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 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-2.29 |
-2.78 |
-2.77 |
-2.85 |
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US Silica Holdings 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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-2.77 |
-2.60 |
-2.79 |
-2.97 |
-2.85 |
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 * 0.8757 | + | 0.528 * 0.8712 | + | 0.404 * 1.0357 | + | 0.892 * 1.0176 | + | 0.115 * 0.9778 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8116 | + | 4.679 * -0.066242 | - | 0.327 * 0.8185 |
| = | -2.85 |
* 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 $186 Mil.
Revenue was 336.037 + 366.961 + 406.784 + 442.24 = $1,552 Mil.
Gross Profit was 109.273 + 126.004 + 147.011 + 149.107 = $531 Mil.
Total Current Assets was $601 Mil.
Total Assets was $2,097 Mil.
Property, Plant and Equipment(Net PPE) was $1,166 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $119 Mil.
Total Current Liabilities was $186 Mil.
Long-Term Debt & Capital Lease Obligation was $879 Mil.
Net Income was 29.109 + 26.909 + 46.259 + 44.648 = $147 Mil.
Non Operating Income was 17.778 + 4.016 + 2.497 + -2.352 = $22 Mil.
Cash Flow from Operations was 54.16 + 76.691 + 92.115 + 40.902 = $264 Mil.
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Total Receivables was $209 Mil.
Revenue was 412.934 + 418.813 + 388.513 + 304.887 = $1,525 Mil.
Gross Profit was 130.03 + 127.293 + 119.617 + 78.018 = $455 Mil.
Total Current Assets was $657 Mil.
Total Assets was $2,215 Mil.
Property, Plant and Equipment(Net PPE) was $1,221 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $144 Mil.
Total Current Liabilities was $272 Mil.
Long-Term Debt & Capital Lease Obligation was $1,102 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) |
| = | (185.917 / 1552.022) | / | (208.631 / 1525.147) |
| = | 0.11979 | / | 0.136794 |
| | = | 0.8757 |
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) |
| = | (454.958 / 1525.147) | / | (531.395 / 1552.022) |
| = | 0.298304 | / | 0.342389 |
| | = | 0.8712 |
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 - (600.744 + 1166.315) / 2096.593) | / | (1 - (657.284 + 1221.208) / 2214.58) |
| = | 0.157176 | / | 0.151762 |
| | = | 1.0357 |
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 |
| = | 1552.022 | / | 1525.147 |
| | = | 1.0176 |
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)) |
| = | (140.166 / (140.166 + 1221.208)) | / | (137.259 / (137.259 + 1166.315)) |
| = | 0.102959 | / | 0.105294 |
| | = | 0.9778 |
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) |
| = | (118.797 / 1552.022) | / | (143.838 / 1525.147) |
| = | 0.076543 | / | 0.094311 |
| | = | 0.8116 |
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) |
| = | ((878.759 + 185.85) / 2096.593) | / | ((1101.936 + 271.95) / 2214.58) |
| = | 0.50778 | / | 0.620382 |
| | = | 0.8185 |
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 |
| = | (146.925 - 21.939 | - | 263.868) | / | 2096.593 |
| | = | -0.066242 |
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 -2.85 suggests that the company is unlikely to be a manipulator.
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