Ecovyst Beneish M-Score Historical Data
The historical data trend for Ecovyst'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.
Ecovyst Beneish M-Score Chart
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Ecovyst Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-3.88 |
-2.58 |
-2.66 |
-2.62 |
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Ecovyst Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.86 |
-2.97 |
-2.91 |
-2.62 |
Competitive Comparison of Ecovyst's Beneish M-Score
For the Specialty Chemicals subindustry, Ecovyst'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.
Ecovyst's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ecovyst's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ecovyst's Beneish M-Score falls into.
Ecovyst 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 Ecovyst 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 * 1.2908 | + | 0.528 * 0.9562 | + | 0.404 * 1.0121 | + | 0.892 * 0.8427 | + | 0.115 * 0.9269 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1016 | + | 4.679 * -0.047185 | - | 0.327 * 1.0015 |
| = | -2.62 |
* 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 $81.3 Mil.
Revenue was 172.808 + 173.326 + 184.11 + 160.874 = $691.1 Mil.
Gross Profit was 47.317 + 53.184 + 60.97 + 36.493 = $198.0 Mil.
Total Current Assets was $246.0 Mil.
Total Assets was $1,837.8 Mil.
Property, Plant and Equipment(Net PPE) was $601.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.6 Mil.
Selling, General, & Admin. Expense(SGA) was $79.2 Mil.
Total Current Liabilities was $119.1 Mil.
Long-Term Debt & Capital Lease Obligation was $879.9 Mil.
Net Income was 29.929 + 16.574 + 26.122 + -1.471 = $71.2 Mil.
Non Operating Income was 13.086 + 2.83 + 7.34 + -2.985 = $20.3 Mil.
Cash Flow from Operations was 64.191 + 32.266 + 37.026 + 4.114 = $137.6 Mil.
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Total Receivables was $74.8 Mil.
Revenue was 182.74 + 232.533 + 225.172 + 179.714 = $820.2 Mil.
Gross Profit was 49.367 + 67.669 + 59.859 + 47.735 = $224.6 Mil.
Total Current Assets was $267.7 Mil.
Total Assets was $1,884.6 Mil.
Property, Plant and Equipment(Net PPE) was $613.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.2 Mil.
Selling, General, & Admin. Expense(SGA) was $85.3 Mil.
Total Current Liabilities was $129.4 Mil.
Long-Term Debt & Capital Lease Obligation was $893.5 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) |
| = | (81.314 / 691.118) | / | (74.758 / 820.159) |
| = | 0.117656 | / | 0.091151 |
| | = | 1.2908 |
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) |
| = | (224.63 / 820.159) | / | (197.964 / 691.118) |
| = | 0.273886 | / | 0.28644 |
| | = | 0.9562 |
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 - (245.987 + 601.185) / 1837.751) | / | (1 - (267.704 + 613.154) / 1884.553) |
| = | 0.539017 | / | 0.53259 |
| | = | 1.0121 |
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 |
| = | 691.118 | / | 820.159 |
| | = | 0.8427 |
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)) |
| = | (79.163 / (79.163 + 613.154)) | / | (84.598 / (84.598 + 601.185)) |
| = | 0.114345 | / | 0.12336 |
| | = | 0.9269 |
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) |
| = | (79.214 / 691.118) | / | (85.334 / 820.159) |
| = | 0.114617 | / | 0.104046 |
| | = | 1.1016 |
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) |
| = | ((879.931 + 119.081) / 1837.751) | / | ((893.524 + 129.403) / 1884.553) |
| = | 0.543606 | / | 0.542796 |
| | = | 1.0015 |
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 |
| = | (71.154 - 20.271 | - | 137.597) | / | 1837.751 |
| | = | -0.047185 |
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.
Ecovyst has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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