Enviva Beneish M-Score Historical Data
The historical data trend for Enviva'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.
Enviva Beneish M-Score Chart
|
Enviva Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.15 |
0.09 |
-2.50 |
-2.36 |
8.25 |
|
Enviva Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.04 |
8.25 |
-2.47 |
-2.91 |
-3.14 |
Competitive Comparison of Enviva's Beneish M-Score
For the Lumber & Wood Production subindustry, Enviva'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.
Enviva's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Enviva's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enviva's Beneish M-Score falls into.
Enviva 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 Enviva 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 * 1.9075 | + | 0.528 * -1.0663 | + | 0.404 * 0.8101 | + | 0.892 * 0.9997 | + | 0.115 * 0.9132 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.649 | + | 4.679 * -0.076605 | - | 0.327 * 1.045 |
| = | -3.14 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $239 Mil.
Revenue was 320.637 + 301.905 + 269.082 + 239.313 = $1,131 Mil.
Gross Profit was 52.416 + 11.797 + -18.807 + -82.463 = $-37 Mil.
Total Current Assets was $758 Mil.
Total Assets was $2,894 Mil.
Property, Plant and Equipment(Net PPE) was $1,759 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $108 Mil.
Total Current Liabilities was $536 Mil.
Long-Term Debt & Capital Lease Obligation was $1,914 Mil.
Net Income was -85.195 + -55.844 + -116.899 + -77.407 = $-335 Mil.
Non Operating Income was -29.671 + -16.745 + -3.32 + -1.135 = $-51 Mil.
Cash Flow from Operations was -55.376 + -2.093 + 31.872 + -37.215 = $-63 Mil.
|
Total Receivables was $125 Mil.
Revenue was 325.66 + 296.321 + 232.982 + 276.268 = $1,131 Mil.
Gross Profit was 68.118 + 17.212 + -0.613 + -45.192 = $40 Mil.
Total Current Assets was $234 Mil.
Total Assets was $2,267 Mil.
Property, Plant and Equipment(Net PPE) was $1,670 Mil.
Depreciation, Depletion and Amortization(DDA) was $111 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $215 Mil.
Long-Term Debt & Capital Lease Obligation was $1,622 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) |
| = | (238.515 / 1130.937) | / | (125.076 / 1131.231) |
| = | 0.2109 | / | 0.110566 |
| | = | 1.9075 |
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) |
| = | (39.525 / 1131.231) | / | (-37.057 / 1130.937) |
| = | 0.03494 | / | -0.032767 |
| | = | -1.0663 |
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 - (758.447 + 1759.465) / 2893.581) | / | (1 - (233.721 + 1670.314) / 2267.395) |
| = | 0.129828 | / | 0.160254 |
| | = | 0.8101 |
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 |
| = | 1130.937 | / | 1131.231 |
| | = | 0.9997 |
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)) |
| = | (111.256 / (111.256 + 1670.314)) | / | (129.147 / (129.147 + 1759.465)) |
| = | 0.062448 | / | 0.068382 |
| | = | 0.9132 |
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) |
| = | (108.434 / 1130.937) | / | (167.122 / 1131.231) |
| = | 0.09588 | / | 0.147735 |
| | = | 0.649 |
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) |
| = | ((1914.392 + 535.753) / 2893.581) | / | ((1622.236 + 214.925) / 2267.395) |
| = | 0.846752 | / | 0.810252 |
| | = | 1.045 |
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 |
| = | (-335.345 - -50.871 | - | -62.812) | / | 2893.581 |
| | = | -0.076605 |
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.
Enviva has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EVA has been successfully added to your