Clearwater Paper Beneish M-Score Historical Data
The historical data trend for Clearwater Paper'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.
Clearwater Paper Beneish M-Score Chart
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Clearwater Paper Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.73 |
-2.31 |
-2.77 |
-2.73 |
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Clearwater Paper 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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-2.57 |
-2.43 |
-2.65 |
-2.73 |
-3.04 |
Competitive Comparison of Clearwater Paper's Beneish M-Score
For the Paper & Paper Products subindustry, Clearwater Paper'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.
Clearwater Paper's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Clearwater Paper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clearwater Paper's Beneish M-Score falls into.
Clearwater Paper 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 Clearwater Paper 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 * 0.9778 | + | 0.528 * 0.7922 | + | 0.404 * 1.0278 | + | 0.892 * 0.935 | + | 0.115 * 1.0522 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.125 | + | 4.679 * -0.087257 | - | 0.327 * 0.9014 |
| = | -3.05 |
* 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 €159 Mil.
Revenue was 456.504 + 470.329 + 487.146 + 484.206 = €1,898 Mil.
Gross Profit was 68.632 + 69.233 + 86.673 + 79.286 = €304 Mil.
Total Current Assets was €530 Mil.
Total Assets was €1,545 Mil.
Property, Plant and Equipment(Net PPE) was €904 Mil.
Depreciation, Depletion and Amortization(DDA) was €90 Mil.
Selling, General, & Admin. Expense(SGA) was €139 Mil.
Total Current Liabilities was €277 Mil.
Long-Term Debt & Capital Lease Obligation was €407 Mil.
Net Income was 15.824 + 16.139 + 34.294 + 27.413 = €94 Mil.
Non Operating Income was -5.888 + -5.319 + -0.187 + 0.092 = €-11 Mil.
Cash Flow from Operations was 54.464 + 60.247 + 82.643 + 42.458 = €240 Mil.
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Total Receivables was €174 Mil.
Revenue was 490.724 + 497.299 + 544.188 + 497.974 = €2,030 Mil.
Gross Profit was 71.825 + 33.418 + 84.84 + 67.355 = €257 Mil.
Total Current Assets was €530 Mil.
Total Assets was €1,579 Mil.
Property, Plant and Equipment(Net PPE) was €938 Mil.
Depreciation, Depletion and Amortization(DDA) was €98 Mil.
Selling, General, & Admin. Expense(SGA) was €133 Mil.
Total Current Liabilities was €248 Mil.
Long-Term Debt & Capital Lease Obligation was €528 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) |
| = | (159.16 / 1898.185) | / | (174.098 / 2030.185) |
| = | 0.083849 | / | 0.085755 |
| | = | 0.9778 |
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) |
| = | (257.438 / 2030.185) | / | (303.824 / 1898.185) |
| = | 0.126805 | / | 0.16006 |
| | = | 0.7922 |
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 - (530.104 + 904.452) / 1545.324) | / | (1 - (530.419 + 938.39) / 1578.927) |
| = | 0.071679 | / | 0.069742 |
| | = | 1.0278 |
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 |
| = | 1898.185 | / | 2030.185 |
| | = | 0.935 |
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)) |
| = | (98.387 / (98.387 + 938.39)) | / | (89.655 / (89.655 + 904.452)) |
| = | 0.094897 | / | 0.090186 |
| | = | 1.0522 |
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) |
| = | (139.378 / 1898.185) | / | (132.504 / 2030.185) |
| = | 0.073427 | / | 0.065267 |
| | = | 1.125 |
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) |
| = | ((406.916 + 277.288) / 1545.324) | / | ((527.617 + 247.977) / 1578.927) |
| = | 0.442758 | / | 0.491216 |
| | = | 0.9014 |
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 |
| = | (93.67 - -11.302 | - | 239.812) | / | 1545.324 |
| | = | -0.087257 |
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.
Clearwater Paper has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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