Air Products & Chemicals Beneish M-Score Historical Data
The historical data trend for Air Products & Chemicals'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.
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Air Products & Chemicals Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.84 |
-3.06 |
-2.52 |
-2.32 |
-2.59 |
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Air Products & Chemicals Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.71 |
-2.62 |
-2.59 |
-2.62 |
Competitive Comparison
For the Specialty Chemicals subindustry, Air Products & Chemicals'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.
Air Products & Chemicals Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Air Products & Chemicals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Products & Chemicals's Beneish M-Score falls into.
Air Products & Chemicals Beneish M-Score Calculation
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 Air Products & Chemicals 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 * 1.0931 | + | 0.528 * 0.8876 | + | 0.404 * 1.1504 | + | 0.892 * 0.9646 | + | 0.115 * 1.1915 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1043 | + | 4.679 * -0.033155 | - | 0.327 * 1.1365 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,499 Mil.
Revenue was 2997.4 + 3191.3 + 3033.9 + 3200.1 = $12,423 Mil.
Gross Profit was 930.2 + 984.1 + 963.2 + 917.3 = $3,795 Mil.
Total Current Assets was $5,650 Mil.
Total Assets was $34,118 Mil.
Property, Plant and Equipment(Net PPE) was $19,914 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,386 Mil.
Selling, General, & Admin. Expense(SGA) was $961 Mil.
Total Current Liabilities was $3,119 Mil.
Long-Term Debt & Capital Lease Obligation was $12,508 Mil.
Net Income was 609.3 + 692.6 + 595.6 + 439.8 = $2,337 Mil.
Non Operating Income was 143.6 + 150.6 + 94.3 + -33.6 = $355 Mil.
Cash Flow from Operations was 626.6 + 1002.9 + 845.4 + 638.7 = $3,114 Mil.
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Total Receivables was $2,370 Mil.
Revenue was 3174.7 + 3570 + 3189.3 + 2945.1 = $12,879 Mil.
Gross Profit was 902.4 + 948.8 + 847.2 + 793.5 = $3,492 Mil.
Total Current Assets was $6,321 Mil.
Total Assets was $28,278 Mil.
Property, Plant and Equipment(Net PPE) was $15,794 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,327 Mil.
Selling, General, & Admin. Expense(SGA) was $902 Mil.
Total Current Liabilities was $3,277 Mil.
Long-Term Debt & Capital Lease Obligation was $8,120 Mil.
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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) |
| = | (2499 / 12422.7) | / | (2370.1 / 12879.1) |
| = | 0.201164 | / | 0.184027 |
| | = | 1.0931 |
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) |
| = | (3491.9 / 12879.1) | / | (3794.8 / 12422.7) |
| = | 0.271129 | / | 0.305473 |
| | = | 0.8876 |
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 - (5649.5 + 19914.3) / 34118.2) | / | (1 - (6321.1 + 15794) / 28278.3) |
| = | 0.250728 | / | 0.217948 |
| | = | 1.1504 |
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 |
| = | 12422.7 | / | 12879.1 |
| | = | 0.9646 |
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)) |
| = | (1327.4 / (1327.4 + 15794)) | / | (1386 / (1386 + 19914.3)) |
| = | 0.077529 | / | 0.06507 |
| | = | 1.1915 |
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) |
| = | (961 / 12422.7) | / | (902.2 / 12879.1) |
| = | 0.077358 | / | 0.070051 |
| | = | 1.1043 |
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) |
| = | ((12508.4 + 3119.2) / 34118.2) | / | ((8120.2 + 3276.9) / 28278.3) |
| = | 0.458043 | / | 0.403033 |
| | = | 1.1365 |
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 |
| = | (2337.3 - 354.9 | - | 3113.6) | / | 34118.2 |
| | = | -0.033155 |
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.
Air Products & Chemicals has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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