Algoma Steel Group Beneish M-Score Historical Data
The historical data trend for Algoma Steel Group'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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Algoma Steel Group Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
-2.57 |
-1.06 |
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Algoma Steel Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
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-2.74 |
-1.06 |
0.60 |
-0.23 |
-1.11 |
Competitive Comparison
For the Steel subindustry, Algoma Steel Group'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.
Algoma Steel Group Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, Algoma Steel Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Algoma Steel Group's Beneish M-Score falls into.
Algoma Steel Group 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 Algoma Steel Group 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 * 1.2817 | + | 0.528 * 2.2139 | + | 0.404 * 3.2859 | + | 0.892 * 0.9048 | + | 0.115 * 1.1438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1304 | + | 4.679 * -0.058128 | - | 0.327 * 1.1084 |
| = | -1.05 |
* 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 $225 Mil.
Revenue was 458.706 + 541.423 + 622.61 + 495.067 = $2,118 Mil.
Gross Profit was -6.261 + 50.107 + 141.277 + 34.13 = $219 Mil.
Total Current Assets was $1,001 Mil.
Total Assets was $1,976 Mil.
Property, Plant and Equipment(Net PPE) was $969 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $80 Mil.
Total Current Liabilities was $348 Mil.
Long-Term Debt & Capital Lease Obligation was $94 Mil.
Net Income was -63.208 + 22.984 + 98.525 + -14.909 = $43 Mil.
Non Operating Income was -39.207 + 9.829 + 9.408 + -21.852 = $-42 Mil.
Cash Flow from Operations was -35.331 + 42.273 + 123.363 + 69.795 = $200 Mil.
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Total Receivables was $194 Mil.
Revenue was 417.961 + 449.209 + 729.538 + 743.918 = $2,341 Mil.
Gross Profit was -32.389 + 22.341 + 279.053 + 267.457 = $536 Mil.
Total Current Assets was $1,122 Mil.
Total Assets was $1,876 Mil.
Property, Plant and Equipment(Net PPE) was $753 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $306 Mil.
Long-Term Debt & Capital Lease Obligation was $72 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) |
| = | (225.104 / 2117.806) | / | (194.111 / 2340.626) |
| = | 0.106291 | / | 0.082931 |
| | = | 1.2817 |
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) |
| = | (536.462 / 2340.626) | / | (219.253 / 2117.806) |
| = | 0.229196 | / | 0.103528 |
| | = | 2.2139 |
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 - (1001.342 + 968.992) / 1976.446) | / | (1 - (1121.973 + 752.595) / 1876.334) |
| = | 0.003092 | / | 0.000941 |
| | = | 3.2859 |
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 |
| = | 2117.806 | / | 2340.626 |
| | = | 0.9048 |
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)) |
| = | (70.556 / (70.556 + 752.595)) | / | (78.498 / (78.498 + 968.992)) |
| = | 0.085715 | / | 0.074939 |
| | = | 1.1438 |
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) |
| = | (79.887 / 2117.806) | / | (78.107 / 2340.626) |
| = | 0.037722 | / | 0.03337 |
| | = | 1.1304 |
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) |
| = | ((93.769 + 347.794) / 1976.446) | / | ((72.212 + 305.999) / 1876.334) |
| = | 0.223413 | / | 0.201569 |
| | = | 1.1084 |
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 |
| = | (43.392 - -41.822 | - | 200.1) | / | 1976.446 |
| | = | -0.058128 |
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.
Algoma Steel Group has a M-score of -1.05 signals that the company is likely to be a manipulator.
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