Warrior Met Coal Beneish M-Score Historical Data
The historical data trend for Warrior Met Coal'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.
Warrior Met Coal Beneish M-Score Chart
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Warrior Met Coal Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.58 |
20.11 |
-3.08 |
-2.91 |
-2.82 |
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Warrior Met Coal 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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-2.25 |
-2.82 |
-2.41 |
-2.74 |
-2.11 |
Competitive Comparison of Warrior Met Coal's Beneish M-Score
For the Coking Coal subindustry, Warrior Met Coal'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.
Warrior Met Coal's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Warrior Met Coal's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Warrior Met Coal's Beneish M-Score falls into.
Warrior Met Coal 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 Warrior Met Coal 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 * 0.6543 | + | 0.528 * 1.2532 | + | 0.404 * 3.1924 | + | 0.892 * 0.9602 | + | 0.115 * 1.2566 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2022 | + | 4.679 * -0.069463 | - | 0.327 * 0.9092 |
| = | -2.11 |
* 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 $188 Mil.
Revenue was 327.72 + 396.523 + 503.512 + 363.804 = $1,592 Mil.
Gross Profit was 50.626 + 86.395 + 167.937 + 146.737 = $452 Mil.
Total Current Assets was $972 Mil.
Total Assets was $2,580 Mil.
Property, Plant and Equipment(Net PPE) was $1,513 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $167 Mil.
Long-Term Debt & Capital Lease Obligation was $157 Mil.
Net Income was 41.766 + 70.711 + 136.989 + 128.876 = $378 Mil.
Non Operating Income was -0.107 + -0.1 + -0.201 + -0.336 = $-1 Mil.
Cash Flow from Operations was 62.208 + 146.975 + 104.058 + 245.09 = $558 Mil.
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Total Receivables was $300 Mil.
Revenue was 423.487 + 379.66 + 509.674 + 344.75 = $1,658 Mil.
Gross Profit was 119.236 + 107.148 + 228.393 + 134.781 = $590 Mil.
Total Current Assets was $1,104 Mil.
Total Assets was $2,219 Mil.
Property, Plant and Equipment(Net PPE) was $1,089 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $51 Mil.
Total Current Liabilities was $144 Mil.
Long-Term Debt & Capital Lease Obligation was $163 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) |
| = | (188.287 / 1591.559) | / | (299.724 / 1657.571) |
| = | 0.118303 | / | 0.180821 |
| | = | 0.6543 |
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) |
| = | (589.558 / 1657.571) | / | (451.695 / 1591.559) |
| = | 0.355676 | / | 0.283807 |
| | = | 1.2532 |
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 - (972.132 + 1513.481) / 2580.448) | / | (1 - (1104.205 + 1089.495) / 2219.248) |
| = | 0.036751 | / | 0.011512 |
| | = | 3.1924 |
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 |
| = | 1591.559 | / | 1657.571 |
| | = | 0.9602 |
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)) |
| = | (130.089 / (130.089 + 1089.495)) | / | (140.388 / (140.388 + 1513.481)) |
| = | 0.106667 | / | 0.084885 |
| | = | 1.2566 |
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) |
| = | (58.444 / 1591.559) | / | (50.632 / 1657.571) |
| = | 0.036721 | / | 0.030546 |
| | = | 1.2022 |
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) |
| = | ((156.865 + 167.333) / 2580.448) | / | ((162.712 + 143.961) / 2219.248) |
| = | 0.125636 | / | 0.138188 |
| | = | 0.9092 |
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 |
| = | (378.342 - -0.744 | - | 558.331) | / | 2580.448 |
| | = | -0.069463 |
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.
Warrior Met Coal has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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