Champion Iron Beneish M-Score Historical Data
The historical data trend for Champion Iron'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.
Champion Iron Beneish M-Score Chart
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Champion Iron Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
-3.94 |
-1.53 |
-1.89 |
-1.58 |
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Champion Iron Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.75 |
-1.58 |
-2.61 |
-2.88 |
-3.19 |
Competitive Comparison of Champion Iron's Beneish M-Score
For the Steel subindustry, Champion Iron'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.
Champion Iron's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Champion Iron's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Champion Iron's Beneish M-Score falls into.
Champion Iron 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 Champion Iron 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 * 0.6435 | + | 0.528 * 1.0159 | + | 0.404 * 0.4675 | + | 0.892 * 1.273 | + | 0.115 * 0.8415 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8655 | + | 4.679 * -0.092219 | - | 0.327 * 1.0176 |
| = | -3.20 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $135 Mil.
Revenue was 377.826 + 286.43 + 223.666 + 339.043 = $1,227 Mil.
Gross Profit was 177.812 + 106.252 + 44.23 + 129.351 = $458 Mil.
Total Current Assets was $671 Mil.
Total Assets was $1,964 Mil.
Property, Plant and Equipment(Net PPE) was $1,209 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $236 Mil.
Long-Term Debt & Capital Lease Obligation was $428 Mil.
Net Income was 94.262 + 48.246 + 12.537 + 64.472 = $220 Mil.
Non Operating Income was 1.983 + -1.622 + -1.151 + 0.642 = $-0 Mil.
Cash Flow from Operations was 121.216 + 119.893 + 37.083 + 122.577 = $401 Mil.
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Total Receivables was $165 Mil.
Revenue was 258.545 + 225.37 + 218.151 + 261.75 = $964 Mil.
Gross Profit was 82.035 + 54.521 + 70.386 + 158.263 = $365 Mil.
Total Current Assets was $451 Mil.
Total Assets was $1,612 Mil.
Property, Plant and Equipment(Net PPE) was $1,014 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $47 Mil.
Total Current Liabilities was $170 Mil.
Long-Term Debt & Capital Lease Obligation was $365 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) |
| = | (135.069 / 1226.965) | / | (164.87 / 963.816) |
| = | 0.110084 | / | 0.17106 |
| | = | 0.6435 |
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) |
| = | (365.205 / 963.816) | / | (457.645 / 1226.965) |
| = | 0.378916 | / | 0.372989 |
| | = | 1.0159 |
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 - (670.927 + 1209.302) / 1963.846) | / | (1 - (450.62 + 1014.197) / 1611.591) |
| = | 0.042578 | / | 0.091074 |
| | = | 0.4675 |
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 |
| = | 1226.965 | / | 963.816 |
| | = | 1.273 |
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)) |
| = | (70.442 / (70.442 + 1014.197)) | / | (101.137 / (101.137 + 1209.302)) |
| = | 0.064945 | / | 0.077178 |
| | = | 0.8415 |
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) |
| = | (51.668 / 1226.965) | / | (46.892 / 963.816) |
| = | 0.04211 | / | 0.048652 |
| | = | 0.8655 |
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) |
| = | ((427.785 + 235.634) / 1963.846) | / | ((364.935 + 170.069) / 1611.591) |
| = | 0.337816 | / | 0.331973 |
| | = | 1.0176 |
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 |
| = | (219.517 - -0.148 | - | 400.769) | / | 1963.846 |
| | = | -0.092219 |
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.
Champion Iron has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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