Ryerson Holding Beneish M-Score Historical Data
The historical data trend for Ryerson Holding'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.
Ryerson Holding Beneish M-Score Chart
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Ryerson Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.96 |
-3.19 |
-1.45 |
-2.67 |
-2.90 |
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Ryerson Holding Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.87 |
-3.14 |
-3.08 |
-2.90 |
Competitive Comparison of Ryerson Holding's Beneish M-Score
For the Metal Fabrication subindustry, Ryerson Holding'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.
Ryerson Holding's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ryerson Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ryerson Holding's Beneish M-Score falls into.
Ryerson Holding 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 Ryerson Holding 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 * 1.1254 | + | 0.528 * 1.036 | + | 0.404 * 1.1587 | + | 0.892 * 0.8079 | + | 0.115 * 1.2474 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.336 | + | 4.679 * -0.0855 | - | 0.327 * 1.0631 |
| = | -2.90 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $468 Mil.
Revenue was 1112.4 + 1246.7 + 1343.5 + 1406.1 = $5,109 Mil.
Gross Profit was 247.2 + 249.3 + 260.9 + 264.2 = $1,022 Mil.
Total Current Assets was $1,383 Mil.
Total Assets was $2,570 Mil.
Property, Plant and Equipment(Net PPE) was $939 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $794 Mil.
Total Current Liabilities was $634 Mil.
Long-Term Debt & Capital Lease Obligation was $765 Mil.
Net Income was 25.8 + 35 + 37.6 + 47.3 = $146 Mil.
Non Operating Income was -0.5 + 1.2 + -0.3 + -0.1 = $0 Mil.
Cash Flow from Operations was 90.1 + 79.3 + 115.3 + 80.4 = $365 Mil.
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Total Receivables was $514 Mil.
Revenue was 1288.2 + 1543.1 + 1743.5 + 1748.8 = $6,324 Mil.
Gross Profit was 163.1 + 271 + 465.9 + 410.1 = $1,310 Mil.
Total Current Assets was $1,442 Mil.
Total Assets was $2,334 Mil.
Property, Plant and Equipment(Net PPE) was $699 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $735 Mil.
Total Current Liabilities was $619 Mil.
Long-Term Debt & Capital Lease Obligation was $576 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) |
| = | (467.7 / 5108.7) | / | (514.4 / 6323.6) |
| = | 0.09155 | / | 0.081346 |
| | = | 1.1254 |
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) |
| = | (1310.1 / 6323.6) | / | (1021.6 / 5108.7) |
| = | 0.207176 | / | 0.199973 |
| | = | 1.036 |
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 - (1383.4 + 939) / 2569.6) | / | (1 - (1441.6 + 698.9) / 2334.3) |
| = | 0.096202 | / | 0.083023 |
| | = | 1.1587 |
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 |
| = | 5108.7 | / | 6323.6 |
| | = | 0.8079 |
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)) |
| = | (59 / (59 + 698.9)) | / | (62.5 / (62.5 + 939)) |
| = | 0.077847 | / | 0.062406 |
| | = | 1.2474 |
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) |
| = | (793.5 / 5108.7) | / | (735.2 / 6323.6) |
| = | 0.155323 | / | 0.116263 |
| | = | 1.336 |
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) |
| = | ((765.1 + 633.9) / 2569.6) | / | ((576.3 + 619.2) / 2334.3) |
| = | 0.544443 | / | 0.512145 |
| | = | 1.0631 |
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 |
| = | (145.7 - 0.3 | - | 365.1) | / | 2569.6 |
| | = | -0.0855 |
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.
Ryerson Holding has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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