Hudbay Minerals Beneish M-Score Historical Data
The historical data trend for Hudbay Minerals'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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Hudbay Minerals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-1.09 |
-2.94 |
-3.31 |
-2.32 |
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Hudbay Minerals Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.31 |
-3.34 |
-2.73 |
-1.96 |
-2.32 |
Competitive Comparison
For the Copper subindustry, Hudbay Minerals'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.
Hudbay Minerals Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Hudbay Minerals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hudbay Minerals's Beneish M-Score falls into.
Hudbay Minerals 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 Hudbay Minerals 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 * 1.4542 | + | 0.528 * 0.8157 | + | 0.404 * 1.0561 | + | 0.892 * 1.1564 | + | 0.115 * 1.0438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0002 | + | 4.679 * -0.069494 | - | 0.327 * 0.9161 |
| = | -2.29 |
* 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 $206 Mil.
Revenue was 602.189 + 480.456 + 312.166 + 295.219 = $1,690 Mil.
Gross Profit was 196.756 + 106.399 + 22.893 + 66.513 = $393 Mil.
Total Current Assets was $673 Mil.
Total Assets was $5,313 Mil.
Property, Plant and Equipment(Net PPE) was $4,316 Mil.
Depreciation, Depletion and Amortization(DDA) was $393 Mil.
Selling, General, & Admin. Expense(SGA) was $39 Mil.
Total Current Liabilities was $537 Mil.
Long-Term Debt & Capital Lease Obligation was $1,349 Mil.
Net Income was 30.717 + 45.125 + -14.932 + 5.457 = $66 Mil.
Non Operating Income was -20.264 + -2.873 + -10.633 + -7.519 = $-41 Mil.
Cash Flow from Operations was 229.066 + 151.948 + 24.557 + 71.279 = $477 Mil.
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Total Receivables was $122 Mil.
Revenue was 321.196 + 346.171 + 415.454 + 378.619 = $1,461 Mil.
Gross Profit was 69.676 + 32.43 + 89.514 + 85.268 = $277 Mil.
Total Current Assets was $524 Mil.
Total Assets was $4,326 Mil.
Property, Plant and Equipment(Net PPE) was $3,552 Mil.
Depreciation, Depletion and Amortization(DDA) was $339 Mil.
Selling, General, & Admin. Expense(SGA) was $34 Mil.
Total Current Liabilities was $448 Mil.
Long-Term Debt & Capital Lease Obligation was $1,229 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) |
| = | (205.729 / 1690.03) | / | (122.335 / 1461.44) |
| = | 0.121731 | / | 0.083709 |
| | = | 1.4542 |
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) |
| = | (276.888 / 1461.44) | / | (392.561 / 1690.03) |
| = | 0.189462 | / | 0.23228 |
| | = | 0.8157 |
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 - (673.248 + 4316.006) / 5312.634) | / | (1 - (524.181 + 3552.43) / 4325.943) |
| = | 0.06087 | / | 0.057636 |
| | = | 1.0561 |
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 |
| = | 1690.03 | / | 1461.44 |
| | = | 1.1564 |
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)) |
| = | (339.063 / (339.063 + 3552.43)) | / | (393.068 / (393.068 + 4316.006)) |
| = | 0.087129 | / | 0.08347 |
| | = | 1.0438 |
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) |
| = | (38.911 / 1690.03) | / | (33.643 / 1461.44) |
| = | 0.023024 | / | 0.02302 |
| | = | 1.0002 |
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) |
| = | ((1348.969 + 537.335) / 5312.634) | / | ((1229.025 + 447.647) / 4325.943) |
| = | 0.35506 | / | 0.387585 |
| | = | 0.9161 |
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 |
| = | (66.367 - -41.289 | - | 476.85) | / | 5312.634 |
| | = | -0.069494 |
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.
Hudbay Minerals has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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