Minerals Technologies Beneish M-Score Historical Data
The historical data trend for Minerals Technologies'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.
Minerals Technologies Beneish M-Score Chart
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Minerals Technologies Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.65 |
-2.50 |
-2.25 |
-2.58 |
-2.65 |
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Minerals Technologies 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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-2.58 |
-2.66 |
-2.70 |
-2.68 |
-2.65 |
Competitive Comparison of Minerals Technologies's Beneish M-Score
For the Specialty Chemicals subindustry, Minerals Technologies'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.
Minerals Technologies's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Minerals Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Minerals Technologies's Beneish M-Score falls into.
Minerals Technologies 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 Minerals Technologies 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 * 1.0314 | + | 0.528 * 0.9039 | + | 0.404 * 0.9958 | + | 0.892 * 0.9745 | + | 0.115 * 1.0428 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0407 | + | 4.679 * -0.018396 | - | 0.327 * 0.9781 |
| = | -2.61 |
* 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 €368 Mil.
Revenue was 494.786 + 472.755 + 502.775 + 491.74 = €1,962 Mil.
Gross Profit was 126.729 + 121.815 + 133.683 + 125.028 = €507 Mil.
Total Current Assets was €1,080 Mil.
Total Assets was €3,241 Mil.
Property, Plant and Equipment(Net PPE) was €945 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €194 Mil.
Total Current Liabilities was €380 Mil.
Long-Term Debt & Capital Lease Obligation was €916 Mil.
Net Income was 51.57 + 42.077 + 18.301 + 42.964 = €155 Mil.
Non Operating Income was 7.449 + -5.136 + -4.924 + -2.116 = €-5 Mil.
Cash Flow from Operations was 67.232 + 54.06 + 46.543 + 51.428 = €219 Mil.
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Total Receivables was €366 Mil.
Revenue was 480.966 + 513.289 + 509.035 + 510.057 = €2,013 Mil.
Gross Profit was 114.9 + 124.715 + 118.144 + 112.734 = €470 Mil.
Total Current Assets was €1,008 Mil.
Total Assets was €3,069 Mil.
Property, Plant and Equipment(Net PPE) was €905 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €191 Mil.
Total Current Liabilities was €419 Mil.
Long-Term Debt & Capital Lease Obligation was €835 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) |
| = | (367.866 / 1962.056) | / | (365.975 / 2013.347) |
| = | 0.18749 | / | 0.181774 |
| | = | 1.0314 |
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) |
| = | (470.493 / 2013.347) | / | (507.255 / 1962.056) |
| = | 0.233687 | / | 0.258532 |
| | = | 0.9039 |
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 - (1080.105 + 945.164) / 3241.175) | / | (1 - (1007.783 + 904.896) / 3068.832) |
| = | 0.375144 | / | 0.37674 |
| | = | 0.9958 |
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 |
| = | 1962.056 | / | 2013.347 |
| | = | 0.9745 |
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)) |
| = | (88.145 / (88.145 + 904.896)) | / | (87.936 / (87.936 + 945.164)) |
| = | 0.088763 | / | 0.085119 |
| | = | 1.0428 |
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) |
| = | (193.84 / 1962.056) | / | (191.119 / 2013.347) |
| = | 0.098794 | / | 0.094926 |
| | = | 1.0407 |
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) |
| = | ((916.418 + 379.804) / 3241.175) | / | ((835.479 + 419.344) / 3068.832) |
| = | 0.399923 | / | 0.408893 |
| | = | 0.9781 |
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 |
| = | (154.912 - -4.727 | - | 219.263) | / | 3241.175 |
| | = | -0.018396 |
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.
Minerals Technologies has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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