Enviri Beneish M-Score Historical Data
The historical data trend for Enviri'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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Enviri Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.07 |
-2.45 |
-2.56 |
-3.08 |
-2.81 |
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Enviri 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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-3.08 |
-3.13 |
-2.55 |
-2.67 |
-2.81 |
Competitive Comparison
For the Waste Management subindustry, Enviri'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.
Enviri Beneish M-Score Distribution
For the Waste Management industry and Industrials sector, Enviri's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enviri's Beneish M-Score falls into.
Enviri 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 Enviri 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 * 0.9911 | + | 0.528 * 0.8443 | + | 0.404 * 0.9801 | + | 0.892 * 1.0954 | + | 0.115 * 0.965 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1008 | + | 4.679 * -0.059746 | - | 0.327 * 1.0357 |
| = | -2.81 |
* 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 $315 Mil.
Revenue was 528.816 + 524.588 + 520.168 + 495.653 = $2,069 Mil.
Gross Profit was 111.212 + 115.845 + 113.541 + 94.965 = $436 Mil.
Total Current Assets was $827 Mil.
Total Assets was $2,855 Mil.
Property, Plant and Equipment(Net PPE) was $759 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General, & Admin. Expense(SGA) was $323 Mil.
Total Current Liabilities was $655 Mil.
Long-Term Debt & Capital Lease Obligation was $1,474 Mil.
Net Income was -54.355 + -10.802 + -11.439 + -9.525 = $-86 Mil.
Non Operating Income was -6.608 + -4.216 + -20.013 + 0.816 = $-30 Mil.
Cash Flow from Operations was 68.276 + 17.982 + -8.722 + 36.912 = $114 Mil.
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Total Receivables was $290 Mil.
Revenue was 468.302 + 486.914 + 481.052 + 452.797 = $1,889 Mil.
Gross Profit was 87.988 + 94.111 + 77.853 + 75.778 = $336 Mil.
Total Current Assets was $768 Mil.
Total Assets was $2,791 Mil.
Property, Plant and Equipment(Net PPE) was $758 Mil.
Depreciation, Depletion and Amortization(DDA) was $164 Mil.
Selling, General, & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $597 Mil.
Long-Term Debt & Capital Lease Obligation was $1,412 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) |
| = | (314.629 / 2069.225) | / | (289.807 / 1889.065) |
| = | 0.152052 | / | 0.153413 |
| | = | 0.9911 |
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) |
| = | (335.73 / 1889.065) | / | (435.563 / 2069.225) |
| = | 0.177723 | / | 0.210496 |
| | = | 0.8443 |
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 - (827.356 + 759.125) / 2854.552) | / | (1 - (767.735 + 758.128) / 2790.854) |
| = | 0.444228 | / | 0.453263 |
| | = | 0.9801 |
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 |
| = | 2069.225 | / | 1889.065 |
| | = | 1.0954 |
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)) |
| = | (163.849 / (163.849 + 758.128)) | / | (171.364 / (171.364 + 759.125)) |
| = | 0.177715 | / | 0.184166 |
| | = | 0.965 |
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) |
| = | (323.241 / 2069.225) | / | (268.066 / 1889.065) |
| = | 0.156214 | / | 0.141904 |
| | = | 1.1008 |
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) |
| = | ((1473.582 + 655.233) / 2854.552) | / | ((1412.241 + 597.281) / 2790.854) |
| = | 0.745762 | / | 0.720038 |
| | = | 1.0357 |
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 |
| = | (-86.121 - -30.021 | - | 114.448) | / | 2854.552 |
| | = | -0.059746 |
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.
Enviri has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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