Solvay Beneish M-Score Historical Data
The historical data trend for Solvay'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.
Solvay Beneish M-Score Chart
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Solvay Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-3.21 |
-2.16 |
-2.27 |
-2.83 |
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Solvay 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 |
-2.83 |
-3.31 |
-2.91 |
-2.70 |
Competitive Comparison of Solvay's Beneish M-Score
For the Chemicals subindustry, Solvay'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.
Solvay's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Solvay's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Solvay's Beneish M-Score falls into.
Solvay 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 Solvay 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 * 0.672 | + | 0.528 * 1.1076 | + | 0.404 * 0.7839 | + | 0.892 * 0.6075 | + | 0.115 * 0.6703 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9647 | + | 4.679 * 0.153787 | - | 0.327 * 1.6783 |
| = | -2.70 |
* 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 €1,103 Mil.
Revenue was 1245 + 1333 + 1298 + 1342 = €5,218 Mil.
Gross Profit was 274 + 309 + 291 + 264 = €1,138 Mil.
Total Current Assets was €2,355 Mil.
Total Assets was €6,535 Mil.
Property, Plant and Equipment(Net PPE) was €2,306 Mil.
Depreciation, Depletion and Amortization(DDA) was €567 Mil.
Selling, General, & Admin. Expense(SGA) was €443 Mil.
Total Current Liabilities was €1,725 Mil.
Long-Term Debt & Capital Lease Obligation was €1,993 Mil.
Net Income was 19 + 67 + 107 + 1429 = €1,622 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 140 + 153 + 141 + 183 = €617 Mil.
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Total Receivables was €2,702 Mil.
Revenue was 1365 + 1565 + 1753 + 3907 = €8,590 Mil.
Gross Profit was 311 + 377 + 431 + 956 = €2,075 Mil.
Total Current Assets was €6,586 Mil.
Total Assets was €19,921 Mil.
Property, Plant and Equipment(Net PPE) was €6,048 Mil.
Depreciation, Depletion and Amortization(DDA) was €922 Mil.
Selling, General, & Admin. Expense(SGA) was €756 Mil.
Total Current Liabilities was €5,641 Mil.
Long-Term Debt & Capital Lease Obligation was €1,112 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) |
| = | (1103 / 5218) | / | (2702 / 8590) |
| = | 0.211384 | / | 0.314552 |
| | = | 0.672 |
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) |
| = | (2075 / 8590) | / | (1138 / 5218) |
| = | 0.24156 | / | 0.218091 |
| | = | 1.1076 |
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 - (2355 + 2306) / 6535) | / | (1 - (6586 + 6048) / 19921) |
| = | 0.286764 | / | 0.365795 |
| | = | 0.7839 |
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 |
| = | 5218 | / | 8590 |
| | = | 0.6075 |
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)) |
| = | (922 / (922 + 6048)) | / | (567 / (567 + 2306)) |
| = | 0.132281 | / | 0.197355 |
| | = | 0.6703 |
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) |
| = | (443 / 5218) | / | (756 / 8590) |
| = | 0.084898 | / | 0.088009 |
| | = | 0.9647 |
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) |
| = | ((1993 + 1725) / 6535) | / | ((1112 + 5641) / 19921) |
| = | 0.568936 | / | 0.338989 |
| | = | 1.6783 |
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 |
| = | (1622 - 0 | - | 617) | / | 6535 |
| | = | 0.153787 |
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.
Solvay has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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