Orion Beneish M-Score Historical Data
The historical data trend for Orion'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.
Orion Beneish M-Score Chart
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Orion Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-2.65 |
-2.60 |
-1.88 |
-3.41 |
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Orion Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.68 |
-3.33 |
-3.55 |
-3.41 |
-3.17 |
Competitive Comparison of Orion's Beneish M-Score
For the Specialty Chemicals subindustry, Orion'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.
Orion's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Orion's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orion's Beneish M-Score falls into.
Orion 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 Orion 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 * 0.8626 | + | 0.528 * 0.9909 | + | 0.404 * 0.9477 | + | 0.892 * 0.9262 | + | 0.115 * 0.9734 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.072 | + | 4.679 * -0.100822 | - | 0.327 * 0.9588 |
| = | -3.17 |
* 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 $278 Mil.
Revenue was 502.9 + 468.2 + 466.2 + 458.8 = $1,896 Mil.
Gross Profit was 122.2 + 87.3 + 110.2 + 117.1 = $437 Mil.
Total Current Assets was $678 Mil.
Total Assets was $1,875 Mil.
Property, Plant and Equipment(Net PPE) was $1,009 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $226 Mil.
Total Current Liabilities was $469 Mil.
Long-Term Debt & Capital Lease Obligation was $669 Mil.
Net Income was 26.7 + 4.9 + 26.2 + 30.1 = $88 Mil.
Non Operating Income was 0 + 2.2 + 2.2 + 2.3 = $7 Mil.
Cash Flow from Operations was 32.4 + 72.2 + 67.5 + 98.1 = $270 Mil.
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Total Receivables was $348 Mil.
Revenue was 500.7 + 462.1 + 543.1 + 541.2 = $2,047 Mil.
Gross Profit was 136.4 + 96.7 + 114.4 + 119.8 = $467 Mil.
Total Current Assets was $757 Mil.
Total Assets was $1,889 Mil.
Property, Plant and Equipment(Net PPE) was $931 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $531 Mil.
Long-Term Debt & Capital Lease Obligation was $665 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) |
| = | (278.2 / 1896.1) | / | (348.2 / 2047.1) |
| = | 0.146722 | / | 0.170094 |
| | = | 0.8626 |
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) |
| = | (467.3 / 2047.1) | / | (436.8 / 1896.1) |
| = | 0.228274 | / | 0.230368 |
| | = | 0.9909 |
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 - (677.5 + 1008.8) / 1874.6) | / | (1 - (757.3 + 931.3) / 1888.8) |
| = | 0.100448 | / | 0.105993 |
| | = | 0.9477 |
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 |
| = | 1896.1 | / | 2047.1 |
| | = | 0.9262 |
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)) |
| = | (104.1 / (104.1 + 931.3)) | / | (116.2 / (116.2 + 1008.8)) |
| = | 0.100541 | / | 0.103289 |
| | = | 0.9734 |
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) |
| = | (225.7 / 1896.1) | / | (227.3 / 2047.1) |
| = | 0.119034 | / | 0.111035 |
| | = | 1.072 |
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) |
| = | ((668.7 + 468.8) / 1874.6) | / | ((664.6 + 530.8) / 1888.8) |
| = | 0.606796 | / | 0.632889 |
| | = | 0.9588 |
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 |
| = | (87.9 - 6.7 | - | 270.2) | / | 1874.6 |
| | = | -0.100822 |
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.
Orion has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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