Balchem Beneish M-Score Historical Data
The historical data trend for Balchem'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.
Balchem Beneish M-Score Chart
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Balchem Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.61 |
-2.52 |
-2.60 |
-2.74 |
-2.64 |
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Balchem Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.62 |
-2.69 |
-2.70 |
-2.64 |
-2.61 |
Competitive Comparison of Balchem's Beneish M-Score
For the Specialty Chemicals subindustry, Balchem'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.
Balchem's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Balchem's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Balchem's Beneish M-Score falls into.
Balchem 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 Balchem 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 * 0.8987 | + | 0.528 * 0.9394 | + | 0.404 * 0.9877 | + | 0.892 * 1.0376 | + | 0.115 * 1.2069 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0014 | + | 4.679 * -0.029597 | - | 0.327 * 0.764 |
| = | -2.61 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $130.4 Mil.
Revenue was 250.519 + 240.004 + 239.94 + 234.081 = $964.5 Mil.
Gross Profit was 88.168 + 86.337 + 85.361 + 82.994 = $342.9 Mil.
Total Current Assets was $340.2 Mil.
Total Assets was $1,617.6 Mil.
Property, Plant and Equipment(Net PPE) was $301.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.3 Mil.
Selling, General, & Admin. Expense(SGA) was $133.3 Mil.
Total Current Liabilities was $139.6 Mil.
Long-Term Debt & Capital Lease Obligation was $204.1 Mil.
Net Income was 37.053 + 33.583 + 33.837 + 32.069 = $136.5 Mil.
Non Operating Income was -0.151 + -0.141 + -0.028 + -0.331 = $-0.7 Mil.
Cash Flow from Operations was 36.457 + 52.317 + 51.302 + 44.992 = $185.1 Mil.
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Total Receivables was $139.9 Mil.
Revenue was 239.659 + 228.699 + 229.948 + 231.252 = $929.6 Mil.
Gross Profit was 81.514 + 74.993 + 76.544 + 77.349 = $310.4 Mil.
Total Current Assets was $324.9 Mil.
Total Assets was $1,588.7 Mil.
Property, Plant and Equipment(Net PPE) was $293.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.0 Mil.
Selling, General, & Admin. Expense(SGA) was $128.2 Mil.
Total Current Liabilities was $124.4 Mil.
Long-Term Debt & Capital Lease Obligation was $317.4 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) |
| = | (130.447 / 964.544) | / | (139.881 / 929.558) |
| = | 0.135242 | / | 0.150481 |
| | = | 0.8987 |
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) |
| = | (310.4 / 929.558) | / | (342.86 / 964.544) |
| = | 0.333922 | / | 0.355463 |
| | = | 0.9394 |
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 - (340.239 + 301.029) / 1617.555) | / | (1 - (324.859 + 293.043) / 1588.7) |
| = | 0.603557 | / | 0.611064 |
| | = | 0.9877 |
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 |
| = | 964.544 | / | 929.558 |
| | = | 1.0376 |
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)) |
| = | (54.957 / (54.957 + 293.043)) | / | (45.319 / (45.319 + 301.029)) |
| = | 0.157922 | / | 0.130848 |
| | = | 1.2069 |
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) |
| = | (133.257 / 964.544) | / | (128.24 / 929.558) |
| = | 0.138155 | / | 0.137958 |
| | = | 1.0014 |
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) |
| = | ((204.143 + 139.555) / 1617.555) | / | ((317.435 + 124.425) / 1588.7) |
| = | 0.21248 | / | 0.278127 |
| | = | 0.764 |
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 |
| = | (136.542 - -0.651 | - | 185.068) | / | 1617.555 |
| | = | -0.029597 |
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.
Balchem has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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