Venator Materials Beneish M-Score Historical Data
The historical data trend for Venator 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.
|
Venator Materials Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
-2.34 |
-2.05 |
-2.36 |
-2.52 |
-2.35 |
|
Venator Materials Quarterly Data
|
|
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.24 |
-2.52 |
-2.45 |
-2.35 |
-5.22 |
Competitive Comparison
For the Specialty Chemicals subindustry, Venator 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.
Venator Materials Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Venator Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Venator Materials's Beneish M-Score falls into.
Venator 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 Venator 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 * 0.7747 | + | 0.528 * -2.43 | + | 0.404 * 0.8859 | + | 0.892 * 0.8421 | + | 0.115 * 0.6995 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1492 | + | 4.679 * -0.08311 | - | 0.327 * 1.2488 |
| = | -5.22 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $319 Mil.
Revenue was 438 + 366 + 506 + 642 = $1,952 Mil.
Gross Profit was -92 + -45 + -2 + 69 = $-70 Mil.
Total Current Assets was $968 Mil.
Total Assets was $1,865 Mil.
Property, Plant and Equipment(Net PPE) was $616 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $1,464 Mil.
Long-Term Debt & Capital Lease Obligation was $22 Mil.
Net Income was -170 + -228 + -50 + 93 = $-355 Mil.
Non Operating Income was -10 + -122 + -3 + 83 = $-52 Mil.
Cash Flow from Operations was -120 + -27 + -74 + 73 = $-148 Mil.
|
Total Receivables was $489 Mil.
Revenue was 659 + 535 + 557 + 567 = $2,318 Mil.
Gross Profit was 63 + 44 + 46 + 49 = $202 Mil.
Total Current Assets was $1,097 Mil.
Total Assets was $2,340 Mil.
Property, Plant and Equipment(Net PPE) was $845 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $155 Mil.
Total Current Liabilities was $518 Mil.
Long-Term Debt & Capital Lease Obligation was $975 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) |
| = | (319 / 1952) | / | (489 / 2318) |
| = | 0.163422 | / | 0.210958 |
| | = | 0.7747 |
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) |
| = | (202 / 2318) | / | (-70 / 1952) |
| = | 0.087144 | / | -0.035861 |
| | = | -2.43 |
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 - (968 + 616) / 1865) | / | (1 - (1097 + 845) / 2340) |
| = | 0.15067 | / | 0.170085 |
| | = | 0.8859 |
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 |
| = | 1952 | / | 2318 |
| | = | 0.8421 |
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)) |
| = | (119 / (119 + 845)) | / | (132 / (132 + 616)) |
| = | 0.123444 | / | 0.176471 |
| | = | 0.6995 |
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) |
| = | (150 / 1952) | / | (155 / 2318) |
| = | 0.076844 | / | 0.066868 |
| | = | 1.1492 |
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) |
| = | ((22 + 1464) / 1865) | / | ((975 + 518) / 2340) |
| = | 0.796783 | / | 0.638034 |
| | = | 1.2488 |
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 |
| = | (-355 - -52 | - | -148) | / | 1865 |
| | = | -0.08311 |
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.
Venator Materials has a M-score of -5.22 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
VNTRF has been successfully added to your