Reliance Beneish M-Score Historical Data
The historical data trend for Reliance'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.
Reliance Beneish M-Score Chart
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Reliance Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-3.12 |
-1.56 |
-2.61 |
-2.68 |
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Reliance Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.85 |
-2.68 |
-2.66 |
-2.71 |
-2.79 |
Competitive Comparison of Reliance's Beneish M-Score
For the Steel subindustry, Reliance'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.
Reliance's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Reliance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Reliance's Beneish M-Score falls into.
Reliance 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 Reliance 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 * 1.01 | + | 0.528 * 1.0222 | + | 0.404 * 1.0494 | + | 0.892 * 0.9314 | + | 0.115 * 1.066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1141 | + | 4.679 * -0.053986 | - | 0.327 * 1.0911 |
| = | -2.79 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,569 Mil.
Revenue was 3420.3 + 3643.3 + 3644.8 + 3337.3 = $14,046 Mil.
Gross Profit was 1006.3 + 1086 + 1128.2 + 1021.6 = $4,242 Mil.
Total Current Assets was $4,213 Mil.
Total Assets was $10,301 Mil.
Property, Plant and Equipment(Net PPE) was $2,774 Mil.
Depreciation, Depletion and Amortization(DDA) was $261 Mil.
Selling, General, & Admin. Expense(SGA) was $2,655 Mil.
Total Current Liabilities was $1,273 Mil.
Long-Term Debt & Capital Lease Obligation was $1,079 Mil.
Net Income was 199.2 + 267.8 + 302.9 + 272.7 = $1,043 Mil.
Non Operating Income was -2 + 7.7 + 12.8 + 98.1 = $117 Mil.
Cash Flow from Operations was 463.9 + 366.3 + 126.3 + 525.6 = $1,482 Mil.
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Total Receivables was $1,667 Mil.
Revenue was 3623 + 3880.3 + 3965.3 + 3610.8 = $15,079 Mil.
Gross Profit was 1077 + 1222.7 + 1226 + 1129.8 = $4,656 Mil.
Total Current Assets was $4,859 Mil.
Total Assets was $10,493 Mil.
Property, Plant and Equipment(Net PPE) was $2,417 Mil.
Depreciation, Depletion and Amortization(DDA) was $244 Mil.
Selling, General, & Admin. Expense(SGA) was $2,558 Mil.
Total Current Liabilities was $879 Mil.
Long-Term Debt & Capital Lease Obligation was $1,316 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) |
| = | (1568.6 / 14045.7) | / | (1667.3 / 15079.4) |
| = | 0.111678 | / | 0.110568 |
| | = | 1.01 |
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) |
| = | (4655.5 / 15079.4) | / | (4242.1 / 14045.7) |
| = | 0.308732 | / | 0.302021 |
| | = | 1.0222 |
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 - (4212.5 + 2774) / 10300.8) | / | (1 - (4859.1 + 2416.7) / 10492.9) |
| = | 0.321752 | / | 0.306598 |
| | = | 1.0494 |
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 |
| = | 14045.7 | / | 15079.4 |
| | = | 0.9314 |
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)) |
| = | (243.9 / (243.9 + 2416.7)) | / | (261 / (261 + 2774)) |
| = | 0.091671 | / | 0.085997 |
| | = | 1.066 |
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) |
| = | (2654.7 / 14045.7) | / | (2558.1 / 15079.4) |
| = | 0.189004 | / | 0.169642 |
| | = | 1.1141 |
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) |
| = | ((1078.6 + 1272.5) / 10300.8) | / | ((1316.3 + 878.7) / 10492.9) |
| = | 0.228244 | / | 0.209189 |
| | = | 1.0911 |
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 |
| = | (1042.6 - 116.6 | - | 1482.1) | / | 10300.8 |
| | = | -0.053986 |
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.
Reliance has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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