Diversey Holdings Beneish M-Score Historical Data
The historical data trend for Diversey Holdings'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.
Diversey Holdings Beneish M-Score Chart
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Diversey Holdings Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
-2.24 |
-2.42 |
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Diversey Holdings Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-2.35 |
-2.52 |
-2.50 |
-2.42 |
-2.39 |
Competitive Comparison of Diversey Holdings's Beneish M-Score
For the Personal Services subindustry, Diversey Holdings'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.
Diversey Holdings's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Diversey Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diversey Holdings's Beneish M-Score falls into.
Diversey Holdings 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 Diversey Holdings 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 * 1.0079 | + | 0.528 * 1.2403 | + | 0.404 * 0.961 | + | 0.892 * 1.0584 | + | 0.115 * 1.124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9752 | + | 4.679 * -0.017172 | - | 0.327 * 1.0588 |
| = | -2.39 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $533 Mil.
Revenue was 696 + 701.6 + 689 + 715.3 = $2,802 Mil.
Gross Profit was 219.6 + 161 + 241.7 + 237 = $859 Mil.
Total Current Assets was $1,158 Mil.
Total Assets was $4,210 Mil.
Property, Plant and Equipment(Net PPE) was $503 Mil.
Depreciation, Depletion and Amortization(DDA) was $177 Mil.
Selling, General, & Admin. Expense(SGA) was $803 Mil.
Total Current Liabilities was $999 Mil.
Long-Term Debt & Capital Lease Obligation was $2,048 Mil.
Net Income was -53.6 + -59.5 + -36.5 + -34.2 = $-184 Mil.
Non Operating Income was 3.6 + -8.6 + -40 + -11.9 = $-57 Mil.
Cash Flow from Operations was -42.4 + -0.7 + -30.5 + 19 = $-55 Mil.
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Total Receivables was $499 Mil.
Revenue was 660 + 672.4 + 664.9 + 650.1 = $2,647 Mil.
Gross Profit was 236.1 + 245.6 + 259.7 + 265.6 = $1,007 Mil.
Total Current Assets was $1,154 Mil.
Total Assets was $4,351 Mil.
Property, Plant and Equipment(Net PPE) was $456 Mil.
Depreciation, Depletion and Amortization(DDA) was $188 Mil.
Selling, General, & Admin. Expense(SGA) was $778 Mil.
Total Current Liabilities was $927 Mil.
Long-Term Debt & Capital Lease Obligation was $2,047 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) |
| = | (532.6 / 2801.9) | / | (499.3 / 2647.4) |
| = | 0.190085 | / | 0.1886 |
| | = | 1.0079 |
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) |
| = | (1007 / 2647.4) | / | (859.3 / 2801.9) |
| = | 0.380373 | / | 0.306685 |
| | = | 1.2403 |
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 - (1157.8 + 503.4) / 4210.3) | / | (1 - (1153.8 + 455.8) / 4350.5) |
| = | 0.605444 | / | 0.63002 |
| | = | 0.961 |
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 |
| = | 2801.9 | / | 2647.4 |
| | = | 1.0584 |
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)) |
| = | (187.8 / (187.8 + 455.8)) | / | (176.5 / (176.5 + 503.4)) |
| = | 0.291796 | / | 0.259597 |
| | = | 1.124 |
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) |
| = | (803 / 2801.9) | / | (778 / 2647.4) |
| = | 0.286591 | / | 0.293873 |
| | = | 0.9752 |
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) |
| = | ((2048.4 + 998.5) / 4210.3) | / | ((2046.5 + 927.1) / 4350.5) |
| = | 0.723678 | / | 0.683508 |
| | = | 1.0588 |
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 |
| = | (-183.8 - -56.9 | - | -54.6) | / | 4210.3 |
| | = | -0.017172 |
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.
Diversey Holdings has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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