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Gold Resource (Gold Resource) Beneish M-Score : -4.88 (As of Apr. 28, 2024)


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What is Gold Resource 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 -4.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GORO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.88   Med: -3.24   Max: 58.94
Current: -4.88

During the past 13 years, the highest Beneish M-Score of Gold Resource was 58.94. The lowest was -4.88. And the median was -3.24.


Gold Resource Beneish M-Score Historical Data

The historical data trend for Gold Resource'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.

* Premium members only.

Gold Resource Beneish M-Score Chart

Gold Resource Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.32 -4.27 -2.35 58.94 -4.88

Gold Resource 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 58.94 3.69 6.25 7.43 -4.88

Competitive Comparison of Gold Resource's Beneish M-Score

For the Gold subindustry, Gold Resource'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.


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

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

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



Gold Resource 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 Gold Resource 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 * 1.2101+0.528 * -3.9429+0.404 * 1.8748+0.892 * 0.7045+0.115 * 0.9563
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0308+4.679 * -0.045952-0.327 * 0.5242
=-4.88

* 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 $4.34 Mil.
Revenue was 21.141 + 20.552 + 24.807 + 31.228 = $97.73 Mil.
Gross Profit was -2.664 + -4.411 + -2.169 + 3.929 = $-5.32 Mil.
Total Current Assets was $26.50 Mil.
Total Assets was $183.89 Mil.
Property, Plant and Equipment(Net PPE) was $138.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.22 Mil.
Selling, General, & Admin. Expense(SGA) was $7.26 Mil.
Total Current Liabilities was $11.33 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -3.057 + -7.341 + -4.584 + -1.035 = $-16.02 Mil.
Non Operating Income was 1.012 + -1.279 + -0.436 + -1.645 = $-2.35 Mil.
Cash Flow from Operations was 1.783 + -7.475 + -0.551 + 1.024 = $-5.22 Mil.
Total Receivables was $5.09 Mil.
Revenue was 32.374 + 23.869 + 37.064 + 45.417 = $138.72 Mil.
Gross Profit was 4.584 + -2.178 + 8.019 + 19.323 = $29.75 Mil.
Total Current Assets was $46.10 Mil.
Total Assets was $210.10 Mil.
Property, Plant and Equipment(Net PPE) was $152.56 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.36 Mil.
Selling, General, & Admin. Expense(SGA) was $10.00 Mil.
Total Current Liabilities was $24.68 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(4.335 / 97.728) / (5.085 / 138.724)
=0.044358 / 0.036656
=1.2101

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)
=(29.748 / 138.724) / (-5.315 / 97.728)
=0.21444 / -0.054386
=-3.9429

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 - (26.495 + 138.626) / 183.886) / (1 - (46.099 + 152.563) / 210.098)
=0.102047 / 0.054432
=1.8748

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
=97.728 / 138.724
=0.7045

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))
=(27.364 / (27.364 + 152.563)) / (26.217 / (26.217 + 138.626))
=0.152084 / 0.159042
=0.9563

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)
=(7.264 / 97.728) / (10.003 / 138.724)
=0.074329 / 0.072107
=1.0308

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 + 11.325) / 183.886) / ((0 + 24.682) / 210.098)
=0.061587 / 0.117479
=0.5242

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
=(-16.017 - -2.348 - -5.219) / 183.886
=-0.045952

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.

Gold Resource has a M-score of -4.88 suggests that the company is unlikely to be a manipulator.


Gold Resource Beneish M-Score Related Terms

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Gold Resource (Gold Resource) Business Description

Traded in Other Exchanges
Address
7900 East Union Avenue, Suite 320, Denver, CO, USA, 80237
Gold Resource Corp is a gold and silver producer, developer, and explorer with operations in Oaxaca, Mexico, and Nevada, USA. It targets low capital expenditure projects with the potential for generating high returns on capital. The company's two pipeline projects are; Don David Gold at Oaxaca, Mexico, and Back Forty at Michigan, United States of America.
Executives
Chet Holyoak officer: Interim CFO 7900 E UNION AVENUE, SUITE 320, DENVER CO 80237
Allen J Palmiere director, officer: CEO, President 2000 S. COLORADO BLVD., SUITE 10200, DENVER CO 80222
Joseph Martin Driscoll director 2000 S. COLORADO BLVD, SUITE 10200, DENVER CO 80222
Kimberly C Perry officer: Chief Financial Officer 2886 CARRIAGE MANOR POINT, COLORADO SPRINGS CO 80906
Alberto Reyes officer: Chief Operating Officer 53 RIVER VALLEY DRIVE, KITCHENER A6 N2C 2V5
Lila A Murphy director 2000 S. COLORADO BLVD., SUITE 10200, DENVER CO 80222
Ronald Little director 2234 OLD LILAC LANE, OTTAWA A6 K1H 6H7
Richard M Irvine director LAS ROSAS #339, COLONIA REFORMA, OAXACA O5 68050
Alex G Morrison director 1658 COLE BLVD., BLDG. 6, SUITE 210, LAKEWOOD CO 80401
Elizabeth Ann Wilkinson officer: See Remarks 45 GLENADEN AVENUE E, TORONTO A6 M8Y 2L4
Bill M Conrad director 2886 CARRIAGE MANOR POINT, COLO SPGS CO 80906
Gregory A Patterson officer: VP Corporate Development 2886 CARRIAGE MANOR POINT, COLORADO SPRINGS CO 80906
Barry D Devlin officer: VP Exploration 7338 YELLOW FIN COURT, BLAINE WA 98230
John A Labate officer: Chief Financial Officer
Jessica M Browne officer: VP, General Counsel, Secretary 2886 CARRIAGE MANOR POINT, COLORADO SPRINGS CO 80906