Stepan Co Beneish M-Score Historical Data
The historical data trend for Stepan Co'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.
Stepan Co Beneish M-Score Chart
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Stepan Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.71 |
-1.54 |
-2.41 |
-2.59 |
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Stepan Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.63 |
-2.61 |
-2.59 |
-2.92 |
Competitive Comparison of Stepan Co's Beneish M-Score
For the Specialty Chemicals subindustry, Stepan Co'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.
Stepan Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Stepan Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stepan Co's Beneish M-Score falls into.
Stepan Co 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 Stepan Co 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 * 1.1993 | + | 0.528 * 1.159 | + | 0.404 * 0.9205 | + | 0.892 * 0.7799 | + | 0.115 * 0.9961 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1152 | + | 4.679 * -0.101108 | - | 0.327 * 0.9583 |
| = | -2.92 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €411 Mil.
Revenue was 507.305 + 487.964 + 526.806 + 535.317 = €2,057 Mil.
Gross Profit was 64.659 + 60.893 + 66.748 + 61.284 = €254 Mil.
Total Current Assets was €800 Mil.
Total Assets was €2,183 Mil.
Property, Plant and Equipment(Net PPE) was €1,175 Mil.
Depreciation, Depletion and Amortization(DDA) was €99 Mil.
Selling, General, & Admin. Expense(SGA) was €134 Mil.
Total Current Liabilities was €579 Mil.
Long-Term Debt & Capital Lease Obligation was €422 Mil.
Net Income was 12.782 + -1.094 + 11.779 + 11.707 = €35 Mil.
Non Operating Income was 2.173 + -9.197 + -5.92 + 2.149 = €-11 Mil.
Cash Flow from Operations was 38.23 + 63.252 + 65.681 + 99.555 = €267 Mil.
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Total Receivables was €439 Mil.
Revenue was 608.441 + 592.054 + 726.377 + 711.045 = €2,638 Mil.
Gross Profit was 68.705 + 63.965 + 119.661 + 124.507 = €377 Mil.
Total Current Assets was €940 Mil.
Total Assets was €2,285 Mil.
Property, Plant and Equipment(Net PPE) was €1,108 Mil.
Depreciation, Depletion and Amortization(DDA) was €93 Mil.
Selling, General, & Admin. Expense(SGA) was €154 Mil.
Total Current Liabilities was €619 Mil.
Long-Term Debt & Capital Lease Obligation was €474 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) |
| = | (410.843 / 2057.392) | / | (439.237 / 2637.917) |
| = | 0.199691 | / | 0.166509 |
| | = | 1.1993 |
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) |
| = | (376.838 / 2637.917) | / | (253.584 / 2057.392) |
| = | 0.142854 | / | 0.123255 |
| | = | 1.159 |
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 - (800.222 + 1174.948) / 2183.295) | / | (1 - (940.093 + 1107.84) / 2284.505) |
| = | 0.095326 | / | 0.103555 |
| | = | 0.9205 |
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 |
| = | 2057.392 | / | 2637.917 |
| | = | 0.7799 |
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)) |
| = | (93.185 / (93.185 + 1107.84)) | / | (99.254 / (99.254 + 1174.948)) |
| = | 0.077588 | / | 0.077895 |
| | = | 0.9961 |
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) |
| = | (133.534 / 2057.392) | / | (153.521 / 2637.917) |
| = | 0.064905 | / | 0.058198 |
| | = | 1.1152 |
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) |
| = | ((422.449 + 578.545) / 2183.295) | / | ((473.963 + 619.003) / 2284.505) |
| = | 0.458479 | / | 0.478426 |
| | = | 0.9583 |
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 |
| = | (35.174 - -10.795 | - | 266.718) | / | 2183.295 |
| | = | -0.101108 |
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.
Stepan Co has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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