Kaiser Aluminum Beneish M-Score Historical Data
The historical data trend for Kaiser Aluminum'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.
Kaiser Aluminum Beneish M-Score Chart
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Kaiser Aluminum Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.19 |
-3.40 |
-0.29 |
-1.99 |
-3.16 |
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Kaiser Aluminum 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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-1.99 |
-2.29 |
-2.56 |
-2.89 |
-3.16 |
Competitive Comparison of Kaiser Aluminum's Beneish M-Score
For the Aluminum subindustry, Kaiser Aluminum'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.
Kaiser Aluminum's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Kaiser Aluminum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kaiser Aluminum's Beneish M-Score falls into.
Kaiser Aluminum 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 Kaiser Aluminum 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 * 1.0179 | + | 0.528 * 0.5644 | + | 0.404 * 1.0032 | + | 0.892 * 0.8805 | + | 0.115 * 1.0096 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2434 | + | 4.679 * -0.076499 | - | 0.327 * 0.9734 |
| = | -3.19 |
* 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 €363 Mil.
Revenue was 661.799 + 696.753 + 751.414 + 754.298 = €2,864 Mil.
Gross Profit was 48.418 + 47.974 + 63.964 + 46.887 = €207 Mil.
Total Current Assets was €908 Mil.
Total Assets was €2,079 Mil.
Property, Plant and Equipment(Net PPE) was €994 Mil.
Depreciation, Depletion and Amortization(DDA) was €101 Mil.
Selling, General, & Admin. Expense(SGA) was €120 Mil.
Total Current Liabilities was €339 Mil.
Long-Term Debt & Capital Lease Obligation was €980 Mil.
Net Income was 6.969 + 5.06 + 16.891 + 14.851 = €44 Mil.
Non Operating Income was -0.458 + -2.061 + -1.846 + 11.021 = €7 Mil.
Cash Flow from Operations was 68.133 + 84.143 + 62.856 + -18.96 = €196 Mil.
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Total Receivables was €405 Mil.
Revenue was 732.544 + 756.389 + 902.673 + 861.51 = €3,253 Mil.
Gross Profit was 26.904 + 28.482 + 27.15 + 50.303 = €133 Mil.
Total Current Assets was €984 Mil.
Total Assets was €2,161 Mil.
Property, Plant and Equipment(Net PPE) was €993 Mil.
Depreciation, Depletion and Amortization(DDA) was €102 Mil.
Selling, General, & Admin. Expense(SGA) was €109 Mil.
Total Current Liabilities was €395 Mil.
Long-Term Debt & Capital Lease Obligation was €1,013 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) |
| = | (363.224 / 2864.264) | / | (405.259 / 3253.116) |
| = | 0.126812 | / | 0.124576 |
| | = | 1.0179 |
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) |
| = | (132.839 / 3253.116) | / | (207.243 / 2864.264) |
| = | 0.040834 | / | 0.072355 |
| | = | 0.5644 |
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 - (908.013 + 994.303) / 2079.206) | / | (1 - (984.214 + 993.182) / 2160.627) |
| = | 0.085076 | / | 0.084805 |
| | = | 1.0032 |
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 |
| = | 2864.264 | / | 3253.116 |
| | = | 0.8805 |
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)) |
| = | (101.681 / (101.681 + 993.182)) | / | (100.735 / (100.735 + 994.303)) |
| = | 0.092871 | / | 0.091992 |
| | = | 1.0096 |
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) |
| = | (119.748 / 2864.264) | / | (109.381 / 3253.116) |
| = | 0.041808 | / | 0.033623 |
| | = | 1.2434 |
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) |
| = | ((980.273 + 339.29) / 2079.206) | / | ((1013.384 + 395.253) / 2160.627) |
| = | 0.634648 | / | 0.651958 |
| | = | 0.9734 |
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 |
| = | (43.771 - 6.656 | - | 196.172) | / | 2079.206 |
| | = | -0.076499 |
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.
Kaiser Aluminum has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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