POSCO Holdings Beneish M-Score Historical Data
The historical data trend for POSCO Holdings'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.
POSCO Holdings Beneish M-Score Chart
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POSCO Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.90 |
-2.48 |
-2.12 |
-2.56 |
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POSCO Holdings 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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-2.12 |
-2.02 |
-2.21 |
-2.41 |
-2.56 |
Competitive Comparison of POSCO Holdings's Beneish M-Score
For the Steel subindustry, POSCO Holdings'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.
POSCO Holdings's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, POSCO Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where POSCO Holdings's Beneish M-Score falls into.
POSCO Holdings 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 POSCO Holdings 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 * 1.1656 | + | 0.528 * 1.0914 | + | 0.404 * 1.0137 | + | 0.892 * 0.8706 | + | 0.115 * 1.0275 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4256 | + | 4.679 * -0.036966 | - | 0.327 * 0.991 |
| = | -2.63 |
* 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$49,076 Mil.
Revenue was 70109.496 + 70183.825 + 75284.635 + 77294.025 = R$292,872 Mil.
Gross Profit was 4126.664 + 7073.783 + 7609.677 + 5477.481 = R$24,288 Mil.
Total Current Assets was R$173,591 Mil.
Total Assets was R$379,189 Mil.
Property, Plant and Equipment(Net PPE) was R$132,248 Mil.
Depreciation, Depletion and Amortization(DDA) was R$14,515 Mil.
Selling, General, & Admin. Expense(SGA) was R$10,993 Mil.
Total Current Liabilities was R$82,120 Mil.
Long-Term Debt & Capital Lease Obligation was R$56,388 Mil.
Net Income was -774.794 + 1807.084 + 2580.654 + 2897.075 = R$6,510 Mil.
Non Operating Income was -3912.16 + 348.276 + -378.272 + 1955.678 = R$-1,986 Mil.
Cash Flow from Operations was 6654.211 + 7974.314 + 8965.247 + -1080.332 = R$22,513 Mil.
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Total Receivables was R$48,365 Mil.
Revenue was 79076.417 + 79438.608 + 90924.794 + 86978.386 = R$336,418 Mil.
Gross Profit was 1672.899 + 6038.143 + 10800.07 + 11938.252 = R$30,449 Mil.
Total Current Assets was R$195,626 Mil.
Total Assets was R$401,533 Mil.
Property, Plant and Equipment(Net PPE) was R$129,282 Mil.
Depreciation, Depletion and Amortization(DDA) was R$14,624 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,858 Mil.
Total Current Liabilities was R$95,028 Mil.
Long-Term Debt & Capital Lease Obligation was R$52,974 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) |
| = | (49076.377 / 292871.981) | / | (48364.819 / 336418.205) |
| = | 0.167569 | / | 0.143764 |
| | = | 1.1656 |
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) |
| = | (30449.364 / 336418.205) | / | (24287.605 / 292871.981) |
| = | 0.09051 | / | 0.082929 |
| | = | 1.0914 |
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 - (173590.902 + 132248.008) / 379189.15) | / | (1 - (195625.622 + 129282.328) / 401533.383) |
| = | 0.19344 | / | 0.190832 |
| | = | 1.0137 |
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 |
| = | 292871.981 | / | 336418.205 |
| | = | 0.8706 |
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)) |
| = | (14624.145 / (14624.145 + 129282.328)) | / | (14514.699 / (14514.699 + 132248.008)) |
| = | 0.101623 | / | 0.098899 |
| | = | 1.0275 |
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) |
| = | (10992.947 / 292871.981) | / | (8857.809 / 336418.205) |
| = | 0.037535 | / | 0.02633 |
| | = | 1.4256 |
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) |
| = | ((56387.616 + 82120.145) / 379189.15) | / | ((52973.596 + 95027.773) / 401533.383) |
| = | 0.365274 | / | 0.36859 |
| | = | 0.991 |
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 |
| = | (6510.019 - -1986.478 | - | 22513.44) | / | 379189.15 |
| | = | -0.036966 |
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.
POSCO Holdings has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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