Air Water Beneish M-Score Historical Data
The historical data trend for Air Water'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.
Air Water Beneish M-Score Chart
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Air Water Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.47 |
-2.73 |
-2.54 |
-2.37 |
-2.39 |
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Air Water Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.51 |
-2.39 |
-2.44 |
-2.54 |
-2.44 |
Competitive Comparison of Air Water's Beneish M-Score
For the Specialty Chemicals subindustry, Air Water'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.
Air Water's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Water's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Water's Beneish M-Score falls into.
Air Water 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 Air Water 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 * 1.0148 | + | 0.528 * 0.9698 | + | 0.404 * 1.0206 | + | 0.892 * 1.039 | + | 0.115 * 1.2966 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0231 | + | 4.679 * -0.008917 | - | 0.327 * 0.9635 |
| = | -2.44 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was 円237,822 Mil.
Revenue was 276905 + 262019 + 245943 + 279872 = 円1,064,739 Mil.
Gross Profit was 60622 + 56519 + 52676 + 59396 = 円229,213 Mil.
Total Current Assets was 円463,828 Mil.
Total Assets was 円1,261,177 Mil.
Property, Plant and Equipment(Net PPE) was 円511,767 Mil.
Depreciation, Depletion and Amortization(DDA) was 円36,615 Mil.
Selling, General, & Admin. Expense(SGA) was 円166,017 Mil.
Total Current Liabilities was 円335,674 Mil.
Long-Term Debt & Capital Lease Obligation was 円329,730 Mil.
Net Income was 14860 + 10793 + 9363 + 13314 = 円48,330 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 11960 + 21891 + 25725 + 0 = 円59,576 Mil.
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Total Receivables was 円225,563 Mil.
Revenue was 267693 + 246935 + 230039 + 280145 = 円1,024,812 Mil.
Gross Profit was 58698 + 54322 + 47851 + 53089 = 円213,960 Mil.
Total Current Assets was 円444,434 Mil.
Total Assets was 円1,192,514 Mil.
Property, Plant and Equipment(Net PPE) was 円483,495 Mil.
Depreciation, Depletion and Amortization(DDA) was 円45,824 Mil.
Selling, General, & Admin. Expense(SGA) was 円156,180 Mil.
Total Current Liabilities was 円301,678 Mil.
Long-Term Debt & Capital Lease Obligation was 円351,334 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) |
| = | (237822 / 1064739) | / | (225563 / 1024812) |
| = | 0.223362 | / | 0.220102 |
| | = | 1.0148 |
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) |
| = | (213960 / 1024812) | / | (229213 / 1064739) |
| = | 0.20878 | / | 0.215276 |
| | = | 0.9698 |
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 - (463828 + 511767) / 1261177) | / | (1 - (444434 + 483495) / 1192514) |
| = | 0.226441 | / | 0.221872 |
| | = | 1.0206 |
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 |
| = | 1064739 | / | 1024812 |
| | = | 1.039 |
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)) |
| = | (45824 / (45824 + 483495)) | / | (36615 / (36615 + 511767)) |
| = | 0.086572 | / | 0.066769 |
| | = | 1.2966 |
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) |
| = | (166017 / 1064739) | / | (156180 / 1024812) |
| = | 0.155923 | / | 0.152399 |
| | = | 1.0231 |
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) |
| = | ((329730 + 335674) / 1261177) | / | ((351334 + 301678) / 1192514) |
| = | 0.527606 | / | 0.547593 |
| | = | 0.9635 |
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 |
| = | (48330 - 0 | - | 59576) | / | 1261177 |
| | = | -0.008917 |
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.
Air Water has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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