Vale Beneish M-Score Historical Data
The historical data trend for Vale'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.
Vale Beneish M-Score Chart
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Vale Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-1.93 |
-2.56 |
-1.86 |
-2.74 |
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Vale Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.84 |
-2.74 |
-2.93 |
-2.68 |
-2.47 |
Competitive Comparison of Vale's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Vale'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.
Vale's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Vale's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vale's Beneish M-Score falls into.
Vale 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 Vale 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 * 0.7839 | + | 0.528 * 1.0215 | + | 0.404 * 1.0935 | + | 0.892 * 1.0077 | + | 0.115 * 1.2742 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0095 | + | 4.679 * 0.004444 | - | 0.327 * 1.0581 |
| = | -2.59 |
* 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 $3,715 Mil.
Revenue was 9553 + 9920 + 8459 + 13054 = $40,986 Mil.
Gross Profit was 3272 + 3571 + 3092 + 6163 = $16,098 Mil.
Total Current Assets was $13,800 Mil.
Total Assets was $88,886 Mil.
Property, Plant and Equipment(Net PPE) was $46,070 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,326 Mil.
Selling, General, & Admin. Expense(SGA) was $529 Mil.
Total Current Liabilities was $15,174 Mil.
Long-Term Debt & Capital Lease Obligation was $15,592 Mil.
Net Income was 2412 + 2769 + 1679 + 2418 = $9,278 Mil.
Non Operating Income was 218 + 350 + 124 + -1841 = $-1,149 Mil.
Cash Flow from Operations was 1667 + 0 + 3576 + 4789 = $10,032 Mil.
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Total Receivables was $4,703 Mil.
Revenue was 10623 + 9673 + 8434 + 11941 = $40,671 Mil.
Gross Profit was 4314 + 3733 + 3485 + 4786 = $16,318 Mil.
Total Current Assets was $14,673 Mil.
Total Assets was $88,989 Mil.
Property, Plant and Equipment(Net PPE) was $47,750 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,115 Mil.
Selling, General, & Admin. Expense(SGA) was $520 Mil.
Total Current Liabilities was $13,644 Mil.
Long-Term Debt & Capital Lease Obligation was $15,465 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) |
| = | (3715 / 40986) | / | (4703 / 40671) |
| = | 0.090641 | / | 0.115635 |
| | = | 0.7839 |
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) |
| = | (16318 / 40671) | / | (16098 / 40986) |
| = | 0.40122 | / | 0.392768 |
| | = | 1.0215 |
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 - (13800 + 46070) / 88886) | / | (1 - (14673 + 47750) / 88989) |
| = | 0.326441 | / | 0.298531 |
| | = | 1.0935 |
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 |
| = | 40986 | / | 40671 |
| | = | 1.0077 |
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)) |
| = | (3115 / (3115 + 47750)) | / | (2326 / (2326 + 46070)) |
| = | 0.061241 | / | 0.048062 |
| | = | 1.2742 |
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) |
| = | (529 / 40986) | / | (520 / 40671) |
| = | 0.012907 | / | 0.012786 |
| | = | 1.0095 |
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) |
| = | ((15592 + 15174) / 88886) | / | ((15465 + 13644) / 88989) |
| = | 0.346129 | / | 0.327108 |
| | = | 1.0581 |
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 |
| = | (9278 - -1149 | - | 10032) | / | 88886 |
| | = | 0.004444 |
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.
Vale has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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