Trinseo Beneish M-Score Historical Data
The historical data trend for Trinseo'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.
Trinseo Beneish M-Score Chart
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Trinseo Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.97 |
-2.04 |
-2.21 |
-3.39 |
-3.62 |
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Trinseo Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.60 |
-3.73 |
-3.67 |
-3.62 |
-3.50 |
Competitive Comparison of Trinseo's Beneish M-Score
For the Specialty Chemicals subindustry, Trinseo'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.
Trinseo's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Trinseo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trinseo's Beneish M-Score falls into.
Trinseo 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 Trinseo 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 * 0.8926 | + | 0.528 * 0.5843 | + | 0.404 * 0.9992 | + | 0.892 * 0.9472 | + | 0.115 * 0.977 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2421 | + | 4.679 * -0.121921 | - | 0.327 * 1.1226 |
| = | -3.50 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $471 Mil.
Revenue was 784.8 + 821.5 + 867.7 + 920 = $3,394 Mil.
Gross Profit was 63.8 + 56 + 80.6 + 68.4 = $269 Mil.
Total Current Assets was $1,036 Mil.
Total Assets was $2,655 Mil.
Property, Plant and Equipment(Net PPE) was $636 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $348 Mil.
Total Current Liabilities was $689 Mil.
Long-Term Debt & Capital Lease Obligation was $2,358 Mil.
Net Income was -79 + -117.9 + -87.3 + -67.8 = $-352 Mil.
Non Operating Income was 21.4 + -15.2 + 4.8 + 18.9 = $30 Mil.
Cash Flow from Operations was -110.2 + 85.1 + 8.8 + -41.9 = $-58 Mil.
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Total Receivables was $557 Mil.
Revenue was 904 + 837.5 + 879 + 962.6 = $3,583 Mil.
Gross Profit was 60.6 + 20.3 + 31.3 + 53.6 = $166 Mil.
Total Current Assets was $1,197 Mil.
Total Assets was $2,989 Mil.
Property, Plant and Equipment(Net PPE) was $685 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $296 Mil.
Total Current Liabilities was $732 Mil.
Long-Term Debt & Capital Lease Obligation was $2,324 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) |
| = | (470.5 / 3394) | / | (556.5 / 3583.1) |
| = | 0.138627 | / | 0.155312 |
| | = | 0.8926 |
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) |
| = | (165.8 / 3583.1) | / | (268.8 / 3394) |
| = | 0.046273 | / | 0.079199 |
| | = | 0.5843 |
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 - (1036 + 635.9) / 2655) | / | (1 - (1196.7 + 684.9) / 2989.4) |
| = | 0.370282 | / | 0.370576 |
| | = | 0.9992 |
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 |
| = | 3394 | / | 3583.1 |
| | = | 0.9472 |
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)) |
| = | (210.2 / (210.2 + 684.9)) | / | (201.2 / (201.2 + 635.9)) |
| = | 0.234834 | / | 0.240354 |
| | = | 0.977 |
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) |
| = | (347.9 / 3394) | / | (295.7 / 3583.1) |
| = | 0.102504 | / | 0.082526 |
| | = | 1.2421 |
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) |
| = | ((2357.8 + 689.3) / 2655) | / | ((2324.2 + 732) / 2989.4) |
| = | 1.147684 | / | 1.022346 |
| | = | 1.1226 |
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 |
| = | (-352 - 29.9 | - | -58.2) | / | 2655 |
| | = | -0.121921 |
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.
Trinseo has a M-score of -3.50 suggests that the company is unlikely to be a manipulator.
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