Silver Standard Resources Inc.
SSRM Basic Materials Gold
Silver Standard Resources Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 63.7% from fiscal 2024. In the quarter to June 2026, revenue grew 9.46%, EPS grew 6.82%, free cash flow fell 46.6% and total debt fell 80.6%, each against the same quarter a year earlier.
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Silver Standard Resources Inc. (SSRM) Beneish M-score
Silver Standard Resources Inc.'s Beneish M-score for fiscal 2025 is −2.23; 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 | −2.23 | 0.64 |
| FY2024 | −2.87 | (0.23) |
| FY2023 | −2.64 | (0.25) |
| FY2022 | −2.39 | (0.21) |
| FY2021 | −2.19 | (0.36) |
| FY2020 | −1.82 | 0.43 |
| FY2019 | −2.26 | 0.59 |
| FY2018 | −2.85 | 0.00 |
| FY2017 | −2.85 | (0.28) |
| FY2016 | −2.57 | 0.51 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.67 | — | 0.62 | |
| Gross margin index | 0.81 | — | 0.43 | |
| Asset quality index | 1.52 | — | 0.61 | |
| Sales growth index | 1.64 | — | 1.46 | |
| Depreciation index | 1.22 | — | 0.14 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.23 | ||
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 |
|---|---|
| FSM Fortuna Mining Corp. compare | −3.2× |
| AUGO Aura Minerals Inc. compare | −3.0× |
| EQX Equinox Gold Corp. compare | −2.6× |
| BTG B2Gold Corp compare | −2.5× |
| ARIS Aris Mining Corporation compare | −2.4× |
| SSRM Silver Standard Resources Inc. | −2.2× |
| HMY Harmony Gold Mining Company Limited compare | −2.2× |
| OR OR Royalties Inc. compare | −2.1× |
| NG Novagold 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