AGC Beneish M-Score Historical Data
The historical data trend for AGC'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.
AGC Beneish M-Score Chart
|
AGC Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.77 |
-2.82 |
-2.79 |
-2.74 |
-2.58 |
|
AGC Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.74 |
-2.70 |
-2.68 |
-2.70 |
-2.58 |
Competitive Comparison of AGC's Beneish M-Score
For the Specialty Chemicals subindustry, AGC'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.
AGC's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, AGC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AGC's Beneish M-Score falls into.
AGC 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 AGC 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 * 1.0718 | + | 0.528 * 1.0955 | + | 0.404 * 1.0383 | + | 0.892 * 0.9275 | + | 0.115 * 1.1273 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0316 | + | 4.679 * -0.050148 | - | 0.327 * 0.9889 |
| = | -2.63 |
* 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 $2,774 Mil.
Revenue was 3718.79 + 3371.768 + 3509.59 + 3659.975 = $14,260 Mil.
Gross Profit was 875.515 + 805.567 + 827.395 + 892.078 = $3,401 Mil.
Total Current Assets was $7,236 Mil.
Total Assets was $20,371 Mil.
Property, Plant and Equipment(Net PPE) was $10,126 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,238 Mil.
Selling, General, & Admin. Expense(SGA) was $2,504 Mil.
Total Current Liabilities was $4,982 Mil.
Long-Term Debt & Capital Lease Obligation was $3,095 Mil.
Net Income was 57.355 + 114.728 + 130.916 + 165.13 = $468 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 460.92 + 384.213 + 419.389 + 225.146 = $1,490 Mil.
|
Total Receivables was $2,790 Mil.
Revenue was 3980.468 + 3632.708 + 3774.752 + 3986.147 = $15,374 Mil.
Gross Profit was 921.485 + 873.836 + 1070.64 + 1150.523 = $4,016 Mil.
Total Current Assets was $7,879 Mil.
Total Assets was $20,858 Mil.
Property, Plant and Equipment(Net PPE) was $10,012 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,402 Mil.
Selling, General, & Admin. Expense(SGA) was $2,617 Mil.
Total Current Liabilities was $4,966 Mil.
Long-Term Debt & Capital Lease Obligation was $3,396 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) |
| = | (2773.829 / 14260.123) | / | (2790.072 / 15374.075) |
| = | 0.194516 | / | 0.181479 |
| | = | 1.0718 |
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) |
| = | (4016.484 / 15374.075) | / | (3400.555 / 14260.123) |
| = | 0.26125 | / | 0.238466 |
| | = | 1.0955 |
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 - (7236.194 + 10125.954) / 20370.61) | / | (1 - (7879.113 + 10012.015) / 20857.823) |
| = | 0.147686 | / | 0.142234 |
| | = | 1.0383 |
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 |
| = | 14260.123 | / | 15374.075 |
| | = | 0.9275 |
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)) |
| = | (1401.736 / (1401.736 + 10012.015)) | / | (1238.001 / (1238.001 + 10125.954)) |
| = | 0.122811 | / | 0.108941 |
| | = | 1.1273 |
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) |
| = | (2503.523 / 14260.123) | / | (2616.519 / 15374.075) |
| = | 0.175561 | / | 0.17019 |
| | = | 1.0316 |
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) |
| = | ((3094.571 + 4981.876) / 20370.61) | / | ((3396.492 + 4966.09) / 20857.823) |
| = | 0.396475 | / | 0.400933 |
| | = | 0.9889 |
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 |
| = | (468.129 - 0 | - | 1489.668) | / | 20370.61 |
| | = | -0.050148 |
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.
AGC has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ASGLY has been successfully added to your