Avantor Beneish M-Score Historical Data
The historical data trend for Avantor'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.
Avantor Beneish M-Score Chart
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Avantor Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.60 |
-2.47 |
-2.53 |
-2.64 |
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Avantor 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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-2.53 |
-2.60 |
-2.60 |
-2.62 |
-2.64 |
Competitive Comparison of Avantor's Beneish M-Score
For the Specialty Chemicals subindustry, Avantor'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.
Avantor's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Avantor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avantor's Beneish M-Score falls into.
Avantor 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 Avantor 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 * 1.0179 | + | 0.528 * 1.0212 | + | 0.404 * 1.0143 | + | 0.892 * 0.9274 | + | 0.115 * 1.0144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1031 | + | 4.679 * -0.029832 | - | 0.327 * 0.9249 |
| = | -2.64 |
* 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 $1,150 Mil.
Revenue was 1722.8 + 1720.2 + 1743.9 + 1780.3 = $6,967 Mil.
Gross Profit was 570.4 + 578.6 + 590 + 624.8 = $2,364 Mil.
Total Current Assets was $2,385 Mil.
Total Assets was $12,973 Mil.
Property, Plant and Equipment(Net PPE) was $738 Mil.
Depreciation, Depletion and Amortization(DDA) was $402 Mil.
Selling, General, & Admin. Expense(SGA) was $1,507 Mil.
Total Current Liabilities was $1,480 Mil.
Long-Term Debt & Capital Lease Obligation was $5,277 Mil.
Net Income was 98.5 + 108.4 + -7.3 + 121.5 = $321 Mil.
Non Operating Income was 1.5 + -1.3 + -160.4 + -1.7 = $-162 Mil.
Cash Flow from Operations was 251.6 + 230.7 + 168.2 + 219.5 = $870 Mil.
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Total Receivables was $1,218 Mil.
Revenue was 1795 + 1856.5 + 1910.5 + 1950.4 = $7,512 Mil.
Gross Profit was 614.5 + 650.7 + 647.7 + 689.9 = $2,603 Mil.
Total Current Assets was $2,658 Mil.
Total Assets was $13,464 Mil.
Property, Plant and Equipment(Net PPE) was $727 Mil.
Depreciation, Depletion and Amortization(DDA) was $406 Mil.
Selling, General, & Admin. Expense(SGA) was $1,473 Mil.
Total Current Liabilities was $1,659 Mil.
Long-Term Debt & Capital Lease Obligation was $5,923 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) |
| = | (1150.2 / 6967.2) | / | (1218.4 / 7512.4) |
| = | 0.165088 | / | 0.162185 |
| | = | 1.0179 |
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) |
| = | (2602.8 / 7512.4) | / | (2363.8 / 6967.2) |
| = | 0.346467 | / | 0.339275 |
| | = | 1.0212 |
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 - (2384.9 + 737.5) / 12972.7) | / | (1 - (2657.9 + 727) / 13464.3) |
| = | 0.75931 | / | 0.748602 |
| | = | 1.0143 |
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 |
| = | 6967.2 | / | 7512.4 |
| | = | 0.9274 |
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)) |
| = | (405.5 / (405.5 + 727)) | / | (402.3 / (402.3 + 737.5)) |
| = | 0.358057 | / | 0.352957 |
| | = | 1.0144 |
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) |
| = | (1506.6 / 6967.2) | / | (1472.6 / 7512.4) |
| = | 0.216242 | / | 0.196023 |
| | = | 1.1031 |
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) |
| = | ((5276.7 + 1480.3) / 12972.7) | / | ((5923.3 + 1658.8) / 13464.3) |
| = | 0.520863 | / | 0.563126 |
| | = | 0.9249 |
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 |
| = | (321.1 - -161.9 | - | 870) | / | 12972.7 |
| | = | -0.029832 |
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.
Avantor has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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