Origin Enterprises Beneish M-Score Historical Data
The historical data trend for Origin Enterprises'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.
Origin Enterprises Beneish M-Score Chart
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Origin Enterprises Annual Data
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| Beneish M-Score |
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-2.96 |
-2.50 |
-2.60 |
-2.51 |
-2.38 |
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Origin Enterprises Semi-Annual Data
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| Beneish M-Score |
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-2.51 |
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-2.38 |
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Competitive Comparison of Origin Enterprises's Beneish M-Score
For the Agricultural Inputs subindustry, Origin Enterprises'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.
Origin Enterprises's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Origin Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Origin Enterprises's Beneish M-Score falls into.
Origin Enterprises 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 Origin Enterprises 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 * 1.2989 | + | 0.528 * 0.8089 | + | 0.404 * 0.9786 | + | 0.892 * 0.8329 | + | 0.115 * 1.0387 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2854 | + | 4.679 * 0.028424 | - | 0.327 * 1.0154 |
| = | -2.38 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was €470 Mil.
Revenue was €2,046 Mil.
Gross Profit was €344 Mil.
Total Current Assets was €837 Mil.
Total Assets was €1,402 Mil.
Property, Plant and Equipment(Net PPE) was €192 Mil.
Depreciation, Depletion and Amortization(DDA) was €38 Mil.
Selling, General, & Admin. Expense(SGA) was €261 Mil.
Total Current Liabilities was €722 Mil.
Long-Term Debt & Capital Lease Obligation was €243 Mil.
Net Income was €40 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €1 Mil.
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Total Receivables was €435 Mil.
Revenue was €2,456 Mil.
Gross Profit was €334 Mil.
Total Current Assets was €830 Mil.
Total Assets was €1,376 Mil.
Property, Plant and Equipment(Net PPE) was €172 Mil.
Depreciation, Depletion and Amortization(DDA) was €36 Mil.
Selling, General, & Admin. Expense(SGA) was €243 Mil.
Total Current Liabilities was €793 Mil.
Long-Term Debt & Capital Lease Obligation was €140 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) |
| = | (470.072 / 2045.701) | / | (434.528 / 2456.168) |
| = | 0.229785 | / | 0.176913 |
| | = | 1.2989 |
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) |
| = | (334.139 / 2456.168) | / | (344.036 / 2045.701) |
| = | 0.136041 | / | 0.168175 |
| | = | 0.8089 |
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 - (836.957 + 192.499) / 1402.316) | / | (1 - (829.72 + 172.144) / 1375.601) |
| = | 0.265889 | / | 0.27169 |
| | = | 0.9786 |
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 |
| = | 2045.701 | / | 2456.168 |
| | = | 0.8329 |
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)) |
| = | (35.706 / (35.706 + 172.144)) | / | (38.144 / (38.144 + 192.499)) |
| = | 0.171787 | / | 0.165381 |
| | = | 1.0387 |
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) |
| = | (260.52 / 2045.701) | / | (243.348 / 2456.168) |
| = | 0.12735 | / | 0.099076 |
| | = | 1.2854 |
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) |
| = | ((243.409 + 722.288) / 1402.316) | / | ((139.799 + 793.133) / 1375.601) |
| = | 0.688644 | / | 0.6782 |
| | = | 1.0154 |
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 |
| = | (40.428 - 0 | - | 0.569) | / | 1402.316 |
| | = | 0.028424 |
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.
Origin Enterprises has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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