Enviva Beneish M-Score Historical Data
The historical data trend for Enviva'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.
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Enviva Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-3.15 |
0.09 |
-2.50 |
-2.36 |
8.25 |
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Enviva Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-1.04 |
8.25 |
-2.47 |
-2.91 |
-3.14 |
Competitive Comparison
For the Lumber & Wood Production subindustry, Enviva'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.
Enviva Beneish M-Score Distribution
For the Forest Products industry and Basic Materials sector, Enviva's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enviva's Beneish M-Score falls into.
Enviva 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 Enviva 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 * 1.7841 | + | 0.528 * -1.247 | + | 0.404 * 0.8101 | + | 0.892 * 0.9916 | + | 0.115 * 0.8599 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6633 | + | 4.679 * -0.076353 | - | 0.327 * 1.045 |
| = | -3.36 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was €223 Mil.
Revenue was 300.437 + 278.658 + 251.323 + 225.911 = €1,056 Mil.
Gross Profit was 49.114 + 10.889 + -17.566 + -77.845 = €-35 Mil.
Total Current Assets was €711 Mil.
Total Assets was €2,711 Mil.
Property, Plant and Equipment(Net PPE) was €1,649 Mil.
Depreciation, Depletion and Amortization(DDA) was €121 Mil.
Selling, General, & Admin. Expense(SGA) was €101 Mil.
Total Current Liabilities was €502 Mil.
Long-Term Debt & Capital Lease Obligation was €1,794 Mil.
Net Income was -79.828 + -51.544 + -109.184 + -73.072 = €-314 Mil.
Non Operating Income was -27.802 + -15.456 + -3.101 + -1.071 = €-47 Mil.
Cash Flow from Operations was -51.887 + -1.932 + 29.768 + -35.131 = €-59 Mil.
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Total Receivables was €126 Mil.
Revenue was 328.917 + 280.32 + 211.548 + 244.497 = €1,065 Mil.
Gross Profit was 68.799 + 16.283 + -0.557 + -39.995 = €45 Mil.
Total Current Assets was €236 Mil.
Total Assets was €2,290 Mil.
Property, Plant and Equipment(Net PPE) was €1,687 Mil.
Depreciation, Depletion and Amortization(DDA) was €105 Mil.
Selling, General, & Admin. Expense(SGA) was €154 Mil.
Total Current Liabilities was €217 Mil.
Long-Term Debt & Capital Lease Obligation was €1,638 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) |
| = | (223.489 / 1056.329) | / | (126.327 / 1065.282) |
| = | 0.211571 | / | 0.118586 |
| | = | 1.7841 |
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) |
| = | (44.53 / 1065.282) | / | (-35.408 / 1056.329) |
| = | 0.041801 | / | -0.03352 |
| | = | -1.247 |
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 - (710.665 + 1648.619) / 2711.285) | / | (1 - (236.058 + 1687.017) / 2290.069) |
| = | 0.129828 | / | 0.160255 |
| | = | 0.8101 |
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 |
| = | 1056.329 | / | 1065.282 |
| | = | 0.9916 |
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)) |
| = | (105.106 / (105.106 + 1687.017)) | / | (120.672 / (120.672 + 1648.619)) |
| = | 0.058649 | / | 0.068204 |
| | = | 0.8599 |
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) |
| = | (101.397 / 1056.329) | / | (154.168 / 1065.282) |
| = | 0.09599 | / | 0.14472 |
| | = | 0.6633 |
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) |
| = | ((1793.785 + 502.001) / 2711.285) | / | ((1638.458 + 217.074) / 2290.069) |
| = | 0.846752 | / | 0.810252 |
| | = | 1.045 |
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 |
| = | (-313.628 - -47.43 | - | -59.182) | / | 2711.285 |
| | = | -0.076353 |
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.
Enviva has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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