Sherwin-Williams Co Beneish M-Score Historical Data
The historical data trend for Sherwin-Williams 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.
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Sherwin-Williams Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.84 |
-2.42 |
-2.36 |
-2.76 |
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Sherwin-Williams Co 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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-2.36 |
-2.39 |
-2.49 |
-2.66 |
-2.76 |
Competitive Comparison
For the Specialty Chemicals subindustry, Sherwin-Williams 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.
Sherwin-Williams Co Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Sherwin-Williams Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sherwin-Williams Co's Beneish M-Score falls into.
Sherwin-Williams 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 Sherwin-Williams 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 * 0.925 | + | 0.528 * 0.9021 | + | 0.404 * 0.9925 | + | 0.892 * 1.0408 | + | 0.115 * 1.0722 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0692 | + | 4.679 * -0.044558 | - | 0.327 * 0.9526 |
| = | -2.76 |
* 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 $2,468 Mil.
Revenue was 5252.2 + 6116.7 + 6240.6 + 5442.4 = $23,052 Mil.
Gross Profit was 2548.7 + 2916.2 + 2872.3 + 2420.9 = $10,758 Mil.
Total Current Assets was $5,513 Mil.
Total Assets was $22,954 Mil.
Property, Plant and Equipment(Net PPE) was $4,724 Mil.
Depreciation, Depletion and Amortization(DDA) was $623 Mil.
Selling, General, & Admin. Expense(SGA) was $7,050 Mil.
Total Current Liabilities was $6,627 Mil.
Long-Term Debt & Capital Lease Obligation was $9,887 Mil.
Net Income was 356.2 + 761.5 + 793.7 + 477.4 = $2,389 Mil.
Non Operating Income was -117 + -6.8 + 6.9 + 6.6 = $-110 Mil.
Cash Flow from Operations was 918.6 + 1308.7 + 1206.4 + 88.2 = $3,522 Mil.
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Total Receivables was $2,564 Mil.
Revenue was 5230.5 + 6047.4 + 5872.3 + 4998.7 = $22,149 Mil.
Gross Profit was 2233.8 + 2589.4 + 2449 + 2052.9 = $9,325 Mil.
Total Current Assets was $5,908 Mil.
Total Assets was $22,594 Mil.
Property, Plant and Equipment(Net PPE) was $4,074 Mil.
Depreciation, Depletion and Amortization(DDA) was $581 Mil.
Selling, General, & Admin. Expense(SGA) was $6,336 Mil.
Total Current Liabilities was $5,961 Mil.
Long-Term Debt & Capital Lease Obligation was $11,104 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) |
| = | (2467.9 / 23051.9) | / | (2563.6 / 22148.9) |
| = | 0.107058 | / | 0.115744 |
| | = | 0.925 |
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) |
| = | (9325.1 / 22148.9) | / | (10758.1 / 23051.9) |
| = | 0.421019 | / | 0.46669 |
| | = | 0.9021 |
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 - (5512.9 + 4724.2) / 22954.4) | / | (1 - (5907.7 + 4073.8) / 22594) |
| = | 0.554025 | / | 0.558223 |
| | = | 0.9925 |
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 |
| = | 23051.9 | / | 22148.9 |
| | = | 1.0408 |
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)) |
| = | (581.1 / (581.1 + 4073.8)) | / | (622.5 / (622.5 + 4724.2)) |
| = | 0.124836 | / | 0.116427 |
| | = | 1.0722 |
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) |
| = | (7049.9 / 23051.9) | / | (6335.6 / 22148.9) |
| = | 0.305827 | / | 0.286046 |
| | = | 1.0692 |
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) |
| = | ((9887.4 + 6626.9) / 22954.4) | / | ((11103.9 + 5960.7) / 22594) |
| = | 0.719439 | / | 0.755271 |
| | = | 0.9526 |
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 |
| = | (2388.8 - -110.3 | - | 3521.9) | / | 22954.4 |
| | = | -0.044558 |
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.
Sherwin-Williams Co has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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