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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
The historical rank and industry rank for AK Steel Holding's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of AK Steel Holding was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for AK Steel Holding's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
AK Steel Holding Annual Data | |||||||||||||||||||||
Trend | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.85 | -2.81 | -1.95 | -2.53 | -2.71 |
AK Steel Holding Quarterly Data | ||||||||||||||||||||
Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -2.56 | -2.67 | -2.81 | -2.71 |
For the Steel subindustry, AK Steel Holding's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Steel industry and Basic Materials sector, AK Steel Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AK Steel Holding's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of AK Steel Holding for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.9745 | + | 0.528 * 1.1236 | + | 0.404 * 0.962 | + | 0.892 * 0.9327 | + | 0.115 * 1.2425 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0856 | + | 4.679 * -0.047314 | - | 0.327 * 0.9544 | |||||||
= | -2.71 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $578 Mil. Revenue was 1445.7 + 1535.5 + 1680.5 + 1697.7 = $6,359 Mil. Gross Profit was 119.8 + 169.5 + 231.5 + 232.3 = $753 Mil. Total Current Assets was $2,020 Mil. Total Assets was $4,591 Mil. Property, Plant and Equipment(Net PPE) was $2,176 Mil. Depreciation, Depletion and Amortization(DDA) was $225 Mil. Selling, General, & Admin. Expense(SGA) was $307 Mil. Total Current Liabilities was $1,061 Mil. Long-Term Debt & Capital Lease Obligation was $1,969 Mil. Net Income was -53.9 + 2.8 + 66.8 + -4.5 = $11 Mil. Non Operating Income was 10.1 + -0.7 + 4.5 + -51.4 = $-38 Mil. Cash Flow from Operations was 73.4 + 56.3 + 144.1 + -7.9 = $266 Mil. |
Total Receivables was $636 Mil. Revenue was 1677.1 + 1735.6 + 1746.6 + 1658.9 = $6,818 Mil. Gross Profit was 228.7 + 249.4 + 233.9 + 195.2 = $907 Mil. Total Current Assets was $2,201 Mil. Total Assets was $4,516 Mil. Property, Plant and Equipment(Net PPE) was $1,912 Mil. Depreciation, Depletion and Amortization(DDA) was $252 Mil. Selling, General, & Admin. Expense(SGA) was $303 Mil. Total Current Liabilities was $1,129 Mil. Long-Term Debt & Capital Lease Obligation was $1,994 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (577.9 / 6359.4) | / | (635.8 / 6818.2) | |
= | 0.090873 | / | 0.09325 | |
= | 0.9745 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (907.2 / 6818.2) | / | (753.1 / 6359.4) | |
= | 0.133056 | / | 0.118423 | |
= | 1.1236 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (2020.3 + 2176.4) / 4590.6) | / | (1 - (2201.3 + 1911.6) / 4515.7) | |
= | 0.085806 | / | 0.0892 | |
= | 0.962 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 6359.4 | / | 6818.2 | |
= | 0.9327 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (252.2 / (252.2 + 1911.6)) | / | (225.3 / (225.3 + 2176.4)) | |
= | 0.116554 | / | 0.093809 | |
= | 1.2425 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (307.2 / 6359.4) | / | (303.4 / 6818.2) | |
= | 0.048306 | / | 0.044499 | |
= | 1.0856 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((1968.8 + 1060.5) / 4590.6) | / | ((1993.7 + 1128.6) / 4515.7) | |
= | 0.659892 | / | 0.691432 | |
= | 0.9544 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (11.2 - -37.5 | - | 265.9) | / | 4590.6 | |
= | -0.047314 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
AK Steel Holding has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of AK Steel Holding's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dennis C Cuneo | director | 9227 CENTRE POINTE DRIVE, WEST CHESTER OH 45069 |
Sheri H. Edison | director | 1069 STATE ROUTE 46 EAST, BATESVILLE IN 47006 |
Gregory B Kenny | director | 4 TESSENEER DR, HIGHLAND HEIGHTS KY 41076 |
Roger K Newport | director, officer: Chief Executive Officer | 703 CURTIS STREET, MIDDLETOWN OH 45043 |
Arlene M Yocum | director | 99 PINE STREET, ALBANY NY 12207 |
Michael Ralph S Iii | director, other: Chairman of the Board | |
Dwayne Andree Wilson | director | 6700 LAS COLINAS BOULEVARD, IRVING TX 75039 |
William K Gerber | director | 999 WEST BIG BEAVER ROAD, TROY MI 48084 |
Jaime Vasquez | officer: VP Finance and CFO | 9227 CENTRE POINTE DRIVE, WEST CHESTER OH 45069 |
Robert H Jenkins | director | PO BOX 7003, ROCKFORD IL 61125-7003 |
John S Brinzo | director | 1100 SUPERIOR AVE, CLEVELAND OH 44114 |
Richard A Abdoo | director | N93 W14475 WHITTAKER WAY, MENOMONEE FALLS WI 53051 |
James L Wainscott | director, other: Chairman of the Board | C/O AK STEEL HOLDING CORP, 9227 CENTRE POINTE DRIVE, WEST CHESTER OH 45069 |
Shirley D Peterson | director | C/O AK STEEL HOLDING CORP., 9227 CENTRE POINTE DRIVE, WEST CHESTER OH 45069 |
Bonnie Guiton Hill | director | 1721 FIRST STREET, SAN JOSE CA 95112 |
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