Summit Materials Beneish M-Score Historical Data
The historical data trend for Summit Materials'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.
Summit Materials Beneish M-Score Chart
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Summit Materials Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.84 |
-2.65 |
-2.77 |
-2.85 |
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Summit Materials 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 |
-2.70 |
-2.60 |
-2.73 |
-2.85 |
Competitive Comparison of Summit Materials's Beneish M-Score
For the Building Materials subindustry, Summit Materials'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.
Summit Materials's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Summit Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Summit Materials's Beneish M-Score falls into.
Summit Materials 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 Summit Materials 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 * 1.0412 | + | 0.528 * 0.9313 | + | 0.404 * 0.8374 | + | 0.892 * 1.0858 | + | 0.115 * 1.0176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0364 | + | 4.679 * -0.065061 | - | 0.327 * 1.2255 |
| = | -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 $298 Mil.
Revenue was 660.133 + 794.797 + 729.15 + 435.388 = $2,619 Mil.
Gross Profit was 187.324 + 251.638 + 236.747 + 81.351 = $757 Mil.
Total Current Assets was $1,732 Mil.
Total Assets was $5,150 Mil.
Property, Plant and Equipment(Net PPE) was $2,013 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $212 Mil.
Total Current Liabilities was $323 Mil.
Long-Term Debt & Capital Lease Obligation was $2,317 Mil.
Net Income was 2.978 + 230.045 + 83.637 + -30.804 = $286 Mil.
Non Operating Income was 25.839 + 141.355 + 8.701 + 6.14 = $182 Mil.
Cash Flow from Operations was 195.236 + 149.582 + 93.707 + 0.335 = $439 Mil.
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Total Receivables was $263 Mil.
Revenue was 552.274 + 752.747 + 686.554 + 420.947 = $2,413 Mil.
Gross Profit was 161.618 + 217.811 + 202.349 + 67.567 = $649 Mil.
Total Current Assets was $1,018 Mil.
Total Assets was $4,256 Mil.
Property, Plant and Equipment(Net PPE) was $1,852 Mil.
Depreciation, Depletion and Amortization(DDA) was $213 Mil.
Selling, General, & Admin. Expense(SGA) was $189 Mil.
Total Current Liabilities was $256 Mil.
Long-Term Debt & Capital Lease Obligation was $1,524 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) |
| = | (297.541 / 2619.468) | / | (263.179 / 2412.522) |
| = | 0.113588 | / | 0.109089 |
| | = | 1.0412 |
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) |
| = | (649.345 / 2412.522) | / | (757.06 / 2619.468) |
| = | 0.269156 | / | 0.289013 |
| | = | 0.9313 |
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 - (1732.124 + 2013.373) / 5149.582) | / | (1 - (1018.376 + 1851.591) / 4255.692) |
| = | 0.27266 | / | 0.325617 |
| | = | 0.8374 |
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 |
| = | 2619.468 | / | 2412.522 |
| | = | 1.0858 |
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)) |
| = | (212.501 / (212.501 + 1851.591)) | / | (226.614 / (226.614 + 2013.373)) |
| = | 0.102951 | / | 0.101168 |
| | = | 1.0176 |
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) |
| = | (212.433 / 2619.468) | / | (188.77 / 2412.522) |
| = | 0.081098 | / | 0.078246 |
| | = | 1.0364 |
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) |
| = | ((2316.869 + 322.965) / 5149.582) | / | ((1524.306 + 255.847) / 4255.692) |
| = | 0.512631 | / | 0.418299 |
| | = | 1.2255 |
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 |
| = | (285.856 - 182.035 | - | 438.86) | / | 5149.582 |
| | = | -0.065061 |
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.
Summit Materials has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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