Chemtros Co Beneish M-Score Historical Data
The historical data trend for Chemtros Co'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.
Chemtros Co Beneish M-Score Chart
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Chemtros Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.69 |
-2.71 |
-2.39 |
-2.38 |
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Chemtros Co 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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-2.74 |
-2.38 |
-1.99 |
-2.14 |
-3.06 |
Competitive Comparison of Chemtros Co's Beneish M-Score
For the Specialty Chemicals subindustry, Chemtros Co'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.
Chemtros Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Chemtros Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chemtros Co's Beneish M-Score falls into.
Chemtros Co 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 Chemtros Co 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 * 0.8481 | + | 0.528 * 0.6771 | + | 0.404 * 1.5889 | + | 0.892 * 0.9584 | + | 0.115 * 1.0536 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.2669 | + | 4.679 * -0.030722 | - | 0.327 * 1.3512 |
| = | -3.06 |
* 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 ₩7,645 Mil.
Revenue was 11749.302 + 11784.233 + 14686.058 + 10919.801 = ₩49,139 Mil.
Gross Profit was 3590.134 + 1725.048 + 3221.823 + 2796.277 = ₩11,333 Mil.
Total Current Assets was ₩56,993 Mil.
Total Assets was ₩123,322 Mil.
Property, Plant and Equipment(Net PPE) was ₩61,889 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,703 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,236 Mil.
Total Current Liabilities was ₩54,704 Mil.
Long-Term Debt & Capital Lease Obligation was ₩49 Mil.
Net Income was 353.442 + 825.608 + 2249.73 + 480.926 = ₩3,910 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 834.41 + 3383.68 + 2464.812 + 1015.487 = ₩7,698 Mil.
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Total Receivables was ₩9,406 Mil.
Revenue was 12422.374 + 11969.02 + 12152.904 + 14727.717 = ₩51,272 Mil.
Gross Profit was 1717.508 + 1595.614 + 1431.109 + 3262.611 = ₩8,007 Mil.
Total Current Assets was ₩40,511 Mil.
Total Assets was ₩97,037 Mil.
Property, Plant and Equipment(Net PPE) was ₩54,327 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,489 Mil.
Total Current Liabilities was ₩29,927 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,957 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) |
| = | (7645.121 / 49139.394) | / | (9406.122 / 51272.015) |
| = | 0.15558 | / | 0.183455 |
| | = | 0.8481 |
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) |
| = | (8006.842 / 51272.015) | / | (11333.282 / 49139.394) |
| = | 0.156164 | / | 0.230635 |
| | = | 0.6771 |
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 - (56992.837 + 61888.52) / 123321.601) | / | (1 - (40511.051 + 54326.699) / 97036.624) |
| = | 0.036005 | / | 0.02266 |
| | = | 1.5889 |
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 |
| = | 49139.394 | / | 51272.015 |
| | = | 0.9584 |
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)) |
| = | (3435.62 / (3435.62 + 54326.699)) | / | (3703.002 / (3703.002 + 61888.52)) |
| = | 0.059479 | / | 0.056455 |
| | = | 1.0536 |
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) |
| = | (3235.502 / 49139.394) | / | (1489.222 / 51272.015) |
| = | 0.065843 | / | 0.029046 |
| | = | 2.2669 |
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) |
| = | ((49.088 + 54704.025) / 123321.601) | / | ((1956.975 + 29926.823) / 97036.624) |
| = | 0.443986 | / | 0.328575 |
| | = | 1.3512 |
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 |
| = | (3909.706 - 0 | - | 7698.389) | / | 123321.601 |
| | = | -0.030722 |
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.
Chemtros Co has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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