AK Steel Holding Beneish M-Score Historical Data
The historical data trend for AK Steel Holding'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.
AK Steel Holding Beneish M-Score Chart
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AK Steel Holding Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-3.85 |
-2.81 |
-1.95 |
-2.53 |
-2.71 |
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AK Steel Holding Quarterly Data
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
| Beneish M-Score |
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-2.53 |
-2.56 |
-2.67 |
-2.81 |
-2.71 |
Competitive Comparison of AK Steel Holding's Beneish M-Score
For the Steel subindustry, AK Steel Holding'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.
AK Steel Holding's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, AK Steel Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AK Steel Holding's Beneish M-Score falls into.
AK Steel Holding 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 AK Steel Holding 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 * 0.9745 | + | 0.528 * 1.1236 | + | 0.404 * 0.962 | + | 0.892 * 0.9327 | + | 0.115 * 1.2425 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0856 | + | 4.679 * -0.047314 | - | 0.327 * 0.9544 |
| = | -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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $578 Mil.
Revenue was 1445.7 + 1535.5 + 1680.5 + 1697.7 = $6,359 Mil.
Gross Profit was 119.8 + 169.5 + 231.5 + 232.3 = $753 Mil.
Total Current Assets was $2,020 Mil.
Total Assets was $4,591 Mil.
Property, Plant and Equipment(Net PPE) was $2,176 Mil.
Depreciation, Depletion and Amortization(DDA) was $225 Mil.
Selling, General, & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $1,061 Mil.
Long-Term Debt & Capital Lease Obligation was $1,969 Mil.
Net Income was -53.9 + 2.8 + 66.8 + -4.5 = $11 Mil.
Non Operating Income was 10.1 + -0.7 + 4.5 + -51.4 = $-38 Mil.
Cash Flow from Operations was 73.4 + 56.3 + 144.1 + -7.9 = $266 Mil.
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Total Receivables was $636 Mil.
Revenue was 1677.1 + 1735.6 + 1746.6 + 1658.9 = $6,818 Mil.
Gross Profit was 228.7 + 249.4 + 233.9 + 195.2 = $907 Mil.
Total Current Assets was $2,201 Mil.
Total Assets was $4,516 Mil.
Property, Plant and Equipment(Net PPE) was $1,912 Mil.
Depreciation, Depletion and Amortization(DDA) was $252 Mil.
Selling, General, & Admin. Expense(SGA) was $303 Mil.
Total Current Liabilities was $1,129 Mil.
Long-Term Debt & Capital Lease Obligation was $1,994 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) |
| = | (577.9 / 6359.4) | / | (635.8 / 6818.2) |
| = | 0.090873 | / | 0.09325 |
| | = | 0.9745 |
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) |
| = | (907.2 / 6818.2) | / | (753.1 / 6359.4) |
| = | 0.133056 | / | 0.118423 |
| | = | 1.1236 |
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 - (2020.3 + 2176.4) / 4590.6) | / | (1 - (2201.3 + 1911.6) / 4515.7) |
| = | 0.085806 | / | 0.0892 |
| | = | 0.962 |
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 |
| = | 6359.4 | / | 6818.2 |
| | = | 0.9327 |
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)) |
| = | (252.2 / (252.2 + 1911.6)) | / | (225.3 / (225.3 + 2176.4)) |
| = | 0.116554 | / | 0.093809 |
| | = | 1.2425 |
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) |
| = | (307.2 / 6359.4) | / | (303.4 / 6818.2) |
| = | 0.048306 | / | 0.044499 |
| | = | 1.0856 |
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) |
| = | ((1968.8 + 1060.5) / 4590.6) | / | ((1993.7 + 1128.6) / 4515.7) |
| = | 0.659892 | / | 0.691432 |
| | = | 0.9544 |
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 |
| = | (11.2 - -37.5 | - | 265.9) | / | 4590.6 |
| | = | -0.047314 |
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.
AK Steel Holding has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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