Eastman Chemical Co Beneish M-Score Historical Data
The historical data trend for Eastman Chemical 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.
|
Eastman Chemical Co Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.69 |
-2.53 |
-2.46 |
-2.65 |
-2.92 |
|
Eastman Chemical Co 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.65 |
-2.72 |
-2.95 |
-3.15 |
-2.92 |
Competitive Comparison
For the Specialty Chemicals subindustry, Eastman Chemical 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.
Eastman Chemical Co Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Eastman Chemical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eastman Chemical Co's Beneish M-Score falls into.
Eastman Chemical 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 Eastman Chemical 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 * 0.998 | + | 0.528 * 0.9014 | + | 0.404 * 0.9805 | + | 0.892 * 0.8458 | + | 0.115 * 0.99 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4911 | + | 4.679 * -0.048932 | - | 0.327 * 0.9479 |
| = | -2.98 |
* 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 R$5,654 Mil.
Revenue was 10813.859 + 11196.033 + 11279.999 + 12563.143 = R$45,853 Mil.
Gross Profit was 2273.507 + 2390.331 + 2834.561 + 2755.349 = R$10,254 Mil.
Total Current Assets was R$17,056 Mil.
Total Assets was R$71,699 Mil.
Property, Plant and Equipment(Net PPE) was R$27,184 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,483 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,805 Mil.
Total Current Liabilities was R$12,622 Mil.
Long-Term Debt & Capital Lease Obligation was R$21,094 Mil.
Net Income was 1518.938 + 879.089 + 1320.206 + 697.952 = R$4,416 Mil.
Non Operating Income was 1479.74 + -39.51 + -92.22 + -156.258 = R$1,192 Mil.
Cash Flow from Operations was 2214.71 + 2538.492 + 1990.017 + -10.417 = R$6,733 Mil.
|
Total Receivables was R$6,698 Mil.
Revenue was 12447.334 + 14204.912 + 14052.797 + 13505.95 = R$54,211 Mil.
Gross Profit was 1972.27 + 2836.788 + 3381.959 + 2737.02 = R$10,928 Mil.
Total Current Assets was R$19,817 Mil.
Total Assets was R$76,934 Mil.
Property, Plant and Equipment(Net PPE) was R$27,066 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,445 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,017 Mil.
Total Current Liabilities was R$17,053 Mil.
Long-Term Debt & Capital Lease Obligation was R$21,113 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) |
| = | (5654.369 / 45853.034) | / | (6698.376 / 54210.993) |
| = | 0.123315 | / | 0.123561 |
| | = | 0.998 |
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) |
| = | (10928.037 / 54210.993) | / | (10253.748 / 45853.034) |
| = | 0.201583 | / | 0.223622 |
| | = | 0.9014 |
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 - (17056.204 + 27184.09) / 71698.773) | / | (1 - (19817.121 + 27066.264) / 76934.282) |
| = | 0.38297 | / | 0.390605 |
| | = | 0.9805 |
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 |
| = | 45853.034 | / | 54210.993 |
| | = | 0.8458 |
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)) |
| = | (2445.176 / (2445.176 + 27066.264)) | / | (2482.823 / (2482.823 + 27184.09)) |
| = | 0.082855 | / | 0.08369 |
| | = | 0.99 |
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) |
| = | (3805.162 / 45853.034) | / | (3017.143 / 54210.993) |
| = | 0.082986 | / | 0.055656 |
| | = | 1.4911 |
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) |
| = | ((21093.639 + 12621.885) / 71698.773) | / | ((21112.735 + 17052.795) / 76934.282) |
| = | 0.470239 | / | 0.49608 |
| | = | 0.9479 |
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 |
| = | (4416.185 - 1191.752 | - | 6732.802) | / | 71698.773 |
| | = | -0.048932 |
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.
Eastman Chemical Co has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BSP:E1MN34 has been successfully added to your