SSAB AB Beneish M-Score Historical Data
The historical data trend for SSAB AB'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.
SSAB AB Beneish M-Score Chart
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SSAB AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.47 |
-2.39 |
-11.49 |
-3.11 |
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SSAB AB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-7.83 |
-6.79 |
-6.79 |
-3.11 |
-3.13 |
Competitive Comparison of SSAB AB's Beneish M-Score
For the Steel subindustry, SSAB AB'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.
SSAB AB's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, SSAB AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SSAB AB's Beneish M-Score falls into.
SSAB AB 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 SSAB AB 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 * 1.1093 | + | 0.528 * -0.2865 | + | 0.404 * 0.8289 | + | 0.892 * 0.8732 | + | 0.115 * 5.2597 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1855 | + | 4.679 * -0.070222 | - | 0.327 * 0.9829 |
| = | -3.11 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,450 Mil.
Revenue was 2607.551 + 2286.207 + 2646.778 + 2950.757 = $10,491 Mil.
Gross Profit was 456.427 + 80.818 + 544.89 + 604.972 = $1,687 Mil.
Total Current Assets was $7,513 Mil.
Total Assets was $10,855 Mil.
Property, Plant and Equipment(Net PPE) was $2,998 Mil.
Depreciation, Depletion and Amortization(DDA) was $357 Mil.
Selling, General, & Admin. Expense(SGA) was $571 Mil.
Total Current Liabilities was $2,801 Mil.
Long-Term Debt & Capital Lease Obligation was $830 Mil.
Net Income was 247.135 + 185.229 + 316.289 + 364.283 = $1,113 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 170.584 + 658.439 + 547.958 + 498.185 = $1,875 Mil.
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Total Receivables was $1,497 Mil.
Revenue was 3045.35 + 2541.145 + 2888.699 + 3539.248 = $12,014 Mil.
Gross Profit was 587.135 + -3072.75 + 738.398 + 1193.634 = $-554 Mil.
Total Current Assets was $7,583 Mil.
Total Assets was $10,772 Mil.
Property, Plant and Equipment(Net PPE) was $2,777 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,537 Mil.
Selling, General, & Admin. Expense(SGA) was $552 Mil.
Total Current Liabilities was $2,837 Mil.
Long-Term Debt & Capital Lease Obligation was $829 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) |
| = | (1449.963 / 10491.293) | / | (1496.807 / 12014.442) |
| = | 0.138206 | / | 0.124584 |
| | = | 1.1093 |
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) |
| = | (-553.583 / 12014.442) | / | (1687.107 / 10491.293) |
| = | -0.046076 | / | 0.16081 |
| | = | -0.2865 |
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 - (7512.991 + 2997.608) / 10854.552) | / | (1 - (7583.212 + 2776.553) / 10771.551) |
| = | 0.031687 | / | 0.038229 |
| | = | 0.8289 |
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 |
| = | 10491.293 | / | 12014.442 |
| | = | 0.8732 |
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)) |
| = | (3537.093 / (3537.093 + 2776.553)) | / | (357.348 / (357.348 + 2997.608)) |
| = | 0.56023 | / | 0.106513 |
| | = | 5.2597 |
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) |
| = | (571.108 / 10491.293) | / | (551.677 / 12014.442) |
| = | 0.054436 | / | 0.045918 |
| | = | 1.1855 |
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) |
| = | ((829.868 + 2800.803) / 10854.552) | / | ((829.11 + 2836.593) / 10771.551) |
| = | 0.334484 | / | 0.340313 |
| | = | 0.9829 |
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 |
| = | (1112.936 - 0 | - | 1875.166) | / | 10854.552 |
| | = | -0.070222 |
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.
SSAB AB has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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