CF Industries Holdings Beneish M-Score Historical Data
The historical data trend for CF Industries Holdings'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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CF Industries Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-2.56 |
-2.62 |
-2.24 |
-2.60 |
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CF Industries Holdings 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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-2.24 |
-2.66 |
-3.15 |
-3.12 |
-2.60 |
Competitive Comparison
For the Agricultural Inputs subindustry, CF Industries Holdings'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.
CF Industries Holdings Beneish M-Score Distribution
For the Agriculture industry and Basic Materials sector, CF Industries Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CF Industries Holdings's Beneish M-Score falls into.
CF Industries Holdings 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 CF Industries Holdings 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 * 1.4637 | + | 0.528 * 1.3652 | + | 0.404 * 1.2329 | + | 0.892 * 0.5928 | + | 0.115 * 1.0726 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6811 | + | 4.679 * -0.084864 | - | 0.327 * 0.8832 |
| = | -2.60 |
* 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 $505 Mil.
Revenue was 1571 + 1273 + 1775 + 2012 = $6,631 Mil.
Gross Profit was 501 + 377 + 804 + 863 = $2,545 Mil.
Total Current Assets was $3,050 Mil.
Total Assets was $14,376 Mil.
Property, Plant and Equipment(Net PPE) was $7,400 Mil.
Depreciation, Depletion and Amortization(DDA) was $869 Mil.
Selling, General, & Admin. Expense(SGA) was $289 Mil.
Total Current Liabilities was $800 Mil.
Long-Term Debt & Capital Lease Obligation was $3,136 Mil.
Net Income was 274 + 164 + 527 + 560 = $1,525 Mil.
Non Operating Income was 26 + -49 + 6 + 5 = $-12 Mil.
Cash Flow from Operations was 480 + 618 + 712 + 947 = $2,757 Mil.
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Total Receivables was $582 Mil.
Revenue was 2608 + 2321 + 3389 + 2868 = $11,186 Mil.
Gross Profit was 1256 + 916 + 1991 + 1698 = $5,861 Mil.
Total Current Assets was $3,673 Mil.
Total Assets was $13,313 Mil.
Property, Plant and Equipment(Net PPE) was $6,691 Mil.
Depreciation, Depletion and Amortization(DDA) was $850 Mil.
Selling, General, & Admin. Expense(SGA) was $290 Mil.
Total Current Liabilities was $995 Mil.
Long-Term Debt & Capital Lease Obligation was $3,132 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) |
| = | (505 / 6631) | / | (582 / 11186) |
| = | 0.076157 | / | 0.052029 |
| | = | 1.4637 |
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) |
| = | (5861 / 11186) | / | (2545 / 6631) |
| = | 0.523959 | / | 0.383803 |
| | = | 1.3652 |
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 - (3050 + 7400) / 14376) | / | (1 - (3673 + 6691) / 13313) |
| = | 0.273094 | / | 0.221513 |
| | = | 1.2329 |
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 |
| = | 6631 | / | 11186 |
| | = | 0.5928 |
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)) |
| = | (850 / (850 + 6691)) | / | (869 / (869 + 7400)) |
| = | 0.112717 | / | 0.105091 |
| | = | 1.0726 |
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) |
| = | (289 / 6631) | / | (290 / 11186) |
| = | 0.043583 | / | 0.025925 |
| | = | 1.6811 |
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) |
| = | ((3136 + 800) / 14376) | / | ((3132 + 995) / 13313) |
| = | 0.27379 | / | 0.309998 |
| | = | 0.8832 |
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 |
| = | (1525 - -12 | - | 2757) | / | 14376 |
| | = | -0.084864 |
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.
CF Industries Holdings has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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