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MAGN (Magnera) Beneish M-Score : -1.06 (As of Mar. 16, 2025)


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What is Magnera Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.06 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Magnera's Beneish M-Score or its related term are showing as below:

MAGN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2   Med: -2.66   Max: -1.06
Current: -1.06

During the past 13 years, the highest Beneish M-Score of Magnera was -1.06. The lowest was -3.20. And the median was -2.66.


Magnera Beneish M-Score Historical Data

The historical data trend for Magnera'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.

* Premium members only.

Magnera Beneish M-Score Chart

Magnera Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.65 -2.74 -2.29 -2.17 -2.61

Magnera 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.61 -2.63 -2.82 -2.70 -1.06

Competitive Comparison of Magnera's Beneish M-Score

For the Paper & Paper Products subindustry, Magnera'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.


Magnera's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Magnera's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Magnera's Beneish M-Score falls into.



Magnera 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 Magnera 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 * 2.2766+0.528 * 0.8904+0.404 * 1.6294+0.892 * 1.2203+0.115 * 1.3725
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0602+4.679 * 0.002366-0.327 * 1.582
=-1.06

* 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 $475 Mil.
Revenue was 702 + 332.101 + 329.443 + 327.256 = $1,691 Mil.
Gross Profit was 71 + 35.481 + 36.787 + 34.51 = $178 Mil.
Total Current Assets was $1,338 Mil.
Total Assets was $3,993 Mil.
Property, Plant and Equipment(Net PPE) was $1,532 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $2,534 Mil.
Long-Term Debt & Capital Lease Obligation was $2,045 Mil.
Net Income was -60 + -15.247 + -16.279 + -26.347 = $-118 Mil.
Non Operating Income was -53 + -3.315 + -2.582 + -2.025 = $-61 Mil.
Cash Flow from Operations was -58 + 12.155 + 12.933 + -33.485 = $-66 Mil.
Total Receivables was $171 Mil.
Revenue was 320.382 + 329.921 + 357.005 + 378.208 = $1,386 Mil.
Gross Profit was 30.873 + 44.487 + 18.133 + 36.214 = $130 Mil.
Total Current Assets was $606 Mil.
Total Assets was $1,564 Mil.
Property, Plant and Equipment(Net PPE) was $688 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $110 Mil.
Total Current Liabilities was $280 Mil.
Long-Term Debt & Capital Lease Obligation was $853 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)
=(475 / 1690.8) / (170.974 / 1385.516)
=0.280932 / 0.123401
=2.2766

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)
=(129.707 / 1385.516) / (177.778 / 1690.8)
=0.093616 / 0.105144
=0.8904

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 - (1338 + 1532) / 3993) / (1 - (605.967 + 687.907) / 1563.796)
=0.281242 / 0.172607
=1.6294

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
=1690.8 / 1385.516
=1.2203

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))
=(63.247 / (63.247 + 687.907)) / (100.125 / (100.125 + 1532))
=0.0842 / 0.061346
=1.3725

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)
=(141.988 / 1690.8) / (109.741 / 1385.516)
=0.083977 / 0.079206
=1.0602

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)
=((2045 + 2534) / 3993) / ((853.163 + 280.368) / 1563.796)
=1.146757 / 0.724859
=1.582

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
=(-117.873 - -60.922 - -66.397) / 3993
=0.002366

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.

Magnera has a M-score of -1.06 signals that the company is likely to be a manipulator.


Magnera Beneish M-Score Related Terms

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Magnera Business Description

Traded in Other Exchanges
Address
9335 Harris Corners parkway, Suite 300, Charlotte, NC, USA, 28269
Magnera Corp formerly Glatfelter Corporation manufactures and sells a variety of paper and fiber products. The company's reportable segments are; Composite Fibers, Spunlace. and Airlaid Materials. The Airlaid Materials segment which is also its key revenue generating segment, is a supplier of cellulose-based airlaid nonwoven materials used to manufacture consumer products for end-user markets. The Airlaid Materials segment produces materials used in feminine hygiene, specialty wipes, tabletop, home care, and other consumables. Geographically, the company derives majority of its revenue from Americas and rest from Europe, Middle East, Africa and Asia Pacific markets.
Executives
Carlson Capital L P 10 percent owner 2100 MCKINNEY AVE, STE 1900, DALLAS TX 75201
Black Diamond Offshore Ltd. 10 percent owner CITCO FUND SERVICES, 89 NEXUS WAY, P.O. BOX 31106, GRAND CAYMAN E9 KY1-1205
Boris Illetschko officer: SVP, Chief Operating Officer GRAFENAUWEG, 8, ZUG V8 6300
Kevin Michael Fogarty director 30 GRAND GARDEN COURT, THE WOODLANDS TX 77381
David C Elder officer: Corp Controller 96 S. GEORGE STREET, SUITE 400, YORK PA 17401
Wolfgang Laures officer: SVP, Global Supply Chain 96 S. GEORGE ST., SUITE 520, YORK PA 17401
Delaware Domiciled Single Investor Limited Partnership - 101 10 percent owner 2100 MCKINNEY AVENUE, SUITE 1800, DALLAS TX 75201
Black Diamond Arbitrage Offshore Ltd. 10 percent owner 2100 MCKINNEY AVENUE, SUITE 1800, DALLAS TX 75201
Asgard Investment Corp. Ii 10 percent owner 2100 MCKINNEY AVENUE, SUITE 1800, DALLAS TX 75201
Double Black Diamond Offshore Ltd 10 percent owner CITCO FUND SERVICES, 89 NEXUS WAY, P.O. BOX 31106, CAMANA BAY E9 KY-1205
Clint Duane Carlson 10 percent owner 2100 MCKINNEY AVENUE, SUITE 1800, DALLAS TX 75201
Darrel H. Hackett director 4350 CONGRESS STREET, SUITE 600, CHARLOTTE NC 28209
Thomas Fahnemann director, officer: CEO 5664 YARDARM CT., CAPE CORAL FL 33914
J Robert Hall director GLATFELTER, 96 SOUTH GEORGE ST STE 500, YORK PA 17401
Dante C Parrini officer: Vice President GLATFELTER, 96 SOUTH GEORGE ST, SUITE 520, YORK PA 17401