Neenah Beneish M-Score Historical Data
The historical data trend for Neenah'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.
Neenah Beneish M-Score Chart
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Neenah Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.30 |
-2.55 |
-2.84 |
-2.66 |
-2.04 |
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Neenah Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-2.61 |
-1.59 |
-1.94 |
-2.04 |
-1.93 |
Competitive Comparison of Neenah's Beneish M-Score
For the Paper & Paper Products subindustry, Neenah'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.
Neenah's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Neenah's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Neenah's Beneish M-Score falls into.
Neenah 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 Neenah 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 * 1.0132 | + | 0.528 * 1.2694 | + | 0.404 * 1.6078 | + | 0.892 * 1.3821 | + | 0.115 * 0.8147 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0344 | + | 4.679 * -0.004612 | - | 0.327 * 1.4427 |
| = | -1.93 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $165 Mil.
Revenue was 284.8 + 264.3 + 267.9 + 269.3 = $1,086 Mil.
Gross Profit was 48.3 + 36.9 + 38.4 + 38.4 = $162 Mil.
Total Current Assets was $379 Mil.
Total Assets was $1,106 Mil.
Property, Plant and Equipment(Net PPE) was $329 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $125 Mil.
Total Current Liabilities was $189 Mil.
Long-Term Debt & Capital Lease Obligation was $492 Mil.
Net Income was 5.7 + -6.8 + 3.3 + -29.7 = $-28 Mil.
Non Operating Income was -6.5 + -1.8 + -1.8 + -42.8 = $-53 Mil.
Cash Flow from Operations was -2 + 12.9 + 16.9 + 2.7 = $31 Mil.
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Total Receivables was $118 Mil.
Revenue was 227 + 206.9 + 190.7 + 161.4 = $786 Mil.
Gross Profit was 49.6 + 42.6 + 35.2 + 21.4 = $149 Mil.
Total Current Assets was $299 Mil.
Total Assets was $823 Mil.
Property, Plant and Equipment(Net PPE) was $340 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $87 Mil.
Total Current Liabilities was $146 Mil.
Long-Term Debt & Capital Lease Obligation was $205 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) |
| = | (165.1 / 1086.3) | / | (117.9 / 786) |
| = | 0.151984 | / | 0.15 |
| | = | 1.0132 |
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) |
| = | (148.8 / 786) | / | (162 / 1086.3) |
| = | 0.189313 | / | 0.14913 |
| | = | 1.2694 |
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 - (379.1 + 329.3) / 1105.8) | / | (1 - (299 + 340.2) / 823.2) |
| = | 0.359378 | / | 0.223518 |
| | = | 1.6078 |
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 |
| = | 1086.3 | / | 786 |
| | = | 1.3821 |
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)) |
| = | (36.7 / (36.7 + 340.2)) | / | (44.7 / (44.7 + 329.3)) |
| = | 0.097373 | / | 0.119519 |
| | = | 0.8147 |
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) |
| = | (124.8 / 1086.3) | / | (87.3 / 786) |
| = | 0.114885 | / | 0.111069 |
| | = | 1.0344 |
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) |
| = | ((492.3 + 188.9) / 1105.8) | / | ((205.2 + 146.3) / 823.2) |
| = | 0.616025 | / | 0.426992 |
| | = | 1.4427 |
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 |
| = | (-27.5 - -52.9 | - | 30.5) | / | 1105.8 |
| | = | -0.004612 |
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.
Neenah has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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