Verso Beneish M-Score Historical Data
The historical data trend for Verso'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.
Verso Beneish M-Score Chart
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Verso Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.74 |
-3.07 |
-2.03 |
0.17 |
-3.63 |
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Verso Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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0.17 |
-74.64 |
-2.70 |
-3.82 |
-3.63 |
Competitive Comparison of Verso's Beneish M-Score
For the Paper & Paper Products subindustry, Verso'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.
Verso's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Verso's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Verso's Beneish M-Score falls into.
Verso 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 Verso 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 * 1.3581 | + | 0.528 * 0.1088 | + | 0.404 * 0.8385 | + | 0.892 * 0.9404 | + | 0.115 * 0.8738 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0496 | + | 4.679 * -0.175355 | - | 0.327 * 1.135 |
| = | -3.63 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $106 Mil.
Revenue was 328 + 339 + 329 + 282 = $1,278 Mil.
Gross Profit was 76 + 65 + 57 + 18 = $216 Mil.
Total Current Assets was $415 Mil.
Total Assets was $1,055 Mil.
Property, Plant and Equipment(Net PPE) was $532 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $76 Mil.
Total Current Liabilities was $168 Mil.
Long-Term Debt & Capital Lease Obligation was $8 Mil.
Net Income was 13 + 58 + 16 + -90 = $-3 Mil.
Non Operating Income was 0 + 6 + 1 + -5 = $2 Mil.
Cash Flow from Operations was 47 + 79 + 55 + -1 = $180 Mil.
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Total Receivables was $83 Mil.
Revenue was 314 + 306 + 268 + 471 = $1,359 Mil.
Gross Profit was -13 + -3 + -3 + 44 = $25 Mil.
Total Current Assets was $466 Mil.
Total Assets was $1,245 Mil.
Property, Plant and Equipment(Net PPE) was $627 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $173 Mil.
Long-Term Debt & Capital Lease Obligation was $10 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) |
| = | (106 / 1278) | / | (83 / 1359) |
| = | 0.082942 | / | 0.061074 |
| | = | 1.3581 |
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) |
| = | (25 / 1359) | / | (216 / 1278) |
| = | 0.018396 | / | 0.169014 |
| | = | 0.1088 |
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 - (415 + 532) / 1055) | / | (1 - (466 + 627) / 1245) |
| = | 0.10237 | / | 0.122088 |
| | = | 0.8385 |
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 |
| = | 1278 | / | 1359 |
| | = | 0.9404 |
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)) |
| = | (153 / (153 + 627)) | / | (154 / (154 + 532)) |
| = | 0.196154 | / | 0.22449 |
| | = | 0.8738 |
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) |
| = | (76 / 1278) | / | (77 / 1359) |
| = | 0.059468 | / | 0.056659 |
| | = | 1.0496 |
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) |
| = | ((8 + 168) / 1055) | / | ((10 + 173) / 1245) |
| = | 0.166825 | / | 0.146988 |
| | = | 1.135 |
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 |
| = | (-3 - 2 | - | 180) | / | 1055 |
| | = | -0.175355 |
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.
Verso has a M-score of -3.63 suggests that the company is unlikely to be a manipulator.
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