Warrior Met Coal Beneish M-Score Historical Data
The historical data trend for Warrior Met Coal'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.
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Warrior Met Coal Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-3.58 |
20.11 |
-3.08 |
-2.91 |
-2.82 |
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Warrior Met Coal Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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|
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-2.91 |
-3.20 |
-3.16 |
-2.23 |
-2.82 |
Competitive Comparison
For the Coking Coal subindustry, Warrior Met Coal'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.
Warrior Met Coal Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, Warrior Met Coal's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Warrior Met Coal's Beneish M-Score falls into.
Warrior Met Coal 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 Warrior Met Coal 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 * 0.7367 | + | 0.528 * 1.42 | + | 0.404 * 0.8742 | + | 0.892 * 0.9643 | + | 0.115 * 1.3319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1014 | + | 4.679 * -0.085472 | - | 0.327 * 0.573 |
| = | -2.82 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $110 Mil.
Revenue was 363.804 + 423.487 + 379.66 + 509.674 = $1,677 Mil.
Gross Profit was 146.737 + 119.236 + 107.148 + 228.393 = $602 Mil.
Total Current Assets was $1,069 Mil.
Total Assets was $2,357 Mil.
Property, Plant and Equipment(Net PPE) was $1,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $148 Mil.
Long-Term Debt & Capital Lease Obligation was $162 Mil.
Net Income was 128.876 + 85.382 + 82.093 + 182.277 = $479 Mil.
Non Operating Income was -0.336 + -13.148 + -3.537 + -3.996 = $-21 Mil.
Cash Flow from Operations was 245.09 + 138.574 + 124.51 + 192.934 = $701 Mil.
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Total Receivables was $155 Mil.
Revenue was 344.75 + 390.18 + 625.156 + 378.652 = $1,739 Mil.
Gross Profit was 134.781 + 147.517 + 393.035 + 210.474 = $886 Mil.
Total Current Assets was $1,173 Mil.
Total Assets was $2,028 Mil.
Property, Plant and Equipment(Net PPE) was $828 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $49 Mil.
Total Current Liabilities was $153 Mil.
Long-Term Debt & Capital Lease Obligation was $312 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) |
| = | (110.437 / 1676.625) | / | (155.463 / 1738.738) |
| = | 0.065869 | / | 0.089411 |
| | = | 0.7367 |
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) |
| = | (885.807 / 1738.738) | / | (601.514 / 1676.625) |
| = | 0.509454 | / | 0.358765 |
| | = | 1.42 |
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 - (1069.166 + 1260.051) / 2357.058) | / | (1 - (1173.109 + 827.583) / 2028.095) |
| = | 0.011812 | / | 0.013512 |
| | = | 0.8742 |
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 |
| = | 1676.625 | / | 1738.738 |
| | = | 0.9643 |
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)) |
| = | (115.279 / (115.279 + 827.583)) | / | (127.356 / (127.356 + 1260.051)) |
| = | 0.122265 | / | 0.091794 |
| | = | 1.3319 |
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) |
| = | (51.817 / 1676.625) | / | (48.791 / 1738.738) |
| = | 0.030906 | / | 0.028061 |
| | = | 1.1014 |
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) |
| = | ((161.779 + 147.67) / 2357.058) | / | ((311.59 + 153.124) / 2028.095) |
| = | 0.131286 | / | 0.229138 |
| | = | 0.573 |
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 |
| = | (478.628 - -21.017 | - | 701.108) | / | 2357.058 |
| | = | -0.085472 |
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.
Warrior Met Coal has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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