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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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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-2.26 |
-2.58 |
-2.65 |
-2.68 |
-2.79 |
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 * 0.9265 | + | 0.528 * 1.2767 | + | 0.404 * 1.1467 | + | 0.892 * 0.8443 | + | 0.115 * 1.0931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2777 | + | 4.679 * -0.063136 | - | 0.327 * 0.9306 |
| = | -2.79 |
* 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 $1,608 Mil.
Revenue was 4233.423 + 4587.057 + 5081.63 + 4893.206 = $18,795 Mil.
Gross Profit was 730.884 + 952.019 + 1306.858 + 1056.122 = $4,046 Mil.
Total Current Assets was $6,788 Mil.
Total Assets was $14,908 Mil.
Property, Plant and Equipment(Net PPE) was $6,734 Mil.
Depreciation, Depletion and Amortization(DDA) was $438 Mil.
Selling, General, & Admin. Expense(SGA) was $589 Mil.
Total Current Liabilities was $2,332 Mil.
Long-Term Debt & Capital Lease Obligation was $2,611 Mil.
Net Income was 424.27 + 577.195 + 812.107 + 637.31 = $2,451 Mil.
Non Operating Income was -8.557 + -24.949 + -59.642 + -34.639 = $-128 Mil.
Cash Flow from Operations was 864.64 + 1113.699 + 807.806 + 733.783 = $3,520 Mil.
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Total Receivables was $2,056 Mil.
Revenue was 4826.287 + 5651.707 + 6212.878 + 5569.902 = $22,261 Mil.
Gross Profit was 987.547 + 1464.429 + 1883.342 + 1782.513 = $6,118 Mil.
Total Current Assets was $7,638 Mil.
Total Assets was $14,160 Mil.
Property, Plant and Equipment(Net PPE) was $5,374 Mil.
Depreciation, Depletion and Amortization(DDA) was $384 Mil.
Selling, General, & Admin. Expense(SGA) was $546 Mil.
Total Current Liabilities was $2,032 Mil.
Long-Term Debt & Capital Lease Obligation was $3,013 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) |
| = | (1608.307 / 18795.316) | / | (2056.051 / 22260.774) |
| = | 0.08557 | / | 0.092362 |
| | = | 0.9265 |
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) |
| = | (6117.831 / 22260.774) | / | (4045.883 / 18795.316) |
| = | 0.274826 | / | 0.21526 |
| | = | 1.2767 |
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 - (6787.826 + 6734.218) / 14908.42) | / | (1 - (7638.018 + 5373.665) / 14159.984) |
| = | 0.092993 | / | 0.081095 |
| | = | 1.1467 |
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 |
| = | 18795.316 | / | 22260.774 |
| | = | 0.8443 |
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)) |
| = | (384.202 / (384.202 + 5373.665)) | / | (437.804 / (437.804 + 6734.218)) |
| = | 0.066726 | / | 0.061043 |
| | = | 1.0931 |
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) |
| = | (588.621 / 18795.316) | / | (545.621 / 22260.774) |
| = | 0.031317 | / | 0.02451 |
| | = | 1.2777 |
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) |
| = | ((2611.069 + 2332.296) / 14908.42) | / | ((3013.241 + 2032.296) / 14159.984) |
| = | 0.331582 | / | 0.356324 |
| | = | 0.9306 |
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 |
| = | (2450.882 - -127.787 | - | 3519.928) | / | 14908.42 |
| | = | -0.063136 |
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 -2.79 suggests that the company is unlikely to be a manipulator.
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