US Silica Holdings Beneish M-Score Historical Data
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.
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US Silica Holdings Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
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-1.71 |
-3.01 |
-2.87 |
-2.29 |
-2.78 |
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US Silica Holdings Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.37 |
-2.93 |
-2.78 |
-2.73 |
-2.71 |
Competitive Comparison
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.
US Silica Holdings Beneish M-Score Distribution
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.
US Silica Holdings 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 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.
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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.
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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) |
| = | (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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