Vale Beneish M-Score Historical Data
The historical data trend for Vale'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.
|
Vale Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.67 |
-1.93 |
-2.58 |
-1.89 |
-2.92 |
|
Vale 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.89 |
-2.01 |
-1.80 |
-1.86 |
-2.92 |
Competitive Comparison
For the Other Industrial Metals & Mining subindustry, Vale'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.
Vale Beneish M-Score Distribution
For the Metals & Mining industry and Basic Materials sector, Vale's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vale's Beneish M-Score falls into.
Vale 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 Vale 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 * 0.9565 | + | 0.528 * 1.0671 | + | 0.404 * 0.4743 | + | 0.892 * 0.9531 | + | 0.115 * 1.3949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1201 | + | 4.679 * -0.030843 | - | 0.327 * 0.9735 |
| = | -2.85 |
* 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 $5,097 Mil.
Revenue was 13054 + 10623 + 9673 + 8434 = $41,784 Mil.
Gross Profit was 6163 + 4314 + 3733 + 3485 = $17,695 Mil.
Total Current Assets was $18,700 Mil.
Total Assets was $94,186 Mil.
Property, Plant and Equipment(Net PPE) was $61,899 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,070 Mil.
Selling, General, & Admin. Expense(SGA) was $506 Mil.
Total Current Liabilities was $14,655 Mil.
Long-Term Debt & Capital Lease Obligation was $15,776 Mil.
Net Income was 2418 + 2836 + 892 + 1837 = $7,983 Mil.
Non Operating Income was -1273 + -442 + -489 + -73 = $-2,277 Mil.
Cash Flow from Operations was 4789 + 2866 + 1900 + 3610 = $13,165 Mil.
|
Total Receivables was $5,591 Mil.
Revenue was 11941 + 9929 + 11157 + 10812 = $43,839 Mil.
Gross Profit was 4786 + 3628 + 5207 + 6190 = $19,811 Mil.
Total Current Assets was $15,526 Mil.
Total Assets was $86,894 Mil.
Property, Plant and Equipment(Net PPE) was $44,938 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,171 Mil.
Selling, General, & Admin. Expense(SGA) was $474 Mil.
Total Current Liabilities was $13,891 Mil.
Long-Term Debt & Capital Lease Obligation was $14,948 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) |
| = | (5097 / 41784) | / | (5591 / 43839) |
| = | 0.121984 | / | 0.127535 |
| | = | 0.9565 |
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) |
| = | (19811 / 43839) | / | (17695 / 41784) |
| = | 0.451904 | / | 0.423487 |
| | = | 1.0671 |
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 - (18700 + 61899) / 94186) | / | (1 - (15526 + 44938) / 86894) |
| = | 0.144257 | / | 0.304164 |
| | = | 0.4743 |
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 |
| = | 41784 | / | 43839 |
| | = | 0.9531 |
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)) |
| = | (3171 / (3171 + 44938)) | / | (3070 / (3070 + 61899)) |
| = | 0.065913 | / | 0.047253 |
| | = | 1.3949 |
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) |
| = | (506 / 41784) | / | (474 / 43839) |
| = | 0.01211 | / | 0.010812 |
| | = | 1.1201 |
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) |
| = | ((15776 + 14655) / 94186) | / | ((14948 + 13891) / 86894) |
| = | 0.323095 | / | 0.331887 |
| | = | 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 |
| = | (7983 - -2277 | - | 13165) | / | 94186 |
| | = | -0.030843 |
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.
Vale has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
VALE has been successfully added to your