Ternium Argentina Beneish M-Score Historical Data
The historical data trend for Ternium Argentina'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.
Ternium Argentina Beneish M-Score Chart
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Ternium Argentina Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.93 |
-0.66 |
-1.83 |
-0.76 |
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Ternium Argentina 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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-1.93 |
-1.92 |
-1.23 |
-0.76 |
-0.51 |
Competitive Comparison of Ternium Argentina's Beneish M-Score
For the Steel subindustry, Ternium Argentina'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.
Ternium Argentina's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Ternium Argentina's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ternium Argentina's Beneish M-Score falls into.
Ternium Argentina 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 Ternium Argentina 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 * 2.0042 | + | 0.528 * 1.0846 | + | 0.404 * 1.0729 | + | 0.892 * 2.1877 | + | 0.115 * 1.5733 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0253 | + | 4.679 * -0.008551 | - | 0.327 * 1.3417 |
| = | -0.51 |
* 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 ARS171,927 Mil.
Revenue was 436394 + 338853 + 278659 + 200460 = ARS1,254,366 Mil.
Gross Profit was 118322 + 118649 + 86447 + 66315 = ARS389,733 Mil.
Total Current Assets was ARS1,786,031 Mil.
Total Assets was ARS4,773,282 Mil.
Property, Plant and Equipment(Net PPE) was ARS768,083 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS50,178 Mil.
Selling, General, & Admin. Expense(SGA) was ARS72,103 Mil.
Total Current Liabilities was ARS555,261 Mil.
Long-Term Debt & Capital Lease Obligation was ARS44,784 Mil.
Net Income was 216608 + -71080 + 24225 + 60509 = ARS230,262 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 5196 + 166145 + 78759 + 20979 = ARS271,079 Mil.
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Total Receivables was ARS39,213 Mil.
Revenue was 165532 + 153834 + 134595 + 119418 = ARS573,379 Mil.
Gross Profit was 57474 + 51524 + 41773 + 42445 = ARS193,216 Mil.
Total Current Assets was ARS485,113 Mil.
Total Assets was ARS1,155,904 Mil.
Property, Plant and Equipment(Net PPE) was ARS169,907 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS18,143 Mil.
Selling, General, & Admin. Expense(SGA) was ARS32,144 Mil.
Total Current Liabilities was ARS96,097 Mil.
Long-Term Debt & Capital Lease Obligation was ARS12,203 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) |
| = | (171927 / 1254366) | / | (39213 / 573379) |
| = | 0.137063 | / | 0.068389 |
| | = | 2.0042 |
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) |
| = | (193216 / 573379) | / | (389733 / 1254366) |
| = | 0.336978 | / | 0.310701 |
| | = | 1.0846 |
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 - (1786031 + 768083) / 4773282) | / | (1 - (485113 + 169907) / 1155904) |
| = | 0.464914 | / | 0.433327 |
| | = | 1.0729 |
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 |
| = | 1254366 | / | 573379 |
| | = | 2.1877 |
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)) |
| = | (18143 / (18143 + 169907)) | / | (50178 / (50178 + 768083)) |
| = | 0.09648 | / | 0.061323 |
| | = | 1.5733 |
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) |
| = | (72103 / 1254366) | / | (32144 / 573379) |
| = | 0.057482 | / | 0.056061 |
| | = | 1.0253 |
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) |
| = | ((44784 + 555261) / 4773282) | / | ((12203 + 96097) / 1155904) |
| = | 0.125709 | / | 0.093693 |
| | = | 1.3417 |
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 |
| = | (230262 - 0 | - | 271079) | / | 4773282 |
| | = | -0.008551 |
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.
Ternium Argentina has a M-score of -0.51 signals that the company is likely to be a manipulator.
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