAUF:USA

Address

1130 West Pender Street, Suite 1210, Vancouver, BC, CAN, V6E 4A4

Website

https://www.headwatergold.com

Headwater Gold Inc is a mineral exploration company focused on exploring high-grade precious metal deposits in the Western USA. The company has projects in Nevada and Idaho - Oregon. It has one operating segment, the exploration of mineral properties. Geographically, it operates in The United States and Canada.

Executives

Caleb Stroup	Director, Senior Officer
Tero Tapani Kosonen	Director, Director or Senior Officer of 10% Security Holder, Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Alistair Waddell	Director, Director or Senior Officer of 10% Security Holder, Senior Officer
Wendell Miles Zerb	Director

Headwater Gold Headlines

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