Vulcan Materials Co Beneish M-Score Historical Data
The historical data trend for Vulcan Materials 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.
Vulcan Materials Co Beneish M-Score Chart
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Vulcan Materials Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.76 |
-2.17 |
-2.35 |
-2.92 |
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Vulcan Materials Co 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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-2.35 |
-2.53 |
-2.63 |
-2.74 |
-2.92 |
Competitive Comparison of Vulcan Materials Co's Beneish M-Score
For the Building Materials subindustry, Vulcan Materials 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.
Vulcan Materials Co's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Vulcan Materials Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vulcan Materials Co's Beneish M-Score falls into.
Vulcan Materials 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 Vulcan Materials 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 * 0.7732 | + | 0.528 * 0.8547 | + | 0.404 * 0.9071 | + | 0.892 * 1.0282 | + | 0.115 * 0.9358 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9915 | + | 4.679 * -0.045209 | - | 0.327 * 0.9426 |
| = | -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$4,359 Mil.
Revenue was 8987.703 + 10795.01 + 10255.383 + 8588.981 = R$38,627 Mil.
Gross Profit was 2313.686 + 2918.772 + 2831.163 + 1572.997 = R$9,637 Mil.
Total Current Assets was R$12,372 Mil.
Total Assets was R$71,271 Mil.
Property, Plant and Equipment(Net PPE) was R$32,973 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,000 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,695 Mil.
Total Current Liabilities was R$3,908 Mil.
Long-Term Debt & Capital Lease Obligation was R$21,484 Mil.
Net Income was 1114.215 + 1365.551 + 1497.852 + 628.678 = R$4,606 Mil.
Non Operating Income was 275.369 + -150.136 + 80.571 + 16.147 = R$222 Mil.
Cash Flow from Operations was 2359.744 + 2704.926 + 1389.129 + 1152.663 = R$7,606 Mil.
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Total Receivables was R$5,483 Mil.
Revenue was 9084.508 + 10950.21 + 9864.72 + 7667.139 = R$37,567 Mil.
Gross Profit was 1835.365 + 2584.57 + 2252.284 + 1337.656 = R$8,010 Mil.
Total Current Assets was R$9,977 Mil.
Total Assets was R$74,666 Mil.
Property, Plant and Equipment(Net PPE) was R$34,745 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,941 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,643 Mil.
Total Current Liabilities was R$5,018 Mil.
Long-Term Debt & Capital Lease Obligation was R$23,204 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) |
| = | (4359.352 / 38627.077) | / | (5483.017 / 37566.577) |
| = | 0.112857 | / | 0.145955 |
| | = | 0.7732 |
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) |
| = | (8009.875 / 37566.577) | / | (9636.618 / 38627.077) |
| = | 0.213218 | / | 0.249478 |
| | = | 0.8547 |
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 - (12371.505 + 32972.714) / 71271.021) | / | (1 - (9976.751 + 34745.005) / 74666.171) |
| = | 0.363778 | / | 0.401044 |
| | = | 0.9071 |
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 |
| = | 38627.077 | / | 37566.577 |
| | = | 1.0282 |
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)) |
| = | (2941.24 / (2941.24 + 34745.005)) | / | (3000.021 / (3000.021 + 32972.714)) |
| = | 0.078045 | / | 0.083397 |
| | = | 0.9358 |
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) |
| = | (2694.53 / 38627.077) | / | (2643.081 / 37566.577) |
| = | 0.069758 | / | 0.070357 |
| | = | 0.9915 |
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) |
| = | ((21484.153 + 3908.08) / 71271.021) | / | ((23203.551 + 5017.75) / 74666.171) |
| = | 0.356277 | / | 0.377966 |
| | = | 0.9426 |
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 |
| = | (4606.296 - 221.951 | - | 7606.462) | / | 71271.021 |
| | = | -0.045209 |
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.
Vulcan Materials Co has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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