Arch Resources Beneish M-Score Historical Data
The historical data trend for Arch Resources'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.
Arch Resources Beneish M-Score Chart
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Arch Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.10 |
-2.57 |
-1.33 |
-1.14 |
-2.48 |
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Arch Resources Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.24 |
-2.38 |
-1.25 |
-2.48 |
-3.07 |
Competitive Comparison of Arch Resources's Beneish M-Score
For the Coking Coal subindustry, Arch Resources'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.
Arch Resources's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Arch Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arch Resources's Beneish M-Score falls into.
Arch Resources 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 Arch Resources 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 * 0.9427 | + | 0.528 * 1.6461 | + | 0.404 * 0.8675 | + | 0.892 * 0.7932 | + | 0.115 * 0.958 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2251 | + | 4.679 * -0.130076 | - | 0.327 * 0.9753 |
| = | -3.07 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $235 Mil.
Revenue was 680.19 + 774.017 + 744.601 + 757.294 = $2,956 Mil.
Gross Profit was 112.467 + 315.087 + 110.995 + 115.09 = $654 Mil.
Total Current Assets was $863 Mil.
Total Assets was $2,435 Mil.
Property, Plant and Equipment(Net PPE) was $1,236 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $327 Mil.
Long-Term Debt & Capital Lease Obligation was $108 Mil.
Net Income was 55.953 + 114.886 + 73.691 + 77.353 = $322 Mil.
Non Operating Income was -0.286 + 3.575 + 0.046 + -2.276 = $1 Mil.
Cash Flow from Operations was 128.266 + 181.556 + 130.932 + 196.765 = $638 Mil.
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Total Receivables was $314 Mil.
Revenue was 869.931 + 859.464 + 863.835 + 1133.358 = $3,727 Mil.
Gross Profit was 298.194 + 377.561 + 219.85 + 460.818 = $1,356 Mil.
Total Current Assets was $863 Mil.
Total Assets was $2,433 Mil.
Property, Plant and Equipment(Net PPE) was $1,182 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $335 Mil.
Long-Term Debt & Capital Lease Obligation was $111 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) |
| = | (234.603 / 2956.102) | / | (313.717 / 3726.588) |
| = | 0.079362 | / | 0.084183 |
| | = | 0.9427 |
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) |
| = | (1356.423 / 3726.588) | / | (653.639 / 2956.102) |
| = | 0.363985 | / | 0.221115 |
| | = | 1.6461 |
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 - (862.569 + 1235.775) / 2434.686) | / | (1 - (862.916 + 1182.351) / 2432.659) |
| = | 0.138146 | / | 0.159246 |
| | = | 0.8675 |
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 |
| = | 2956.102 | / | 3726.588 |
| | = | 0.7932 |
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)) |
| = | (136.569 / (136.569 + 1182.351)) | / | (149.759 / (149.759 + 1235.775)) |
| = | 0.103546 | / | 0.108088 |
| | = | 0.958 |
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) |
| = | (99.907 / 2956.102) | / | (102.805 / 3726.588) |
| = | 0.033797 | / | 0.027587 |
| | = | 1.2251 |
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) |
| = | ((107.959 + 326.82) / 2434.686) | / | ((110.899 + 334.538) / 2432.659) |
| = | 0.178577 | / | 0.183107 |
| | = | 0.9753 |
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 |
| = | (321.883 - 1.059 | - | 637.519) | / | 2434.686 |
| | = | -0.130076 |
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.
Arch Resources has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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