Alpha Natural Resources Beneish M-Score Historical Data
The historical data trend for Alpha Natural Resources'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.
Alpha Natural Resources Beneish M-Score Chart
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Alpha Natural Resources Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.60 |
-0.19 |
-4.09 |
-2.21 |
-2.99 |
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Alpha Natural Resources Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Jun16 |
| Beneish M-Score |
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-2.57 |
-2.99 |
-3.41 |
-2.89 |
-2.80 |
Competitive Comparison of Alpha Natural Resources's Beneish M-Score
For the Coking Coal subindustry, Alpha Natural Resources'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.
Alpha Natural Resources's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Alpha Natural Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alpha Natural Resources's Beneish M-Score falls into.
Alpha Natural Resources 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 Alpha Natural Resources 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 * 0.4587 | + | 0.528 * 2.5481 | + | 0.404 * 1.3802 | + | 0.892 * 0.6854 | + | 0.115 * 0.5087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9917 | + | 4.679 * -0.155929 | - | 0.327 * 1.0037 |
| = | -3.07 |
* 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 (Jun16) TTM: | Last Year (Sep14) TTM: |
Total Receivables was $99.9 Mil.
Revenue was 276.348 + 765.067 + 841.989 + 1070.615 = $2,954.0 Mil.
Gross Profit was -9.07 + -27.783 + -9.494 + 133.046 = $86.7 Mil.
Total Current Assets was $1,591.8 Mil.
Total Assets was $4,376.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,456.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $542.2 Mil.
Selling, General, & Admin. Expense(SGA) was $107.4 Mil.
Total Current Liabilities was $1,898.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1.9 Mil.
Net Income was 32.263 + -468.19 + 68.211 + -121.661 = $-489.4 Mil.
Non Operating Income was -73.208 + 2.332 + 363.683 + 6.573 = $299.4 Mil.
Cash Flow from Operations was 200.723 + -216.509 + -59.784 + -30.711 = $-106.3 Mil.
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Total Receivables was $317.7 Mil.
Revenue was 1050.592 + 1054.098 + 1111.773 + 1093.7 = $4,310.2 Mil.
Gross Profit was 55.79 + 109.812 + 80.987 + 75.75 = $322.3 Mil.
Total Current Assets was $2,071.3 Mil.
Total Assets was $11,192.8 Mil.
Property, Plant and Equipment(Net PPE) was $8,513.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $862.3 Mil.
Selling, General, & Admin. Expense(SGA) was $158.1 Mil.
Total Current Liabilities was $1,125.6 Mil.
Long-Term Debt & Capital Lease Obligation was $3,715.0 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) |
| = | (99.863 / 2954.019) | / | (317.684 / 4310.163) |
| = | 0.033806 | / | 0.073706 |
| | = | 0.4587 |
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) |
| = | (322.339 / 4310.163) | / | (86.699 / 2954.019) |
| = | 0.074786 | / | 0.02935 |
| | = | 2.5481 |
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 - (1591.792 + 2456.641) / 4376.825) | / | (1 - (2071.333 + 8513.038) / 11192.825) |
| = | 0.07503 | / | 0.054361 |
| | = | 1.3802 |
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 |
| = | 2954.019 | / | 4310.163 |
| | = | 0.6854 |
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)) |
| = | (862.311 / (862.311 + 8513.038)) | / | (542.156 / (542.156 + 2456.641)) |
| = | 0.091976 | / | 0.180791 |
| | = | 0.5087 |
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) |
| = | (107.442 / 2954.019) | / | (158.075 / 4310.163) |
| = | 0.036371 | / | 0.036675 |
| | = | 0.9917 |
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) |
| = | ((1.853 + 1897.982) / 4376.825) | / | ((3714.976 + 1125.565) / 11192.825) |
| = | 0.434067 | / | 0.432468 |
| | = | 1.0037 |
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 |
| = | (-489.377 - 299.38 | - | -106.281) | / | 4376.825 |
| | = | -0.155929 |
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.
Alpha Natural Resources has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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