Vale Beneish M-Score Historical Data
The historical data trend for Vale'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.
Vale Beneish M-Score Chart
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Vale Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.93 |
-2.56 |
-1.86 |
-2.92 |
-2.07 |
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Vale 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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-2.92 |
-2.96 |
-2.71 |
-2.50 |
-2.07 |
Competitive Comparison of Vale's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Vale'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.
Vale's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Vale's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vale's Beneish M-Score falls into.
Vale 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 Vale 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 * 0.6674 | + | 0.528 * 1.1811 | + | 0.404 * 2.3081 | + | 0.892 * 2.844 | + | 0.115 * 0.771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2512 | + | 4.679 * 0.005538 | - | 0.327 * 1.1447 |
| = | -0.61 |
* 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 ARS3,492,580 Mil.
Revenue was 10225240.102 + 9080126.101 + 8883359.873 + 7126707.621 = ARS35,315,434 Mil.
Gross Profit was 3894560.039 + 3110035.863 + 3197830.454 + 2605010.044 = ARS12,807,436 Mil.
Total Current Assets was ARS13,615,810 Mil.
Total Assets was ARS80,953,521 Mil.
Property, Plant and Equipment(Net PPE) was ARS40,383,840 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,130,598 Mil.
Selling, General, & Admin. Expense(SGA) was ARS536,216 Mil.
Total Current Liabilities was ARS13,220,900 Mil.
Long-Term Debt & Capital Lease Obligation was ARS16,720,550 Mil.
Net Income was -700940.007 + 2292605.899 + 2479639.465 + 1414557.524 = ARS5,485,863 Mil.
Non Operating Income was -3125950.031 + 207208.991 + 313424.996 + 104470.002 = ARS-2,500,846 Mil.
Cash Flow from Operations was 2941120.029 + 1584483.43 + 0 + 3012780.051 = ARS7,538,384 Mil.
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Total Receivables was ARS1,840,017 Mil.
Revenue was 4712494.004 + 3717518.952 + 2321519.981 + 1666136.739 = ARS12,417,670 Mil.
Gross Profit was 2224843.002 + 1509684.342 + 895919.993 + 688461.766 = ARS5,318,909 Mil.
Total Current Assets was ARS6,750,700 Mil.
Total Assets was ARS34,001,146 Mil.
Property, Plant and Equipment(Net PPE) was ARS22,345,539 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS898,169 Mil.
Selling, General, & Admin. Expense(SGA) was ARS150,700 Mil.
Total Current Liabilities was ARS5,290,455 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,695,136 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) |
| = | (3492580.035 / 35315433.697) | / | (1840017.002 / 12417669.676) |
| = | 0.098897 | / | 0.148177 |
| | = | 0.6674 |
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) |
| = | (5318909.103 / 12417669.676) | / | (12807436.4 / 35315433.697) |
| = | 0.428334 | / | 0.362658 |
| | = | 1.1811 |
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 - (13615810.136 + 40383840.404) / 80953520.81) | / | (1 - (6750700.006 + 22345539.02) / 34001146.031) |
| = | 0.332955 | / | 0.144257 |
| | = | 2.3081 |
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 |
| = | 35315433.697 | / | 12417669.676 |
| | = | 2.844 |
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)) |
| = | (898168.81 / (898168.81 + 22345539.02)) | / | (2130598.487 / (2130598.487 + 40383840.404)) |
| = | 0.038641 | / | 0.050115 |
| | = | 0.771 |
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) |
| = | (536216.497 / 35315433.697) | / | (150700.002 / 12417669.676) |
| = | 0.015184 | / | 0.012136 |
| | = | 1.2512 |
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) |
| = | ((16720550.167 + 13220900.132) / 80953520.81) | / | ((5695136.005 + 5290455.005) / 34001146.031) |
| = | 0.36986 | / | 0.323095 |
| | = | 1.1447 |
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 |
| = | (5485862.881 - -2500846.042 | - | 7538383.51) | / | 80953520.81 |
| | = | 0.005538 |
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.
Vale has a M-score of -0.61 signals that the company is likely to be a manipulator.
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