Romi Beneish M-Score Historical Data
The historical data trend for Romi'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.
Romi Beneish M-Score Chart
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Romi Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.11 |
-1.85 |
-2.19 |
-2.39 |
-2.73 |
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Romi Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.39 |
-2.43 |
-2.38 |
-2.47 |
-2.73 |
Competitive Comparison of Romi's Beneish M-Score
For the Industrial Distribution subindustry, Romi'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.
Romi's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Romi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Romi's Beneish M-Score falls into.
Romi 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 Romi 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 * 0.9867 | + | 0.528 * 1.0144 | + | 0.404 * 0.9459 | + | 0.892 * 0.9999 | + | 0.115 * 1.0518 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0717 | + | 4.679 * -0.035382 | - | 0.327 * 1.1439 |
| = | -2.73 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was R$457 Mil.
Revenue was 458.569 + 264.805 + 295.199 + 208.514 = R$1,227 Mil.
Gross Profit was 138.134 + 79.251 + 84.282 + 60.625 = R$362 Mil.
Total Current Assets was R$1,576 Mil.
Total Assets was R$2,547 Mil.
Property, Plant and Equipment(Net PPE) was R$520 Mil.
Depreciation, Depletion and Amortization(DDA) was R$61 Mil.
Selling, General, & Admin. Expense(SGA) was R$228 Mil.
Total Current Liabilities was R$761 Mil.
Long-Term Debt & Capital Lease Obligation was R$317 Mil.
Net Income was 42.136 + 22.958 + 30.915 + 17.874 = R$114 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 97.414 + 3.449 + 36.815 + 66.31 = R$204 Mil.
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Total Receivables was R$463 Mil.
Revenue was 386.661 + 272.795 + 308.636 + 259.155 = R$1,227 Mil.
Gross Profit was 109.536 + 80.682 + 91.547 + 85.777 = R$368 Mil.
Total Current Assets was R$1,401 Mil.
Total Assets was R$2,282 Mil.
Property, Plant and Equipment(Net PPE) was R$455 Mil.
Depreciation, Depletion and Amortization(DDA) was R$56 Mil.
Selling, General, & Admin. Expense(SGA) was R$213 Mil.
Total Current Liabilities was R$628 Mil.
Long-Term Debt & Capital Lease Obligation was R$217 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) |
| = | (457.23 / 1227.087) | / | (463.475 / 1227.247) |
| = | 0.372614 | / | 0.377654 |
| | = | 0.9867 |
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) |
| = | (367.542 / 1227.247) | / | (362.292 / 1227.087) |
| = | 0.299485 | / | 0.295246 |
| | = | 1.0144 |
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 - (1576.066 + 520.407) / 2546.623) | / | (1 - (1400.895 + 454.679) / 2282.042) |
| = | 0.176764 | / | 0.18688 |
| | = | 0.9459 |
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 |
| = | 1227.087 | / | 1227.247 |
| | = | 0.9999 |
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)) |
| = | (56.038 / (56.038 + 454.679)) | / | (60.613 / (60.613 + 520.407)) |
| = | 0.109724 | / | 0.104322 |
| | = | 1.0518 |
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) |
| = | (228.344 / 1227.087) | / | (213.1 / 1227.247) |
| = | 0.186086 | / | 0.173641 |
| | = | 1.0717 |
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) |
| = | ((317.259 + 761.139) / 2546.623) | / | ((216.532 + 628.279) / 2282.042) |
| = | 0.423462 | / | 0.3702 |
| | = | 1.1439 |
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 |
| = | (113.883 - 0 | - | 203.988) | / | 2546.623 |
| | = | -0.035382 |
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.
Romi has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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