Vallourec Beneish M-Score Historical Data
The historical data trend for Vallourec'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.
Vallourec Beneish M-Score Chart
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Vallourec Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-3.78 |
-2.33 |
-2.45 |
-3.20 |
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Vallourec 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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-2.97 |
-3.20 |
-3.24 |
-2.99 |
-3.02 |
Competitive Comparison of Vallourec's Beneish M-Score
For the Steel subindustry, Vallourec'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.
Vallourec's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Vallourec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vallourec's Beneish M-Score falls into.
Vallourec 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 Vallourec 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 * 0.9707 | + | 0.528 * 1.0935 | + | 0.404 * 0.834 | + | 0.892 * 0.7892 | + | 0.115 * -1.0022 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3509 | + | 4.679 * -0.014629 | - | 0.327 * 0.8366 |
| = | -3.02 |
* 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 €586 Mil.
Revenue was 894 + 1085 + 990 + 1275.719 = €4,245 Mil.
Gross Profit was 261 + 311 + 276 + 390.055 = €1,238 Mil.
Total Current Assets was €2,921 Mil.
Total Assets was €5,191 Mil.
Property, Plant and Equipment(Net PPE) was €1,809 Mil.
Depreciation, Depletion and Amortization(DDA) was €-206 Mil.
Selling, General, & Admin. Expense(SGA) was €318 Mil.
Total Current Liabilities was €1,630 Mil.
Long-Term Debt & Capital Lease Obligation was €766 Mil.
Net Income was 73 + 111 + 105 + 104.91 = €394 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 150 + 35 + 161 + 123.849 = €470 Mil.
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Total Receivables was €765 Mil.
Revenue was 1142 + 1358 + 1338 + 1540.7 = €5,379 Mil.
Gross Profit was 324 + 468 + 372 + 551.557 = €1,716 Mil.
Total Current Assets was €3,392 Mil.
Total Assets was €5,907 Mil.
Property, Plant and Equipment(Net PPE) was €1,886 Mil.
Depreciation, Depletion and Amortization(DDA) was €278 Mil.
Selling, General, & Admin. Expense(SGA) was €298 Mil.
Total Current Liabilities was €1,864 Mil.
Long-Term Debt & Capital Lease Obligation was €1,395 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) |
| = | (586 / 4244.719) | / | (765 / 5378.7) |
| = | 0.138054 | / | 0.142228 |
| | = | 0.9707 |
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) |
| = | (1715.557 / 5378.7) | / | (1238.055 / 4244.719) |
| = | 0.318954 | / | 0.291669 |
| | = | 1.0935 |
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 - (2921 + 1809) / 5191) | / | (1 - (3392 + 1886) / 5907) |
| = | 0.088808 | / | 0.106484 |
| | = | 0.834 |
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 |
| = | 4244.719 | / | 5378.7 |
| | = | 0.7892 |
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)) |
| = | (278.127 / (278.127 + 1886)) | / | (-205.612 / (-205.612 + 1809)) |
| = | 0.128517 | / | -0.128236 |
| | = | -1.0022 |
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) |
| = | (317.7 / 4244.719) | / | (298.005 / 5378.7) |
| = | 0.074846 | / | 0.055405 |
| | = | 1.3509 |
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) |
| = | ((766 + 1630) / 5191) | / | ((1395 + 1864) / 5907) |
| = | 0.461568 | / | 0.551718 |
| | = | 0.8366 |
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 |
| = | (393.91 - 0 | - | 469.849) | / | 5191 |
| | = | -0.014629 |
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.
Vallourec has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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