Morgan Advanced Materials Beneish M-Score Historical Data
The historical data trend for Morgan Advanced Materials'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.
Morgan Advanced Materials Beneish M-Score Chart
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Morgan Advanced Materials Annual Data
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Trend |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-3.32 |
-2.51 |
-2.00 |
-2.69 |
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Morgan Advanced Materials Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.51 |
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-2.00 |
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-2.69 |
Competitive Comparison of Morgan Advanced Materials's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Morgan Advanced Materials'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.
Morgan Advanced Materials's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Morgan Advanced Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Morgan Advanced Materials's Beneish M-Score falls into.
Morgan Advanced Materials 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 Morgan Advanced Materials 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 * 0.944 | + | 0.528 * 0.9974 | + | 0.404 * 0.9856 | + | 0.892 * 1.0417 | + | 0.115 * 1.0239 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.030448 | - | 0.327 * 1.0501 |
| = | -2.66 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $243 Mil.
Revenue was $1,411 Mil.
Gross Profit was $1,028 Mil.
Total Current Assets was $625 Mil.
Total Assets was $1,297 Mil.
Property, Plant and Equipment(Net PPE) was $412 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $303 Mil.
Long-Term Debt & Capital Lease Obligation was $437 Mil.
Net Income was $60 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $99 Mil.
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Total Receivables was $247 Mil.
Revenue was $1,355 Mil.
Gross Profit was $984 Mil.
Total Current Assets was $604 Mil.
Total Assets was $1,243 Mil.
Property, Plant and Equipment(Net PPE) was $386 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $345 Mil.
Long-Term Debt & Capital Lease Obligation was $330 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) |
| = | (242.532 / 1411.013) | / | (246.65 / 1354.568) |
| = | 0.171885 | / | 0.182088 |
| | = | 0.944 |
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) |
| = | (984.166 / 1354.568) | / | (1027.848 / 1411.013) |
| = | 0.726553 | / | 0.728447 |
| | = | 0.9974 |
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 - (625.19 + 411.899) / 1297.089) | / | (1 - (604.141 + 385.871) / 1242.753) |
| = | 0.200449 | / | 0.203372 |
| | = | 0.9856 |
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 |
| = | 1411.013 | / | 1354.568 |
| | = | 1.0417 |
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)) |
| = | (52.132 / (52.132 + 385.871)) | / | (54.177 / (54.177 + 411.899)) |
| = | 0.119022 | / | 0.116241 |
| | = | 1.0239 |
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) |
| = | (0 / 1411.013) | / | (0 / 1354.568) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((437.089 + 303.165) / 1297.089) | / | ((330.207 + 345.189) / 1242.753) |
| = | 0.570704 | / | 0.543468 |
| | = | 1.0501 |
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 |
| = | (59.873 - 0 | - | 99.367) | / | 1297.089 |
| | = | -0.030448 |
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.
Morgan Advanced Materials has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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