Gold Resource Corporation
GORO Basic Materials Other Precious Metals & Mining
Gold Resource Corporation’s revenue for fiscal 2025 (year ended December 2025) was $99.8 million, up 51.8% from fiscal 2024. In the quarter to June 2026, revenue grew 88.0%, EPS grew 9.44% and free cash flow grew 55.4%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Gold Resource Corporation (GORO) Beneish M-score
Gold Resource Corporation's Beneish M-score for fiscal 2025 is −1.34; 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 | −1.34 | (60.26) |
| FY2022 | 58.92 | 61.67 |
| FY2021 | −2.74 | 1.54 |
| FY2020 | −4.29 | (6.03) |
| FY2019 | 1.75 | 4.51 |
| FY2018 | −2.77 | 0.46 |
| FY2017 | −3.23 | 0.32 |
| FY2016 | −3.55 | (1.64) |
| FY2015 | −1.91 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 4.00 | — | 3.68 | |
| Gross margin index | (1.16) | — | −0.61 | |
| Asset quality index | 0.11 | — | 0.04 | |
| Sales growth index | 1.52 | — | 1.35 | |
| Depreciation index | 1.61 | — | 0.19 | |
| SG&A index | 0.72 | — | −0.12 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Flagged by the model | −1.34 | ||
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 |
|---|---|
| VOXR Vox Royalty Corp. compare | −2.8× |
| MUX McEwen Inc. compare | −2.6× |
| MTA Metalla Royalty & Streaming Ltd. compare | −2.2× |
| GORO Gold Resource Corporation | −1.3× |
| ASM Avino Silver compare | −1.1× |
| PPTA Perpetua Resources Corp. compare | — |
| LODE Comstock Inc. compare | — |
| ITRG Integra Resources Corp. compare | — |
| SLSR Solaris Resources Inc. 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