Arctic Paper Beneish M-Score Historical Data
The historical data trend for Arctic Paper'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.
Arctic Paper Beneish M-Score Chart
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Arctic Paper Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.25 |
-2.81 |
-2.29 |
-2.14 |
-2.94 |
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Arctic Paper 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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-3.24 |
-2.94 |
-2.78 |
-2.65 |
-2.53 |
Competitive Comparison of Arctic Paper's Beneish M-Score
For the Paper & Paper Products subindustry, Arctic Paper'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.
Arctic Paper's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Arctic Paper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arctic Paper's Beneish M-Score falls into.
Arctic Paper 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 Arctic Paper 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 * 1.1287 | + | 0.528 * 1.1596 | + | 0.404 * 0.674 | + | 0.892 * 0.9058 | + | 0.115 * 1.2097 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0781 | + | 4.679 * -0.009525 | - | 0.327 * 1.0086 |
| = | -2.53 |
* 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 zł477 Mil.
Revenue was 819.282 + 839.206 + 965.378 + 825.888 = zł3,450 Mil.
Gross Profit was 159.46 + 151.655 + 207.124 + 141.482 = zł660 Mil.
Total Current Assets was zł1,295 Mil.
Total Assets was zł2,723 Mil.
Property, Plant and Equipment(Net PPE) was zł1,343 Mil.
Depreciation, Depletion and Amortization(DDA) was zł116 Mil.
Selling, General, & Admin. Expense(SGA) was zł477 Mil.
Total Current Liabilities was zł675 Mil.
Long-Term Debt & Capital Lease Obligation was zł84 Mil.
Net Income was 30.781 + 17.948 + 82.467 + 47.99 = zł179 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -3.144 + 23.248 + 58.956 + 126.066 = zł205 Mil.
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Total Receivables was zł466 Mil.
Revenue was 854.806 + 836.243 + 1032.216 + 1085.098 = zł3,808 Mil.
Gross Profit was 193.217 + 141.633 + 269.352 + 240.343 = zł845 Mil.
Total Current Assets was zł1,486 Mil.
Total Assets was zł2,737 Mil.
Property, Plant and Equipment(Net PPE) was zł1,124 Mil.
Depreciation, Depletion and Amortization(DDA) was zł120 Mil.
Selling, General, & Admin. Expense(SGA) was zł488 Mil.
Total Current Liabilities was zł656 Mil.
Long-Term Debt & Capital Lease Obligation was zł101 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) |
| = | (476.777 / 3449.754) | / | (466.329 / 3808.363) |
| = | 0.138206 | / | 0.122449 |
| | = | 1.1287 |
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) |
| = | (844.545 / 3808.363) | / | (659.721 / 3449.754) |
| = | 0.221761 | / | 0.191237 |
| | = | 1.1596 |
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 - (1295.476 + 1342.752) / 2723.447) | / | (1 - (1485.764 + 1124.447) / 2737.299) |
| = | 0.031291 | / | 0.046428 |
| | = | 0.674 |
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 |
| = | 3449.754 | / | 3808.363 |
| | = | 0.9058 |
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)) |
| = | (119.68 / (119.68 + 1124.447)) | / | (116 / (116 + 1342.752)) |
| = | 0.096196 | / | 0.07952 |
| | = | 1.2097 |
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) |
| = | (476.568 / 3449.754) | / | (488.01 / 3808.363) |
| = | 0.138146 | / | 0.128142 |
| | = | 1.0781 |
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) |
| = | ((84.453 + 674.762) / 2723.447) | / | ((100.621 + 655.983) / 2737.299) |
| = | 0.27877 | / | 0.276405 |
| | = | 1.0086 |
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 |
| = | (179.186 - 0 | - | 205.126) | / | 2723.447 |
| | = | -0.009525 |
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.
Arctic Paper has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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