Silvercorp Metals Inc.
Silvercorp Metals Inc.’s revenue for fiscal 2026 (year ended March 2026) was $438.1 million, up 46.6% from fiscal 2025. In the quarter to June 2026, revenue grew 70.5%, EPS grew 237.5%, free cash flow fell 239.3% and total debt rose 6.20%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three, operating cash flow growth for three.
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Silvercorp Metals Inc. (SVM) Beneish M-score
Silvercorp Metals Inc.'s Beneish M-score for fiscal 2026 is −3.08; 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) |
|---|---|---|
| FY2026 | −3.08 | 0.39 |
| FY2025 | −3.47 | (0.60) |
| FY2024 | −2.86 | 0.46 |
| FY2023 | −3.32 | (0.25) |
| FY2022 | −3.08 | (1.66) |
| FY2021 | −1.42 | 0.88 |
| FY2020 | −2.29 | (0.23) |
| FY2019 | −2.07 | 0.42 |
| FY2018 | −2.49 | 0.49 |
| FY2017 | −2.98 | (1.30) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.88 | |
| Gross margin index | 0.71 | — | 0.38 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 1.47 | — | 1.31 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | (0.19) | — | −0.89 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.08 | ||
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 |
|---|---|
| SVM Silvercorp Metals Inc. | −3.1× |
| CC The Chemours Company compare | −2.9× |
| WS Worthington Steel, Inc. compare | −2.8× |
| MTX Minerals Technologies Inc. compare | −2.7× |
| AMR Alpha Metallurgical Resources, Inc. compare | −2.7× |
| IOSP Innospec Inc. compare | −2.5× |
| DRD DRDGOLD Limited compare | −2.4× |
| KALU Kaiser Aluminum Corporation compare | −2.4× |
| PPTA Perpetua Resources Corp. 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