Southern Copper Corporation
SCCO Basic Materials Copper
Southern Copper Corporation’s revenue for fiscal 2025 (year ended December 2025) was $13.4 billion, up 17.4% from fiscal 2024. In the quarter to June 2026, revenue grew 40.6%, EPS grew 64.8%, free cash flow grew 111.3% and total debt rose 18.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
Follow SCCO
Southern Copper Corporation (SCCO) Beneish M-score
Southern Copper Corporation's Beneish M-score for fiscal 2025 is −2.09; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.09 | 0.65 |
| FY2024 | −2.74 | 0.21 |
| FY2023 | −2.95 | (0.56) |
| FY2022 | −2.39 | 0.15 |
| FY2021 | −2.53 | 0.07 |
| FY2020 | −2.61 | (0.10) |
| FY2019 | −2.50 | 0.17 |
| FY2018 | −2.67 | (0.01) |
| FY2017 | −2.66 | (0.30) |
| FY2016 | −2.36 | 0.23 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.39 | — | 1.27 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.02) | — | −0.09 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Elevated | −2.09 | ||
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 |
|---|---|
| IE Ivanhoe Electric Inc. compare | −3.5× |
| HBM HudBay Minerals Inc compare | −2.1× |
| FCX Freeport-McMoRan Inc. compare | −2.1× |
| SCCO Southern Copper Corporation | −2.1× |
| ERO Ero Copper Corp. compare | −2.0× |
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