Radius Recycling Beneish M-Score Historical Data
The historical data trend for Radius Recycling'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.
Radius Recycling Beneish M-Score Chart
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Radius Recycling Annual Data
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Trend |
Aug14 |
Aug15 |
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Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.89 |
-2.87 |
-2.29 |
-2.39 |
-2.75 |
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Radius Recycling Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Feb23 |
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Feb24 |
| Beneish M-Score |
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-2.89 |
-2.53 |
-2.75 |
-2.97 |
-2.71 |
Competitive Comparison of Radius Recycling's Beneish M-Score
For the Steel subindustry, Radius Recycling'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.
Radius Recycling's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Radius Recycling's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Radius Recycling's Beneish M-Score falls into.
Radius Recycling 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 Radius Recycling 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 * 1.0568 | + | 0.528 * 1.2464 | + | 0.404 * 0.903 | + | 0.892 * 0.8657 | + | 0.115 * 0.9051 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1044 | + | 4.679 * -0.040786 | - | 0.327 * 1.0946 |
| = | -2.71 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $222 Mil.
Revenue was 621.059 + 672.897 + 717.931 + 809.61 = $2,821 Mil.
Gross Profit was 40.063 + 39.477 + 90.051 + 95.925 = $266 Mil.
Total Current Assets was $595 Mil.
Total Assets was $1,746 Mil.
Property, Plant and Equipment(Net PPE) was $810 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $263 Mil.
Total Current Liabilities was $304 Mil.
Long-Term Debt & Capital Lease Obligation was $466 Mil.
Net Income was -33.979 + -17.964 + -25.816 + 13.46 = $-64 Mil.
Non Operating Income was -4.884 + 0.468 + -44.777 + -1.19 = $-50 Mil.
Cash Flow from Operations was -55.094 + -1.299 + 134.83 + -21.16 = $57 Mil.
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Total Receivables was $243 Mil.
Revenue was 755.953 + 598.73 + 894.412 + 1010.087 = $3,259 Mil.
Gross Profit was 73.016 + 48.719 + 84.825 + 175.712 = $382 Mil.
Total Current Assets was $593 Mil.
Total Assets was $1,781 Mil.
Property, Plant and Equipment(Net PPE) was $802 Mil.
Depreciation, Depletion and Amortization(DDA) was $83 Mil.
Selling, General, & Admin. Expense(SGA) was $275 Mil.
Total Current Liabilities was $321 Mil.
Long-Term Debt & Capital Lease Obligation was $397 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) |
| = | (222.171 / 2821.497) | / | (242.851 / 3259.182) |
| = | 0.078742 | / | 0.074513 |
| | = | 1.0568 |
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) |
| = | (382.272 / 3259.182) | / | (265.516 / 2821.497) |
| = | 0.117291 | / | 0.094105 |
| | = | 1.2464 |
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 - (594.592 + 809.664) / 1745.529) | / | (1 - (593.49 + 801.974) / 1781.095) |
| = | 0.195513 | / | 0.216513 |
| | = | 0.903 |
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 |
| = | 2821.497 | / | 3259.182 |
| | = | 0.8657 |
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)) |
| = | (83.087 / (83.087 + 801.974)) | / | (93.692 / (93.692 + 809.664)) |
| = | 0.093877 | / | 0.103715 |
| | = | 0.9051 |
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) |
| = | (263.006 / 2821.497) | / | (275.094 / 3259.182) |
| = | 0.093215 | / | 0.084406 |
| | = | 1.1044 |
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) |
| = | ((466.078 + 303.976) / 1745.529) | / | ((396.626 + 321.215) / 1781.095) |
| = | 0.441158 | / | 0.403034 |
| | = | 1.0946 |
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 |
| = | (-64.299 - -50.383 | - | 57.277) | / | 1745.529 |
| | = | -0.040786 |
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.
Radius Recycling has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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