Owens-Corning Beneish M-Score Historical Data
The historical data trend for Owens-Corning'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.
Owens-Corning Beneish M-Score Chart
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Owens-Corning Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.72 |
-2.75 |
-2.73 |
-2.72 |
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Owens-Corning Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.62 |
-2.60 |
-2.80 |
-2.72 |
-2.80 |
Competitive Comparison of Owens-Corning's Beneish M-Score
For the Building Products & Equipment subindustry, Owens-Corning'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.
Owens-Corning's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Owens-Corning's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Owens-Corning's Beneish M-Score falls into.
Owens-Corning 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 Owens-Corning 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 * 1.0491 | + | 0.528 * 0.9232 | + | 0.404 * 0.9564 | + | 0.892 * 0.9538 | + | 0.115 * 0.9028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0308 | + | 4.679 * -0.058184 | - | 0.327 * 0.9597 |
| = | -2.81 |
* 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 €1,297 Mil.
Revenue was 2116 + 2112.768 + 2322.823 + 2365.649 = €8,917 Mil.
Gross Profit was 625.6 + 563.955 + 681.199 + 694.096 = €2,565 Mil.
Total Current Assets was €3,663 Mil.
Total Assets was €10,367 Mil.
Property, Plant and Equipment(Net PPE) was €3,696 Mil.
Depreciation, Depletion and Amortization(DDA) was €567 Mil.
Selling, General, & Admin. Expense(SGA) was €775 Mil.
Total Current Liabilities was €2,087 Mil.
Long-Term Debt & Capital Lease Obligation was €2,584 Mil.
Net Income was 275.08 + 120.127 + 315.769 + 318.435 = €1,029 Mil.
Non Operating Income was 0 + -133.882 + 0.937 + 0 = €-133 Mil.
Cash Flow from Operations was 22.08 + 640.066 + 647.467 + 455.962 = €1,766 Mil.
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Total Receivables was €1,296 Mil.
Revenue was 2177.154 + 2157.04 + 2554.29 + 2460.546 = €9,349 Mil.
Gross Profit was 550.126 + 538.08 + 699.93 + 694.364 = €2,483 Mil.
Total Current Assets was €3,356 Mil.
Total Assets was €10,125 Mil.
Property, Plant and Equipment(Net PPE) was €3,696 Mil.
Depreciation, Depletion and Amortization(DDA) was €504 Mil.
Selling, General, & Admin. Expense(SGA) was €789 Mil.
Total Current Liabilities was €1,805 Mil.
Long-Term Debt & Capital Lease Obligation was €2,948 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) |
| = | (1297.2 / 8917.24) | / | (1296.392 / 9349.03) |
| = | 0.145471 | / | 0.138666 |
| | = | 1.0491 |
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) |
| = | (2482.5 / 9349.03) | / | (2564.85 / 8917.24) |
| = | 0.265536 | / | 0.287628 |
| | = | 0.9232 |
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 - (3662.52 + 3695.64) / 10367.48) | / | (1 - (3355.862 + 3695.838) / 10124.56) |
| = | 0.290265 | / | 0.303506 |
| | = | 0.9564 |
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 |
| = | 8917.24 | / | 9349.03 |
| | = | 0.9538 |
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)) |
| = | (504.13 / (504.13 + 3695.838)) | / | (566.668 / (566.668 + 3695.64)) |
| = | 0.120032 | / | 0.132949 |
| | = | 0.9028 |
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) |
| = | (775.261 / 8917.24) | / | (788.54 / 9349.03) |
| = | 0.08694 | / | 0.084345 |
| | = | 1.0308 |
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) |
| = | ((2584.28 + 2086.56) / 10367.48) | / | ((2947.704 + 1805.422) / 10124.56) |
| = | 0.450528 | / | 0.469465 |
| | = | 0.9597 |
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 |
| = | (1029.411 - -132.945 | - | 1765.575) | / | 10367.48 |
| | = | -0.058184 |
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.
Owens-Corning has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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