Chemtura Beneish M-Score Historical Data
The historical data trend for Chemtura'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.
Chemtura Beneish M-Score Chart
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Chemtura Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.89 |
-3.18 |
-0.64 |
-2.64 |
-3.05 |
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Chemtura Quarterly Data
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Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.64 |
-2.83 |
-2.92 |
-2.92 |
-3.05 |
Competitive Comparison of Chemtura's Beneish M-Score
For the Specialty Chemicals subindustry, Chemtura'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.
Chemtura's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Chemtura's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chemtura's Beneish M-Score falls into.
Chemtura 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 Chemtura 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 * 1.1047 | + | 0.528 * 0.8674 | + | 0.404 * 0.9856 | + | 0.892 * 0.9482 | + | 0.115 * 1.0972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.088 | + | 4.679 * -0.066946 | - | 0.327 * 1.0108 |
| = | -3.00 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was €201.92 Mil.
Revenue was 364.98 + 368.874 + 392.49 + 371.772 = €1,498.12 Mil.
Gross Profit was 102.384 + 111.375 + 105.91 + 108.658 = €428.33 Mil.
Total Current Assets was €820.02 Mil.
Total Assets was €2,055.26 Mil.
Property, Plant and Equipment(Net PPE) was €618.10 Mil.
Depreciation, Depletion and Amortization(DDA) was €77.06 Mil.
Selling, General, & Admin. Expense(SGA) was €276.20 Mil.
Total Current Liabilities was €293.88 Mil.
Long-Term Debt & Capital Lease Obligation was €433.24 Mil.
Net Income was 20.856 + 22.275 + 30.26 + -86.208 = €-12.82 Mil.
Non Operating Income was 2.844 + -0.891 + 0 + -1.796 = €0.16 Mil.
Cash Flow from Operations was 47.4 + 38.313 + 67.64 + -28.736 = €124.62 Mil.
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Total Receivables was €192.78 Mil.
Revenue was 366.282 + 395.604 + 413.424 + 404.712 = €1,580.02 Mil.
Gross Profit was 95.472 + 104.247 + 101.574 + 90.552 = €391.85 Mil.
Total Current Assets was €897.80 Mil.
Total Assets was €2,166.48 Mil.
Property, Plant and Equipment(Net PPE) was €608.63 Mil.
Depreciation, Depletion and Amortization(DDA) was €84.28 Mil.
Selling, General, & Admin. Expense(SGA) was €139.51 Mil.
Total Current Liabilities was €331.40 Mil.
Long-Term Debt & Capital Lease Obligation was €426.87 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) |
| = | (201.924 / 1498.116) | / | (192.78 / 1580.022) |
| = | 0.134785 | / | 0.122011 |
| | = | 1.1047 |
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) |
| = | (391.845 / 1580.022) | / | (428.327 / 1498.116) |
| = | 0.248 | / | 0.28591 |
| | = | 0.8674 |
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 - (820.02 + 618.096) / 2055.264) | / | (1 - (897.804 + 608.634) / 2166.48) |
| = | 0.300277 | / | 0.304661 |
| | = | 0.9856 |
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 |
| = | 1498.116 | / | 1580.022 |
| | = | 0.9482 |
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)) |
| = | (84.276 / (84.276 + 608.634)) | / | (77.057 / (77.057 + 618.096)) |
| = | 0.121626 | / | 0.110849 |
| | = | 1.0972 |
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) |
| = | (276.197 / 1498.116) | / | (139.509 / 1580.022) |
| = | 0.184363 | / | 0.088296 |
| | = | 2.088 |
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) |
| = | ((433.236 + 293.88) / 2055.264) | / | ((426.87 + 331.398) / 2166.48) |
| = | 0.353782 | / | 0.35 |
| | = | 1.0108 |
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 |
| = | (-12.817 - 0.157 | - | 124.617) | / | 2055.264 |
| | = | -0.066946 |
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.
Chemtura has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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