Waste Management Beneish M-Score Historical Data
The historical data trend for Waste Management'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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Waste Management Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.64 |
-2.86 |
-2.89 |
-2.52 |
-2.84 |
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Waste Management Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.50 |
-2.61 |
-2.84 |
-2.80 |
-2.81 |
Competitive Comparison
For the Waste Management subindustry, Waste Management'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.
Waste Management Beneish M-Score Distribution
For the Waste Management industry and Industrials sector, Waste Management's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Waste Management's Beneish M-Score falls into.
Waste Management 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 Waste Management 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 * 0.8744 | + | 0.528 * 1.0405 | + | 0.404 * 0.9686 | + | 0.892 * 1.1523 | + | 0.115 * 0.9321 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9167 | + | 4.679 * -0.0767 | - | 0.327 * 1.0337 |
| = | -2.81 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $2,665 Mil.
Revenue was 5027 + 4661 + 4678 + 4665 = $19,031 Mil.
Gross Profit was 1885 + 1758 + 1723 + 1759 = $7,125 Mil.
Total Current Assets was $3,987 Mil.
Total Assets was $30,128 Mil.
Property, Plant and Equipment(Net PPE) was $14,382 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,017 Mil.
Selling, General, & Admin. Expense(SGA) was $1,895 Mil.
Total Current Liabilities was $3,722 Mil.
Long-Term Debt & Capital Lease Obligation was $14,046 Mil.
Net Income was 587 + 513 + 506 + 538 = $2,144 Mil.
Non Operating Income was -21 + -29 + 4 + 20 = $-26 Mil.
Cash Flow from Operations was 1047 + 1258 + 991 + 1184 = $4,480 Mil.
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Total Receivables was $2,645 Mil.
Revenue was 4476 + 4112 + 4067 + 3861 = $16,516 Mil.
Gross Profit was 1740 + 1598 + 1567 + 1529 = $6,434 Mil.
Total Current Assets was $3,226 Mil.
Total Assets was $29,037 Mil.
Property, Plant and Equipment(Net PPE) was $14,110 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,827 Mil.
Selling, General, & Admin. Expense(SGA) was $1,794 Mil.
Total Current Liabilities was $3,683 Mil.
Long-Term Debt & Capital Lease Obligation was $12,883 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) |
| = | (2665 / 19031) | / | (2645 / 16516) |
| = | 0.14003468 | / | 0.16014774 |
| | = | 0.8744 |
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) |
| = | (6434 / 16516) | / | (7125 / 19031) |
| = | 0.38956164 | / | 0.37438915 |
| | = | 1.0405 |
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 - (3987 + 14382) / 30128) | / | (1 - (3226 + 14110) / 29037) |
| = | 0.39030138 | / | 0.40296863 |
| | = | 0.9686 |
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 |
| = | 19031 | / | 16516 |
| | = | 1.1523 |
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)) |
| = | (1827 / (1827 + 14110)) | / | (2017 / (2017 + 14382)) |
| = | 0.11463889 | / | 0.1229953 |
| | = | 0.9321 |
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) |
| = | (1895 / 19031) | / | (1794 / 16516) |
| = | 0.09957438 | / | 0.10862194 |
| | = | 0.9167 |
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) |
| = | ((14046 + 3722) / 30128) | / | ((12883 + 3683) / 29037) |
| = | 0.5897504 | / | 0.57051348 |
| | = | 1.0337 |
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 |
| = | (2144 - -26 | - | 4480) | / | 30128 |
| | = | -0.0767 |
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.
Waste Management has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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