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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Minerals Technologies's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Minerals Technologies was -0.98. The lowest was -2.78. And the median was -2.50.
The historical data trend for Minerals Technologies'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.
Minerals Technologies Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.59 | -2.65 | -2.50 | -2.25 | -2.58 |
Minerals Technologies Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | -2.32 | -2.51 | -2.58 | -2.66 |
For the Specialty Chemicals subindustry, Minerals Technologies'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.
For the Chemicals industry and Basic Materials sector, Minerals Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Minerals Technologies's Beneish M-Score falls into.
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 Minerals Technologies 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 * 0.9386 | + | 0.528 * 0.8907 | + | 0.404 * 1.0193 | + | 0.892 * 1.0026 | + | 0.115 * 0.9202 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0354 | + | 4.679 * -0.014345 | - | 0.327 * 0.9677 | |||||||
= | -2.66 |
* 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 $396 Mil. Revenue was 534.5 + 524.5 + 547.8 + 551.5 = $2,158 Mil. Gross Profit was 135.9 + 125.3 + 133.1 + 128 = $522 Mil. Total Current Assets was $1,101 Mil. Total Assets was $3,339 Mil. Property, Plant and Equipment(Net PPE) was $977 Mil. Depreciation, Depletion and Amortization(DDA) was $95 Mil. Selling, General, & Admin. Expense(SGA) was $207 Mil. Total Current Liabilities was $442 Mil. Long-Term Debt & Capital Lease Obligation was $904 Mil. Net Income was 46.7 + 39.7 + -19.2 + 26.6 = $94 Mil. Non Operating Income was -2.3 + -5.4 + -84.3 + -22.1 = $-114 Mil. Cash Flow from Operations was 55.9 + 95.3 + 105.1 + -0.5 = $256 Mil. |
Total Receivables was $421 Mil. Revenue was 546.1 + 507.6 + 541.9 + 557 = $2,153 Mil. Gross Profit was 120.7 + 97.7 + 118.3 + 127.3 = $464 Mil. Total Current Assets was $1,115 Mil. Total Assets was $3,451 Mil. Property, Plant and Equipment(Net PPE) was $1,058 Mil. Depreciation, Depletion and Amortization(DDA) was $94 Mil. Selling, General, & Admin. Expense(SGA) was $199 Mil. Total Current Liabilities was $513 Mil. Long-Term Debt & Capital Lease Obligation was $925 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) |
= | (396.3 / 2158.3) | / | (421.1 / 2152.6) | |
= | 0.183617 | / | 0.195624 | |
= | 0.9386 |
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) | |
= | (464 / 2152.6) | / | (522.3 / 2158.3) | |
= | 0.215553 | / | 0.241996 | |
= | 0.8907 |
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 - (1101.3 + 977) / 3339.1) | / | (1 - (1114.9 + 1057.5) / 3450.7) | |
= | 0.377587 | / | 0.370447 | |
= | 1.0193 |
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 | |
= | 2158.3 | / | 2152.6 | |
= | 1.0026 |
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)) |
= | (93.7 / (93.7 + 1057.5)) | / | (94.8 / (94.8 + 977)) | |
= | 0.081393 | / | 0.088449 | |
= | 0.9202 |
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) |
= | (206.7 / 2158.3) | / | (199.1 / 2152.6) | |
= | 0.09577 | / | 0.092493 | |
= | 1.0354 |
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) |
= | ((904.4 + 441.8) / 3339.1) | / | ((924.7 + 513) / 3450.7) | |
= | 0.403163 | / | 0.41664 | |
= | 0.9677 |
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 | |
= | (93.8 - -114.1 | - | 255.8) | / | 3339.1 | |
= | -0.014345 |
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.
Minerals Technologies has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Minerals Technologies's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dj Iii Monagle | officer: Vice President | C/O MINERALS TECHNOLOGIES INC., 622 THIRD AVENUE, NEW YORK NY 10017 |
Brett Argirakis | officer: Vice President | 622 THIRD AVENUE, 38TH FLOOR, NEW YORK NY 10017 |
Michael Cipolla | officer: CONTROLLER | C/O MINERALS TECHNOLOGIES INC, 622 THIRD AVENUE, NEW YORK NY 10017 |
Douglas T Dietrich | officer: Vice President | 622 THIRD AVENUE, NEW YORK X1 10017 |
Jonathan J Hastings | officer: Vice President | 622 THIRD AVENUE, NEW YORK NY 10017 |
Rocky Motwani | director | MINERALS TECHNOLOGIES INC., 622 3RD AVENUE, 38TH FLOOR, NEW YORK NY 10017 |
Marc E Robinson | director | MINERALS TECHNOLOGIES INC., 622 THIRD AVENUE, NEW YORK NY 10017 |
Joseph C. Breunig | director | 622 THIRD AVENUE, 38TH FLOOR, NEW YORK NY 10017 |
Alison Ann Deans | director | C/O NEUBERGER BERMAN, LLC, 605 THIRD AVENUE, NEW YORK NY 10158-3698 |
Franklin Feder | director | MINERALS TECHNOLOGIES INC., 622 THIRD AVENUE, NEW YORK NY 10017 |
John J Carmola | director | 622 THIRD AVENUE, 38TH FLOOR, NEW YORK NY 10017 |
Robert L Clark | director | C/O MINERALS TECHNOLOGIES INC., 622 THIRD AVENUE, NEW YORK NY 10017 |
Carolyn K Pittman | director | 622 THIRD AVENUE 38TH FL, MINERALS TECHNOLOGIES, NEW YORK NY 10017 |
Timothy Jordan | officer: Vice President | 622 3RD AVENUE, 38TH FL, NEW YORK NY 10017 |
Thomas J Meek | officer: Vice President | C/O MINERALS TECHNOLOGIES INC., 622 THIRD AVENUE, NEW YORK NY 10017 |
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