W R Grace Beneish M-Score Historical Data
The historical data trend for W R Grace'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.
W R Grace Beneish M-Score Chart
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W R Grace Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.54 |
-2.85 |
-2.42 |
-2.64 |
-2.69 |
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W R Grace Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-3.08 |
-2.69 |
-2.69 |
-2.68 |
-2.16 |
Competitive Comparison of W R Grace's Beneish M-Score
For the Specialty Chemicals subindustry, W R Grace'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.
W R Grace's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, W R Grace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where W R Grace's Beneish M-Score falls into.
W R Grace 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 W R Grace 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 * 1.1874 | + | 0.528 * 0.9838 | + | 0.404 * 1.3151 | + | 0.892 * 1.0242 | + | 0.115 * 1.0066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9787 | + | 4.679 * -0.008045 | - | 0.327 * 0.8816 |
| = | -2.16 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $297 Mil.
Revenue was 512.9 + 456.7 + 470.2 + 419.4 = $1,859 Mil.
Gross Profit was 194.7 + 170 + 181.2 + 156.4 = $702 Mil.
Total Current Assets was $1,019 Mil.
Total Assets was $4,388 Mil.
Property, Plant and Equipment(Net PPE) was $1,267 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $293 Mil.
Total Current Liabilities was $597 Mil.
Long-Term Debt & Capital Lease Obligation was $2,304 Mil.
Net Income was 45.4 + 68.4 + -43.5 + 7 = $77 Mil.
Non Operating Income was -14.7 + 27.9 + -104.7 + -76.4 = $-168 Mil.
Cash Flow from Operations was 46.5 + 69 + 90.5 + 74.5 = $281 Mil.
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Total Receivables was $244 Mil.
Revenue was 418.7 + 421.5 + 504.5 + 470.5 = $1,815 Mil.
Gross Profit was 119.3 + 159.6 + 204.7 + 191 = $675 Mil.
Total Current Assets was $1,720 Mil.
Total Assets was $4,505 Mil.
Property, Plant and Equipment(Net PPE) was $1,144 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $293 Mil.
Total Current Liabilities was $1,361 Mil.
Long-Term Debt & Capital Lease Obligation was $2,018 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) |
| = | (297 / 1859.2) | / | (244.2 / 1815.2) |
| = | 0.159746 | / | 0.134531 |
| | = | 1.1874 |
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) |
| = | (674.6 / 1815.2) | / | (702.3 / 1859.2) |
| = | 0.371639 | / | 0.377743 |
| | = | 0.9838 |
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 - (1018.5 + 1267.4) / 4387.8) | / | (1 - (1719.6 + 1144.4) / 4505) |
| = | 0.479033 | / | 0.364262 |
| | = | 1.3151 |
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 |
| = | 1859.2 | / | 1815.2 |
| | = | 1.0242 |
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)) |
| = | (101.4 / (101.4 + 1144.4)) | / | (111.5 / (111.5 + 1267.4)) |
| = | 0.081393 | / | 0.080862 |
| | = | 1.0066 |
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) |
| = | (293.2 / 1859.2) | / | (292.5 / 1815.2) |
| = | 0.157702 | / | 0.161139 |
| | = | 0.9787 |
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) |
| = | ((2304.4 + 596.8) / 4387.8) | / | ((2018.2 + 1360.6) / 4505) |
| = | 0.661197 | / | 0.750011 |
| | = | 0.8816 |
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 |
| = | (77.3 - -167.9 | - | 280.5) | / | 4387.8 |
| | = | -0.008045 |
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.
W R Grace has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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