Element Solutions Beneish M-Score Historical Data
The historical data trend for Element Solutions'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.
Element Solutions Beneish M-Score Chart
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Element Solutions Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.50 |
-2.38 |
-2.60 |
-2.64 |
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Element Solutions 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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-2.78 |
-2.84 |
-2.76 |
-2.64 |
-2.66 |
Competitive Comparison of Element Solutions's Beneish M-Score
For the Specialty Chemicals subindustry, Element Solutions'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.
Element Solutions's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Element Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Element Solutions's Beneish M-Score falls into.
Element Solutions 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 Element Solutions 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 * 1.0645 | + | 0.528 * 0.9356 | + | 0.404 * 0.993 | + | 0.892 * 0.9207 | + | 0.115 * 1.0178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0908 | + | 4.679 * -0.027095 | - | 0.327 * 1.0187 |
| = | -2.67 |
* 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 €422 Mil.
Revenue was 529 + 525.808 + 561.544 + 540.97 = €2,157 Mil.
Gross Profit was 225.4 + 202.015 + 226.66 + 210.906 = €865 Mil.
Total Current Assets was €1,137 Mil.
Total Assets was €4,519 Mil.
Property, Plant and Equipment(Net PPE) was €272 Mil.
Depreciation, Depletion and Amortization(DDA) was €155 Mil.
Selling, General, & Admin. Expense(SGA) was €552 Mil.
Total Current Liabilities was €314 Mil.
Long-Term Debt & Capital Lease Obligation was €1,765 Mil.
Net Income was 51.52 + 70.701 + -29.797 + 27.598 = €120 Mil.
Non Operating Income was 5.152 + -5.135 + -77.021 + 6.83 = €-70 Mil.
Cash Flow from Operations was 53.544 + 99.861 + 81.894 + 77.347 = €313 Mil.
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Total Receivables was €431 Mil.
Revenue was 536.49 + 541.667 + 624.685 + 640.347 = €2,343 Mil.
Gross Profit was 212.765 + 205.792 + 224.119 + 236.311 = €879 Mil.
Total Current Assets was €1,153 Mil.
Total Assets was €4,601 Mil.
Property, Plant and Equipment(Net PPE) was €259 Mil.
Depreciation, Depletion and Amortization(DDA) was €152 Mil.
Selling, General, & Admin. Expense(SGA) was €549 Mil.
Total Current Liabilities was €320 Mil.
Long-Term Debt & Capital Lease Obligation was €1,758 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) |
| = | (422.28 / 2157.322) | / | (430.854 / 2343.189) |
| = | 0.195743 | / | 0.183875 |
| | = | 1.0645 |
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) |
| = | (878.987 / 2343.189) | / | (864.981 / 2157.322) |
| = | 0.375124 | / | 0.400951 |
| | = | 0.9356 |
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 - (1136.936 + 271.86) / 4519.224) | / | (1 - (1152.743 + 259.278) / 4601.351) |
| = | 0.688266 | / | 0.693129 |
| | = | 0.993 |
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 |
| = | 2157.322 | / | 2343.189 |
| | = | 0.9207 |
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)) |
| = | (152.224 / (152.224 + 259.278)) | / | (155.222 / (155.222 + 271.86)) |
| = | 0.369923 | / | 0.363448 |
| | = | 1.0178 |
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) |
| = | (551.776 / 2157.322) | / | (549.427 / 2343.189) |
| = | 0.255769 | / | 0.234478 |
| | = | 1.0908 |
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) |
| = | ((1765.388 + 313.628) / 4519.224) | / | ((1757.881 + 319.988) / 4601.351) |
| = | 0.460038 | / | 0.451578 |
| | = | 1.0187 |
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 |
| = | (120.022 - -70.174 | - | 312.646) | / | 4519.224 |
| | = | -0.027095 |
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.
Element Solutions has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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