Outokumpu Oyj Beneish M-Score Historical Data
The historical data trend for Outokumpu Oyj'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.
Outokumpu Oyj Beneish M-Score Chart
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Outokumpu Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.91 |
-2.66 |
-2.52 |
-2.19 |
-2.35 |
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Outokumpu Oyj Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.87 |
-2.35 |
-2.40 |
-2.01 |
-2.60 |
Competitive Comparison of Outokumpu Oyj's Beneish M-Score
For the Steel subindustry, Outokumpu Oyj'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.
Outokumpu Oyj's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Outokumpu Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Outokumpu Oyj's Beneish M-Score falls into.
Outokumpu Oyj 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 Outokumpu Oyj 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 * 1.1327 | + | 0.528 * 1.836 | + | 0.404 * 1.1568 | + | 0.892 * 0.8398 | + | 0.115 * 0.5291 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2207 | + | 4.679 * -0.084895 | - | 0.327 * 1.207 |
| = | -2.55 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $749 Mil.
Revenue was 1684.795 + 1657.696 + 1607.609 + 1649.945 = $6,600 Mil.
Gross Profit was 113.208 + 73.197 + 81.522 + 31.625 = $300 Mil.
Total Current Assets was $3,097 Mil.
Total Assets was $6,640 Mil.
Property, Plant and Equipment(Net PPE) was $2,281 Mil.
Depreciation, Depletion and Amortization(DDA) was $532 Mil.
Selling, General, & Admin. Expense(SGA) was $374 Mil.
Total Current Liabilities was $2,011 Mil.
Long-Term Debt & Capital Lease Obligation was $275 Mil.
Net Income was 22.198 + -5.382 + -25 + -263.904 = $-272 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -89.9 + 82.885 + 41.304 + 257.361 = $292 Mil.
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Total Receivables was $788 Mil.
Revenue was 1633.938 + 2070.423 + 2147.752 + 2007.415 = $7,860 Mil.
Gross Profit was 39.488 + 222.102 + 230.193 + 163.136 = $655 Mil.
Total Current Assets was $3,102 Mil.
Total Assets was $6,660 Mil.
Property, Plant and Equipment(Net PPE) was $2,462 Mil.
Depreciation, Depletion and Amortization(DDA) was $274 Mil.
Selling, General, & Admin. Expense(SGA) was $365 Mil.
Total Current Liabilities was $1,521 Mil.
Long-Term Debt & Capital Lease Obligation was $379 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) |
| = | (749.168 / 6600.045) | / | (787.62 / 7859.528) |
| = | 0.11351 | / | 0.100212 |
| | = | 1.1327 |
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) |
| = | (654.919 / 7859.528) | / | (299.552 / 6600.045) |
| = | 0.083328 | / | 0.045386 |
| | = | 1.836 |
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 - (3096.559 + 2280.799) / 6640.4) | / | (1 - (3102.455 + 2462.113) / 6659.552) |
| = | 0.190206 | / | 0.164423 |
| | = | 1.1568 |
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 |
| = | 6600.045 | / | 7859.528 |
| | = | 0.8398 |
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)) |
| = | (273.846 / (273.846 + 2462.113)) | / | (532.149 / (532.149 + 2280.799)) |
| = | 0.100091 | / | 0.189178 |
| | = | 0.5291 |
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) |
| = | (374.15 / 6600.045) | / | (364.978 / 7859.528) |
| = | 0.056689 | / | 0.046438 |
| | = | 1.2207 |
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) |
| = | ((275.25 + 2011.099) / 6640.4) | / | ((378.869 + 1520.811) / 6659.552) |
| = | 0.344309 | / | 0.285256 |
| | = | 1.207 |
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 |
| = | (-272.088 - 0 | - | 291.65) | / | 6640.4 |
| | = | -0.084895 |
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.
Outokumpu Oyj has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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