LyondellBasell Industries NV Beneish M-Score Historical Data
The historical data trend for LyondellBasell Industries NV'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.
LyondellBasell Industries NV Beneish M-Score Chart
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LyondellBasell Industries NV Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-2.11 |
-2.51 |
-2.68 |
-2.87 |
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LyondellBasell Industries NV Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-2.68 |
-2.72 |
-2.88 |
-2.88 |
-2.87 |
Competitive Comparison of LyondellBasell Industries NV's Beneish M-Score
For the Specialty Chemicals subindustry, LyondellBasell Industries NV'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.
LyondellBasell Industries NV's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, LyondellBasell Industries NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LyondellBasell Industries NV's Beneish M-Score falls into.
LyondellBasell Industries NV 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 LyondellBasell Industries NV 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 * 1.1996 | + | 0.528 * 1.0234 | + | 0.404 * 0.8985 | + | 0.892 * 0.8148 | + | 0.115 * 0.8363 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4587 | + | 4.679 * -0.060324 | - | 0.327 * 0.9871 |
| = | -2.87 |
* 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 $3,989 Mil.
Revenue was 9929 + 10625 + 10306 + 10247 = $41,107 Mil.
Gross Profit was 989 + 1448 + 1438 + 1383 = $5,258 Mil.
Total Current Assets was $13,152 Mil.
Total Assets was $37,000 Mil.
Property, Plant and Equipment(Net PPE) was $17,076 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,534 Mil.
Selling, General, & Admin. Expense(SGA) was $1,557 Mil.
Total Current Liabilities was $7,150 Mil.
Long-Term Debt & Capital Lease Obligation was $11,742 Mil.
Net Income was 183 + 745 + 714 + 472 = $2,114 Mil.
Non Operating Income was -297 + -50 + -19 + -230 = $-596 Mil.
Cash Flow from Operations was 1504 + 1666 + 1290 + 482 = $4,942 Mil.
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Total Receivables was $4,081 Mil.
Revenue was 10206 + 12250 + 14838 + 13157 = $50,451 Mil.
Gross Profit was 850 + 1162 + 2571 + 2021 = $6,604 Mil.
Total Current Assets was $11,845 Mil.
Total Assets was $36,365 Mil.
Property, Plant and Equipment(Net PPE) was $17,112 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,267 Mil.
Selling, General, & Admin. Expense(SGA) was $1,310 Mil.
Total Current Liabilities was $6,760 Mil.
Long-Term Debt & Capital Lease Obligation was $12,050 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) |
| = | (3989 / 41107) | / | (4081 / 50451) |
| = | 0.097039 | / | 0.08089 |
| | = | 1.1996 |
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) |
| = | (6604 / 50451) | / | (5258 / 41107) |
| = | 0.130899 | / | 0.12791 |
| | = | 1.0234 |
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 - (13152 + 17076) / 37000) | / | (1 - (11845 + 17112) / 36365) |
| = | 0.183027 | / | 0.203712 |
| | = | 0.8985 |
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 |
| = | 41107 | / | 50451 |
| | = | 0.8148 |
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)) |
| = | (1267 / (1267 + 17112)) | / | (1534 / (1534 + 17076)) |
| = | 0.068937 | / | 0.082429 |
| | = | 0.8363 |
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) |
| = | (1557 / 41107) | / | (1310 / 50451) |
| = | 0.037877 | / | 0.025966 |
| | = | 1.4587 |
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) |
| = | ((11742 + 7150) / 37000) | / | ((12050 + 6760) / 36365) |
| = | 0.510595 | / | 0.517256 |
| | = | 0.9871 |
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 |
| = | (2114 - -596 | - | 4942) | / | 37000 |
| | = | -0.060324 |
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.
LyondellBasell Industries NV has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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