Olympic Steel Beneish M-Score Historical Data
The historical data trend for Olympic Steel'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.
Olympic Steel Beneish M-Score Chart
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Olympic Steel Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.74 |
-0.67 |
-2.93 |
-2.71 |
-2.59 |
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Olympic Steel Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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-2.86 |
-2.59 |
-2.73 |
-2.87 |
-2.63 |
ZEUS vs MSB, NWPX, MTUS: Beneish M-Score Comparison
For the Steel subindustry, Olympic Steel'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.
Olympic Steel Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Olympic Steel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Olympic Steel's Beneish M-Score falls into.
Olympic Steel 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 Olympic Steel 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 * 1.1246 | + | 0.528 * 0.9355 | + | 0.404 * 1.3009 | + | 0.892 * 0.9436 | + | 0.115 * 0.9795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0935 | + | 4.679 * -0.055246 | - | 0.327 * 1.0838 |
| = | -2.63 |
* 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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was $210 Mil.
Revenue was 490.655 + 496.483 + 492.941 + 418.784 = $1,899 Mil.
Gross Profit was 117.626 + 121.804 + 118.441 + 105.522 = $463 Mil.
Total Current Assets was $615 Mil.
Total Assets was $1,090 Mil.
Property, Plant and Equipment(Net PPE) was $250 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $257 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt & Capital Lease Obligation was $276 Mil.
Net Income was 2.154 + 5.237 + 2.509 + 3.889 = $14 Mil.
Non Operating Income was -0.014 + -0.027 + -0.021 + -0.027 = $-0 Mil.
Cash Flow from Operations was -5.391 + 15.507 + 49.418 + 14.565 = $74 Mil.
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Total Receivables was $198 Mil.
Revenue was 469.996 + 526.25 + 526.642 + 489.408 = $2,012 Mil.
Gross Profit was 106.852 + 119.703 + 119.104 + 113.733 = $459 Mil.
Total Current Assets was $622 Mil.
Total Assets was $1,012 Mil.
Property, Plant and Equipment(Net PPE) was $229 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $249 Mil.
Total Current Liabilities was $177 Mil.
Long-Term Debt & Capital Lease Obligation was $228 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) |
| = | (209.684 / 1898.863) | / | (197.592 / 2012.296) |
| = | 0.110426 | / | 0.098192 |
| | = | 1.1246 |
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) |
| = | (459.392 / 2012.296) | / | (463.393 / 1898.863) |
| = | 0.228292 | / | 0.244037 |
| | = | 0.9355 |
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 - (614.684 + 249.674) / 1090.058) | / | (1 - (622.408 + 228.528) / 1012.011) |
| = | 0.207053 | / | 0.159163 |
| | = | 1.3009 |
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 |
| = | 1898.863 | / | 2012.296 |
| | = | 0.9436 |
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)) |
| = | (30.112 / (30.112 + 228.528)) | / | (33.681 / (33.681 + 249.674)) |
| = | 0.116424 | / | 0.118865 |
| | = | 0.9795 |
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) |
| = | (256.843 / 1898.863) | / | (248.923 / 2012.296) |
| = | 0.135261 | / | 0.123701 |
| | = | 1.0935 |
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) |
| = | ((275.927 + 196.896) / 1090.058) | / | ((228.072 + 176.948) / 1012.011) |
| = | 0.433759 | / | 0.400213 |
| | = | 1.0838 |
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 |
| = | (13.789 - -0.089 | - | 74.099) | / | 1090.058 |
| | = | -0.055246 |
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.
Olympic Steel has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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