Mechel PAO Beneish M-Score Historical Data
The historical data trend for Mechel PAO'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.
Mechel PAO Beneish M-Score Chart
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Mechel PAO Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-3.22 |
-2.74 |
-3.63 |
-2.51 |
-1.97 |
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Mechel PAO Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.39 |
-1.94 |
-1.97 |
-1.85 |
-1.86 |
Competitive Comparison of Mechel PAO's Beneish M-Score
For the Steel subindustry, Mechel PAO'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.
Mechel PAO's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Mechel PAO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mechel PAO's Beneish M-Score falls into.
Mechel PAO 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 Mechel PAO 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 * 1.4262 | + | 0.528 * 0.9081 | + | 0.404 * 1.051 | + | 0.892 * 0.6986 | + | 0.115 * 2.3128 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7387 | + | 4.679 * 0.008685 | - | 0.327 * 0.6773 |
| = | -2.04 |
* 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 (Jun23) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $317 Mil.
Revenue was 0 + 0 + 1545.29 + 1408.38 = $2,954 Mil.
Gross Profit was 0 + 0 + 685.102 + 633.937 = $1,319 Mil.
Total Current Assets was $1,514 Mil.
Total Assets was $3,330 Mil.
Property, Plant and Equipment(Net PPE) was $1,613 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $429 Mil.
Total Current Liabilities was $4,033 Mil.
Long-Term Debt & Capital Lease Obligation was $157 Mil.
Net Income was 0 + 0 + 371.786 + 291.179 = $663 Mil.
Non Operating Income was 0 + 0 + 0.69 + 23.415 = $24 Mil.
Cash Flow from Operations was 0 + 0 + 431.879 + 178.058 = $610 Mil.
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Total Receivables was $318 Mil.
Revenue was 1481.035 + 1001.897 + 929.35 + 815.854 = $4,228 Mil.
Gross Profit was 671.338 + 418.41 + 314.766 + 310.124 = $1,715 Mil.
Total Current Assets was $1,199 Mil.
Total Assets was $2,846 Mil.
Property, Plant and Equipment(Net PPE) was $1,482 Mil.
Depreciation, Depletion and Amortization(DDA) was $192 Mil.
Selling, General, & Admin. Expense(SGA) was $831 Mil.
Total Current Liabilities was $5,212 Mil.
Long-Term Debt & Capital Lease Obligation was $75 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) |
| = | (316.995 / 2953.67) | / | (318.16 / 4228.136) |
| = | 0.107322 | / | 0.075248 |
| | = | 1.4262 |
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) |
| = | (1714.638 / 4228.136) | / | (1319.039 / 2953.67) |
| = | 0.40553 | / | 0.446576 |
| | = | 0.9081 |
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 - (1513.535 + 1613.253) / 3330.155) | / | (1 - (1199.037 + 1481.824) / 2846.24) |
| = | 0.061068 | / | 0.058104 |
| | = | 1.051 |
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 |
| = | 2953.67 | / | 4228.136 |
| | = | 0.6986 |
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)) |
| = | (191.999 / (191.999 + 1481.824)) | / | (84.188 / (84.188 + 1613.253)) |
| = | 0.114707 | / | 0.049597 |
| | = | 2.3128 |
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) |
| = | (428.559 / 2953.67) | / | (830.507 / 4228.136) |
| = | 0.145094 | / | 0.196424 |
| | = | 0.7387 |
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) |
| = | ((157.432 + 4032.96) / 3330.155) | / | ((75.492 + 5212.274) / 2846.24) |
| = | 1.258317 | / | 1.857807 |
| | = | 0.6773 |
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 |
| = | (662.965 - 24.105 | - | 609.937) | / | 3330.155 |
| | = | 0.008685 |
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.
Mechel PAO has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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