Gold Fields Limited
GFI Basic Materials Gold
Gold Fields Limited’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 68.2% from fiscal 2024. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Gold Fields Limited (GFI) Beneish M-score
Gold Fields Limited's Beneish M-score for fiscal 2025 is −2.62; 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 | −2.62 | (0.16) |
| FY2024 | −2.46 | 0.22 |
| FY2023 | −2.67 | 0.19 |
| FY2022 | −2.86 | 0.03 |
| FY2021 | −2.90 | (0.76) |
| FY2020 | −2.13 | 1.00 |
| FY2019 | −3.13 | 0.14 |
| FY2018 | −3.28 | (0.21) |
| FY2017 | −3.07 | 0.10 |
| FY2016 | −3.17 | 0.43 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.66 | — | 0.61 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 0.62 | — | 0.25 | |
| Sales growth index | 1.68 | — | 1.50 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 2.16 | — | −0.37 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 0.80 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.62 | ||
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 |
|---|---|
| AU AngloGold Ashanti PLC compare | −2.9× |
| GFI Gold Fields Limited | −2.6× |
| EQX Equinox Gold Corp. compare | −2.6× |
| NEM Newmont Corporation compare | −2.6× |
| HMY Harmony Gold Mining Company Limited compare | −2.2× |
| RGLD Royal Gold, Inc. compare | −2.2× |
| FNV Franco-Nevada Corporation compare | −2.0× |
| CDE Coeur Mining, Inc. compare | −1.1× |
| WPM Wheaton Precious Metals Corp. compare | 0.6× |
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