Innospec Beneish M-Score Historical Data
The historical data trend for Innospec'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.
Innospec Beneish M-Score Chart
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Innospec Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.87 |
-2.32 |
-2.30 |
-2.57 |
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Innospec 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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-2.30 |
-2.54 |
-2.82 |
-2.89 |
-2.57 |
Competitive Comparison of Innospec's Beneish M-Score
For the Specialty Chemicals subindustry, Innospec'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.
Innospec's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Innospec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innospec's Beneish M-Score falls into.
Innospec 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 Innospec 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 * 1.0813 | + | 0.528 * 0.9857 | + | 0.404 * 1.0269 | + | 0.892 * 0.966 | + | 0.115 * 1.1713 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0822 | + | 4.679 * -0.046423 | - | 0.327 * 0.866 |
| = | -2.60 |
* 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 €330 Mil.
Revenue was 453.64 + 434.862 + 443.409 + 475.966 = €1,808 Mil.
Gross Profit was 142.777 + 128.556 + 138.819 + 138.045 = €548 Mil.
Total Current Assets was €812 Mil.
Total Assets was €1,566 Mil.
Property, Plant and Equipment(Net PPE) was €287 Mil.
Depreciation, Depletion and Amortization(DDA) was €36 Mil.
Selling, General, & Admin. Expense(SGA) was €360 Mil.
Total Current Liabilities was €341 Mil.
Long-Term Debt & Capital Lease Obligation was €29 Mil.
Net Income was 34.663 + 36.73 + 26.675 + 31.009 = €129 Mil.
Non Operating Income was -0.642 + 4.498 + 2.492 + 3.456 = €10 Mil.
Cash Flow from Operations was 66.391 + 54.44 + 50.765 + 20.361 = €192 Mil.
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Total Receivables was €316 Mil.
Revenue was 482.101 + 518.13 + 442.35 + 428.939 = €1,872 Mil.
Gross Profit was 143.11 + 157.56 + 132.251 + 126.484 = €559 Mil.
Total Current Assets was €824 Mil.
Total Assets was €1,514 Mil.
Property, Plant and Equipment(Net PPE) was €251 Mil.
Depreciation, Depletion and Amortization(DDA) was €38 Mil.
Selling, General, & Admin. Expense(SGA) was €344 Mil.
Total Current Liabilities was €383 Mil.
Long-Term Debt & Capital Lease Obligation was €30 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) |
| = | (329.937 / 1807.877) | / | (315.862 / 1871.52) |
| = | 0.1825 | / | 0.168773 |
| | = | 1.0813 |
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) |
| = | (559.405 / 1871.52) | / | (548.197 / 1807.877) |
| = | 0.298904 | / | 0.303227 |
| | = | 0.9857 |
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 - (812.187 + 287.388) / 1565.686) | / | (1 - (823.734 + 251.293) / 1513.893) |
| = | 0.297704 | / | 0.289892 |
| | = | 1.0269 |
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 |
| = | 1807.877 | / | 1871.52 |
| | = | 0.966 |
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)) |
| = | (38.164 / (38.164 + 251.293)) | / | (36.453 / (36.453 + 287.388)) |
| = | 0.131847 | / | 0.112564 |
| | = | 1.1713 |
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) |
| = | (359.556 / 1807.877) | / | (343.933 / 1871.52) |
| = | 0.198883 | / | 0.183772 |
| | = | 1.0822 |
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) |
| = | ((28.977 + 340.665) / 1565.686) | / | ((29.642 + 383.075) / 1513.893) |
| = | 0.236089 | / | 0.27262 |
| | = | 0.866 |
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 |
| = | (129.077 - 9.804 | - | 191.957) | / | 1565.686 |
| | = | -0.046423 |
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.
Innospec has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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