Kaiser Aluminum Beneish M-Score Historical Data
The historical data trend for Kaiser Aluminum'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.
Kaiser Aluminum Beneish M-Score Chart
|
Kaiser Aluminum Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.19 |
-3.40 |
-0.29 |
-1.99 |
-3.16 |
|
Kaiser Aluminum Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.99 |
-2.29 |
-2.56 |
-2.89 |
-3.16 |
Competitive Comparison of Kaiser Aluminum's Beneish M-Score
For the Aluminum subindustry, Kaiser Aluminum'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.
Kaiser Aluminum Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Kaiser Aluminum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kaiser Aluminum's Beneish M-Score falls into.
Kaiser Aluminum 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 Kaiser Aluminum 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 * 1.0246 | + | 0.528 * 0.5673 | + | 0.404 * 1.0032 | + | 0.892 * 0.9006 | + | 0.115 * 1.0131 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2455 | + | 4.679 * -0.07577 | - | 0.327 * 0.9735 |
| = | -3.16 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $396 Mil.
Revenue was 721.7 + 743.6 + 814.1 + 807.6 = $3,087 Mil.
Gross Profit was 52.8 + 51.2 + 69.3 + 50.2 = $224 Mil.
Total Current Assets was $990 Mil.
Total Assets was $2,267 Mil.
Property, Plant and Equipment(Net PPE) was $1,084 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $129 Mil.
Total Current Liabilities was $370 Mil.
Long-Term Debt & Capital Lease Obligation was $1,069 Mil.
Net Income was 7.6 + 5.4 + 18.3 + 15.9 = $47 Mil.
Non Operating Income was -0.5 + -2.2 + -2 + 11.8 = $7 Mil.
Cash Flow from Operations was 74.3 + 89.8 + 68.1 + -20.3 = $212 Mil.
|
Total Receivables was $429 Mil.
Revenue was 776 + 748.9 + 954.2 + 948.8 = $3,428 Mil.
Gross Profit was 28.5 + 28.2 + 28.7 + 55.4 = $141 Mil.
Total Current Assets was $1,043 Mil.
Total Assets was $2,289 Mil.
Property, Plant and Equipment(Net PPE) was $1,052 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $419 Mil.
Long-Term Debt & Capital Lease Obligation was $1,074 Mil.
|
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) |
| = | (396.1 / 3087) | / | (429.3 / 3427.9) |
| = | 0.128312 | / | 0.125237 |
| | = | 1.0246 |
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) |
| = | (140.8 / 3427.9) | / | (223.5 / 3087) |
| = | 0.041075 | / | 0.0724 |
| | = | 0.5673 |
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 - (990.2 + 1084.3) / 2267.4) | / | (1 - (1042.6 + 1052.1) / 2288.8) |
| = | 0.085075 | / | 0.084804 |
| | = | 1.0032 |
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 |
| = | 3087 | / | 3427.9 |
| | = | 0.9006 |
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)) |
| = | (106.9 / (106.9 + 1052.1)) | / | (108.6 / (108.6 + 1084.3)) |
| = | 0.092235 | / | 0.091039 |
| | = | 1.0131 |
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) |
| = | (129.1 / 3087) | / | (115.1 / 3427.9) |
| = | 0.041821 | / | 0.033577 |
| | = | 1.2455 |
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) |
| = | ((1069 + 370) / 2267.4) | / | ((1073.5 + 418.7) / 2288.8) |
| = | 0.634648 | / | 0.651957 |
| | = | 0.9735 |
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 |
| = | (47.2 - 7.1 | - | 211.9) | / | 2267.4 |
| | = | -0.07577 |
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.
Kaiser Aluminum has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
KALU has been successfully added to your