Axalta Coating Systems Beneish M-Score Historical Data
The historical data trend for Axalta Coating Systems'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.
Axalta Coating Systems Beneish M-Score Chart
|
Axalta Coating Systems Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.76 |
-2.62 |
-2.50 |
-2.37 |
-2.52 |
|
Axalta Coating Systems Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.37 |
-2.36 |
-2.43 |
-2.51 |
-2.52 |
Competitive Comparison of Axalta Coating Systems's Beneish M-Score
For the Specialty Chemicals subindustry, Axalta Coating Systems'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.
Axalta Coating Systems's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Axalta Coating Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axalta Coating Systems's Beneish M-Score falls into.
Axalta Coating Systems 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 Axalta Coating Systems 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 * 1.1121 | + | 0.528 * 0.9304 | + | 0.404 * 0.992 | + | 0.892 * 1.0614 | + | 0.115 * 1.0924 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0248 | + | 4.679 * -0.039658 | - | 0.327 * 0.9416 |
| = | -2.52 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,260 Mil.
Revenue was 1297.3 + 1309 + 1293.9 + 1283.9 = $5,184 Mil.
Gross Profit was 423.5 + 423.5 + 389.5 + 382 = $1,619 Mil.
Total Current Assets was $2,821 Mil.
Total Assets was $7,272 Mil.
Property, Plant and Equipment(Net PPE) was $1,310 Mil.
Depreciation, Depletion and Amortization(DDA) was $276 Mil.
Selling, General, & Admin. Expense(SGA) was $840 Mil.
Total Current Liabilities was $1,428 Mil.
Long-Term Debt & Capital Lease Obligation was $3,479 Mil.
Net Income was 73.1 + 72.9 + 60.9 + 60.5 = $267 Mil.
Non Operating Income was -4 + -5.7 + -8.5 + -1.3 = $-20 Mil.
Cash Flow from Operations was 286 + 210.1 + 131 + -51.8 = $575 Mil.
|
Total Receivables was $1,067 Mil.
Revenue was 1236.7 + 1238.7 + 1234.9 + 1174.1 = $4,884 Mil.
Gross Profit was 371.5 + 362.1 + 348.5 + 336.7 = $1,419 Mil.
Total Current Assets was $2,693 Mil.
Total Assets was $7,059 Mil.
Property, Plant and Equipment(Net PPE) was $1,293 Mil.
Depreciation, Depletion and Amortization(DDA) was $303 Mil.
Selling, General, & Admin. Expense(SGA) was $772 Mil.
Total Current Liabilities was $1,385 Mil.
Long-Term Debt & Capital Lease Obligation was $3,673 Mil.
|
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) |
| = | (1259.9 / 5184.1) | / | (1067.4 / 4884.4) |
| = | 0.243032 | / | 0.218532 |
| | = | 1.1121 |
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) |
| = | (1418.8 / 4884.4) | / | (1618.5 / 5184.1) |
| = | 0.290476 | / | 0.312205 |
| | = | 0.9304 |
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 - (2821.3 + 1309.6) / 7272.1) | / | (1 - (2692.7 + 1292.8) / 7059.2) |
| = | 0.431952 | / | 0.435418 |
| | = | 0.992 |
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 |
| = | 5184.1 | / | 4884.4 |
| | = | 1.0614 |
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)) |
| = | (303.1 / (303.1 + 1292.8)) | / | (275.6 / (275.6 + 1309.6)) |
| = | 0.189924 | / | 0.173858 |
| | = | 1.0924 |
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) |
| = | (840.1 / 5184.1) | / | (772.4 / 4884.4) |
| = | 0.162053 | / | 0.158136 |
| | = | 1.0248 |
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) |
| = | ((3478.5 + 1427.5) / 7272.1) | / | ((3673.3 + 1384.7) / 7059.2) |
| = | 0.674633 | / | 0.716512 |
| | = | 0.9416 |
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 |
| = | (267.4 - -19.5 | - | 575.3) | / | 7272.1 |
| | = | -0.039658 |
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.
Axalta Coating Systems has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
AXTA has been successfully added to your