Air Water Beneish M-Score Historical Data
The historical data trend for Air Water'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.
Air Water Beneish M-Score Chart
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Air Water Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.73 |
-2.47 |
-2.73 |
-2.54 |
-2.37 |
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Air Water Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.37 |
-2.43 |
-2.45 |
-2.51 |
Competitive Comparison of Air Water's Beneish M-Score
For the Specialty Chemicals subindustry, Air Water'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 Water's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Water's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Water's Beneish M-Score falls into.
Air Water 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 Water 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 * 0.9413 | + | 0.528 * 0.9808 | + | 0.404 * 1.1856 | + | 0.892 * 0.991 | + | 0.115 * 1.0752 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0158 | + | 4.679 * -0.021853 | - | 0.327 * 0.9976 |
| = | -2.57 |
* 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 $1,567 Mil.
Revenue was 1859.218 + 1670.229 + 1627.349 + 2095.885 = $7,253 Mil.
Gross Profit was 407.677 + 367.425 + 338.509 + 397.182 = $1,511 Mil.
Total Current Assets was $3,087 Mil.
Total Assets was $8,282 Mil.
Property, Plant and Equipment(Net PPE) was $3,358 Mil.
Depreciation, Depletion and Amortization(DDA) was $324 Mil.
Selling, General, & Admin. Expense(SGA) was $1,104 Mil.
Total Current Liabilities was $2,095 Mil.
Long-Term Debt & Capital Lease Obligation was $2,440 Mil.
Net Income was 95.38 + 68.795 + 50.517 + 102.084 = $317 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 102.638 + 145.193 + 92.878 + 157.065 = $498 Mil.
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Total Receivables was $1,679 Mil.
Revenue was 1935.318 + 1667.629 + 1677.492 + 2037.918 = $7,318 Mil.
Gross Profit was 378.572 + 337.197 + 355.355 + 424.035 = $1,495 Mil.
Total Current Assets was $3,515 Mil.
Total Assets was $8,293 Mil.
Property, Plant and Equipment(Net PPE) was $3,225 Mil.
Depreciation, Depletion and Amortization(DDA) was $337 Mil.
Selling, General, & Admin. Expense(SGA) was $1,097 Mil.
Total Current Liabilities was $2,601 Mil.
Long-Term Debt & Capital Lease Obligation was $1,952 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) |
| = | (1566.611 / 7252.681) | / | (1679.334 / 7318.357) |
| = | 0.216004 | / | 0.229469 |
| | = | 0.9413 |
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) |
| = | (1495.159 / 7318.357) | / | (1510.793 / 7252.681) |
| = | 0.204303 | / | 0.208308 |
| | = | 0.9808 |
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 - (3086.744 + 3358.036) / 8282.411) | / | (1 - (3515.456 + 3225.487) / 8292.93) |
| = | 0.221872 | / | 0.187146 |
| | = | 1.1856 |
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 |
| = | 7252.681 | / | 7318.357 |
| | = | 0.991 |
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)) |
| = | (336.853 / (336.853 + 3225.487)) | / | (323.809 / (323.809 + 3358.036)) |
| = | 0.094559 | / | 0.087947 |
| | = | 1.0752 |
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) |
| = | (1104.445 / 7252.681) | / | (1097.139 / 7318.357) |
| = | 0.152281 | / | 0.149916 |
| | = | 1.0158 |
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) |
| = | ((2440.133 + 2095.255) / 8282.411) | / | ((1951.617 + 2600.589) / 8292.93) |
| = | 0.547593 | / | 0.548926 |
| | = | 0.9976 |
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 |
| = | (316.776 - 0 | - | 497.774) | / | 8282.411 |
| | = | -0.021853 |
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 Water has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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