Caledonia Mining Corporation PLC
CMCL Basic Materials Gold
Caledonia Mining Corporation PLC’s revenue for fiscal 2025 (year ended December 2025) was $267.7 million, up 46.2% from fiscal 2024. In the quarter to June 2026, revenue grew 35.1%, EPS grew 202.2%, free cash flow grew 267.9% and total debt rose 332.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Caledonia Mining Corporation PLC (CMCL) Beneish M-score
Caledonia Mining Corporation PLC's Beneish M-score for fiscal 2025 is −2.59; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.59 | 0.15 |
| FY2024 | −2.74 | (1.47) |
| FY2023 | −1.27 | 1.37 |
| FY2022 | −2.64 | (0.36) |
| FY2021 | −2.28 | 0.55 |
| FY2020 | −2.83 | (27.11) |
| FY2019 | 24.29 | 26.39 |
| FY2018 | −2.10 | 0.46 |
| FY2017 | −2.56 | 0.90 |
| FY2016 | −3.46 | (2.21) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.62 | — | 0.57 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.46 | — | 1.30 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.02) | — | −0.10 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.59 | ||
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 |
|---|---|
| GAU Galiano Gold Inc. compare | −3.8× |
| CMCL Caledonia Mining Corporation PLC | −2.6× |
| TRX TRX Gold Corporation compare | −2.1× |
| GROY Gold Royalty Corp. compare | −1.7× |
| IDR Idaho Strategic Resources, Inc. compare | −1.5× |
| DC Dakota Gold Corp. compare | — |
| CTGO Contango Silver & Gold Inc. compare | — |
| NFGC New Found Gold Corp. compare | — |
| THM International Tower Hill Mines Ltd compare | — |
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