Mabuhay Vinyl Beneish M-Score Historical Data
The historical data trend for Mabuhay Vinyl'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.
Mabuhay Vinyl Beneish M-Score Chart
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Mabuhay Vinyl Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.69 |
-1.64 |
-1.51 |
-2.68 |
-2.43 |
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Mabuhay Vinyl Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.00 |
-2.56 |
-2.72 |
-2.43 |
-1.96 |
Competitive Comparison of Mabuhay Vinyl's Beneish M-Score
For the Chemicals subindustry, Mabuhay Vinyl'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.
Mabuhay Vinyl's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Mabuhay Vinyl's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mabuhay Vinyl's Beneish M-Score falls into.
Mabuhay Vinyl 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 Mabuhay Vinyl 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 * 0.7299 | + | 0.528 * 1.2091 | + | 0.404 * 2.2055 | + | 0.892 * 1.0821 | + | 0.115 * 0.5529 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9228 | + | 4.679 * 0.029646 | - | 0.327 * 1.009 |
| = | -1.96 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ₱1,012 Mil.
Revenue was 858.947 + 791.335 + 790.191 + 774.261 = ₱3,215 Mil.
Gross Profit was 271.252 + 238.831 + 285.334 + 269.368 = ₱1,065 Mil.
Total Current Assets was ₱2,748 Mil.
Total Assets was ₱4,695 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,327 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱175 Mil.
Selling, General, & Admin. Expense(SGA) was ₱476 Mil.
Total Current Liabilities was ₱517 Mil.
Long-Term Debt & Capital Lease Obligation was ₱107 Mil.
Net Income was 71.394 + 47.027 + 101.006 + 88.194 = ₱308 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 68.618 + 21.853 + 93.452 + -15.49 = ₱168 Mil.
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Total Receivables was ₱1,281 Mil.
Revenue was 718.282 + 761.544 + 743.777 + 747.123 = ₱2,971 Mil.
Gross Profit was 278.087 + 270.343 + 324.11 + 317.128 = ₱1,190 Mil.
Total Current Assets was ₱2,706 Mil.
Total Assets was ₱4,550 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,571 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱108 Mil.
Selling, General, & Admin. Expense(SGA) was ₱476 Mil.
Total Current Liabilities was ₱487 Mil.
Long-Term Debt & Capital Lease Obligation was ₱113 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) |
| = | (1011.973 / 3214.734) | / | (1281.276 / 2970.726) |
| = | 0.314792 | / | 0.431301 |
| | = | 0.7299 |
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) |
| = | (1189.668 / 2970.726) | / | (1064.785 / 3214.734) |
| = | 0.400464 | / | 0.33122 |
| | = | 1.2091 |
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 - (2748.031 + 1326.952) / 4694.947) | / | (1 - (2706.439 + 1570.998) / 4549.851) |
| = | 0.132049 | / | 0.059873 |
| | = | 2.2055 |
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 |
| = | 3214.734 | / | 2970.726 |
| | = | 1.0821 |
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)) |
| = | (108.276 / (108.276 + 1570.998)) | / | (175.172 / (175.172 + 1326.952)) |
| = | 0.064478 | / | 0.116616 |
| | = | 0.5529 |
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) |
| = | (475.618 / 3214.734) | / | (476.274 / 2970.726) |
| = | 0.147949 | / | 0.160322 |
| | = | 0.9228 |
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) |
| = | ((107.181 + 516.858) / 4694.947) | / | ((112.71 + 486.644) / 4549.851) |
| = | 0.132917 | / | 0.13173 |
| | = | 1.009 |
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 |
| = | (307.621 - 0 | - | 168.433) | / | 4694.947 |
| | = | 0.029646 |
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.
Mabuhay Vinyl has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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