Ferroglobe Beneish M-Score Historical Data
The historical data trend for Ferroglobe'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.
Ferroglobe Beneish M-Score Chart
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Ferroglobe Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.43 |
-4.18 |
-2.15 |
-2.23 |
-2.57 |
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Ferroglobe Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.75 |
-2.57 |
-2.68 |
-2.57 |
-2.80 |
Competitive Comparison of Ferroglobe's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Ferroglobe'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.
Ferroglobe's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Ferroglobe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ferroglobe's Beneish M-Score falls into.
Ferroglobe 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 Ferroglobe 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 * 1.0817 | + | 0.528 * 1.0864 | + | 0.404 * 1.1212 | + | 0.892 * 0.9592 | + | 0.115 * 1.019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.919 | + | 4.679 * -0.103263 | - | 0.327 * 0.9633 |
| = | -2.80 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $320 Mil.
Revenue was 433.533 + 451.048 + 391.854 + 375.951 = $1,652 Mil.
Gross Profit was 159.572 + 170.158 + 113.896 + 156.289 = $600 Mil.
Total Current Assets was $904 Mil.
Total Assets was $1,639 Mil.
Property, Plant and Equipment(Net PPE) was $523 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $346 Mil.
Total Current Liabilities was $495 Mil.
Long-Term Debt & Capital Lease Obligation was $72 Mil.
Net Income was 18.814 + 34.88 + -2.024 + -11.117 = $41 Mil.
Non Operating Income was -6.576 + 3.591 + 1.383 + -28.511 = $-30 Mil.
Cash Flow from Operations was 11.114 + 2.006 + 198.044 + 28.744 = $240 Mil.
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Total Receivables was $308 Mil.
Revenue was 416.81 + 456.441 + 400.868 + 448.625 = $1,723 Mil.
Gross Profit was 202.21 + 187.719 + 151.035 + 138.506 = $679 Mil.
Total Current Assets was $1,013 Mil.
Total Assets was $1,704 Mil.
Property, Plant and Equipment(Net PPE) was $495 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $392 Mil.
Total Current Liabilities was $435 Mil.
Long-Term Debt & Capital Lease Obligation was $177 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) |
| = | (319.974 / 1652.386) | / | (308.391 / 1722.744) |
| = | 0.193644 | / | 0.179012 |
| | = | 1.0817 |
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) |
| = | (679.47 / 1722.744) | / | (599.915 / 1652.386) |
| = | 0.394411 | / | 0.36306 |
| | = | 1.0864 |
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 - (904.243 + 523.091) / 1638.934) | / | (1 - (1012.618 + 494.912) / 1703.712) |
| = | 0.129108 | / | 0.11515 |
| | = | 1.1212 |
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 |
| = | 1652.386 | / | 1722.744 |
| | = | 0.9592 |
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)) |
| = | (73.989 / (73.989 + 494.912)) | / | (76.533 / (76.533 + 523.091)) |
| = | 0.130056 | / | 0.127635 |
| | = | 1.019 |
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) |
| = | (345.579 / 1652.386) | / | (392.043 / 1722.744) |
| = | 0.209139 | / | 0.227569 |
| | = | 0.919 |
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) |
| = | ((72.071 + 494.524) / 1638.934) | / | ((176.81 + 434.627) / 1703.712) |
| = | 0.345709 | / | 0.358885 |
| | = | 0.9633 |
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 |
| = | (40.553 - -30.113 | - | 239.908) | / | 1638.934 |
| | = | -0.103263 |
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.
Ferroglobe has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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