Venator Materials Beneish M-Score Historical Data
The historical data trend for Venator Materials'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.
Venator Materials Beneish M-Score Chart
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Venator Materials Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.05 |
-2.36 |
-2.52 |
-2.35 |
0.00 |
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Venator Materials Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.45 |
-2.35 |
-5.22 |
0.00 |
VNTRF vs PVNNF, ETCK, CRKN: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Venator Materials'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.
Venator Materials Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Venator Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Venator Materials's Beneish M-Score falls into.
Venator Materials 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 Venator Materials 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 * 0.8226 | + | 0.528 * -0.8743 | + | 0.404 * 0.8897 | + | 0.892 * 0.5474 | + | 0.115 * 0.272 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.322 | + | 4.679 * -0.08658 | - | 0.327 * 0.795 |
| = | -4.56 |
* 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 (Jun22) TTM: |
Total Receivables was $213 Mil.
Revenue was 0 + 438 + 366 + 506 = $1,310 Mil.
Gross Profit was 0 + -92 + -45 + -2 = $-139 Mil.
Total Current Assets was $865 Mil.
Total Assets was $1,155 Mil.
Property, Plant and Equipment(Net PPE) was $129 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $110 Mil.
Total Current Liabilities was $358 Mil.
Long-Term Debt & Capital Lease Obligation was $229 Mil.
Net Income was 0 + -170 + -843 + -50 = $-1,063 Mil.
Non Operating Income was 0 + -10 + -729 + -3 = $-742 Mil.
Cash Flow from Operations was 0 + -120 + -27 + -74 = $-221 Mil.
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Total Receivables was $473 Mil.
Revenue was 642 + 659 + 535 + 557 = $2,393 Mil.
Gross Profit was 69 + 63 + 44 + 46 = $222 Mil.
Total Current Assets was $1,220 Mil.
Total Assets was $2,387 Mil.
Property, Plant and Equipment(Net PPE) was $793 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $152 Mil.
Total Current Liabilities was $554 Mil.
Long-Term Debt & Capital Lease Obligation was $972 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) |
| = | (213 / 1310) | / | (473 / 2393) |
| = | 0.162595 | / | 0.19766 |
| | = | 0.8226 |
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) |
| = | (222 / 2393) | / | (-139 / 1310) |
| = | 0.092771 | / | -0.106107 |
| | = | -0.8743 |
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 - (865 + 129) / 1155) | / | (1 - (1220 + 793) / 2387) |
| = | 0.139394 | / | 0.156682 |
| | = | 0.8897 |
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 |
| = | 1310 | / | 2393 |
| | = | 0.5474 |
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)) |
| = | (116 / (116 + 793)) | / | (114 / (114 + 129)) |
| = | 0.127613 | / | 0.469136 |
| | = | 0.272 |
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) |
| = | (110 / 1310) | / | (152 / 2393) |
| = | 0.083969 | / | 0.063519 |
| | = | 1.322 |
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) |
| = | ((229 + 358) / 1155) | / | ((972 + 554) / 2387) |
| = | 0.508225 | / | 0.639296 |
| | = | 0.795 |
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 |
| = | (-1063 - -742 | - | -221) | / | 1155 |
| | = | -0.08658 |
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.
Venator Materials has a M-score of -4.56 suggests that the company is unlikely to be a manipulator.
Venator Materials Business Description
Address
Hanzard Drive, Titanium House, Wynyard Park, Stockton-On-Tees, GBR, TS22 5FD
Venator Materials PLC is a manufacturer and marketer of chemical products. Its products comprise a broad range of pigments and additives such as TiO2, color pigments, functional additives, timber treatment, and water treatment products. The company markets its products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of its TiO2 business, and Performance Additives, which consists of functional additives, color pigments, timber treatment, and water treatment businesses. It derives a majority of its revenue from the Titanium Dioxide segment. Geographically, the company generates maximum revenue from the United States, and the rest from Germany, the United Kingdom, China, Italy, Spain, France, India, and other nations.
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