Market Cap : 1.13 B | Enterprise Value : 2.1 B | PE Ratio : At Loss | PB Ratio : 1.82 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for US Silica Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of US Silica Holdings was -0.86. The lowest was -3.02. And the median was -2.42.
The historical data trend for US Silica Holdings'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.
For the Oil & Gas Equipment & Services subindustry, US Silica Holdings'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.
For the Oil & Gas industry and Energy sector, US Silica Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where US Silica Holdings's Beneish M-Score falls into.
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 US Silica Holdings 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 * 0.7736 | + | 0.528 * 1.3508 | + | 0.404 * 0.9646 | + | 0.892 * 1.3036 | + | 0.115 * 1.0085 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9935 | + | 4.679 * -0.0975 | - | 0.327 * 1.0181 | |||||||
= | -2.71 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $225 Mil. Revenue was 388.513 + 304.887 + 284.864 + 267.298 = $1,246 Mil. Gross Profit was 119.617 + 78.018 + 67.273 + 59.85 = $325 Mil. Total Current Assets was $684 Mil. Total Assets was $2,279 Mil. Property, Plant and Equipment(Net PPE) was $1,255 Mil. Depreciation, Depletion and Amortization(DDA) was $151 Mil. Selling, General, & Admin. Expense(SGA) was $141 Mil. Total Current Liabilities was $248 Mil. Long-Term Debt & Capital Lease Obligation was $1,261 Mil. Net Income was 22.908 + -8.393 + -19.016 + -19.995 = $-24 Mil. Non Operating Income was 2.099 + 1.531 + 0.994 + 2.569 = $7 Mil. Cash Flow from Operations was 88.102 + 15.079 + 12.565 + 74.829 = $191 Mil. |
Total Receivables was $223 Mil. Revenue was 317.301 + 234.416 + 227.277 + 176.472 = $955 Mil. Gross Profit was 124.346 + 57.427 + 85.859 + 68.88 = $337 Mil. Total Current Assets was $569 Mil. Total Assets was $2,255 Mil. Property, Plant and Equipment(Net PPE) was $1,337 Mil. Depreciation, Depletion and Amortization(DDA) was $163 Mil. Selling, General, & Admin. Expense(SGA) was $109 Mil. Total Current Liabilities was $200 Mil. Long-Term Debt & Capital Lease Obligation was $1,267 Mil. |
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) |
= | (225.11 / 1245.562) | / | (223.229 / 955.466) | |
= | 0.18072966 | / | 0.23363364 | |
= | 0.7736 |
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) | |
= | (336.512 / 955.466) | / | (324.758 / 1245.562) | |
= | 0.35219673 | / | 0.2607321 | |
= | 1.3508 |
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 - (684.253 + 1254.876) / 2279.111) | / | (1 - (569.19 + 1337.314) / 2255.278) | |
= | 0.14917308 | / | 0.1546479 | |
= | 0.9646 |
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 | |
= | 1245.562 | / | 955.466 | |
= | 1.3036 |
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)) |
= | (162.546 / (162.546 + 1337.314)) | / | (151.082 / (151.082 + 1254.876)) | |
= | 0.10837411 | / | 0.1074584 | |
= | 1.0085 |
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) |
= | (140.822 / 1245.562) | / | (108.726 / 955.466) | |
= | 0.113059 | / | 0.11379369 | |
= | 0.9935 |
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) |
= | ((1261.488 + 248.328) / 2279.111) | / | ((1267.477 + 199.974) / 2255.278) | |
= | 0.6624583 | / | 0.65067411 | |
= | 1.0181 |
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 | |
= | (-24.496 - 7.193 | - | 190.575) | / | 2279.111 | |
= | -0.0975 |
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.
US Silica Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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Rogers Sandra | director | 24275 KATY FREEWAY SUITE 600 KATY TX 77494 |
Ussery James Derek | officer: President Oil and Gas | 1301 MCKINNEY ST STE 1800 HOUSTON TX 77010 |
Crowder Donna Lynnette | officer: SVP and CHRO | 24275 KATY FREEWAY SUITE 600 KATY TX 77494 |
Russell Stacy | officer: SVP General Counsel | 24275 KATY FREEWAY SUITE 600 KATY TX 77494 |
Lind Bonnie Cruickshank | director | 3460 PRESTON RIDGE ROAD ALPHARETTA GA 30005 |
Carusona Zach | officer: President Specialty Minerals | 24275 KATY FREEWAY SUITE 600 KATY TX 77494 |
Miers Daniel Ross | officer: President SandBox Logistics | 1301 MCKINNEY ST STE 1800 HOUSTON TX 77010 |
Macan William Andrew | officer: See Remarks | 24275 KATY FREEWAY, SUITE 600 KATY TX 77494 |
Stice J Michael | director | 525 CENTRAL PARK DRIVE OKLAHOMA CITY OK 73105 |
Bernard Peter Clark | director | 8490 PROGRESS DRIVE SUITE 300 FREDERICK MD 21701 |
Shaver Charles W | director | C/O US SILICA 8490 PROGRESS DR. STE 300 FREDERICK MD 21701 |
Smith Billy Ray | officer: SVP & President, Oil & Gas | 8490 PROGRESS DRIVE, SUITE 300 FREDERICK MD 21701 |
Duren Diane K | director | PO BOX 45308 OMAHA NE 68145 |
Kacal William Jennings | director | 2112 INWOOD DRIVE HOUSTON TX 77019 |
Merril Donald A | officer: EVP & Chief Financial Officer | 1293 SOUTH MAIN STREET AKRON OH 44301 |
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