Ingevity Beneish M-Score Historical Data
The historical data trend for Ingevity'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.
Ingevity Beneish M-Score Chart
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Ingevity Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.87 |
-2.49 |
-2.28 |
-2.57 |
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Ingevity 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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-2.28 |
-2.41 |
-2.35 |
-2.65 |
-2.57 |
Competitive Comparison of Ingevity's Beneish M-Score
For the Specialty Chemicals subindustry, Ingevity'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.
Ingevity's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ingevity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ingevity's Beneish M-Score falls into.
Ingevity 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 Ingevity 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 * 0.8345 | + | 0.528 * 1.2253 | + | 0.404 * 0.9886 | + | 0.892 * 1.0143 | + | 0.115 * 0.8751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.911 | + | 4.679 * -0.011817 | - | 0.327 * 1.0302 |
| = | -2.57 |
* 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 $211 Mil.
Revenue was 371.7 + 446 + 481.8 + 392.6 = $1,692 Mil.
Gross Profit was 59.5 + 129 + 153 + 130.4 = $472 Mil.
Total Current Assets was $659 Mil.
Total Assets was $2,623 Mil.
Property, Plant and Equipment(Net PPE) was $829 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $184 Mil.
Total Current Liabilities was $363 Mil.
Long-Term Debt & Capital Lease Obligation was $1,431 Mil.
Net Income was -116.8 + 25.2 + 35.5 + 50.7 = $-5 Mil.
Non Operating Income was -140.2 + -26 + -24 + 10.7 = $-180 Mil.
Cash Flow from Operations was 44.6 + 106.9 + 48.4 + 5.2 = $205 Mil.
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Total Receivables was $249 Mil.
Revenue was 383.6 + 482 + 419.9 + 382.8 = $1,668 Mil.
Gross Profit was 105.4 + 176.3 + 150.6 + 137.8 = $570 Mil.
Total Current Assets was $683 Mil.
Total Assets was $2,737 Mil.
Property, Plant and Equipment(Net PPE) was $855 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $199 Mil.
Total Current Liabilities was $304 Mil.
Long-Term Debt & Capital Lease Obligation was $1,513 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) |
| = | (211 / 1692.1) | / | (249.3 / 1668.3) |
| = | 0.124697 | / | 0.149434 |
| | = | 0.8345 |
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) |
| = | (570.1 / 1668.3) | / | (471.9 / 1692.1) |
| = | 0.341725 | / | 0.278884 |
| | = | 1.2253 |
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 - (658.6 + 829.3) / 2623.3) | / | (1 - (683.3 + 855.2) / 2736.5) |
| = | 0.432814 | / | 0.437785 |
| | = | 0.9886 |
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 |
| = | 1692.1 | / | 1668.3 |
| | = | 1.0143 |
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)) |
| = | (108.8 / (108.8 + 855.2)) | / | (122.8 / (122.8 + 829.3)) |
| = | 0.112863 | / | 0.128978 |
| | = | 0.8751 |
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) |
| = | (183.7 / 1692.1) | / | (198.8 / 1668.3) |
| = | 0.108563 | / | 0.119163 |
| | = | 0.911 |
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) |
| = | ((1431.4 + 362.9) / 2623.3) | / | ((1513.3 + 303.5) / 2736.5) |
| = | 0.683986 | / | 0.663914 |
| | = | 1.0302 |
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 |
| = | (-5.4 - -179.5 | - | 205.1) | / | 2623.3 |
| | = | -0.011817 |
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.
Ingevity has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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