Cytec Industries Beneish M-Score Historical Data
The historical data trend for Cytec Industries'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.
Cytec Industries Beneish M-Score Chart
|
Cytec Industries Annual Data
|
|
Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-1.97 |
-2.54 |
-2.08 |
-2.46 |
-2.54 |
|
Cytec Industries Quarterly Data
|
|
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.36 |
-2.54 |
-2.61 |
-2.53 |
-2.58 |
Competitive Comparison of Cytec Industries's Beneish M-Score
For the Specialty Chemicals subindustry, Cytec Industries'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.
Cytec Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Cytec Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cytec Industries's Beneish M-Score falls into.
Cytec Industries 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 Cytec Industries 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 * 0.9626 | + | 0.528 * 1.176 | + | 0.404 * 0.9724 | + | 0.892 * 1.0012 | + | 0.115 * 0.8876 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0954 | + | 4.679 * -0.032371 | - | 0.327 * 1.0009 |
| = | -2.61 |
* 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was $359 Mil.
Revenue was 497.3 + 508.2 + 515 + 484.7 = $2,005 Mil.
Gross Profit was 170.5 + 165.5 + 144 + 99.1 = $579 Mil.
Total Current Assets was $896 Mil.
Total Assets was $2,808 Mil.
Property, Plant and Equipment(Net PPE) was $1,111 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $298 Mil.
Total Current Liabilities was $351 Mil.
Long-Term Debt & Capital Lease Obligation was $740 Mil.
Net Income was 59.5 + 54.7 + 42.5 + -29.3 = $127 Mil.
Non Operating Income was -1.5 + -1.8 + 0.3 + -26.9 = $-30 Mil.
Cash Flow from Operations was 88 + 54.8 + 14 + 91.4 = $248 Mil.
|
Total Receivables was $373 Mil.
Revenue was 506.8 + 527.1 + 489 + 479.9 = $2,003 Mil.
Gross Profit was 164.8 + 180 + 160 + 175.4 = $680 Mil.
Total Current Assets was $876 Mil.
Total Assets was $2,817 Mil.
Property, Plant and Equipment(Net PPE) was $1,115 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $272 Mil.
Total Current Liabilities was $377 Mil.
Long-Term Debt & Capital Lease Obligation was $717 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) |
| = | (359.1 / 2005.2) | / | (372.6 / 2002.8) |
| = | 0.179084 | / | 0.18604 |
| | = | 0.9626 |
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) |
| = | (680.2 / 2002.8) | / | (579.1 / 2005.2) |
| = | 0.339625 | / | 0.288799 |
| | = | 1.176 |
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 - (896.4 + 1110.7) / 2808.1) | / | (1 - (876.3 + 1114.6) / 2817.4) |
| = | 0.285246 | / | 0.293356 |
| | = | 0.9724 |
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 |
| = | 2005.2 | / | 2002.8 |
| | = | 1.0012 |
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)) |
| = | (76.9 / (76.9 + 1114.6)) | / | (87.1 / (87.1 + 1110.7)) |
| = | 0.06454 | / | 0.072717 |
| | = | 0.8876 |
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) |
| = | (298.2 / 2005.2) | / | (271.9 / 2002.8) |
| = | 0.148713 | / | 0.13576 |
| | = | 1.0954 |
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) |
| = | ((740.1 + 350.5) / 2808.1) | / | ((716.7 + 376.5) / 2817.4) |
| = | 0.388376 | / | 0.388017 |
| | = | 1.0009 |
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 |
| = | (127.4 - -29.9 | - | 248.2) | / | 2808.1 |
| | = | -0.032371 |
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.
Cytec Industries has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Cytec Industries (Cytec Industries) Business Description
Traded in Other Exchanges
N/A
Address
Cytec Industries Inc was incorporated as an independent public company in Delaware in December 1993. It is a specialty materials and chemicals company. Its products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics. Its segments include Aerospace Materials, Industrial Materials, In Process Separation, and Additive Technologies. Its Aerospace Materials segment is a provider of technologically advanced materials for aerospace markets. Its product lines are Advanced composites, Structural and film adhesives, and Carbon fibers. It markets Aerospace Materials products and services directly to its customers using sales and technical support team. It is a supplier for military fixed wing programs, such as the F-35 Joint Strike Fighter and F-18 fighter jet programs, where advanced composites generally account for a higher percentage of structural weight. Advanced composites are exceptionally strong and lightweight materials (prepregs and resin infusion systems) it manufactures from high performance fibers (like carbon fiber) with epoxy, bismaleimide, phenolic, polyimide and other resins formulated or purchased by the Company. Structural and film adhesives are used for bonding and surfacing both metal and composite aircraft components. It also manufactures specialty adhesive forms for complex composites assemblies, such as honeycomb and sandwich structures and special surfacing films to provide aircraft lightning strike protection. It began construction on a new standard modulus carbon fiber line in South Carolina in early 2008. Its Industrial Materials segment provides Structural materials and Process materials. In Industrial Materials, it markets its products through a direct sales force for the structural materials and process materials product lines. Structural materials product line includes the development, manufacturing and supply of advanced composite materials for a diverse range of industries such as motorsports, automotive, defense, rail, tooling, recreation, alternative energy and other markets. Process materials product line includes the development, manufacture, and supply of vacuum bagging and other process materials to the composites industry and other markets, providing a wide range of materials and technical support to a growing number of international customers. Its In Process Separation segment provides Mining chemicals, and Phosphines. It markets In Process Separation chemicals through specialized sales and technical service staffs for each of its product lines. Mining chemicals product line is primarily used in applications to separate desired minerals from host ores. Phosphine specialties are utilized for a variety of applications. Its Additive Technologies segment provides Polymer additives, Specialty additives, and Formulated resins. It markets Additive Technologies chemicals through specialized sales and technical service staffs for each of its product lines. I
Executives
| Carol P Lowe |
director |
4311 BEULAH CHURCH ROAD, WEDDINGTON NC 28104 |
| Barry C Johnson |
director |
C/O CYTEC INDUSTRIES INC, 5 GARRET MOUNTAIN PLAZA, WEST PATERSON NJ 07424 |
| David P Hess |
director |
390 PARK AVENUE, NEW YORK NY 10022 |
| Anthony G Fernandes |
director |
9700 HIGGINS ROAD, SUITE 750, ROSEMONT IL 60018 |
| Thomas W Rabaut |
director |
C/O CYTEC INDUSTRIES INC, 5 GARRET MOUNTAIN PLAZA, WEST PATERSON NJ 07424 |
| William P Powell |
director |
C/O CYTEC INDUSTRIES INC, 5 GARRET MOUNTAIN PLAZA, WEST PATERSON NJ 07424 |
| David Lilley |
director |
|
| Assche Benoit Van |
officer: President, CSS |
10-1 BLANCHARDSTOWN CORPORATE PARK, BALLYCOOLIN, DUBLIN L2 15 |
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CYT has been successfully added to your