Westlake Beneish M-Score Historical Data
The historical data trend for Westlake'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.
Westlake Beneish M-Score Chart
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Westlake Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.60 |
-2.25 |
-2.62 |
-2.75 |
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Westlake 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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-2.62 |
-2.81 |
-2.81 |
-2.70 |
-2.75 |
Competitive Comparison of Westlake's Beneish M-Score
For the Specialty Chemicals subindustry, Westlake'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.
Westlake's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Westlake's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Westlake's Beneish M-Score falls into.
Westlake 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 Westlake 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 * 1.1148 | + | 0.528 * 1.446 | + | 0.404 * 0.928 | + | 0.892 * 0.7746 | + | 0.115 * 0.9758 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3527 | + | 4.679 * -0.073303 | - | 0.327 * 1.0185 |
| = | -2.78 |
* 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 €1,468 Mil.
Revenue was 2591.442 + 2918.755 + 3000.673 + 3134.504 = €11,645 Mil.
Gross Profit was 182.483 + 549.082 + 592.566 + 739.728 = €2,064 Mil.
Total Current Assets was €6,060 Mil.
Total Assets was €19,289 Mil.
Property, Plant and Equipment(Net PPE) was €8,451 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,018 Mil.
Selling, General, & Admin. Expense(SGA) was €802 Mil.
Total Current Liabilities was €2,558 Mil.
Long-Term Debt & Capital Lease Obligation was €4,785 Mil.
Net Income was -455.749 + 267.045 + 274.131 + 367.996 = €453 Mil.
Non Operating Income was -363.132 + 26.236 + 18.46 + 17.746 = €-301 Mil.
Cash Flow from Operations was 525.441 + 652.152 + 512.265 + 478.208 = €2,168 Mil.
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Total Receivables was €1,700 Mil.
Revenue was 3114.256 + 3995.56 + 4240.918 + 3682.848 = €15,034 Mil.
Gross Profit was 535.248 + 783.76 + 1366.97 + 1166.78 = €3,853 Mil.
Total Current Assets was €5,639 Mil.
Total Assets was €19,399 Mil.
Property, Plant and Equipment(Net PPE) was €8,583 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,006 Mil.
Selling, General, & Admin. Expense(SGA) was €766 Mil.
Total Current Liabilities was €2,169 Mil.
Long-Term Debt & Capital Lease Obligation was €5,082 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) |
| = | (1468.117 / 11645.374) | / | (1700.144 / 15033.582) |
| = | 0.126069 | / | 0.11309 |
| | = | 1.1148 |
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) |
| = | (3852.758 / 15033.582) | / | (2063.859 / 11645.374) |
| = | 0.256277 | / | 0.177226 |
| | = | 1.446 |
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 - (6060.453 + 8451.072) / 19289.095) | / | (1 - (5638.512 + 8582.848) / 19399.2) |
| = | 0.247682 | / | 0.26691 |
| | = | 0.928 |
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 |
| = | 11645.374 | / | 15033.582 |
| | = | 0.7746 |
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)) |
| = | (1005.564 / (1005.564 + 8582.848)) | / | (1017.654 / (1017.654 + 8451.072)) |
| = | 0.104873 | / | 0.107475 |
| | = | 0.9758 |
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) |
| = | (802.377 / 11645.374) | / | (765.746 / 15033.582) |
| = | 0.068901 | / | 0.050936 |
| | = | 1.3527 |
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) |
| = | ((4784.906 + 2558.43) / 19289.095) | / | ((5081.552 + 2169.312) / 19399.2) |
| = | 0.380699 | / | 0.373771 |
| | = | 1.0185 |
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 |
| = | (453.423 - -300.69 | - | 2168.066) | / | 19289.095 |
| | = | -0.073303 |
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.
Westlake has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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