Covestro AG Beneish M-Score Historical Data
The historical data trend for Covestro AG'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.
Covestro AG Beneish M-Score Chart
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Covestro AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.60 |
-2.17 |
-2.69 |
-2.79 |
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Covestro AG 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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-3.18 |
-2.79 |
-2.87 |
-2.86 |
-2.77 |
Competitive Comparison of Covestro AG's Beneish M-Score
For the Specialty Chemicals subindustry, Covestro AG'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.
Covestro AG's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Covestro AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Covestro AG's Beneish M-Score falls into.
Covestro AG 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 Covestro AG 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 * 1.0006 | + | 0.528 * 0.7441 | + | 0.404 * 1.0473 | + | 0.892 * 0.9436 | + | 0.115 * 1.4013 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0305 | + | 4.679 * -0.064632 | - | 0.327 * 0.5882 |
| = | -2.77 |
* 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 €2,469 Mil.
Revenue was 3603 + 3690 + 3510 + 3346 = €14,149 Mil.
Gross Profit was 571 + 640 + 604 + 432 = €2,247 Mil.
Total Current Assets was €6,091 Mil.
Total Assets was €13,863 Mil.
Property, Plant and Equipment(Net PPE) was €5,678 Mil.
Depreciation, Depletion and Amortization(DDA) was €884 Mil.
Selling, General, & Admin. Expense(SGA) was €1,830 Mil.
Total Current Liabilities was €3,633 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 33 + -72 + -35 + -187 = €-261 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 262 + 19 + -23 + 377 = €635 Mil.
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Total Receivables was €2,615 Mil.
Revenue was 3568 + 3720 + 3743 + 3964 = €14,995 Mil.
Gross Profit was 557 + 698 + 619 + -102 = €1,772 Mil.
Total Current Assets was €6,482 Mil.
Total Assets was €14,248 Mil.
Property, Plant and Equipment(Net PPE) was €5,711 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,329 Mil.
Selling, General, & Admin. Expense(SGA) was €1,882 Mil.
Total Current Liabilities was €3,591 Mil.
Long-Term Debt & Capital Lease Obligation was €2,757 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) |
| = | (2469 / 14149) | / | (2615 / 14995) |
| = | 0.1745 | / | 0.174391 |
| | = | 1.0006 |
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) |
| = | (1772 / 14995) | / | (2247 / 14149) |
| = | 0.118173 | / | 0.15881 |
| | = | 0.7441 |
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 - (6091 + 5678) / 13863) | / | (1 - (6482 + 5711) / 14248) |
| = | 0.15105 | / | 0.144231 |
| | = | 1.0473 |
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 |
| = | 14149 | / | 14995 |
| | = | 0.9436 |
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)) |
| = | (1329 / (1329 + 5711)) | / | (884 / (884 + 5678)) |
| = | 0.188778 | / | 0.134715 |
| | = | 1.4013 |
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) |
| = | (1830 / 14149) | / | (1882 / 14995) |
| = | 0.129338 | / | 0.125509 |
| | = | 1.0305 |
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) |
| = | ((0 + 3633) / 13863) | / | ((2757 + 3591) / 14248) |
| = | 0.262064 | / | 0.445536 |
| | = | 0.5882 |
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 |
| = | (-261 - 0 | - | 635) | / | 13863 |
| | = | -0.064632 |
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.
Covestro AG has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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