Versum Materials Beneish M-Score Historical Data
The historical data trend for Versum 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.
Versum Materials Beneish M-Score Chart
|
Versum Materials Annual Data
|
|
Trend |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
- |
-2.50 |
-2.44 |
|
Versum Materials Quarterly Data
|
|
Sep13 |
Sep14 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
-2.21 |
-2.44 |
-2.41 |
-2.52 |
-2.29 |
Competitive Comparison of Versum Materials's Beneish M-Score
For the Chemicals subindustry, Versum 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.
Versum Materials's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Versum Materials's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Versum Materials's Beneish M-Score falls into.
Versum 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 Versum 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 * 0.9176 | + | 0.528 * 0.9988 | + | 0.404 * 0.9162 | + | 0.892 * 1.0188 | + | 0.115 * 1.0404 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9829 | + | 4.679 * 0.073147 | - | 0.327 * 0.9688 |
| = | -2.21 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $217 Mil.
Revenue was 324.3 + 326.2 + 339.5 + 350.8 = $1,341 Mil.
Gross Profit was 138.7 + 136.4 + 143.4 + 150 = $569 Mil.
Total Current Assets was $735 Mil.
Total Assets was $1,459 Mil.
Property, Plant and Equipment(Net PPE) was $439 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $170 Mil.
Long-Term Debt & Capital Lease Obligation was $971 Mil.
Net Income was -86.7 + 50.4 + 61.1 + 53.9 = $79 Mil.
Non Operating Income was -141.6 + -14 + -1.3 + -3.4 = $-160 Mil.
Cash Flow from Operations was -83.7 + 27.1 + 46.2 + 142.7 = $132 Mil.
|
Total Receivables was $232 Mil.
Revenue was 350 + 340.7 + 330.8 + 294.5 = $1,316 Mil.
Gross Profit was 149.7 + 144.9 + 139.6 + 123.1 = $557 Mil.
Total Current Assets was $717 Mil.
Total Assets was $1,409 Mil.
Property, Plant and Equipment(Net PPE) was $391 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $162 Mil.
Long-Term Debt & Capital Lease Obligation was $975 Mil.
|
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) |
| = | (217 / 1340.8) | / | (232.1 / 1316) |
| = | 0.161844 | / | 0.176368 |
| | = | 0.9176 |
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) |
| = | (557.3 / 1316) | / | (568.5 / 1340.8) |
| = | 0.42348 | / | 0.424001 |
| | = | 0.9988 |
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 - (735.2 + 438.7) / 1458.7) | / | (1 - (717.3 + 391.3) / 1408.8) |
| = | 0.195242 | / | 0.213089 |
| | = | 0.9162 |
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 |
| = | 1340.8 | / | 1316 |
| | = | 1.0188 |
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)) |
| = | (51.3 / (51.3 + 391.3)) | / | (55 / (55 + 438.7)) |
| = | 0.115906 | / | 0.111404 |
| | = | 1.0404 |
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) |
| = | (138.7 / 1340.8) | / | (138.5 / 1316) |
| = | 0.103446 | / | 0.105243 |
| | = | 0.9829 |
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) |
| = | ((971.2 + 169.6) / 1458.7) | / | ((975.2 + 162) / 1408.8) |
| = | 0.782066 | / | 0.807212 |
| | = | 0.9688 |
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 |
| = | (78.7 - -160.3 | - | 132.3) | / | 1458.7 |
| | = | 0.073147 |
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.
Versum Materials has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
VSM has been successfully added to your