Olympic Steel Beneish M-Score Historical Data
The historical data trend for Olympic Steel'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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Olympic Steel Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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|
|
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-3.36 |
-2.74 |
-0.67 |
-2.93 |
-2.71 |
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Olympic Steel 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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|
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-2.93 |
-2.72 |
-2.82 |
-2.80 |
-2.71 |
Competitive Comparison
For the Steel subindustry, Olympic Steel'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.
Olympic Steel Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, Olympic Steel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Olympic Steel's Beneish M-Score falls into.
Olympic Steel 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 Olympic Steel 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 * 1.0316 | + | 0.528 * 0.8654 | + | 0.404 * 2.5616 | + | 0.892 * 0.843 | + | 0.115 * 0.9359 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2865 | + | 4.679 * -0.132562 | - | 0.327 * 1.0199 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $191 Mil.
Revenue was 489.408 + 526.411 + 569.268 + 573.076 = $2,158 Mil.
Gross Profit was 113.733 + 111.931 + 127.396 + 120.44 = $474 Mil.
Total Current Assets was $603 Mil.
Total Assets was $985 Mil.
Property, Plant and Equipment(Net PPE) was $220 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $247 Mil.
Total Current Liabilities was $180 Mil.
Long-Term Debt & Capital Lease Obligation was $217 Mil.
Net Income was 7.408 + 12.23 + 15.019 + 9.872 = $45 Mil.
Non Operating Income was -0.011 + -0.028 + -0.028 + -0.011 = $-0 Mil.
Cash Flow from Operations was 54.16 + 41.803 + 26.756 + 52.44 = $175 Mil.
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Total Receivables was $220 Mil.
Revenue was 520.044 + 634.437 + 709.176 + 696.333 = $2,560 Mil.
Gross Profit was 89.233 + 106.971 + 148.63 + 141.226 = $486 Mil.
Total Current Assets was $658 Mil.
Total Assets was $892 Mil.
Property, Plant and Equipment(Net PPE) was $177 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $228 Mil.
Total Current Liabilities was $165 Mil.
Long-Term Debt & Capital Lease Obligation was $188 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) |
| = | (191.149 / 2158.163) | / | (219.789 / 2559.99) |
| = | 0.08857 | / | 0.085855 |
| | = | 1.0316 |
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) |
| = | (486.06 / 2559.99) | / | (473.5 / 2158.163) |
| = | 0.189868 | / | 0.2194 |
| | = | 0.8654 |
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 - (603.169 + 220.488) / 984.835) | / | (1 - (658.106 + 176.556) / 891.627) |
| = | 0.16366 | / | 0.063889 |
| | = | 2.5616 |
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 |
| = | 2158.163 | / | 2559.99 |
| | = | 0.843 |
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)) |
| = | (20.206 / (20.206 + 176.556)) | / | (27.176 / (27.176 + 220.488)) |
| = | 0.102693 | / | 0.109729 |
| | = | 0.9359 |
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) |
| = | (247.174 / 2158.163) | / | (227.907 / 2559.99) |
| = | 0.11453 | / | 0.089027 |
| | = | 1.2865 |
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) |
| = | ((217.459 + 180.237) / 984.835) | / | ((188.313 + 164.702) / 891.627) |
| = | 0.40382 | / | 0.395922 |
| | = | 1.0199 |
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 |
| = | (44.529 - -0.078 | - | 175.159) | / | 984.835 |
| | = | -0.132562 |
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.
Olympic Steel has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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