AdvanSix Beneish M-Score Historical Data
The historical data trend for AdvanSix'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.
AdvanSix Beneish M-Score Chart
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AdvanSix Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.15 |
-2.50 |
-2.45 |
-2.35 |
-2.57 |
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AdvanSix 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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-2.85 |
-2.91 |
-2.87 |
-2.57 |
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Competitive Comparison of AdvanSix's Beneish M-Score
For the Chemicals subindustry, AdvanSix'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.
AdvanSix's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, AdvanSix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AdvanSix's Beneish M-Score falls into.
AdvanSix 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 AdvanSix 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 * 1.339 | + | 0.528 * 2.2722 | + | 0.404 * 0.9866 | + | 0.892 * 0.7873 | + | 0.115 * 0.9749 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.303 | + | 4.679 * -0.057535 | - | 0.327 * 1.1169 |
| = | -2.05 |
* 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 $171 Mil.
Revenue was 336.829 + 382.208 + 322.907 + 427.94 = $1,470 Mil.
Gross Profit was 2.965 + 18.541 + 8.122 + 67.923 = $98 Mil.
Total Current Assets was $391 Mil.
Total Assets was $1,468 Mil.
Property, Plant and Equipment(Net PPE) was $949 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $284 Mil.
Long-Term Debt & Capital Lease Obligation was $304 Mil.
Net Income was -17.396 + -5.082 + -7.977 + 32.728 = $2 Mil.
Non Operating Income was -0.09 + 0.24 + 5.485 + 1.325 = $7 Mil.
Cash Flow from Operations was -36.202 + 60.169 + 20.802 + 35.004 = $80 Mil.
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Total Receivables was $162 Mil.
Revenue was 400.544 + 404.062 + 478.769 + 583.736 = $1,867 Mil.
Gross Profit was 70.502 + 69.029 + 35.123 + 106.901 = $282 Mil.
Total Current Assets was $395 Mil.
Total Assets was $1,449 Mil.
Property, Plant and Equipment(Net PPE) was $926 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $92 Mil.
Total Current Liabilities was $315 Mil.
Long-Term Debt & Capital Lease Obligation was $204 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) |
| = | (171.204 / 1469.884) | / | (162.412 / 1867.111) |
| = | 0.116474 | / | 0.086986 |
| | = | 1.339 |
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) |
| = | (281.555 / 1867.111) | / | (97.551 / 1469.884) |
| = | 0.150797 | / | 0.066366 |
| | = | 2.2722 |
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 - (391.307 + 948.817) / 1467.983) | / | (1 - (395.168 + 925.743) / 1448.815) |
| = | 0.087098 | / | 0.088282 |
| | = | 0.9866 |
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 |
| = | 1469.884 | / | 1867.111 |
| | = | 0.7873 |
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)) |
| = | (70.506 / (70.506 + 925.743)) | / | (74.267 / (74.267 + 948.817)) |
| = | 0.070771 | / | 0.072591 |
| | = | 0.9749 |
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) |
| = | (94.016 / 1469.884) | / | (91.652 / 1867.111) |
| = | 0.063962 | / | 0.049088 |
| | = | 1.303 |
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) |
| = | ((303.621 + 284.122) / 1467.983) | / | ((204.418 + 314.96) / 1448.815) |
| = | 0.400375 | / | 0.358485 |
| | = | 1.1169 |
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 |
| = | (2.273 - 6.96 | - | 79.773) | / | 1467.983 |
| | = | -0.057535 |
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.
AdvanSix has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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