Ranpak Holdings Beneish M-Score Historical Data
The historical data trend for Ranpak 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.
Ranpak Holdings Beneish M-Score Chart
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Ranpak Holdings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.82 |
-2.53 |
-2.79 |
-2.92 |
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Ranpak Holdings 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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-2.79 |
-2.90 |
-2.86 |
-2.84 |
-2.92 |
Competitive Comparison of Ranpak Holdings's Beneish M-Score
For the Packaging & Containers subindustry, Ranpak 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.
Ranpak Holdings's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Ranpak Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ranpak Holdings's Beneish M-Score falls into.
Ranpak 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 Ranpak 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 * 0.8989 | + | 0.528 * 0.832 | + | 0.404 * 0.9723 | + | 0.892 * 1.03 | + | 0.115 * 1.5231 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8448 | + | 4.679 * -0.071435 | - | 0.327 * 1.0925 |
| = | -2.92 |
* 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 $32.5 Mil.
Revenue was 90.4 + 82.8 + 81.9 + 81.2 = $336.3 Mil.
Gross Profit was 34.1 + 31.5 + 30.2 + 27.5 = $123.3 Mil.
Total Current Assets was $124.9 Mil.
Total Assets was $1,122.7 Mil.
Property, Plant and Equipment(Net PPE) was $165.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.4 Mil.
Selling, General, & Admin. Expense(SGA) was $91.8 Mil.
Total Current Liabilities was $48.0 Mil.
Long-Term Debt & Capital Lease Obligation was $422.5 Mil.
Net Income was -9.3 + -3.3 + -2.1 + -12.4 = $-27.1 Mil.
Non Operating Income was -0.1 + 0.8 + -0.3 + 0.1 = $0.5 Mil.
Cash Flow from Operations was 29.6 + 6.4 + 9.1 + 7.5 = $52.6 Mil.
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Total Receivables was $35.1 Mil.
Revenue was 79.4 + 77.8 + 86.8 + 82.5 = $326.5 Mil.
Gross Profit was 22.3 + 24.4 + 28.3 + 24.6 = $99.6 Mil.
Total Current Assets was $139.6 Mil.
Total Assets was $1,133.5 Mil.
Property, Plant and Equipment(Net PPE) was $130.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $87.3 Mil.
Selling, General, & Admin. Expense(SGA) was $105.5 Mil.
Total Current Liabilities was $39.1 Mil.
Long-Term Debt & Capital Lease Obligation was $395.7 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) |
| = | (32.5 / 336.3) | / | (35.1 / 326.5) |
| = | 0.09664 | / | 0.107504 |
| | = | 0.8989 |
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) |
| = | (99.6 / 326.5) | / | (123.3 / 336.3) |
| = | 0.305054 | / | 0.366637 |
| | = | 0.832 |
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 - (124.9 + 165.8) / 1122.7) | / | (1 - (139.6 + 130) / 1133.5) |
| = | 0.741071 | / | 0.762153 |
| | = | 0.9723 |
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 |
| = | 336.3 | / | 326.5 |
| | = | 1.03 |
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)) |
| = | (87.3 / (87.3 + 130)) | / | (59.4 / (59.4 + 165.8)) |
| = | 0.401749 | / | 0.263766 |
| | = | 1.5231 |
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) |
| = | (91.8 / 336.3) | / | (105.5 / 326.5) |
| = | 0.272971 | / | 0.323124 |
| | = | 0.8448 |
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) |
| = | ((422.5 + 48) / 1122.7) | / | ((395.7 + 39.1) / 1133.5) |
| = | 0.419079 | / | 0.383591 |
| | = | 1.0925 |
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 |
| = | (-27.1 - 0.5 | - | 52.6) | / | 1122.7 |
| | = | -0.071435 |
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.
Ranpak Holdings has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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