Albemarle Beneish M-Score Historical Data
The historical data trend for Albemarle'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.
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Albemarle Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.72 |
-2.25 |
-1.44 |
-1.05 |
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Albemarle Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.44 |
-1.15 |
-1.47 |
-1.62 |
-1.05 |
Competitive Comparison
For the Specialty Chemicals subindustry, Albemarle'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.
Albemarle Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Albemarle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Albemarle's Beneish M-Score falls into.
Albemarle 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 Albemarle 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 * 0.9669 | + | 0.528 * 3.3789 | + | 0.404 * 0.9106 | + | 0.892 * 1.2728 | + | 0.115 * 0.9522 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3385 | + | 4.679 * 0.00384 | - | 0.327 * 1.008 |
| = | -1.10 |
* 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 (Dec22) TTM: |
Total Receivables was €1,683 Mil.
Revenue was 2160.603 + 2165.028 + 2187.685 + 2409.955 = €8,923 Mil.
Gross Profit was -645.616 + 51.473 + 515.484 + 1192.288 = €1,114 Mil.
Total Current Assets was €4,784 Mil.
Total Assets was €16,754 Mil.
Property, Plant and Equipment(Net PPE) was €8,833 Mil.
Depreciation, Depletion and Amortization(DDA) was €398 Mil.
Selling, General, & Admin. Expense(SGA) was €852 Mil.
Total Current Liabilities was €3,265 Mil.
Long-Term Debt & Capital Lease Obligation was €3,351 Mil.
Net Income was -566.413 + 283.473 + 599.99 + 1156.834 = €1,474 Mil.
Non Operating Income was 31.628 + 10.478 + 49.8 + 77.048 = €169 Mil.
Cash Flow from Operations was -90.067 + 589.235 + 68.032 + 673.395 = €1,241 Mil.
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Total Receivables was €1,367 Mil.
Revenue was 2474.203 + 2112.723 + 1399.695 + 1023.977 = €7,011 Mil.
Gross Profit was 945.245 + 1054.252 + 549.081 + 407.719 = €2,956 Mil.
Total Current Assets was €4,896 Mil.
Total Assets was €14,591 Mil.
Property, Plant and Equipment(Net PPE) was €6,694 Mil.
Depreciation, Depletion and Amortization(DDA) was €287 Mil.
Selling, General, & Admin. Expense(SGA) was €500 Mil.
Total Current Liabilities was €2,588 Mil.
Long-Term Debt & Capital Lease Obligation was €3,129 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) |
| = | (1682.888 / 8923.271) | / | (1367.463 / 7010.598) |
| = | 0.188595 | / | 0.195057 |
| | = | 0.9669 |
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) |
| = | (2956.297 / 7010.598) | / | (1113.629 / 8923.271) |
| = | 0.42169 | / | 0.124801 |
| | = | 3.3789 |
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 - (4783.915 + 8833.102) / 16754.188) | / | (1 - (4896.45 + 6694.064) / 14590.957) |
| = | 0.187247 | / | 0.205637 |
| | = | 0.9106 |
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 |
| = | 8923.271 | / | 7010.598 |
| | = | 1.2728 |
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)) |
| = | (286.868 / (286.868 + 6694.064)) | / | (398.409 / (398.409 + 8833.102)) |
| = | 0.041093 | / | 0.043158 |
| | = | 0.9522 |
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) |
| = | (851.658 / 8923.271) | / | (499.874 / 7010.598) |
| = | 0.095442 | / | 0.071303 |
| | = | 1.3385 |
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) |
| = | ((3351.344 + 3264.944) / 16754.188) | / | ((3128.644 + 2587.518) / 14590.957) |
| = | 0.394904 | / | 0.391761 |
| | = | 1.008 |
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 |
| = | (1473.884 - 168.954 | - | 1240.595) | / | 16754.188 |
| | = | 0.00384 |
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.
Albemarle has a M-score of -1.10 signals that the company is likely to be a manipulator.
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