Kraton Beneish M-Score Historical Data
The historical data trend for Kraton'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.
Kraton Beneish M-Score Chart
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Kraton Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.64 |
-2.66 |
-2.83 |
-2.75 |
-2.32 |
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Kraton Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-2.75 |
-2.77 |
-2.36 |
-2.27 |
-2.32 |
Competitive Comparison of Kraton's Beneish M-Score
For the Specialty Chemicals subindustry, Kraton'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.
Kraton's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Kraton's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kraton's Beneish M-Score falls into.
Kraton 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 Kraton 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 * 1.0165 | + | 0.528 * 0.8517 | + | 0.404 * 0.8783 | + | 0.892 * 1.2604 | + | 0.115 * 1.0013 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8043 | + | 4.679 * -8.4E-5 | - | 0.327 * 0.9708 |
| = | -2.32 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $231 Mil.
Revenue was 512.347 + 526.888 + 493.623 + 437.271 = $1,970 Mil.
Gross Profit was 146.507 + 166.691 + 139.525 + 136.033 = $589 Mil.
Total Current Assets was $876 Mil.
Total Assets was $2,655 Mil.
Property, Plant and Equipment(Net PPE) was $1,032 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $164 Mil.
Total Current Liabilities was $534 Mil.
Long-Term Debt & Capital Lease Obligation was $897 Mil.
Net Income was 47.562 + 53.024 + 36.411 + 33.229 = $170 Mil.
Non Operating Income was 0.283 + 0.717 + -2.4 + 0.624 = $-1 Mil.
Cash Flow from Operations was 74.831 + 63.295 + 40.192 + -7.093 = $171 Mil.
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Total Receivables was $180 Mil.
Revenue was 406.764 + 373.438 + 355.679 + 427.269 = $1,563 Mil.
Gross Profit was 116.873 + 68.754 + 93.044 + 119.2 = $398 Mil.
Total Current Assets was $646 Mil.
Total Assets was $2,461 Mil.
Property, Plant and Equipment(Net PPE) was $1,027 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $433 Mil.
Long-Term Debt & Capital Lease Obligation was $933 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) |
| = | (230.939 / 1970.129) | / | (180.258 / 1563.15) |
| = | 0.11722 | / | 0.115317 |
| | = | 1.0165 |
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) |
| = | (397.871 / 1563.15) | / | (588.756 / 1970.129) |
| = | 0.254532 | / | 0.298841 |
| | = | 0.8517 |
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 - (876.364 + 1031.894) / 2654.608) | / | (1 - (646.39 + 1026.745) / 2460.957) |
| = | 0.281153 | / | 0.320128 |
| | = | 0.8783 |
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 |
| = | 1970.129 | / | 1563.15 |
| | = | 1.2604 |
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)) |
| = | (126.022 / (126.022 + 1026.745)) | / | (126.475 / (126.475 + 1031.894)) |
| = | 0.109321 | / | 0.109184 |
| | = | 1.0013 |
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) |
| = | (164.167 / 1970.129) | / | (161.944 / 1563.15) |
| = | 0.083328 | / | 0.103601 |
| | = | 0.8043 |
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) |
| = | ((897.189 + 533.783) / 2654.608) | / | ((933.414 + 433.087) / 2460.957) |
| = | 0.539052 | / | 0.555272 |
| | = | 0.9708 |
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 |
| = | (170.226 - -0.776 | - | 171.225) | / | 2654.608 |
| | = | -8.4E-5 |
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.
Kraton has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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