Silgan Holdings Beneish M-Score Historical Data
The historical data trend for Silgan Holdings'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.
Silgan Holdings Beneish M-Score Chart
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Silgan Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.53 |
-2.37 |
-2.76 |
-2.68 |
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Silgan Holdings 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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-2.76 |
-2.44 |
-2.32 |
-2.34 |
-2.68 |
Competitive Comparison of Silgan Holdings's Beneish M-Score
For the Packaging & Containers subindustry, Silgan Holdings'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.
Silgan Holdings's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Silgan Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Silgan Holdings's Beneish M-Score falls into.
Silgan Holdings 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 Silgan Holdings 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 * 0.9756 | + | 0.528 * 0.986 | + | 0.404 * 0.9707 | + | 0.892 * 0.934 | + | 0.115 * 1.0122 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0828 | + | 4.679 * -0.019305 | - | 0.327 * 0.9803 |
| = | -2.68 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $600 Mil.
Revenue was 1340.096 + 1803.101 + 1426.727 + 1418.281 = $5,988 Mil.
Gross Profit was 218.549 + 285.918 + 250.126 + 237.965 = $993 Mil.
Total Current Assets was $2,349 Mil.
Total Assets was $7,611 Mil.
Property, Plant and Equipment(Net PPE) was $1,962 Mil.
Depreciation, Depletion and Amortization(DDA) was $263 Mil.
Selling, General, & Admin. Expense(SGA) was $387 Mil.
Total Current Liabilities was $2,312 Mil.
Long-Term Debt & Capital Lease Obligation was $2,546 Mil.
Net Income was 64.429 + 110.617 + 78.89 + 72.029 = $326 Mil.
Non Operating Income was 4.8 + -6.424 + -2.667 + -5.407 = $-10 Mil.
Cash Flow from Operations was 1078.638 + 215.706 + -179.974 + -631.774 = $483 Mil.
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Total Receivables was $658 Mil.
Revenue was 1455.387 + 1970.445 + 1543.781 + 1441.886 = $6,411 Mil.
Gross Profit was 232.665 + 307.765 + 273.926 + 233.453 = $1,048 Mil.
Total Current Assets was $2,133 Mil.
Total Assets was $7,346 Mil.
Property, Plant and Equipment(Net PPE) was $1,931 Mil.
Depreciation, Depletion and Amortization(DDA) was $263 Mil.
Selling, General, & Admin. Expense(SGA) was $383 Mil.
Total Current Liabilities was $1,438 Mil.
Long-Term Debt & Capital Lease Obligation was $3,345 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) |
| = | (599.524 / 5988.205) | / | (657.968 / 6411.499) |
| = | 0.100117 | / | 0.102623 |
| | = | 0.9756 |
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) |
| = | (1047.809 / 6411.499) | / | (992.558 / 5988.205) |
| = | 0.163427 | / | 0.165752 |
| | = | 0.986 |
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 - (2348.982 + 1961.585) / 7611.236) | / | (1 - (2132.652 + 1931.497) / 7345.757) |
| = | 0.433657 | / | 0.446735 |
| | = | 0.9707 |
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 |
| = | 5988.205 | / | 6411.499 |
| | = | 0.934 |
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)) |
| = | (262.788 / (262.788 + 1931.497)) | / | (263.233 / (263.233 + 1961.585)) |
| = | 0.11976 | / | 0.118317 |
| | = | 1.0122 |
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) |
| = | (387.424 / 5988.205) | / | (383.095 / 6411.499) |
| = | 0.064698 | / | 0.059751 |
| | = | 1.0828 |
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) |
| = | ((2546.451 + 2311.856) / 7611.236) | / | ((3345.381 + 1437.86) / 7345.757) |
| = | 0.638307 | / | 0.651157 |
| | = | 0.9803 |
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 |
| = | (325.965 - -9.698 | - | 482.596) | / | 7611.236 |
| | = | -0.019305 |
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.
Silgan Holdings has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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