United States Steel (MEX:X) Beneish M-Score : -2.58 (As of Mar. 23, 2025)

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What is United States Steel Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United States Steel's Beneish M-Score or its related term are showing as below:

MEX:X' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.57 Max: -1.81
Current: -2.58

During the past 13 years, the highest Beneish M-Score of United States Steel was -1.81. The lowest was -3.09. And the median was -2.57.

United States Steel Beneish M-Score Historical Data

The historical data trend for United States Steel'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.

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United States Steel Beneish M-Score Chart

United States Steel Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.81

-1.82

-2.79

-2.55

-2.58

United States Steel Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.55	-2.66	-2.73	-2.46	-2.58

Competitive Comparison of United States Steel's Beneish M-Score

For the Steel subindustry, United States Steel'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.

United States Steel's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, United States Steel's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United States Steel's Beneish M-Score falls into.

United States Steel 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 United States Steel for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1868

0.528 * 1.2563

0.404 * 0.9945

0.892 * 0.935

0.115 * 1.271

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0079

4.679 * -0.036899

0.327 * 0.9351

-2.35

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN29,156 Mil.
Revenue was 73182.651 + 75866.726 + 75442.184 + 69040.421 = MXN293,532 Mil.
Gross Profit was 3983.439 + 7974.572 + 8958.53 + 8215.146 = MXN29,132 Mil.
Total Current Assets was MXN109,117 Mil.
Total Assets was MXN422,015 Mil.
Property, Plant and Equipment(Net PPE) was MXN251,207 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN17,323 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,178 Mil.
Total Current Liabilities was MXN70,346 Mil.
Long-Term Debt & Capital Lease Obligation was MXN85,967 Mil.
Net Income was -1856.157 + 2343.146 + 3352.579 + 2837.96 = MXN6,678 Mil.
Non Operating Income was 1459.899 + 1063.276 + 1337.368 + 614.061 = MXN4,475 Mil.
Cash Flow from Operations was 4337.986 + 5217.93 + 8683.729 + -464.695 = MXN17,775 Mil.

Total Receivables was MXN26,276 Mil.
Revenue was 70341.284 + 77183.133 + 85856.651 + 80571.75 = MXN313,953 Mil.
Gross Profit was 4973.455 + 10329.406 + 14520.883 + 9318.925 = MXN39,143 Mil.
Total Current Assets was MXN117,852 Mil.
Total Assets was MXN347,140 Mil.
Property, Plant and Equipment(Net PPE) was MXN178,264 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN15,921 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,678 Mil.
Total Current Liabilities was MXN67,014 Mil.
Long-Term Debt & Capital Lease Obligation was MXN70,494 Mil.

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)
	=	(29156.269 / 293531.982)	/	(26276.136 / 313952.818)
	=	0.099329	/	0.083695
	=	1.1868

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)
	=	(39142.669 / 313952.818)	/	(29131.687 / 293531.982)
	=	0.124677	/	0.099245
	=	1.2563

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 - (109117.022 + 251206.906) / 422015.089)	/	(1 - (117852.204 + 178263.552) / 347140.346)
	=	0.146182	/	0.146985
	=	0.9945

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
	=	293531.982	/	313952.818
	=	0.935

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))
	=	(15920.899 / (15920.899 + 178263.552))	/	(17322.678 / (17322.678 + 251206.906))
	=	0.081989	/	0.064509
	=	1.271

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)
	=	(8177.916 / 293531.982)	/	(8678.066 / 313952.818)
	=	0.02786	/	0.027641
	=	1.0079

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)
	=	((85967.195 + 70346.276) / 422015.089)	/	((70494.052 + 67014.331) / 347140.346)
	=	0.370398	/	0.396118
	=	0.9351

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
	=	(6677.528 - 4474.604	-	17774.95)	/	422015.089
	=	-0.036899

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.

United States Steel has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

United States Steel Beneish M-Score Related Terms

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United States Steel Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » United States Steel Corp (MEX:X) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

X:USA 1USX1:Italy 0LJ9:UK USX1:Germany USX1:Germany USX1:Germany USX1:Germany USSX34:Brazil XUSS:Austria X:Argentina

Address

600 Grant Street, Pittsburgh, PA, USA, 15219-2800

Website

https://www.ussteel.com

United States Steel Corp operates in the United States but also has a steelmaking capacity in Slovakia. The company's operating segments include North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment includes U. S. Steel's integrated steel plants and equity investees in North America involved in the production of slabs, strip mill plates, sheets, and tin mill products, as well as all iron ore and coke production facilities in the United States. It serves North American customers in the service center, conversion, transportation, construction, container, and appliance, and electrical markets.