Rayonier Advanced Materials Beneish M-Score Historical Data
The historical data trend for Rayonier Advanced Materials'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.
Rayonier Advanced Materials Beneish M-Score Chart
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Rayonier Advanced Materials Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.79 |
-2.52 |
-3.09 |
-2.71 |
-2.61 |
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Rayonier Advanced Materials Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.96 |
-2.61 |
-2.46 |
-2.57 |
-3.01 |
Competitive Comparison of Rayonier Advanced Materials's Beneish M-Score
For the Chemicals subindustry, Rayonier Advanced Materials'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.
Rayonier Advanced Materials's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Rayonier Advanced Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rayonier Advanced Materials's Beneish M-Score falls into.
Rayonier Advanced Materials 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 Rayonier Advanced Materials 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 * 1.1773 | + | 0.528 * 0.636 | + | 0.404 * 0.9765 | + | 0.892 * 0.9474 | + | 0.115 * 0.939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0953 | + | 4.679 * -0.086013 | - | 0.327 * 1.0517 |
| = | -3.01 |
* 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 $196 Mil.
Revenue was 401.103 + 419.045 + 387.656 + 422.486 = $1,630 Mil.
Gross Profit was 43.569 + 48.309 + 36.761 + 27.354 = $156 Mil.
Total Current Assets was $629 Mil.
Total Assets was $2,159 Mil.
Property, Plant and Equipment(Net PPE) was $1,022 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $364 Mil.
Long-Term Debt & Capital Lease Obligation was $748 Mil.
Net Income was -32.598 + 11.39 + -1.57 + -61.592 = $-84 Mil.
Non Operating Income was -34.212 + -5.417 + 4.181 + -66.015 = $-101 Mil.
Cash Flow from Operations was 49.832 + 87.593 + 11.265 + 54.135 = $203 Mil.
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Total Receivables was $176 Mil.
Revenue was 368.67 + 385.413 + 466.761 + 499.985 = $1,721 Mil.
Gross Profit was 8.732 + 14.628 + 37.44 + 43.919 = $105 Mil.
Total Current Assets was $518 Mil.
Total Assets was $2,176 Mil.
Property, Plant and Equipment(Net PPE) was $1,132 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $334 Mil.
Long-Term Debt & Capital Lease Obligation was $730 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) |
| = | (196.094 / 1630.29) | / | (175.814 / 1720.829) |
| = | 0.120282 | / | 0.102168 |
| | = | 1.1773 |
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) |
| = | (104.719 / 1720.829) | / | (155.993 / 1630.29) |
| = | 0.060854 | / | 0.095684 |
| | = | 0.636 |
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 - (629.009 + 1021.648) / 2159.36) | / | (1 - (518.328 + 1132.469) / 2175.666) |
| = | 0.23558 | / | 0.241245 |
| | = | 0.9765 |
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 |
| = | 1630.29 | / | 1720.829 |
| | = | 0.9474 |
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)) |
| = | (142.355 / (142.355 + 1132.469)) | / | (137.898 / (137.898 + 1021.648)) |
| = | 0.111666 | / | 0.118924 |
| | = | 0.939 |
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) |
| = | (81.413 / 1630.29) | / | (78.462 / 1720.829) |
| = | 0.049938 | / | 0.045595 |
| | = | 1.0953 |
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) |
| = | ((747.675 + 363.855) / 2159.36) | / | ((730.453 + 334.41) / 2175.666) |
| = | 0.51475 | / | 0.489442 |
| | = | 1.0517 |
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 |
| = | (-84.37 - -101.463 | - | 202.825) | / | 2159.36 |
| | = | -0.086013 |
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.
Rayonier Advanced Materials has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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