DuPont de Nemours (BUE:DD) Beneish M-Score : -2.55 (As of Dec. 14, 2024)

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What is DuPont de Nemours Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for DuPont de Nemours's Beneish M-Score or its related term are showing as below:

BUE:DD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.48 Max: 16.28
Current: -2.55

During the past 13 years, the highest Beneish M-Score of DuPont de Nemours was 16.28. The lowest was -3.46. And the median was -2.48.

DuPont de Nemours Beneish M-Score Historical Data

The historical data trend for DuPont de Nemours'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.

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DuPont de Nemours Beneish M-Score Chart

DuPont de Nemours Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.67

-3.26

-2.00

-1.60

-2.56

DuPont de Nemours Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.80	-2.56	-2.58	-2.51	-2.55

Competitive Comparison of DuPont de Nemours's Beneish M-Score

For the Specialty Chemicals subindustry, DuPont de Nemours'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.

DuPont de Nemours's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, DuPont de Nemours's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DuPont de Nemours's Beneish M-Score falls into.

DuPont de Nemours 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 DuPont de Nemours for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8347

0.528 * 0.9611

0.404 * 1.0363

0.892 * 3.2053

0.115 * 0.8364

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.116

4.679 * -0.018725

0.327 * 0.9187

-0.77

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ARS2,246,031 Mil.
Revenue was 3033995.867 + 2839630.459 + 2469367.542 + 1046178.001 = ARS9,389,172 Mil.
Gross Profit was 1134896.95 + 1052212.485 + 853452.515 + 371830 = ARS3,412,392 Mil.
Total Current Assets was ARS6,120,269 Mil.
Total Assets was ARS35,606,679 Mil.
Property, Plant and Equipment(Net PPE) was ARS5,497,692 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS909,013 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,186,697 Mil.
Total Current Liabilities was ARS2,685,162 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,768,510 Mil.
Net Income was 431526.981 + 159398.998 + 159232.503 + -7942 = ARS742,216 Mil.
Non Operating Income was 128317.494 + -90445.499 + -16007.5 + -335369 = ARS-313,505 Mil.
Cash Flow from Operations was 700518.469 + 471928.493 + 415352.507 + 134653 = ARS1,722,452 Mil.

Total Receivables was ARS839,530 Mil.
Revenue was 1070147.129 + 742559.994 + 596205.914 + 520385.586 = ARS2,929,299 Mil.
Gross Profit was 386344.811 + 255359.998 + 204464.255 + 177038.395 = ARS1,023,207 Mil.
Total Current Assets was ARS2,776,853 Mil.
Total Assets was ARS13,694,594 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,014,312 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS271,223 Mil.
Selling, General, & Admin. Expense(SGA) was ARS331,748 Mil.
Total Current Liabilities was ARS1,290,616 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,667,319 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)
	=	(2246031.401 / 9389171.869)	/	(839530.073 / 2929298.623)
	=	0.239215	/	0.286598
	=	0.8347

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)
	=	(1023207.459 / 2929298.623)	/	(3412391.95 / 9389171.869)
	=	0.349301	/	0.363439
	=	0.9611

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 - (6120269.231 + 5497691.758) / 35606678.935)	/	(1 - (2776853.327 + 2014312.255) / 13694593.727)
	=	0.673714	/	0.650142
	=	1.0363

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
	=	9389171.869	/	2929298.623
	=	3.2053

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))
	=	(271222.752 / (271222.752 + 2014312.255))	/	(909013.487 / (909013.487 + 5497691.758))
	=	0.118669	/	0.141885
	=	0.8364

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)
	=	(1186697.484 / 9389171.869)	/	(331747.953 / 2929298.623)
	=	0.12639	/	0.113252
	=	1.116

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)
	=	((6768510.203 + 2685162.382) / 35606678.935)	/	((2667318.973 + 1290615.636) / 13694593.727)
	=	0.265503	/	0.289014
	=	0.9187

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
	=	(742216.482 - -313504.505	-	1722452.469)	/	35606678.935
	=	-0.018725

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.

DuPont de Nemours has a M-score of -0.77 signals that the company is likely to be a manipulator.

DuPont de Nemours Beneish M-Score Related Terms

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DuPont de Nemours Business Description

Industry

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Traded in Other Exchanges

DD:USA DD:Mexico 1DD:Italy 6D8:Germany 6D81:Germany 6D81:Germany DDPN:Austria

Address

974 Centre Road, Building 730, Wilmington, DE, USA, 19805

Website

https://www.dupont.com

DuPont is a diversified global specialty chemicals company created in 2019 as a result of the DowDuPont merger and subsequent separations. Its portfolio includes specialty chemicals and downstream products that serve the electronics, water, construction, safety and protection, automotive, and healthcare industries. DuPont plans to separate the company into three companies going forward, one focused on electronics, one focused on water, and one with more diversified end market exposure. We expect the separations will occur by mid-2026.