2020 Bulkers Beneish M-Score Historical Data
The historical data trend for 2020 Bulkers'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.
2020 Bulkers Beneish M-Score Chart
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2020 Bulkers Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.46 |
1.29 |
0.19 |
-3.47 |
- |
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2020 Bulkers Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.47 |
-1.25 |
-1.85 |
- |
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Competitive Comparison of 2020 Bulkers's Beneish M-Score
For the Marine Shipping subindustry, 2020 Bulkers'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.
2020 Bulkers's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, 2020 Bulkers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 2020 Bulkers's Beneish M-Score falls into.
2020 Bulkers 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 2020 Bulkers 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was kr12.3 Mil.
Revenue was 161.574 + 207.141 + 192.139 + 209.058 = kr769.9 Mil.
Gross Profit was 88.641 + 139.156 + 129.508 + 127.345 = kr484.7 Mil.
Total Current Assets was kr215.4 Mil.
Total Assets was kr2,991.4 Mil.
Property, Plant and Equipment(Net PPE) was kr2,775.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr102.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr41.9 Mil.
Total Current Liabilities was kr51.6 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,235.4 Mil.
Net Income was 57.224 + 123.222 + 330.139 + 302.445 = kr813.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 71.811 + 157.214 + 111.462 + 137.957 = kr478.4 Mil.
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Total Receivables was kr11.6 Mil.
Revenue was 272.175 + 159.798 + 181.38 + 128.494 = kr741.8 Mil.
Gross Profit was 191.999 + 74 + 92.849 + 43.182 = kr402.0 Mil.
Total Current Assets was kr408.3 Mil.
Total Assets was kr3,967.6 Mil.
Property, Plant and Equipment(Net PPE) was kr3,559.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr123.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr36.2 Mil.
Total Current Liabilities was kr274.3 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,994.9 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) |
| = | (12.342 / 769.912) | / | (11.604 / 741.847) |
| = | 0.01603 | / | 0.015642 |
| | = | |
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) |
| = | (402.03 / 741.847) | / | (484.65 / 769.912) |
| = | 0.541931 | / | 0.629488 |
| | = | |
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 - (215.432 + 2775.927) / 2991.359) | / | (1 - (408.262 + 3559.368) / 3967.629) |
| = | 0 | / | -0 |
| | = | |
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 |
| = | 769.912 | / | 741.847 |
| | = | |
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)) |
| = | (123.573 / (123.573 + 3559.368)) | / | (102.245 / (102.245 + 2775.927)) |
| = | 0.033553 | / | 0.035524 |
| | = | |
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) |
| = | (41.948 / 769.912) | / | (36.189 / 741.847) |
| = | 0.054484 | / | 0.048782 |
| | = | |
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) |
| = | ((1235.366 + 51.614) / 2991.359) | / | ((1994.892 + 274.284) / 3967.629) |
| = | 0.430233 | / | 0.571922 |
| | = | |
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 |
| = | (813.03 - 0 | - | 478.444) | / | 2991.359 |
| | = | 0.111851 |
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.
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