TRX Gold Corporation
TRX Basic Materials Gold
TRX Gold Corporation’s revenue for fiscal 2025 (year ended August 2025) was $57.6 million, up 40.0% from fiscal 2024. In the quarter to May 2026, revenue grew 163.3%, EPS was flat, free cash flow grew 88.1% and total debt fell 20.0%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.
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TRX Gold Corporation (TRX) Beneish M-score
TRX Gold Corporation's Beneish M-score for fiscal 2025 is −2.12; 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 | −2.12 | 1.23 |
| FY2024 | −3.36 | (1.25) |
| FY2023 | −2.11 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.39 | — | 1.28 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.40 | — | 1.25 | |
| Depreciation index | 0.67 | — | 0.08 | |
| SG&A index | 0.82 | — | −0.14 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Elevated | −2.12 | ||
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 |
|---|---|
| GAU Galiano Gold Inc. compare | −3.8× |
| USAU US Gold Corp compare | −2.7× |
| CMCL Caledonia Mining Corporation PLC compare | −2.6× |
| TRX TRX Gold Corporation | −2.1× |
| GROY Gold Royalty Corp. compare | −1.7× |
| IDR Idaho Strategic Resources, Inc. compare | −1.5× |
| CTGO Contango Silver & Gold Inc. compare | — |
| NFGC New Found Gold Corp. compare | — |
| THM International Tower Hill Mines Ltd 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