Koppers Holdings Beneish M-Score Historical Data
The historical data trend for Koppers Holdings'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.
Koppers Holdings Beneish M-Score Chart
|
Koppers Holdings Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.43 |
-2.59 |
-2.37 |
-2.76 |
-2.64 |
|
Koppers Holdings Quarterly Data
|
|
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.76 |
-2.82 |
-2.85 |
-2.61 |
-2.64 |
Competitive Comparison of Koppers Holdings's Beneish M-Score
For the Specialty Chemicals subindustry, Koppers Holdings'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.
Koppers Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Koppers Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Koppers Holdings's Beneish M-Score falls into.
Koppers Holdings 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 Koppers Holdings 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 * 1.0188 | + | 0.528 * 0.9772 | + | 0.404 * 1.0758 | + | 0.892 * 0.9687 | + | 0.115 * 0.9225 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0616 | + | 4.679 * -0.019979 | - | 0.327 * 1.0401 |
| = | -2.60 |
* 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 €183 Mil.
Revenue was 455.535 + 499.424 + 523.213 + 457.792 = €1,936 Mil.
Gross Profit was 79.838 + 109.201 + 112.966 + 88.504 = €391 Mil.
Total Current Assets was €650 Mil.
Total Assets was €1,805 Mil.
Property, Plant and Equipment(Net PPE) was €717 Mil.
Depreciation, Depletion and Amortization(DDA) was €62 Mil.
Selling, General, & Admin. Expense(SGA) was €166 Mil.
Total Current Liabilities was €311 Mil.
Long-Term Debt & Capital Lease Obligation was €946 Mil.
Net Income was -9.741 + 20.543 + 24.897 + 11.96 = €48 Mil.
Non Operating Income was -19.769 + -8.65 + 0.093 + -0.092 = €-28 Mil.
Cash Flow from Operations was 71.339 + 26.85 + 25.269 + -11.316 = €112 Mil.
|
Total Receivables was €186 Mil.
Revenue was 470.604 + 515.725 + 532.756 + 479.516 = €1,999 Mil.
Gross Profit was 88.49 + 104.382 + 103.838 + 97.229 = €394 Mil.
Total Current Assets was €641 Mil.
Total Assets was €1,683 Mil.
Property, Plant and Equipment(Net PPE) was €662 Mil.
Depreciation, Depletion and Amortization(DDA) was €53 Mil.
Selling, General, & Admin. Expense(SGA) was €161 Mil.
Total Current Liabilities was €299 Mil.
Long-Term Debt & Capital Lease Obligation was €828 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) |
| = | (183.169 / 1935.964) | / | (185.601 / 1998.601) |
| = | 0.094614 | / | 0.092865 |
| | = | 1.0188 |
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) |
| = | (393.939 / 1998.601) | / | (390.509 / 1935.964) |
| = | 0.197107 | / | 0.201713 |
| | = | 0.9772 |
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 - (649.973 + 716.823) / 1805.141) | / | (1 - (640.983 + 662.257) / 1683.153) |
| = | 0.242831 | / | 0.225715 |
| | = | 1.0758 |
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 |
| = | 1935.964 | / | 1998.601 |
| | = | 0.9687 |
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)) |
| = | (52.879 / (52.879 + 662.257)) | / | (62.46 / (62.46 + 716.823)) |
| = | 0.073943 | / | 0.080151 |
| | = | 0.9225 |
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) |
| = | (166.075 / 1935.964) | / | (161.495 / 1998.601) |
| = | 0.085784 | / | 0.080804 |
| | = | 1.0616 |
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) |
| = | ((945.737 + 311.139) / 1805.141) | / | ((827.868 + 298.85) / 1683.153) |
| = | 0.696276 | / | 0.669409 |
| | = | 1.0401 |
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 |
| = | (47.659 - -28.418 | - | 112.142) | / | 1805.141 |
| | = | -0.019979 |
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.
Koppers Holdings has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FRA:KO9 has been successfully added to your