Kronos Worldwide Beneish M-Score Historical Data
The historical data trend for Kronos Worldwide'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.
Kronos Worldwide Beneish M-Score Chart
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Kronos Worldwide Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.45 |
-2.61 |
-2.75 |
-1.76 |
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Kronos Worldwide 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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-2.75 |
-2.42 |
-2.11 |
-1.86 |
-1.76 |
Competitive Comparison of Kronos Worldwide's Beneish M-Score
For the Specialty Chemicals subindustry, Kronos Worldwide'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.
Kronos Worldwide's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Kronos Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kronos Worldwide's Beneish M-Score falls into.
Kronos Worldwide 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 Kronos Worldwide 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 * 1.4189 | + | 0.528 * 2.0477 | + | 0.404 * 1.2152 | + | 0.892 * 0.8634 | + | 0.115 * 1.0518 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0288 | + | 4.679 * -0.029924 | - | 0.327 * 1.1375 |
| = | -1.76 |
* 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 $313 Mil.
Revenue was 400.1 + 396.9 + 443.2 + 426.3 = $1,667 Mil.
Gross Profit was 55.6 + 34.4 + 44.1 + 30.8 = $165 Mil.
Total Current Assets was $1,117 Mil.
Total Assets was $1,838 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $217 Mil.
Total Current Liabilities was $371 Mil.
Long-Term Debt & Capital Lease Obligation was $460 Mil.
Net Income was -5.3 + -20.4 + -8.2 + -15.2 = $-49 Mil.
Non Operating Income was -2.9 + -3.9 + 2.5 + 4.7 = $0 Mil.
Cash Flow from Operations was 64.4 + 17.7 + 33.2 + -109.8 = $6 Mil.
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Total Receivables was $255 Mil.
Revenue was 342.4 + 459.6 + 565.3 + 562.9 = $1,930 Mil.
Gross Profit was 37.3 + 84 + 120.5 + 149.3 = $391 Mil.
Total Current Assets was $1,242 Mil.
Total Assets was $1,934 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $327 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) |
| = | (312.5 / 1666.5) | / | (255.1 / 1930.2) |
| = | 0.187519 | / | 0.132162 |
| | = | 1.4189 |
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) |
| = | (391.1 / 1930.2) | / | (164.9 / 1666.5) |
| = | 0.202621 | / | 0.09895 |
| | = | 2.0477 |
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 - (1117.4 + 505.6) / 1838) | / | (1 - (1242.2 + 506) / 1934.4) |
| = | 0.116975 | / | 0.096257 |
| | = | 1.2152 |
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 |
| = | 1666.5 | / | 1930.2 |
| | = | 0.8634 |
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)) |
| = | (56.2 / (56.2 + 506)) | / | (53.1 / (53.1 + 505.6)) |
| = | 0.099964 | / | 0.095042 |
| | = | 1.0518 |
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) |
| = | (216.9 / 1666.5) | / | (244.2 / 1930.2) |
| = | 0.130153 | / | 0.126515 |
| | = | 1.0288 |
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) |
| = | ((459.5 + 370.8) / 1838) | / | ((441.5 + 326.7) / 1934.4) |
| = | 0.451741 | / | 0.397126 |
| | = | 1.1375 |
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 |
| = | (-49.1 - 0.4 | - | 5.5) | / | 1838 |
| | = | -0.029924 |
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.
Kronos Worldwide has a M-score of -1.76 signals that the company is likely to be a manipulator.
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