Clearwater Paper Beneish M-Score Historical Data
The historical data trend for Clearwater Paper'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.
Clearwater Paper Beneish M-Score Chart
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Clearwater Paper Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.73 |
-2.32 |
-2.63 |
-0.23 |
-0.69 |
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Clearwater Paper Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.82 |
-2.26 |
-0.50 |
-0.69 |
-1.11 |
Competitive Comparison of Clearwater Paper's Beneish M-Score
For the Paper & Paper Products subindustry, Clearwater Paper'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.
Clearwater Paper's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Clearwater Paper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clearwater Paper's Beneish M-Score falls into.
Clearwater Paper 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 Clearwater Paper 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 * 0.7825 | + | 0.528 * 2.3032 | + | 0.404 * 0.8923 | + | 0.892 * 1.3111 | + | 0.115 * 0.6125 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7279 | + | 4.679 * 0.123447 | - | 0.327 * 0.8042 |
| = | -1.11 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $178 Mil.
Revenue was 378.2 + 387.1 + 393.3 + 586.4 = $1,745 Mil.
Gross Profit was 36.7 + 14.7 + 30.1 + 35.6 = $117 Mil.
Total Current Assets was $500 Mil.
Total Assets was $1,634 Mil.
Property, Plant and Equipment(Net PPE) was $1,030 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $300 Mil.
Long-Term Debt & Capital Lease Obligation was $282 Mil.
Net Income was -6.3 + 199.1 + 5.8 + -25.8 = $173 Mil.
Non Operating Income was -3.7 + -11.2 + -2.9 + -14.8 = $-33 Mil.
Cash Flow from Operations was 1.5 + -35.1 + 16.2 + 21.1 = $4 Mil.
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Total Receivables was $173 Mil.
Revenue was 258.8 + 268.6 + 278.9 + 524.6 = $1,331 Mil.
Gross Profit was 33.3 + 35.9 + 50.6 + 85.9 = $206 Mil.
Total Current Assets was $576 Mil.
Total Assets was $1,680 Mil.
Property, Plant and Equipment(Net PPE) was $983 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $129 Mil.
Total Current Liabilities was $301 Mil.
Long-Term Debt & Capital Lease Obligation was $442 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) |
| = | (177.5 / 1745) | / | (173 / 1330.9) |
| = | 0.101719 | / | 0.129987 |
| | = | 0.7825 |
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) |
| = | (205.7 / 1330.9) | / | (117.1 / 1745) |
| = | 0.154557 | / | 0.067106 |
| | = | 2.3032 |
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 - (499.6 + 1029.8) / 1633.9) | / | (1 - (576.2 + 983.1) / 1679.7) |
| = | 0.063957 | / | 0.071679 |
| | = | 0.8923 |
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 |
| = | 1745 | / | 1330.9 |
| | = | 1.3111 |
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)) |
| = | (39.1 / (39.1 + 983.1)) | / | (68.6 / (68.6 + 1029.8)) |
| = | 0.038251 | / | 0.062454 |
| | = | 0.6125 |
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) |
| = | (123.3 / 1745) | / | (129.2 / 1330.9) |
| = | 0.070659 | / | 0.097077 |
| | = | 0.7279 |
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) |
| = | ((281.6 + 300.2) / 1633.9) | / | ((442.3 + 301.4) / 1679.7) |
| = | 0.356081 | / | 0.442758 |
| | = | 0.8042 |
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 |
| = | (172.8 - -32.6 | - | 3.7) | / | 1633.9 |
| | = | 0.123447 |
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.
Clearwater Paper has a M-score of -1.11 signals that the company is likely to be a manipulator.
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