Smurfit WestRock Beneish M-Score Historical Data
The historical data trend for Smurfit WestRock'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.
Smurfit WestRock Beneish M-Score Chart
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Smurfit WestRock Annual Data
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Smurfit WestRock Quarterly Data
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Competitive Comparison of Smurfit WestRock's Beneish M-Score
For the Packaging & Containers subindustry, Smurfit WestRock'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.
Smurfit WestRock's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Smurfit WestRock's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Smurfit WestRock's Beneish M-Score falls into.
Smurfit WestRock 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 Smurfit WestRock 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was MXN85,863 Mil.
Revenue was 157231.122 + 151044.291 + 54392.386 + 48580.298 = MXN411,248 Mil.
Gross Profit was 30073.919 + 26581.905 + 12695.831 + 11898.948 = MXN81,251 Mil.
Total Current Assets was MXN209,704 Mil.
Total Assets was MXN912,625 Mil.
Property, Plant and Equipment(Net PPE) was MXN472,903 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN26,383 Mil.
Selling, General, & Admin. Expense(SGA) was MXN55,949 Mil.
Total Current Liabilities was MXN152,935 Mil.
Long-Term Debt & Capital Lease Obligation was MXN261,572 Mil.
Net Income was 3044.932 + -2953.545 + 2418.254 + 814.764 = MXN3,324 Mil.
Non Operating Income was -1042.785 + -5355.762 + -1538.889 + -1833.219 = MXN-9,771 Mil.
Cash Flow from Operations was 16288.302 + 6300.896 + 6228.835 + 0 = MXN28,818 Mil.
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Total Receivables was MXN0 Mil.
Revenue was 50776.085 + 0 + 0 + 0 = MXN50,776 Mil.
Gross Profit was 12924.822 + 0 + 0 + 0 = MXN12,925 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN0 Mil.
Property, Plant and Equipment(Net PPE) was MXN0 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,462 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 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) |
| = | (85862.917 / 411248.097) | / | (0 / 50776.085) |
| = | 0.208786 | / | 0 |
| | = | |
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) |
| = | (12924.822 / 50776.085) | / | (81250.603 / 411248.097) |
| = | 0.254545 | / | 0.197571 |
| | = | |
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 - (209704.063 + 472902.997) / 912624.576) | / | (1 - (0 + 0) / 0) |
| = | 0.25204 | / | |
| | = | |
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 |
| = | 411248.097 | / | 50776.085 |
| | = | |
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)) |
| = | (0 / (0 + 0)) | / | (26383.119 / (26383.119 + 472902.997)) |
| = | | / | 0.052842 |
| | = | |
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) |
| = | (55948.579 / 411248.097) | / | (6462.411 / 50776.085) |
| = | 0.136046 | / | 0.127273 |
| | = | |
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) |
| = | ((261572.189 + 152934.848) / 912624.576) | / | ((0 + 0) / 0) |
| = | 0.454192 | / | |
| | = | |
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 |
| = | (3324.405 - -9770.655 | - | 28818.033) | / | 912624.576 |
| | = | -0.017228 |
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.
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