Compass Minerals International Beneish M-Score Historical Data
The historical data trend for Compass Minerals International'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.
Compass Minerals International Beneish M-Score Chart
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Compass Minerals International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.92 |
-2.96 |
-3.79 |
- |
-2.92 |
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Compass Minerals International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-3.15 |
-2.77 |
-2.92 |
-2.73 |
Competitive Comparison of Compass Minerals International's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Compass Minerals International'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.
Compass Minerals International's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Compass Minerals International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Compass Minerals International's Beneish M-Score falls into.
Compass Minerals International 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 Compass Minerals International 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 * 0.8834 | + | 0.528 * 0.8328 | + | 0.404 * 1.1995 | + | 0.892 * 0.9439 | + | 0.115 * 1.1144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0744 | + | 4.679 * -0.016396 | - | 0.327 * 1.0354 |
| = | -2.73 |
* 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 $169 Mil.
Revenue was 341.7 + 233.6 + 207.6 + 411.1 = $1,194 Mil.
Gross Profit was 70.6 + 44.1 + 34.6 + 85.2 = $235 Mil.
Total Current Assets was $628 Mil.
Total Assets was $1,805 Mil.
Property, Plant and Equipment(Net PPE) was $803 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $158 Mil.
Total Current Liabilities was $204 Mil.
Long-Term Debt & Capital Lease Obligation was $909 Mil.
Net Income was -75.1 + -2.5 + 39.9 + -21.6 = $-59 Mil.
Non Operating Income was -77.4 + -0.8 + 10.4 + -2.1 = $-70 Mil.
Cash Flow from Operations was -65.6 + -13.4 + -22.6 + 141.8 = $40 Mil.
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Total Receivables was $202 Mil.
Revenue was 352.4 + 249.4 + 214.7 + 448.5 = $1,265 Mil.
Gross Profit was 70 + 38.4 + 33.9 + 64.6 = $207 Mil.
Total Current Assets was $685 Mil.
Total Assets was $1,765 Mil.
Property, Plant and Equipment(Net PPE) was $775 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $219 Mil.
Long-Term Debt & Capital Lease Obligation was $832 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) |
| = | (168.6 / 1194) | / | (202.2 / 1265) |
| = | 0.141206 | / | 0.159842 |
| | = | 0.8834 |
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) |
| = | (206.9 / 1265) | / | (234.5 / 1194) |
| = | 0.163557 | / | 0.196399 |
| | = | 0.8328 |
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 - (627.8 + 802.996) / 1805.3) | / | (1 - (684.7 + 774.8) / 1764.7) |
| = | 0.207447 | / | 0.172947 |
| | = | 1.1995 |
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 |
| = | 1194 | / | 1265 |
| | = | 0.9439 |
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)) |
| = | (109.3 / (109.3 + 774.8)) | / | (100.2 / (100.2 + 802.996)) |
| = | 0.123629 | / | 0.110939 |
| | = | 1.1144 |
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) |
| = | (158.4 / 1194) | / | (156.2 / 1265) |
| = | 0.132663 | / | 0.123478 |
| | = | 1.0744 |
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) |
| = | ((908.7 + 204.3) / 1805.3) | / | ((832.1 + 218.7) / 1764.7) |
| = | 0.616518 | / | 0.595455 |
| | = | 1.0354 |
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 |
| = | (-59.3 - -69.9 | - | 40.2) | / | 1805.3 |
| | = | -0.016396 |
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.
Compass Minerals International has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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