Resolute Forest Products Beneish M-Score Historical Data
The historical data trend for Resolute Forest Products'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.
Resolute Forest Products Beneish M-Score Chart
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Resolute Forest Products Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.66 |
-3.01 |
-2.61 |
-3.09 |
-2.59 |
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Resolute Forest Products Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-2.70 |
-2.59 |
-2.63 |
-2.47 |
-2.58 |
Competitive Comparison of Resolute Forest Products's Beneish M-Score
For the Paper & Paper Products subindustry, Resolute Forest Products'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.
Resolute Forest Products's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Resolute Forest Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resolute Forest Products's Beneish M-Score falls into.
Resolute Forest Products 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 Resolute Forest Products 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 * 1.031 | + | 0.528 * 1.1076 | + | 0.404 * 0.9171 | + | 0.892 * 1.0589 | + | 0.115 * 1.0607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0958 | + | 4.679 * -0.042438 | - | 0.327 * 0.9851 |
| = | -2.58 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $357 Mil.
Revenue was 974 + 1058 + 945 + 834 = $3,811 Mil.
Gross Profit was 321 + 411 + 398 + 218 = $1,348 Mil.
Total Current Assets was $1,461 Mil.
Total Assets was $4,053 Mil.
Property, Plant and Equipment(Net PPE) was $1,329 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $579 Mil.
Total Current Liabilities was $502 Mil.
Long-Term Debt & Capital Lease Obligation was $348 Mil.
Net Income was 87 + 256 + 210 + -128 = $425 Mil.
Non Operating Income was 35 + 2 + 35 + -134 = $-62 Mil.
Cash Flow from Operations was 163 + 281 + 147 + 68 = $659 Mil.
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Total Receivables was $327 Mil.
Revenue was 817 + 1140 + 873 + 769 = $3,599 Mil.
Gross Profit was 263 + 574 + 351 + 222 = $1,410 Mil.
Total Current Assets was $1,023 Mil.
Total Assets was $3,767 Mil.
Property, Plant and Equipment(Net PPE) was $1,464 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $499 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt & Capital Lease Obligation was $355 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) |
| = | (357 / 3811) | / | (327 / 3599) |
| = | 0.093676 | / | 0.090859 |
| | = | 1.031 |
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) |
| = | (1410 / 3599) | / | (1348 / 3811) |
| = | 0.391775 | / | 0.353713 |
| | = | 1.1076 |
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 - (1461 + 1329) / 4053) | / | (1 - (1023 + 1464) / 3767) |
| = | 0.311621 | / | 0.339793 |
| | = | 0.9171 |
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 |
| = | 3811 | / | 3599 |
| | = | 1.0589 |
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)) |
| = | (167 / (167 + 1464)) | / | (142 / (142 + 1329)) |
| = | 0.102391 | / | 0.096533 |
| | = | 1.0607 |
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) |
| = | (579 / 3811) | / | (499 / 3599) |
| = | 0.151929 | / | 0.13865 |
| | = | 1.0958 |
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) |
| = | ((348 + 502) / 4053) | / | ((355 + 447) / 3767) |
| = | 0.209721 | / | 0.212902 |
| | = | 0.9851 |
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 |
| = | (425 - -62 | - | 659) | / | 4053 |
| | = | -0.042438 |
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.
Resolute Forest Products has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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