Mativ Holdings Beneish M-Score Historical Data
The historical data trend for Mativ Holdings'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.
Mativ Holdings Beneish M-Score Chart
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Mativ Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.67 |
-1.68 |
-2.34 |
-2.39 |
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Mativ Holdings 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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-2.34 |
-2.16 |
-2.17 |
-2.90 |
-2.39 |
Competitive Comparison of Mativ Holdings's Beneish M-Score
For the Specialty Chemicals subindustry, Mativ Holdings'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.
Mativ Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Mativ Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mativ Holdings's Beneish M-Score falls into.
Mativ Holdings 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 Mativ Holdings 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 * 0.8708 | + | 0.528 * 1.1026 | + | 0.404 * 0.8477 | + | 0.892 * 1.2036 | + | 0.115 * 0.774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8682 | + | 4.679 * 0.002044 | - | 0.327 * 0.9214 |
| = | -2.39 |
* 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 $207 Mil.
Revenue was 452.3 + 498.2 + 668.3 + 679 = $2,298 Mil.
Gross Profit was 85.9 + 86.7 + 128.5 + 109 = $410 Mil.
Total Current Assets was $713 Mil.
Total Assets was $2,642 Mil.
Property, Plant and Equipment(Net PPE) was $736 Mil.
Depreciation, Depletion and Amortization(DDA) was $148 Mil.
Selling, General, & Admin. Expense(SGA) was $340 Mil.
Total Current Liabilities was $281 Mil.
Long-Term Debt & Capital Lease Obligation was $1,155 Mil.
Net Income was 157.7 + -455 + -4.5 + -7.7 = $-310 Mil.
Non Operating Income was -6.2 + -417.6 + -3.9 + 6.2 = $-422 Mil.
Cash Flow from Operations was 54.2 + 32.9 + 40.2 + -20.7 = $107 Mil.
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Total Receivables was $198 Mil.
Revenue was 524.4 + 551.5 + 426.4 + 406.8 = $1,909 Mil.
Gross Profit was 87.4 + 96.1 + 99.6 + 92.6 = $376 Mil.
Total Current Assets was $975 Mil.
Total Assets was $3,669 Mil.
Property, Plant and Equipment(Net PPE) was $739 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $466 Mil.
Long-Term Debt & Capital Lease Obligation was $1,699 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) |
| = | (207.1 / 2297.8) | / | (197.6 / 1909.1) |
| = | 0.09013 | / | 0.103504 |
| | = | 0.8708 |
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) |
| = | (375.7 / 1909.1) | / | (410.1 / 2297.8) |
| = | 0.196794 | / | 0.178475 |
| | = | 1.1026 |
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 - (712.5 + 736.3) / 2642.4) | / | (1 - (974.7 + 739.4) / 3669.2) |
| = | 0.451711 | / | 0.532841 |
| | = | 0.8477 |
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 |
| = | 2297.8 | / | 1909.1 |
| | = | 1.2036 |
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)) |
| = | (109.9 / (109.9 + 739.4)) | / | (147.8 / (147.8 + 736.3)) |
| = | 0.129401 | / | 0.167176 |
| | = | 0.774 |
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) |
| = | (339.6 / 2297.8) | / | (325 / 1909.1) |
| = | 0.147794 | / | 0.170237 |
| | = | 0.8682 |
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) |
| = | ((1155.3 + 281.4) / 2642.4) | / | ((1699 + 466.2) / 3669.2) |
| = | 0.54371 | / | 0.590101 |
| | = | 0.9214 |
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 |
| = | (-309.5 - -421.5 | - | 106.6) | / | 2642.4 |
| | = | 0.002044 |
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.
Mativ Holdings has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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