American Resources Corporation
AREC Basic Materials Coking Coal
In the quarter to December 2025, revenue grew 84.9%, EPS grew 774.2%, free cash flow fell 100.9% and total debt rose 47.4%, each against the same quarter a year earlier.
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American Resources Corporation (AREC) Beneish M-score
American Resources Corporation's Beneish M-score for fiscal 2024 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −3.81 | (5.25) |
| FY2022 | 1.44 | 14.02 |
| FY2021 | −12.58 | (8.90) |
| FY2018 | −3.68 | 1.26 |
| FY2017 | −4.94 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 38,193.63 | — | 35138.14 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 6.92 | — | 2.79 | |
| Sales growth index | 0.00 | — | 0.00 | |
| Depreciation index | 0.42 | — | 0.05 | |
| SG&A index | 370.95 | — | −63.80 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.45 | — | −0.15 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| METC Ramaco Resources, Inc. compare | −3.2× |
| METCB Ramaco Resources, Inc. compare | −3.2× |
| AMR Alpha Metallurgical Resources, Inc. compare | −2.7× |
| HCC Warrior Met Coal compare | −2.4× |
| SXC SunCoke Energy, Inc. compare | −2.1× |
| AREC American Resources Corporation | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI