DCC Beneish M-Score Historical Data
The historical data trend for DCC'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.
DCC Beneish M-Score Chart
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DCC Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.57 |
-2.66 |
-2.80 |
-2.04 |
-2.58 |
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DCC Semi-Annual Data
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Sep13 |
Mar14 |
Sep14 |
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Sep15 |
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Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
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Mar20 |
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Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
| Beneish M-Score |
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-2.80 |
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-2.04 |
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-2.58 |
Competitive Comparison of DCC's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, DCC'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.
DCC's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, DCC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DCC's Beneish M-Score falls into.
DCC 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 DCC 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 * 0.7411 | + | 0.528 * 1.0611 | + | 0.404 * 1.0842 | + | 0.892 * 1.2522 | + | 0.115 * 0.9476 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9626 | + | 4.679 * -0.032811 | - | 0.327 * 0.9931 |
| = | -2.58 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was £2,287 Mil.
Revenue was £22,205 Mil.
Gross Profit was £2,405 Mil.
Total Current Assets was £4,986 Mil.
Total Assets was £9,841 Mil.
Property, Plant and Equipment(Net PPE) was £1,691 Mil.
Depreciation, Depletion and Amortization(DDA) was £331 Mil.
Selling, General, & Admin. Expense(SGA) was £1,787 Mil.
Total Current Liabilities was £3,893 Mil.
Long-Term Debt & Capital Lease Obligation was £2,209 Mil.
Net Income was £334 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £657 Mil.
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Total Receivables was £2,465 Mil.
Revenue was £17,732 Mil.
Gross Profit was £2,038 Mil.
Total Current Assets was £5,144 Mil.
Total Assets was £9,559 Mil.
Property, Plant and Equipment(Net PPE) was £1,581 Mil.
Depreciation, Depletion and Amortization(DDA) was £290 Mil.
Selling, General, & Admin. Expense(SGA) was £1,483 Mil.
Total Current Liabilities was £3,762 Mil.
Long-Term Debt & Capital Lease Obligation was £2,207 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) |
| = | (2287.469 / 22204.846) | / | (2464.902 / 17732.02) |
| = | 0.103017 | / | 0.139009 |
| | = | 0.7411 |
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) |
| = | (2037.673 / 17732.02) | / | (2404.732 / 22204.846) |
| = | 0.114915 | / | 0.108298 |
| | = | 1.0611 |
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 - (4986.079 + 1691.027) / 9840.776) | / | (1 - (5143.912 + 1580.9) / 9559.176) |
| = | 0.321486 | / | 0.296507 |
| | = | 1.0842 |
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 |
| = | 22204.846 | / | 17732.02 |
| | = | 1.2522 |
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)) |
| = | (290.12 / (290.12 + 1580.9)) | / | (330.827 / (330.827 + 1691.027)) |
| = | 0.15506 | / | 0.163626 |
| | = | 0.9476 |
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) |
| = | (1787.152 / 22204.846) | / | (1482.617 / 17732.02) |
| = | 0.080485 | / | 0.083612 |
| | = | 0.9626 |
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) |
| = | ((2209.147 + 3893.147) / 9840.776) | / | ((2206.646 + 3762.389) / 9559.176) |
| = | 0.620103 | / | 0.62443 |
| | = | 0.9931 |
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 |
| = | (334.022 - 0 | - | 656.905) | / | 9840.776 |
| | = | -0.032811 |
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.
DCC has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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