Cleveland-Cliffs Beneish M-Score Historical Data
The historical data trend for Cleveland-Cliffs'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.
|
Cleveland-Cliffs Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-3.29 |
3.55 |
-0.91 |
-2.26 |
-2.71 |
|
Cleveland-Cliffs Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.26 |
-1.39 |
-1.05 |
-1.94 |
-2.71 |
Competitive Comparison
For the Steel subindustry, Cleveland-Cliffs'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.
Cleveland-Cliffs Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, Cleveland-Cliffs's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cleveland-Cliffs's Beneish M-Score falls into.
Cleveland-Cliffs 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 Cleveland-Cliffs 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 * 0.9812 | + | 0.528 * 1.732 | + | 0.404 * 0.948 | + | 0.892 * 0.9568 | + | 0.115 * 1.0379 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2969 | + | 4.679 * -0.110623 | - | 0.327 * 0.9113 |
| = | -2.71 |
* 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 $1,840 Mil.
Revenue was 5112 + 5605 + 5984 + 5295 = $21,996 Mil.
Gross Profit was 168 + 480 + 644 + 99 = $1,391 Mil.
Total Current Assets was $6,636 Mil.
Total Assets was $17,537 Mil.
Property, Plant and Equipment(Net PPE) was $8,895 Mil.
Depreciation, Depletion and Amortization(DDA) was $973 Mil.
Selling, General, & Admin. Expense(SGA) was $577 Mil.
Total Current Liabilities was $3,508 Mil.
Long-Term Debt & Capital Lease Obligation was $3,137 Mil.
Net Income was -155 + 264 + 347 + -57 = $399 Mil.
Non Operating Income was -82 + 48 + 54 + 52 = $72 Mil.
Cash Flow from Operations was 652 + 767 + 887 + -39 = $2,267 Mil.
|
Total Receivables was $1,960 Mil.
Revenue was 5044 + 5653 + 6337 + 5955 = $22,989 Mil.
Gross Profit was -60 + 348 + 981 + 1249 = $2,518 Mil.
Total Current Assets was $7,422 Mil.
Total Assets was $18,755 Mil.
Property, Plant and Equipment(Net PPE) was $9,070 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,034 Mil.
Selling, General, & Admin. Expense(SGA) was $465 Mil.
Total Current Liabilities was $3,549 Mil.
Long-Term Debt & Capital Lease Obligation was $4,249 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) |
| = | (1840 / 21996) | / | (1960 / 22989) |
| = | 0.083652 | / | 0.085258 |
| | = | 0.9812 |
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) |
| = | (2518 / 22989) | / | (1391 / 21996) |
| = | 0.109531 | / | 0.063239 |
| | = | 1.732 |
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 - (6636 + 8895) / 17537) | / | (1 - (7422 + 9070) / 18755) |
| = | 0.114387 | / | 0.120661 |
| | = | 0.948 |
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 |
| = | 21996 | / | 22989 |
| | = | 0.9568 |
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)) |
| = | (1034 / (1034 + 9070)) | / | (973 / (973 + 8895)) |
| = | 0.102336 | / | 0.098602 |
| | = | 1.0379 |
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) |
| = | (577 / 21996) | / | (465 / 22989) |
| = | 0.026232 | / | 0.020227 |
| | = | 1.2969 |
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) |
| = | ((3137 + 3508) / 17537) | / | ((4249 + 3549) / 18755) |
| = | 0.378913 | / | 0.415782 |
| | = | 0.9113 |
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 |
| = | (399 - 72 | - | 2267) | / | 17537 |
| | = | -0.110623 |
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.
Cleveland-Cliffs has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CLF has been successfully added to your