MeranolCI Beneish M-Score Historical Data
The historical data trend for MeranolCI'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.
MeranolCI Beneish M-Score Chart
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MeranolCI Annual Data
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Jun16 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.00 |
-2.59 |
-0.93 |
-1.39 |
-2.46 |
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MeranolCI Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Dec23 |
Mar24 |
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Mar25 |
Jun25 |
Sep25 |
Dec25 |
Mar26 |
| Beneish M-Score |
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-3.43 |
-2.68 |
-1.16 |
-1.18 |
-1.20 |
MeranolCI Beneish M-Score Competitor Comparison
For the Chemicals subindustry, MeranolCI'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.
MeranolCI Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, MeranolCI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MeranolCI's Beneish M-Score falls into.
MeranolCI 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 MeranolCI 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 * 1.5571 | + | 0.528 * 1.8815 | + | 0.404 * 1.0073 | + | 0.892 * 1.0358 | + | 0.115 * 1.1555 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1743 | + | 4.679 * 0.022903 | - | 0.327 * 0.9898 |
| = | -1.20 |
* 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 (Mar26) TTM: | Last Year (Mar25) TTM: |
Total Receivables was ARS17,528 Mil.
Revenue was 35510.253 + 30327.052 + 32248.429 + 7519.37 = ARS105,605 Mil.
Gross Profit was 4094.669 + 5111.848 + 6168.818 + 3321.507 = ARS18,697 Mil.
Total Current Assets was ARS63,368 Mil.
Total Assets was ARS160,379 Mil.
Property, Plant and Equipment(Net PPE) was ARS96,432 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,187 Mil.
Selling, General, & Admin. Expense(SGA) was ARS2,407 Mil.
Total Current Liabilities was ARS38,999 Mil.
Long-Term Debt & Capital Lease Obligation was ARS23,084 Mil.
Net Income was 629.059 + -822.431 + 358.601 + -531.651 = ARS-366 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 4062.726 + 3578.178 + -12536.112 + 855.558 = ARS-4,040 Mil.
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Total Receivables was ARS10,868 Mil.
Revenue was 27685.704 + 22724.263 + 21408.407 + 30140.877 = ARS101,959 Mil.
Gross Profit was 5082.515 + 4425.764 + 3240.904 + 21215.272 = ARS33,964 Mil.
Total Current Assets was ARS46,790 Mil.
Total Assets was ARS121,917 Mil.
Property, Plant and Equipment(Net PPE) was ARS74,689 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS5,593 Mil.
Selling, General, & Admin. Expense(SGA) was ARS13,330 Mil.
Total Current Liabilities was ARS47,065 Mil.
Long-Term Debt & Capital Lease Obligation was ARS615 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) |
| = | (17527.931 / 105605.104) | / | (10868.181 / 101959.251) |
| = | 0.165976 | / | 0.106593 |
| | = | 1.5571 |
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) |
| = | (33964.455 / 101959.251) | / | (18696.842 / 105605.104) |
| = | 0.333118 | / | 0.177045 |
| | = | 1.8815 |
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 - (63367.939 + 96431.567) / 160378.782) | / | (1 - (46790.339 + 74689.286) / 121916.829) |
| = | 0.003612 | / | 0.003586 |
| | = | 1.0073 |
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 |
| = | 105605.104 | / | 101959.251 |
| | = | 1.0358 |
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)) |
| = | (5592.931 / (5592.931 + 74689.286)) | / | (6186.803 / (6186.803 + 96431.567)) |
| = | 0.069666 | / | 0.060289 |
| | = | 1.1555 |
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) |
| = | (2406.699 / 105605.104) | / | (13329.696 / 101959.251) |
| = | 0.02279 | / | 0.130736 |
| | = | 0.1743 |
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) |
| = | ((23083.839 + 38998.793) / 160378.782) | / | ((614.611 + 47065.298) / 121916.829) |
| = | 0.3871 | / | 0.391086 |
| | = | 0.9898 |
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 |
| = | (-366.422 - 0 | - | -4039.65) | / | 160378.782 |
| | = | 0.022903 |
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.
MeranolCI has a M-score of -1.20 signals that the company is likely to be a manipulator.
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