Glatfelter Beneish M-Score Historical Data
The historical data trend for Glatfelter'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.
Glatfelter Beneish M-Score Chart
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Glatfelter Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.74 |
-2.29 |
-2.17 |
-2.61 |
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Glatfelter Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.60 |
-2.66 |
-2.69 |
-2.61 |
-1.54 |
Competitive Comparison of Glatfelter's Beneish M-Score
For the Paper & Paper Products subindustry, Glatfelter'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.
Glatfelter's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Glatfelter's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Glatfelter's Beneish M-Score falls into.
Glatfelter 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 Glatfelter 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 | + | 0.528 * 1.0728 | + | 0.404 * 5.4704 | + | 0.892 * 0.865 | + | 0.115 * 0.0884 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0468 | + | 4.679 * -0.02395 | - | 0.327 * 0 |
| = | -1.57 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €0 Mil.
Revenue was 301.076 + 293.79 + 309.136 + 329.516 = €1,234 Mil.
Gross Profit was 31.749 + 28.311 + 41.684 + 16.737 = €118 Mil.
Total Current Assets was €28 Mil.
Total Assets was €1,396 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €106 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was -24.239 + -7.947 + -18.612 + -34.096 = €-85 Mil.
Non Operating Income was -1.863 + -2.823 + -17.867 + -2.791 = €-25 Mil.
Cash Flow from Operations was -30.806 + 14.983 + 10.369 + -20.665 = €-26 Mil.
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Total Receivables was €184 Mil.
Revenue was 353.246 + 352.964 + 375.498 + 344.309 = €1,426 Mil.
Gross Profit was 33.824 + 39.984 + 37.758 + 35.378 = €147 Mil.
Total Current Assets was €634 Mil.
Total Assets was €1,542 Mil.
Property, Plant and Equipment(Net PPE) was €632 Mil.
Depreciation, Depletion and Amortization(DDA) was €61 Mil.
Selling, General, & Admin. Expense(SGA) was €117 Mil.
Total Current Liabilities was €288 Mil.
Long-Term Debt & Capital Lease Obligation was €796 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) |
| = | (0 / 1233.518) | / | (183.905 / 1426.017) |
| = | 0 | / | 0.128964 |
| | = | 0 |
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) |
| = | (146.944 / 1426.017) | / | (118.481 / 1233.518) |
| = | 0.103045 | / | 0.096051 |
| | = | 1.0728 |
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 - (27.767 + 0) / 1395.853) | / | (1 - (634.395 + 631.722) / 1542.474) |
| = | 0.980108 | / | 0.179165 |
| | = | 5.4704 |
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 |
| = | 1233.518 | / | 1426.017 |
| | = | 0.865 |
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)) |
| = | (61.29 / (61.29 + 631.722)) | / | (58.475 / (58.475 + 0)) |
| = | 0.08844 | / | 1 |
| | = | 0.0884 |
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) |
| = | (106.278 / 1233.518) | / | (117.371 / 1426.017) |
| = | 0.086158 | / | 0.082307 |
| | = | 1.0468 |
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) |
| = | ((0 + 0) / 1395.853) | / | ((795.852 + 287.565) / 1542.474) |
| = | 0 | / | 0.702389 |
| | = | 0 |
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 |
| = | (-84.894 - -25.344 | - | -26.119) | / | 1395.853 |
| | = | -0.02395 |
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.
Glatfelter has a M-score of -1.57 signals that the company is likely to be a manipulator.
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