National Petrochemical Co Beneish M-Score Historical Data
The historical data trend for National Petrochemical Co'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.
National Petrochemical Co Beneish M-Score Chart
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National Petrochemical Co Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.93 |
-2.49 |
-3.24 |
51.15 |
-1.72 |
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National Petrochemical Co Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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51.15 |
-25.02 |
-18.85 |
34.09 |
-1.72 |
Competitive Comparison of National Petrochemical Co's Beneish M-Score
For the Chemicals subindustry, National Petrochemical Co'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.
National Petrochemical Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, National Petrochemical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Petrochemical Co's Beneish M-Score falls into.
National Petrochemical Co 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 National Petrochemical Co 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 * 986.0365 | + | 0.528 * 0.1176 | + | 0.404 * 0.794 | + | 0.892 * 1.5381 | + | 0.115 * 1.495 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7896 | + | 4.679 * 0.139181 | - | 0.327 * 0.754 |
| = | 904.51 |
* 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 ﷼990 Mil.
Revenue was 0 + 0 + 2455.72 + 2127.939 = ﷼4,584 Mil.
Gross Profit was 0 + 0 + 997.302 + 682.652 = ﷼1,680 Mil.
Total Current Assets was ﷼2,285 Mil.
Total Assets was ﷼9,435 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼0 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼301 Mil.
Total Current Liabilities was ﷼297 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼0 Mil.
Net Income was 209.176 + 243.788 + 603.088 + 310.75 = ﷼1,367 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was -14.374 + -1265.477 + 790.844 + 542.577 = ﷼54 Mil.
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Total Receivables was ﷼1 Mil.
Revenue was 0 + 0 + 1407.06 + 1572.922 = ﷼2,980 Mil.
Gross Profit was 0 + 0 + -121.438 + 249.889 = ﷼128 Mil.
Total Current Assets was ﷼386 Mil.
Total Assets was ﷼8,478 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼248 Mil.
Total Current Liabilities was ﷼354 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼0 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) |
| = | (989.804 / 4583.659) | / | (0.653 / 2979.982) |
| = | 0.215942 | / | 0.000219 |
| | = | 986.0365 |
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) |
| = | (128.451 / 2979.982) | / | (1679.954 / 4583.659) |
| = | 0.043105 | / | 0.366509 |
| | = | 0.1176 |
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 - (2284.572 + 0.792) / 9435.393) | / | (1 - (385.941 + 0.691) / 8477.528) |
| = | 0.757788 | / | 0.954393 |
| | = | 0.794 |
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 |
| = | 4583.659 | / | 2979.982 |
| | = | 1.5381 |
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)) |
| = | (0.534 / (0.534 + 0.691)) | / | (0.326 / (0.326 + 0.792)) |
| = | 0.435918 | / | 0.291592 |
| | = | 1.495 |
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) |
| = | (301.318 / 4583.659) | / | (248.081 / 2979.982) |
| = | 0.065737 | / | 0.083249 |
| | = | 0.7896 |
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) |
| = | ((0 + 297.396) / 9435.393) | / | ((0 + 354.388) / 8477.528) |
| = | 0.031519 | / | 0.041803 |
| | = | 0.754 |
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 |
| = | (1366.802 - 0 | - | 53.57) | / | 9435.393 |
| | = | 0.139181 |
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.
National Petrochemical Co has a M-score of 904.51 signals that the company is likely to be a manipulator.
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