Steel Dynamics Beneish M-Score Historical Data
The historical data trend for Steel Dynamics'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.
Steel Dynamics Beneish M-Score Chart
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Steel Dynamics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.54 |
-1.38 |
-2.26 |
-2.79 |
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Steel Dynamics 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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-2.68 |
-2.79 |
-2.73 |
-2.73 |
-2.71 |
Competitive Comparison of Steel Dynamics's Beneish M-Score
For the Steel subindustry, Steel Dynamics'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.
Steel Dynamics's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Steel Dynamics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Steel Dynamics's Beneish M-Score falls into.
Steel Dynamics 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 Steel Dynamics 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 * 0.9006 | + | 0.528 * 1.2849 | + | 0.404 * 0.9557 | + | 0.892 * 0.9233 | + | 0.115 * 1.1326 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2159 | + | 4.679 * -0.033819 | - | 0.327 * 1.063 |
| = | -2.71 |
* 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 $1,565 Mil.
Revenue was 4341.615 + 4632.634 + 4694.003 + 4233.423 = $17,902 Mil.
Gross Profit was 605.217 + 774.837 + 980.798 + 730.884 = $3,092 Mil.
Total Current Assets was $6,444 Mil.
Total Assets was $15,660 Mil.
Property, Plant and Equipment(Net PPE) was $7,826 Mil.
Depreciation, Depletion and Amortization(DDA) was $465 Mil.
Selling, General, & Admin. Expense(SGA) was $644 Mil.
Total Current Liabilities was $2,692 Mil.
Long-Term Debt & Capital Lease Obligation was $2,802 Mil.
Net Income was 317.802 + 427.998 + 584.041 + 424.27 = $1,754 Mil.
Non Operating Income was -4.785 + -29.345 + -35.868 + -8.557 = $-79 Mil.
Cash Flow from Operations was 759.853 + 382.561 + 355.217 + 864.64 = $2,362 Mil.
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Total Receivables was $1,882 Mil.
Revenue was 4587.057 + 5081.63 + 4893.206 + 4826.287 = $19,388 Mil.
Gross Profit was 952.019 + 1306.858 + 1056.122 + 987.547 = $4,303 Mil.
Total Current Assets was $7,229 Mil.
Total Assets was $14,929 Mil.
Property, Plant and Equipment(Net PPE) was $6,313 Mil.
Depreciation, Depletion and Amortization(DDA) was $428 Mil.
Selling, General, & Admin. Expense(SGA) was $574 Mil.
Total Current Liabilities was $1,918 Mil.
Long-Term Debt & Capital Lease Obligation was $3,009 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) |
| = | (1564.957 / 17901.675) | / | (1882.049 / 19388.18) |
| = | 0.08742 | / | 0.097072 |
| | = | 0.9006 |
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) |
| = | (4302.546 / 19388.18) | / | (3091.736 / 17901.675) |
| = | 0.221916 | / | 0.172707 |
| | = | 1.2849 |
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 - (6443.576 + 7825.869) / 15659.821) | / | (1 - (7228.599 + 6313.366) / 14928.956) |
| = | 0.088786 | / | 0.092906 |
| | = | 0.9557 |
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 |
| = | 17901.675 | / | 19388.18 |
| | = | 0.9233 |
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)) |
| = | (428.323 / (428.323 + 6313.366)) | / | (465.079 / (465.079 + 7825.869)) |
| = | 0.063533 | / | 0.056095 |
| | = | 1.1326 |
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) |
| = | (644.422 / 17901.675) | / | (574.016 / 19388.18) |
| = | 0.035998 | / | 0.029606 |
| | = | 1.2159 |
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) |
| = | ((2801.871 + 2692.296) / 15659.821) | / | ((3009.01 + 1918.377) / 14928.956) |
| = | 0.350845 | / | 0.330056 |
| | = | 1.063 |
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 |
| = | (1754.111 - -78.555 | - | 2362.271) | / | 15659.821 |
| | = | -0.033819 |
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.
Steel Dynamics has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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