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 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.61 |
-2.52 |
-2.60 |
-2.74 |
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Balchem Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.82 |
-2.70 |
-2.71 |
-2.74 |
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 * 0.9727 | + | 0.528 * 0.9088 | + | 0.404 * 1.006 | + | 0.892 * 0.9789 | + | 0.115 * 0.9664 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0609 | + | 4.679 * -0.04752 | - | 0.327 * 0.8091 |
| = | -2.74 |
* 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 $125.3 Mil.
Revenue was 228.699 + 229.948 + 231.252 + 232.54 = $922.4 Mil.
Gross Profit was 74.993 + 76.544 + 77.349 + 73.17 = $302.1 Mil.
Total Current Assets was $314.2 Mil.
Total Assets was $1,597.2 Mil.
Property, Plant and Equipment(Net PPE) was $295.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.9 Mil.
Selling, General, & Admin. Expense(SGA) was $127.8 Mil.
Total Current Liabilities was $148.5 Mil.
Long-Term Debt & Capital Lease Obligation was $326.1 Mil.
Net Income was 26.648 + 29.075 + 30.11 + 22.71 = $108.5 Mil.
Non Operating Income was 0.223 + -0.545 + 0.727 + 0.276 = $0.7 Mil.
Cash Flow from Operations was 67.406 + 46.526 + 34.991 + 34.838 = $183.8 Mil.
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Total Receivables was $131.6 Mil.
Revenue was 232.531 + 244.267 + 236.693 + 228.867 = $942.4 Mil.
Gross Profit was 68.639 + 68.43 + 71.876 + 71.506 = $280.5 Mil.
Total Current Assets was $335.8 Mil.
Total Assets was $1,624.5 Mil.
Property, Plant and Equipment(Net PPE) was $290.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.8 Mil.
Selling, General, & Admin. Expense(SGA) was $123.1 Mil.
Total Current Liabilities was $140.0 Mil.
Long-Term Debt & Capital Lease Obligation was $456.6 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) |
| = | (125.284 / 922.439) | / | (131.578 / 942.358) |
| = | 0.135818 | / | 0.139626 |
| | = | 0.9727 |
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) |
| = | (280.451 / 942.358) | / | (302.056 / 922.439) |
| = | 0.297606 | / | 0.327454 |
| | = | 0.9088 |
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 - (314.242 + 295.903) / 1597.211) | / | (1 - (335.803 + 290.787) / 1624.512) |
| = | 0.617993 | / | 0.61429 |
| | = | 1.006 |
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 |
| = | 922.439 | / | 942.358 |
| | = | 0.9789 |
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)) |
| = | (51.848 / (51.848 + 290.787)) | / | (54.935 / (54.935 + 295.903)) |
| = | 0.151321 | / | 0.156582 |
| | = | 0.9664 |
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) |
| = | (127.814 / 922.439) | / | (123.074 / 942.358) |
| = | 0.138561 | / | 0.130602 |
| | = | 1.0609 |
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) |
| = | ((326.113 + 148.491) / 1597.211) | / | ((456.588 + 140.042) / 1624.512) |
| = | 0.297145 | / | 0.367267 |
| | = | 0.8091 |
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 |
| = | (108.543 - 0.681 | - | 183.761) | / | 1597.211 |
| | = | -0.04752 |
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 -2.74 suggests that the company is unlikely to be a manipulator.
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