Quaker Houghton Beneish M-Score Historical Data
The historical data trend for Quaker Houghton'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.
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Quaker Houghton Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.47 |
-2.62 |
-2.15 |
-2.30 |
-2.82 |
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Quaker Houghton 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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-2.30 |
-2.42 |
-2.60 |
-2.78 |
-2.82 |
Competitive Comparison
For the Specialty Chemicals subindustry, Quaker Houghton'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.
Quaker Houghton Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Quaker Houghton's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quaker Houghton's Beneish M-Score falls into.
Quaker Houghton 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 Quaker Houghton 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 * 0.9362 | + | 0.528 * 0.8726 | + | 0.404 * 1.0099 | + | 0.892 * 1.005 | + | 0.115 * 0.9984 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0565 | + | 4.679 * -0.054039 | - | 0.327 * 0.8861 |
| = | -2.82 |
* 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 $445 Mil.
Revenue was 467.109 + 490.612 + 495.444 + 500.148 = $1,953 Mil.
Gross Profit was 171.156 + 183.347 + 177.691 + 173.45 = $706 Mil.
Total Current Assets was $928 Mil.
Total Assets was $2,714 Mil.
Property, Plant and Equipment(Net PPE) was $246 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General, & Admin. Expense(SGA) was $484 Mil.
Total Current Liabilities was $368 Mil.
Long-Term Debt & Capital Lease Obligation was $754 Mil.
Net Income was 20.198 + 33.67 + 29.346 + 29.534 = $113 Mil.
Non Operating Income was -3.668 + -3.823 + -5.537 + -6.571 = $-20 Mil.
Cash Flow from Operations was 79.56 + 83.408 + 78.27 + 37.782 = $279 Mil.
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Total Receivables was $473 Mil.
Revenue was 484.808 + 492.218 + 492.388 + 474.171 = $1,944 Mil.
Gross Profit was 156.27 + 160.749 + 149.564 + 146.071 = $613 Mil.
Total Current Assets was $994 Mil.
Total Assets was $2,822 Mil.
Property, Plant and Equipment(Net PPE) was $242 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $455 Mil.
Total Current Liabilities was $355 Mil.
Long-Term Debt & Capital Lease Obligation was $961 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) |
| = | (444.95 / 1953.313) | / | (472.888 / 1943.585) |
| = | 0.227792 | / | 0.243307 |
| | = | 0.9362 |
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) |
| = | (612.654 / 1943.585) | / | (705.644 / 1953.313) |
| = | 0.315219 | / | 0.361255 |
| | = | 0.8726 |
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 - (927.889 + 246.425) / 2714.211) | / | (1 - (994.137 + 242.361) / 2821.622) |
| = | 0.567346 | / | 0.561778 |
| | = | 1.0099 |
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 |
| = | 1953.313 | / | 1943.585 |
| | = | 1.005 |
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)) |
| = | (80.467 / (80.467 + 242.361)) | / | (81.987 / (81.987 + 246.425)) |
| = | 0.249257 | / | 0.249647 |
| | = | 0.9984 |
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) |
| = | (483.561 / 1953.313) | / | (455.408 / 1943.585) |
| = | 0.247559 | / | 0.234313 |
| | = | 1.0565 |
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) |
| = | ((753.56 + 367.51) / 2714.211) | / | ((960.528 + 354.786) / 2821.622) |
| = | 0.413037 | / | 0.466155 |
| | = | 0.8861 |
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 |
| = | (112.748 - -19.599 | - | 279.02) | / | 2714.211 |
| | = | -0.054039 |
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.
Quaker Houghton has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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