Tronox Holdings Beneish M-Score Historical Data
The historical data trend for Tronox 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.
Tronox Holdings Beneish M-Score Chart
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Tronox Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.00 |
-1.49 |
-2.55 |
-2.74 |
-2.92 |
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Tronox Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.37 |
-2.92 |
-2.85 |
-2.54 |
-2.47 |
Competitive Comparison of Tronox Holdings's Beneish M-Score
For the Chemicals subindustry, Tronox 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.
Tronox Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Tronox Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tronox Holdings's Beneish M-Score falls into.
Tronox 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 Tronox 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 * 1.2057 | + | 0.528 * 1.1263 | + | 0.404 * 0.9099 | + | 0.892 * 1.0963 | + | 0.115 * 1.0243 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9309 | + | 4.679 * -0.065094 | - | 0.327 * 1.0173 |
| = | -2.47 |
* 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 $382 Mil.
Revenue was 804 + 820 + 774 + 686 = $3,084 Mil.
Gross Profit was 128 + 150 + 120 + 78 = $476 Mil.
Total Current Assets was $2,219 Mil.
Total Assets was $6,191 Mil.
Property, Plant and Equipment(Net PPE) was $2,711 Mil.
Depreciation, Depletion and Amortization(DDA) was $283 Mil.
Selling, General, & Admin. Expense(SGA) was $297 Mil.
Total Current Liabilities was $817 Mil.
Long-Term Debt & Capital Lease Obligation was $2,869 Mil.
Net Income was -25 + 16 + -9 + -56 = $-74 Mil.
Non Operating Income was -14 + 19 + -1 + -3 = $1 Mil.
Cash Flow from Operations was 87 + 160 + -29 + 110 = $328 Mil.
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Total Receivables was $289 Mil.
Revenue was 662 + 794 + 708 + 649 = $2,813 Mil.
Gross Profit was 94 + 157 + 133 + 105 = $489 Mil.
Total Current Assets was $2,132 Mil.
Total Assets was $6,040 Mil.
Property, Plant and Equipment(Net PPE) was $2,556 Mil.
Depreciation, Depletion and Amortization(DDA) was $274 Mil.
Selling, General, & Admin. Expense(SGA) was $291 Mil.
Total Current Liabilities was $643 Mil.
Long-Term Debt & Capital Lease Obligation was $2,892 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) |
| = | (382 / 3084) | / | (289 / 2813) |
| = | 0.123865 | / | 0.102737 |
| | = | 1.2057 |
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) |
| = | (489 / 2813) | / | (476 / 3084) |
| = | 0.173836 | / | 0.154345 |
| | = | 1.1263 |
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 - (2219 + 2711) / 6191) | / | (1 - (2132 + 2556) / 6040) |
| = | 0.203683 | / | 0.223841 |
| | = | 0.9099 |
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 |
| = | 3084 | / | 2813 |
| | = | 1.0963 |
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)) |
| = | (274 / (274 + 2556)) | / | (283 / (283 + 2711)) |
| = | 0.09682 | / | 0.094522 |
| | = | 1.0243 |
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) |
| = | (297 / 3084) | / | (291 / 2813) |
| = | 0.096304 | / | 0.103448 |
| | = | 0.9309 |
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) |
| = | ((2869 + 817) / 6191) | / | ((2892 + 643) / 6040) |
| = | 0.59538 | / | 0.585265 |
| | = | 1.0173 |
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 |
| = | (-74 - 1 | - | 328) | / | 6191 |
| | = | -0.065094 |
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.
Tronox Holdings has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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