Alro Beneish M-Score Historical Data
The historical data trend for Alro'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.
Alro Beneish M-Score Chart
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Alro Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.99 |
-13.80 |
-3.78 |
-1.94 |
-4.08 |
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Alro 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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4.12 |
-7.66 |
-4.79 |
-4.08 |
-4.68 |
Competitive Comparison of Alro's Beneish M-Score
For the Aluminum subindustry, Alro'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.
Alro's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Alro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alro's Beneish M-Score falls into.
Alro 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 Alro 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 * 0.1529 | + | 0.528 * -0.9351 | + | 0.404 * 2.774 | + | 0.892 * 0.9096 | + | 0.115 * 0.9568 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9718 | + | 4.679 * -0.21271 | - | 0.327 * 1.1152 |
| = | -4.68 |
* 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 lei94 Mil.
Revenue was 803.567 + 608.27 + 682.834 + 768.532 = lei2,863 Mil.
Gross Profit was 14.537 + -87.065 + -78.173 + -16.082 = lei-167 Mil.
Total Current Assets was lei1,675 Mil.
Total Assets was lei2,959 Mil.
Property, Plant and Equipment(Net PPE) was lei917 Mil.
Depreciation, Depletion and Amortization(DDA) was lei141 Mil.
Selling, General, & Admin. Expense(SGA) was lei194 Mil.
Total Current Liabilities was lei730 Mil.
Long-Term Debt & Capital Lease Obligation was lei1,142 Mil.
Net Income was -14.858 + -167.094 + -229.763 + -111.148 = lei-523 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = lei0 Mil.
Cash Flow from Operations was 147.456 + -135.071 + 233.95 + -139.775 = lei107 Mil.
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Total Receivables was lei677 Mil.
Revenue was 790.081 + 583.711 + 739.791 + 1034.162 = lei3,148 Mil.
Gross Profit was -35.044 + -50.494 + 45.607 + 211.394 = lei171 Mil.
Total Current Assets was lei2,487 Mil.
Total Assets was lei3,739 Mil.
Property, Plant and Equipment(Net PPE) was lei1,085 Mil.
Depreciation, Depletion and Amortization(DDA) was lei159 Mil.
Selling, General, & Admin. Expense(SGA) was lei220 Mil.
Total Current Liabilities was lei1,493 Mil.
Long-Term Debt & Capital Lease Obligation was lei628 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) |
| = | (94.151 / 2863.203) | / | (676.927 / 3147.745) |
| = | 0.032883 | / | 0.215051 |
| | = | 0.1529 |
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) |
| = | (171.463 / 3147.745) | / | (-166.783 / 2863.203) |
| = | 0.054472 | / | -0.05825 |
| | = | -0.9351 |
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 - (1674.826 + 917.382) / 2959.069) | / | (1 - (2487.051 + 1084.796) / 3738.951) |
| = | 0.123979 | / | 0.044693 |
| | = | 2.774 |
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 |
| = | 2863.203 | / | 3147.745 |
| | = | 0.9096 |
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)) |
| = | (158.92 / (158.92 + 1084.796)) | / | (141.405 / (141.405 + 917.382)) |
| = | 0.127778 | / | 0.133554 |
| | = | 0.9568 |
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) |
| = | (194.428 / 2863.203) | / | (219.956 / 3147.745) |
| = | 0.067906 | / | 0.069877 |
| | = | 0.9718 |
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) |
| = | ((1141.664 + 730.094) / 2959.069) | / | ((627.824 + 1492.942) / 3738.951) |
| = | 0.63255 | / | 0.567209 |
| | = | 1.1152 |
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 |
| = | (-522.863 - 0 | - | 106.56) | / | 2959.069 |
| | = | -0.21271 |
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.
Alro has a M-score of -4.68 suggests that the company is unlikely to be a manipulator.
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