Sensient Technologies Beneish M-Score Historical Data
The historical data trend for Sensient Technologies'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.
Sensient Technologies Beneish M-Score Chart
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Sensient Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.61 |
-2.47 |
-2.11 |
-2.70 |
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Sensient Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-2.15 |
-2.26 |
-2.39 |
-2.70 |
Competitive Comparison of Sensient Technologies's Beneish M-Score
For the Specialty Chemicals subindustry, Sensient Technologies'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.
Sensient Technologies's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sensient Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sensient Technologies's Beneish M-Score falls into.
Sensient Technologies 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 Sensient Technologies 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 * 0.8889 | + | 0.528 * 1.077 | + | 0.404 * 0.9993 | + | 0.892 * 1.0135 | + | 0.115 * 0.9539 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0303 | + | 4.679 * -0.037877 | - | 0.327 * 0.9607 |
| = | -2.70 |
* 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 $272 Mil.
Revenue was 349.302 + 363.829 + 374.313 + 369.006 = $1,456 Mil.
Gross Profit was 99.83 + 113.627 + 122.177 + 124.663 = $460 Mil.
Total Current Assets was $937 Mil.
Total Assets was $2,015 Mil.
Property, Plant and Equipment(Net PPE) was $505 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $305 Mil.
Total Current Liabilities was $236 Mil.
Long-Term Debt & Capital Lease Obligation was $645 Mil.
Net Income was -5.833 + 31.543 + 34.033 + 33.651 = $93 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 62.877 + 55.118 + 54.747 + -3.045 = $170 Mil.
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Total Receivables was $302 Mil.
Revenue was 348.736 + 361.076 + 371.706 + 355.521 = $1,437 Mil.
Gross Profit was 111.504 + 121.758 + 131.003 + 124.846 = $489 Mil.
Total Current Assets was $935 Mil.
Total Assets was $1,982 Mil.
Property, Plant and Equipment(Net PPE) was $483 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $292 Mil.
Total Current Liabilities was $272 Mil.
Long-Term Debt & Capital Lease Obligation was $630 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) |
| = | (272.164 / 1456.45) | / | (302.109 / 1437.039) |
| = | 0.186868 | / | 0.21023 |
| | = | 0.8889 |
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) |
| = | (489.111 / 1437.039) | / | (460.297 / 1456.45) |
| = | 0.34036 | / | 0.31604 |
| | = | 1.077 |
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 - (936.616 + 505.277) / 2014.507) | / | (1 - (934.78 + 483.193) / 1981.614) |
| = | 0.284245 | / | 0.284435 |
| | = | 0.9993 |
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 |
| = | 1456.45 | / | 1437.039 |
| | = | 1.0135 |
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)) |
| = | (52.467 / (52.467 + 483.193)) | / | (57.82 / (57.82 + 505.277)) |
| = | 0.097948 | / | 0.102682 |
| | = | 0.9539 |
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) |
| = | (305.274 / 1456.45) | / | (292.36 / 1437.039) |
| = | 0.209601 | / | 0.203446 |
| | = | 1.0303 |
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) |
| = | ((645.085 + 236.306) / 2014.507) | / | ((630.331 + 272.153) / 1981.614) |
| = | 0.437522 | / | 0.455429 |
| | = | 0.9607 |
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 |
| = | (93.394 - 0 | - | 169.697) | / | 2014.507 |
| | = | -0.037877 |
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.
Sensient Technologies has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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