Eagle Bulk Shipping Beneish M-Score Historical Data
The historical data trend for Eagle Bulk Shipping'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.
Eagle Bulk Shipping Beneish M-Score Chart
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Eagle Bulk Shipping Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.68 |
-1.48 |
-2.34 |
-2.07 |
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Eagle Bulk Shipping 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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-2.34 |
-2.88 |
-3.01 |
-2.41 |
-2.07 |
Competitive Comparison of Eagle Bulk Shipping's Beneish M-Score
For the Marine Shipping subindustry, Eagle Bulk Shipping'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.
Eagle Bulk Shipping's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Eagle Bulk Shipping's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eagle Bulk Shipping's Beneish M-Score falls into.
Eagle Bulk Shipping 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 Eagle Bulk Shipping 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 * 1.7491 | + | 0.528 * 2.2817 | + | 0.404 * 0.8928 | + | 0.892 * 0.5471 | + | 0.115 * 1.0203 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9346 | + | 4.679 * -0.047188 | - | 0.327 * 1.4106 |
| = | -2.07 |
* 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 $30.9 Mil.
Revenue was 104.589 + 82.606 + 101.406 + 105.198 = $393.8 Mil.
Gross Profit was 30.25 + 7.653 + 18.38 + 13.314 = $69.6 Mil.
Total Current Assets was $189.5 Mil.
Total Assets was $1,148.0 Mil.
Property, Plant and Equipment(Net PPE) was $914.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.5 Mil.
Selling, General, & Admin. Expense(SGA) was $43.6 Mil.
Total Current Liabilities was $212.8 Mil.
Long-Term Debt & Capital Lease Obligation was $332.7 Mil.
Net Income was 6.651 + -5.151 + 18.026 + 3.202 = $22.7 Mil.
Non Operating Income was -0.366 + 4.751 + 13.627 + 2.949 = $21.0 Mil.
Cash Flow from Operations was 19.972 + 3.807 + 24.747 + 7.411 = $55.9 Mil.
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Total Receivables was $32.3 Mil.
Revenue was 151.441 + 185.313 + 198.695 + 184.398 = $719.8 Mil.
Gross Profit was 39.798 + 76.251 + 98.659 + 75.565 = $290.3 Mil.
Total Current Assets was $262.0 Mil.
Total Assets was $1,237.2 Mil.
Property, Plant and Equipment(Net PPE) was $921.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.9 Mil.
Selling, General, & Admin. Expense(SGA) was $41.2 Mil.
Total Current Liabilities was $129.0 Mil.
Long-Term Debt & Capital Lease Obligation was $287.9 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) |
| = | (30.917 / 393.799) | / | (32.311 / 719.847) |
| = | 0.07851 | / | 0.044886 |
| | = | 1.7491 |
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) |
| = | (290.273 / 719.847) | / | (69.597 / 393.799) |
| = | 0.403243 | / | 0.176732 |
| | = | 2.2817 |
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 - (189.546 + 913.98) / 1147.954) | / | (1 - (262.024 + 921.553) / 1237.209) |
| = | 0.038702 | / | 0.043349 |
| | = | 0.8928 |
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 |
| = | 393.799 | / | 719.847 |
| | = | 0.5471 |
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)) |
| = | (47.911 / (47.911 + 921.553)) | / | (46.522 / (46.522 + 913.98)) |
| = | 0.04942 | / | 0.048435 |
| | = | 1.0203 |
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) |
| = | (43.586 / 393.799) | / | (41.184 / 719.847) |
| = | 0.110681 | / | 0.057212 |
| | = | 1.9346 |
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) |
| = | ((332.689 + 212.847) / 1147.954) | / | ((287.855 + 128.965) / 1237.209) |
| = | 0.475225 | / | 0.336903 |
| | = | 1.4106 |
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 |
| = | (22.728 - 20.961 | - | 55.937) | / | 1147.954 |
| | = | -0.047188 |
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.
Eagle Bulk Shipping has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.
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