Minerals Technologies Beneish M-Score Historical Data
The historical data trend for Minerals Technologies'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.
Minerals Technologies Beneish M-Score Chart
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Minerals Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.65 |
-2.50 |
-2.25 |
-2.58 |
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Minerals Technologies 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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-2.25 |
-2.34 |
-2.32 |
-2.51 |
-2.58 |
Competitive Comparison of Minerals Technologies's Beneish M-Score
For the Specialty Chemicals subindustry, Minerals Technologies'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.
Minerals Technologies's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Minerals Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Minerals Technologies's Beneish M-Score falls into.
Minerals Technologies 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 Minerals Technologies 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 * 0.9677 | + | 0.528 * 0.9361 | + | 0.404 * 1.0006 | + | 0.892 * 1.0208 | + | 0.115 * 0.9372 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0317 | + | 4.679 * -0.010907 | - | 0.327 * 0.9722 |
| = | -2.58 |
* 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 $399 Mil.
Revenue was 524.5 + 547.8 + 551.5 + 546.1 = $2,170 Mil.
Gross Profit was 125.3 + 133.1 + 128 + 120.7 = $507 Mil.
Total Current Assets was $1,099 Mil.
Total Assets was $3,347 Mil.
Property, Plant and Equipment(Net PPE) was $987 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $206 Mil.
Total Current Liabilities was $457 Mil.
Long-Term Debt & Capital Lease Obligation was $911 Mil.
Net Income was 39.7 + -19.2 + 26.6 + 37 = $84 Mil.
Non Operating Income was -5.4 + -84.3 + -22.1 + -1.2 = $-113 Mil.
Cash Flow from Operations was 95.3 + 105.1 + -0.5 + 33.7 = $234 Mil.
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Total Receivables was $404 Mil.
Revenue was 507.6 + 541.9 + 557 + 519.1 = $2,126 Mil.
Gross Profit was 97.7 + 118.3 + 127.3 + 121.7 = $465 Mil.
Total Current Assets was $1,071 Mil.
Total Assets was $3,402 Mil.
Property, Plant and Equipment(Net PPE) was $1,050 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $196 Mil.
Total Current Liabilities was $503 Mil.
Long-Term Debt & Capital Lease Obligation was $928 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) |
| = | (399.1 / 2169.9) | / | (404 / 2125.6) |
| = | 0.183926 | / | 0.190064 |
| | = | 0.9677 |
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) |
| = | (465 / 2125.6) | / | (507.1 / 2169.9) |
| = | 0.218762 | / | 0.233697 |
| | = | 0.9361 |
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 - (1099 + 986.8) / 3346.6) | / | (1 - (1070.5 + 1050.4) / 3401.6) |
| = | 0.376741 | / | 0.376499 |
| | = | 1.0006 |
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 |
| = | 2169.9 | / | 2125.6 |
| | = | 1.0208 |
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)) |
| = | (94.2 / (94.2 + 1050.4)) | / | (95 / (95 + 986.8)) |
| = | 0.082299 | / | 0.087817 |
| | = | 0.9372 |
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) |
| = | (206 / 2169.9) | / | (195.6 / 2125.6) |
| = | 0.094935 | / | 0.092021 |
| | = | 1.0317 |
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) |
| = | ((911.1 + 457.3) / 3346.6) | / | ((928.1 + 502.6) / 3401.6) |
| = | 0.408893 | / | 0.420596 |
| | = | 0.9722 |
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 |
| = | (84.1 - -113 | - | 233.6) | / | 3346.6 |
| | = | -0.010907 |
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.
Minerals Technologies has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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