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.
DuPont de Nemours Beneish M-Score Chart
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DuPont de Nemours Annual Data
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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 |
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DuPont de Nemours Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.75 |
-1.89 |
-1.80 |
-2.56 |
-2.58 |
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:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.5352 | + | 0.528 * 0.9995 | + | 0.404 * 1.1199 | + | 0.892 * 2.6948 | + | 0.115 * 1.3345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1368 | + | 4.679 * -0.010053 | - | 0.327 * 1.0487 |
| = | -0.48 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ARS1,992,513 Mil.
Revenue was 2469367.542 + 1046178.001 + 1070147.129 + 742559.994 = ARS5,328,253 Mil.
Gross Profit was 853452.515 + 371830 + 386344.811 + 255359.998 = ARS1,866,987 Mil.
Total Current Assets was ARS5,953,948 Mil.
Total Assets was ARS31,776,573 Mil.
Property, Plant and Equipment(Net PPE) was ARS4,862,910 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS521,867 Mil.
Selling, General, & Admin. Expense(SGA) was ARS659,124 Mil.
Total Current Liabilities was ARS2,554,460 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,480,510 Mil.
Net Income was 159232.503 + -7942 + 111634.053 + -31440 = ARS231,485 Mil.
Non Operating Income was -16007.5 + -335369 + 5249.25 + -7920 = ARS-354,047 Mil.
Cash Flow from Operations was 415352.507 + 134653 + 258963.007 + 95999.999 = ARS904,969 Mil.
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Total Receivables was ARS481,627 Mil.
Revenue was 596205.914 + 520385.586 + 460897.143 + 399736.266 = ARS1,977,225 Mil.
Gross Profit was 204464.255 + 177038.395 + 169796.897 + 141147.092 = ARS692,447 Mil.
Total Current Assets was ARS2,212,560 Mil.
Total Assets was ARS8,140,641 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,133,542 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS168,378 Mil.
Selling, General, & Admin. Expense(SGA) was ARS215,159 Mil.
Total Current Liabilities was ARS672,855 Mil.
Long-Term Debt & Capital Lease Obligation was ARS1,534,371 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) |
| = | (1992512.534 / 5328252.666) | / | (481626.911 / 1977224.909) |
| = | 0.373952 | / | 0.243587 |
| | = | 1.5352 |
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) |
| = | (692446.639 / 1977224.909) | / | (1866987.324 / 5328252.666) |
| = | 0.350211 | / | 0.350394 |
| | = | 0.9995 |
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 - (5953947.601 + 4862910.083) / 31776573.04) | / | (1 - (2212560.051 + 1133541.926) / 8140640.589) |
| = | 0.659596 | / | 0.588963 |
| | = | 1.1199 |
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 |
| = | 5328252.666 | / | 1977224.909 |
| | = | 2.6948 |
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)) |
| = | (168378.179 / (168378.179 + 1133541.926)) | / | (521866.806 / (521866.806 + 4862910.083)) |
| = | 0.129331 | / | 0.096915 |
| | = | 1.3345 |
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) |
| = | (659123.507 / 5328252.666) | / | (215159.201 / 1977224.909) |
| = | 0.123704 | / | 0.108819 |
| | = | 1.1368 |
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) |
| = | ((6480510.11 + 2554460.043) / 31776573.04) | / | ((1534370.886 + 672855.316) / 8140640.589) |
| = | 0.284328 | / | 0.271137 |
| | = | 1.0487 |
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 |
| = | (231484.556 - -354047.25 | - | 904968.513) | / | 31776573.04 |
| | = | -0.010053 |
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 -0.48 signals that the company is likely to be a manipulator.
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